# EDGAR Filing Document

**Accession Number:** 0002016221
**File Stem:** 0001104659-25-102190
**Filing Date:** 2025-10
**Character Count:** 73441
**Document Hash:** a7e4a503064b40b10a5e23aa6cddce2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-102190.hdr.sgml**: 20251024

**ACCESSION NUMBER**: 0001104659-25-102190

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251024

**DATE AS OF CHANGE**: 20251024

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Melar Acquisition Corp. I/Cayman
- **CENTRAL INDEX KEY:** 0002016221
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42134
- **FILM NUMBER:** 251416808

**BUSINESS ADDRESS:**
- **STREET 1:** 143 WEST 72ND STREET,
- **STREET 2:** 4TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10023
- **BUSINESS PHONE:** 7027811120

**MAIL ADDRESS:**
- **STREET 1:** 143 WEST 72ND STREET,
- **STREET 2:** 4TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10023

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): October 21, 2025

**Melar Acquisition Corp. I**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42134** | **87-1634103** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **143 West 72nd Street, 4th Floor, New York, NY** | **10023** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(702) 781-1120**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

x Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which <br> registered** |
| Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant | MACIU | The Nasdaq Stock Market LLC |
| Class A ordinary shares, par value $0.0001 per share | MACI | The Nasdaq Stock Market LLC |
| Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | MACIW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 8.01 Other Events.**

As previously disclosed, on July 30, 2025, Melar Acquisition Corp. I, a Cayman Islands exempted company (together with its successors, "Melar") entered into an Agreement and Plan of Merger (the "Merger Agreement") with MAC I Merger Sub Inc., a Nevada corporation and a wholly-owned subsidiary of Melar, Everli Global Inc., a Nevada corporation (together with its successors, the "Everli"), Melar Acquisition Sponsor I LLC, a Delaware limited liability company (the "Sponsor"), in the capacity thereunder as the representative for the shareholders of the Melar (other than the Escrowed Seller (as defined below) and his successors and assigns) from and after the closing (the "Closing") of the transactions contemplated by the Merger Agreement (collectively, the "Business Combination"), and Salvatore Palella (the "Escrowed Seller").

On October 2, 2025, the parties to the Merger Agreement entered into the First Amendment to Agreement and Plan of Merger (the "First Amendment to Merger Agreement"), pursuant to which, the deadline for Everli to procure at least $10,000,000 in Bridge Financing (as defined in the Merger Agreement), the failure of which entitles Everli to terminate the Merger Agreement, has been extended from September 30, 2025 to October 21, 2025.

As previously disclosed, Melar entered into an Amended and Restated Secured Promissory Note and Pledge Agreement, dated as of August 18, 2025 and amended on September 12, 2025 (the "Everli Note"), with Everli, and a certain stockholder of Everli (the "Pledging Stockholder") for the aggregate principal amount of up to $1,250,000. On September 29, 2025, the parties to the Everli Note entered into Second Amendment to Amended and Restated Secured Promissory Note and Pledge Agreement (the "Second Amendment to Everli Note") to increase the principal amount to up to $3,250,000.

As previously disclosed, Melar issued an Amended and Restated Promissory Note, dated as of August 18, 2025 and amended on September 12, 2025 (the "Sponsor Note"), in the aggregate principal amount of up to $1,250,000 to the Sponsor. On September 29, 2025, Melar issued Second Amendment to Amended and Restated Promissory Note (the "Second Amendment to Sponsor Note") to the Sponsor to amend the Sponsor Note to increase the principal amount to up to $3,250,000.

***Everli Convertible Note***

On October 21, 2025, Everli entered into a Secured Promissory Note and Pledge Agreement, dated as of October 21, 2025, with Melar Capital Group LLC ("MCG"), for the aggregate principal amount of $7,500,000, which includes a $750,000 original issue discount (the "Everli Convertible Note"). The Everli Convertible Note is interest bearing at 17.5% per annum and is secured by the assets of Everli and its subsidiaries. MCG is an affiliate of the Sponsor.

The principal and accrued interest of the Everli Convertible Note shall be due and payable on the twelfth-month anniversary of the issuance date of the note. MCG has a right to convert any outstanding balance under the Everli Convertible Note into fully paid and nonassessable shares of Melar Class A Common Stock at a rate set forth in the Everli Convertible Note at any time or times on or after the Business Combination.

Melar was a signatory to the Everli Convertible Note to acknowledge, among other things, the conversion right and the parity of the security interest granted under the Everli Note and the security interest granted under the Everli Convertible Note. The Everli Convertible Note creates no direct financial obligation or an off-balance sheet arrangement for Melar.

A copy of the Everli Convertible Note is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference, and the foregoing description of the Everli Convertible Note is qualified in its entirety by reference thereto.

***Additional Information and Where to Find It***

In connection with the Business Combination, Melar and Everli intend to file a registration statement on Form S-4 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC"), which will include a proxy statement to Melar shareholders and a prospectus for the registration of Melar's securities to be issued in connection with the Business Combination. After the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of Melar as of a record date to be established for voting on the Business Combination and will contain important information about the Business Combination and related matters. Shareholders of Melar and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents, because they will contain important information about Melar, Everli and the Business Combination. Shareholders and other interested persons will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other relevant materials in connection with the Business Combination, without charge, once available, at the SEC's website at www.sec.gov or by directing a request to: Melar Acquisition Corp. I, 143 West 72nd Street, 4th Floor, New York, NY 10023, United States, Attn: Gautam Ivatury, Chairman & Chief Executive Officer. The information contained on, or that may be accessed through, the websites referenced in this Current Report on Form 8-K in each case is not incorporated by reference into, and is not a part of, this Current Report on Form 8-K.

BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF MELAR ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

***Participants in the Solicitation***

Melar, Everli and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Melar's shareholders in connection with the Business Combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Melar's directors and officers in Melar's SEC filings. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Melar's shareholders in connection with the Business Combination will be set forth in the proxy statement/prospectus for the Business Combination when available. Information concerning the interests of Melar's and Everli's participants in the solicitation, which may, in some cases, be different than those of their respective equity holders generally, will be set forth in the proxy statement/prospectus relating to the Business Combination when it becomes available.

***No Offer or Solicitation***

This Current Report on Form 8-K is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom.

***Forward-Looking Statements***

This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. federal securities laws with respect to the parties and the Business Combinations. Melar's and/or Everli's actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. No representations or warranties, express or implied are given in, or in respect of, this Current Report on Form 8-K. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions.

These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement with respect to the Business Combination; (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Business Combination and definitive agreements with respect thereto; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of Everli and Melar or other conditions to Closing; (4) the inability to obtain or maintain the listing of the public company's shares on The Nasdaq Stock Market LLC or another national securities exchange following the Business Combination; (5) the ability of Melar to remain current with its SEC filings; (6) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of Melar and Everli after the Closing to grow and manage growth profitably and retain its key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the inability of Everli to implement business plans, forecasts, and other expectations after the completion of the Business Combination; (11) the risk that additional financing in connection with the Business Combination, or additional capital needed following the Business Combination to support Everli's business or operations, may not be raised on favorable terms or at all; and (12) other risks and uncertainties included in documents filed or to be filed with the SEC by Melar and/or Everli.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Registration Statement referenced above when available and other documents filed by Melar and Everli from time to time with the SEC. These filings will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. There may be additional risks that neither Melar nor Everli presently knows, or that Melar and/or Everli currently believe are immaterial, that could cause actual results to differ from those contained in the forward-looking statements. For these reasons, among others, investors and other interested persons are cautioned not to place undue reliance upon any forward-looking statements in this Current Report on Form 8-K. Past performance by Melar's or Everli's management teams and their respective affiliates is not a guarantee of future performance. Therefore, you should not place undue reliance on the historical record of the performance of Melar's or Everli's management teams or businesses associated with them as indicative of future performance of an investment or the returns that Melar or Everli will, or may, generate going forward. Neither Melar nor Everli undertakes any obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this Current Report on Form 8-K, except as required by applicable law.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit<br> No.** | **Description** |
| [99.1](tm2529375d1_ex99-1.htm) | [Secured Promissory Note and Pledge Agreement, issued on October 21, 2025, by Everli Global Inc. to Melar Capital Group LLC.](tm2529375d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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+ Certain personally identifiable information has been omitted from this exhibit pursuant to Item 601(a)(6) of Regulation S-K.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **MELAR ACQUISITION CORP. I** | **MELAR ACQUISITION CORP. I** |
| By: | /s/ Gautam Ivatury |
| Name: | Gautam Ivatury |
| Title: | Chief Executive Officer |

---

Dated: October 24, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Certain personally identifiable information has been omitted from this exhibit pursuant to Item 601(a)(6) of Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**<u>SECURED PROMISSORY NOTE AND PLEDGE AGREEMENT</u>**

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| | |
|:---|:---|
| Principal Amount: $7,500,000 | Issuance Date: **October 21, 2025** |

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FOR VALUE RECEIVED, **Everli Global Inc.**, a Nevada corporation ("***Maker***"), promises to pay to the order of the lenders listed under Exhibit I attached hereto, or their respective registered assigns or successors in interest or order (each a "***Payee***" and collectively the "***Payees***"), the aggregate principal sum of Seven Million Five Hundred Thousand U.S. Dollars ($7,500,000) (the "***Aggregate Principal Amount***"), with interest thereon as set forth herein in accordance with the terms and conditions of this Secured Promissory Note and Pledge Agreement (this "***Note***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Loans by Payees**. The parties acknowledge that the initial principal balance of this Note as of the Issuance Date (the "***Loan***") shall be an amount equal to [Seven Million Five Hundred Thousand Dollars ($7,500,000), which includes a Seven Hundred and Fifty- Thousand Dollar ($750,000) original issue discount (the "***OID Discount***") added on. <u>Exhibit I</u> sets out the amount contributed by each Payee to the Loan. All of the proceeds of the Loan hereunder shall be used by Maker solely for (i) the purposes of paying for the transaction expenses incurred or to be incurred by or on its behalf in connection with evaluating, negotiating, executing or consummating the transactions contemplated by the Agreement and Plan of Merger, dated as of July 30, 2025 (as it may be amended, modified of supplemented in accordance with the terms thereof, the "***Merger Agreement***"), by and among Maker, Melar Acquisition Corp. I, a Cayman Islands exempted company ("***SPAC***") and the other parties named therein, or (ii) for such general corporate purposes in furtherance of Maker's business (including trade debt incurred in the ordinary course of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Interest.** Interest shall accrue on the outstanding principal amount hereof at a per annum rate equal to seventeen and one-half percent (17.5%), compounded annually. The amount of interest owing from Maker to Payees hereunder shall be computed on the basis of the actual number of days elapsed in any applicable period and a 365-day year. In the event that any interest rate provided for herein shall be determined to be unlawful, such interest rate shall be computed at the highest rate permitted by applicable law. Any payment by Maker of any interest amount in excess of that permitted by applicable law shall be applied to the principal of this Note without prepayment premium or penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Repayment and Prepayment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal amount hereof, together with all accrued and unpaid interest thereon and all other amounts owing from Maker to Payees hereunder shall be due and payable on the twelve-month anniversary of the issuance of this Note (the "***Maturity Date***"). All cash payments under this Note shall be made by Maker in lawful money of the United States by wire transfers of immediately available funds to a bank account as designated in writing by Payee to Maker. Whenever any payment hereunder to be made shall be due on a day that is not a Business Day (as defined below), such payment shall be due on the next succeeding Business Day. All payments received by a Payee from Maker hereunder shall be applied in the following priority: first, to the payment of any expenses due to such Payee pursuant to the terms of this Note; second, to the payment of such Payee's accrued and unpaid interest on this Note; and thereafter, to the payment of the principal amount hereof. From the date hereof through the sixtieth (60<sup>th</sup>) day following the closing of the transaction contemplated by the Merger Agreement in accordance with its terms (the "***Business Combination***"), Maker may prepay this Note in cash, in whole or in part, at any time without penalty or premium. Such prepayments shall be first applied toward the interest due and other lawful charges then accrued, and then toward the principal owed on the Note. Any payment of less than the full amount of the Loan shall be made to each Payee in an amount that is proportional to the then outstanding principal provided each Payee to the then outstanding amount of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 3(a), in the event that Maker consummates a financing after the date of this Agreement, Maker shall, at the sole election of the Payee Representative, prepay all, or a portion of the then outstanding Aggregate Principal Amount plus accrued but unpaid interest thereon using the proceeds received from such financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>Conversion of Note</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conversion Right</u>. Maker agrees that at any time or times on or after the Business Combination, each Payee shall be entitled to convert any portion of the outstanding and unpaid Loan into fully paid and nonassessable shares of SPAC Class A Common Stock (as defined in the Merger Agreement) at the Conversion Rate. The number of shares of SPAC Class A Common Stock issuable upon conversion of any Conversion Amount shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the "***Conversion Rate***"). SPAC shall not issue any fraction of a share of SPAC Class A Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of SPAC Class A Common Stock, SPAC shall round such fraction of a share of SPAC Class A Common Stock up to the nearest whole share. SPAC shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and delivery of shares of SPAC Class A Common Stock upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mechanics of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Optional Conversion</u>. To convert any Conversion Amount into shares of SPAC Class A Common Stock on any date (a "***Conversion Date***"), Payee shall transmit deliver, for receipt on or prior to 11:59 p.m., New York Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "***Conversion Notice***") to SPAC. On or before the fifth Trading Day following the date of receipt of a Conversion Notice (the "***Share Delivery Date***"), SPAC shall (X) if legends are not required to be placed on certificates representing shares of SPAC Class A Common Stock and provided that the Transfer Agent is participating in the Depository Trust Company's ("***DTC***") Fast Automated Securities Transfer Program, credit such aggregate number of shares of SPAC Class A Common Stock to which Payee shall be entitled to Payee's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or if legends are required to be placed on certificates representing shares of SPAC Class A Common Stock, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of Payee or its designee, for the number of shares of SPAC Class A Common Stock to which Payee shall be entitled which certificates shall not bear any restrictive legends unless required pursuant to rules and regulations of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms hereof, no Payee shall not be required to physically surrender this Note to Maker unless the full Conversion Amount represented by this Note is being converted. Payees and Maker shall maintain records showing the Loans and interest converted and the dates of such conversions or shall use such other method, reasonably satisfactory to Payees and Maker, so as not to require physical surrender of this Note upon conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limitations on Conversions</u>. No Payee shall have the right to convert any portion of this Note or receive shares of SPAC Class A Common Stock hereunder to the extent that after giving effect to such conversion or receipt of such Shares, such Payee, together with any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of shares of SPAC Class A Common Stock outstanding immediately after giving effect to such conversion or receipt of shares as payment of interest. Since Payees will not be obligated to report to Maker and SPAC the number of shares of SPAC Class A Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares of SPAC Class A Common Stock in excess of 4.99% of the then outstanding shares of SPAC Class A Common Stock without regard to any other shares which may be beneficially owned by Payees or an affiliate thereof, Payees shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to the extent that Payees determines that the limitation contained in this Section applies, the determination of which portion of the Principal amount of this Note is convertible shall be the responsibility and obligation of Payees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Adjustments to Conversion Price.</u> If the SPAC, at any time while this Note is outstanding (including prior to the Business Combination), shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares of SPAC Class A Common Stock or any other equity or equity equivalent securities payable in shares of SPAC Class A Common Stock, (b) subdivide outstanding shares of SPAC Class A Common Stock into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding shares of SPAC Class A Common Stock into a smaller number of shares, or (d) issue by reclassification of shares of SPAC Class A Common Stock any shares of capital stock of SPAC, then the Fixed Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of shares of SPAC Class A Common Stock (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of shares of SPAC Class A Common Stock outstanding after such event. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Stockholder Guaranty.** Each of the undersigned stockholders of Maker (each, a "***Pledging Stockholder***") hereby irrevocable and unconditionally guaranties to Payees and each subsequent permitted holder of such Payee's interest in this Note the prompt payment when and as due and payable of any and all of Maker's obligations under this Note or of any note or other instrument or instruments renewing this Note, including any reasonable costs and expenses incurred in collecting such obligations and successfully prosecuting any action against such Pledging Stockholder in connection with enforcing this Note (the "***Guaranteed Obligations***"). This is a continuing guaranty (the "***Guaranty***") of the Guaranteed Obligations and shall remain in full force and effect until the payment in full of the Guaranteed Obligations. Each Pledging Stockholder understands and agrees that this Guaranty shall be binding upon such Pledging Stockholder and its successors and permitted assigns, shall be construed as an absolute, irrevocable and continuing guaranty of payment (and not solely of collection) and shall be enforceable by the Payee Representative, subject to the terms set forth herein, notwithstanding any circumstances which might otherwise constitute a legal or equitable discharge of a surety or guarantor. This Guaranty shall not be affected by the insolvency, bankruptcy or reorganization of Maker, and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any or all of the Guaranteed Obligations are rescinded or must otherwise be restored or returned by Payees upon the insolvency, bankruptcy or reorganization of Maker. Such Pledging Stockholder hereby waives and agrees not to assert any claim, defense, setoff or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder, including (a) any demand for payment or performance and protest and notice of protest, (b) any notice of acceptance, (c) any presentment, demand, protest or further notice or other requirements of any kind with respect to any Guaranteed Obligation becoming immediately payable and (d) any other notice in respect of any Guaranteed Obligation or any part thereof, and any defense arising by reason of any disability or other defense of Maker. Until the payment and satisfaction in full of any Guaranteed Obligations that are then due and owing, each Pledging Stockholder agrees not to (x) enforce or otherwise exercise any right of subrogation or any right of reimbursement or contribution or similar right against Maker by reason of any payment made hereunder or (y) assert any claim, defense, setoff or counterclaim it may have against Maker or set off any of its obligations to Maker against obligations of Maker to it. Such Pledging Stockholder hereby waives any defense based upon or arising by reason of any modification of the Guaranteed Obligations resulting from an amendment to this Note in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Security Interest and Collateral**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To secure the prompt and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all of the obligations and liabilities of Maker to Payees under this Note, together with all costs of enforcement in connection herewith and therewith (collectively, the "***Obligations***"), Maker to the fullest extent permitted by applicable law hereby grants to Payees a continuing security interest in, and lien upon, all of Maker's and its subsidiaries' respective property and assets, whether real or personal, tangible or intangible, and whether now owned or hereafter acquired, or in which it now has or at any time in the future may acquire any right, title or interest, including all of the following property in which it now has or at any time in the future may acquire any right, title or interest: all accounts, accounts receivable, deposit accounts, inventory, equipment, goods, documents, instruments (including promissory notes), contract rights, general intangibles (including payment intangibles), chattel paper, supporting obligations, investment property, letter-of-credit rights, commercial tort claims, Maker's and its subsidiaries' right, title and interest in and to all shares of capital stock, securities and equity interests in the subsidiaries of Maker, permits, licenses, intellectual property, trademarks, trade styles, patents and copyrights in which Maker or its subsidiaries now has or hereafter may acquire, title and interest, all books, records, computer programs, tapes, disks and related data processing software, all proceeds and products thereof (including proceeds of insurance) and all additions, accessions and substitutions thereto or therefor (the foregoing, collectively, the "***Maker Collateral***"). SPAC and each Payee agree that the security interest granted hereby shall be on par with the security interest granted to SPAC by the Maker pursuant to the Amended and Restated Secured Promissory Note and Pledge Agreement dated August 18, 2025. The security interest granted hereby shall be senior in right with all other security interests that have been granted by Maker prior to the date hereof, excluding (i) liens of carriers, warehousemen, mechanics, materialmen, vendors, and landlords incurred in the ordinary course of business for sums not for a period of more than 30 days, (ii) non-exclusive licenses and sublicenses granted by Maker and its subsidiaries and leases or subleases (by Maker or any of its Subsidiaries as lessor or sublessor) to third parties in the ordinary course of business not interfering in any material respect with the business of Maker and its Subsidiaries; (iii) liens upon or in any equipment which was acquired or held by Maker or any of its Subsidiaries to secure the purchase price of such equipment (and any accessions, attachments, replacements or improvements thereon) or indebtedness incurred solely for the purpose of financing the acquisition of such equipment (and any accessions, attachments, replacements or improvements thereon); (iv) liens existing on any equipment (and any accessions, attachments, replacements or improvements thereon) at the time of its acquisition, provided that the lien is confined solely to the property so acquired and any accessions, attachments, replacements or improvements thereon, and the proceeds of such equipment (and any accessions, attachments, replacements or improvements thereon); and (v) bankers' liens, rights of setoff and similar liens incurred on deposits or securities accounts made in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As security and collateral for the Guaranty of the Guaranteed Obligations, each Pledging Stockholder pledges, hypothecates and grants to Payees a continuing, first priority security interest in and lien upon, and assigns to Payees all right, title and interest in and to (collectively, the "***Pledged Shares***" and, together with the Maker Collateral, the "***Collateral***"): (i) all of its shares of capital stock or other equity interests of Maker (or its successors), (ii) any certificates representing such shares of capital stock or other equity interests, (iii) any interest of such Pledging Stockholder in the entries on the books of any financial intermediary pertaining to the Pledged Shares, and all distributions, return of capital, redemptions, dividends, cash, warrants, rights, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Shares; (iv) all additional interest in, and all securities convertible into and warrants, options and other rights to purchase or otherwise acquire an interest in any issues of the shares of capital stock or other equity interests of Maker (or its successors) from time to time acquired by such Pledging Stockholder in any manner (which interest shall be deemed to be part of the Pledged Shares), the certificates or other instruments representing such additional interest, if any, securities, warrants, options or other rights and any interest of such Pledging Stockholder in the entries on the books of any financial intermediary pertaining to such additional interest, and all dividends, cash, warrants, rights, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such additional interest, securities, warrants, options or other rights; and (v) to the extent not covered by clauses (i) through (iv) above, all proceeds of any or all of the foregoing collateral. For purposes of this Note, the term "proceeds" includes whatever is receivable or received when the collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to a Pledging Stockholder, Maker or Payees from time to time with respect to any of the collateral. Upon the occurrence of an Event of Default and during the continuance thereof, each Pledging Stockholder agrees to deliver to the Payee Representative such other documents of transfer and to take such other actions as Payee Representative may reasonably request to enable the Payee Representative to transfer the Pledged Shares into the names of the Payees. Each Pledging Stockholder agrees that so long as any Guaranteed Obligations remain outstanding, such Pledging Stockholder will, unless Payee Representative shall otherwise consent in writing, (i) at its expense, defend Payees' security interest in and to the Pledged Shares against the claims of any Person (as defined below); (ii) at its expense, at any time and from time to time, promptly execute and deliver all further instruments and documents and take all further action that may be reasonably necessary in order to (A) perfect and protect the security interest created or purported to be created hereby, (B) enable Payees to exercise and enforce their rights and remedies hereunder in respect of the Pledged Shares or (C) otherwise effect the purposes of this Note; (iii) not sell, assign, exchange or otherwise dispose of any of the Pledged Shares or any interest therein or create or suffer to exist any lien, security interest or other charge or encumbrance upon or with respect to any Pledged Shares except for the pledge hereunder and the security interest created hereby; and (iv) not make or consent to any amendment or other modification or waiver with respect to any Pledged Shares or enter into any agreement or permit to exist any restriction with respect to any Pledged Shares. During the term of this Note and for so long as the Pledged Shares are owned by a Pledging Stockholder and no Event of Default shall have occurred and be continuing, such Pledging Stockholder shall have the right to vote all securities constituting part of the Pledged Shares, and to exercise any other voting rights pertaining to such Pledged Shares, and to give consents, ratifications and waivers with respect thereto, and to exercise all of such Pledging Stockholder's rights as an equity holder thereof for all purposes. Unless an Event of Default shall have occurred and be continuing, all distributions payable in respect of the Pledged Shares shall be paid to the Pledging Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Maker and the Pledging Stockholders authorize Payee Representative to file such financing statements and amendments thereto, in all applicable jurisdictions, necessary to establish and maintain a valid, enforceable, perfected security interest in the Collateral as provided herein and the other rights and security contemplated hereby all in accordance with the Uniform Commercial Code of the State of Nevada as in effect from time to time (the "***Code***"), as well as any applicable laws of the jurisdictions in which any subsidiaries of Maker are organized or have assets. Each of Maker and the Pledging Stockholders hereby authorizes Payee Representative, and hereby grants a power-of-attorney to Payee Representative (which is irrevocable and is coupled with an interest), to execute in the name and on behalf of Maker or such Pledging Stockholder any and all financing statements, instruments, agreements or documents that Payee Representative deems necessary or appropriate in order to perfect Payees' security interest in the Collateral. Simultaneously with the execution and delivery of this Note, each Pledging Stockholder shall deliver to Payee Representative its original certificate for the Pledged Shares, along with a share transfer form in blank duly executed by such Pledging Stockholder and in form and substance reasonably acceptable to Payee Representative, to be held by Payee Representative or its designee on behalf of the Payees so long as any obligations are due and owing under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At any time and from time to time, Maker shall take such steps as Payee Representative may reasonably request for Maker (i) to obtain an acknowledgment, in form and substance reasonably satisfactory to Payee Representative, of any bailee having possession of any of the Collateral, that such bailee holds such Collateral for Payees, (ii) to obtain control of any investment property, deposit accounts, letter-of-credit rights or electronic chattel paper (as such terms are defined in Article 9 of the Code) as set forth in Article 9 of the Code, and, where control is established by written agreement, such agreement shall be in form and substance reasonably satisfactory to Payee Representative, and (iii) otherwise to insure the continued perfection of Payees' security interest in any of the Collateral and of the preservation of its rights therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Payees hereby authorizes Eric Lifshitz (the "***Payee Representative***"), and hereby grants a power-of-attorney to Payee Representative (which is irrevocable and is coupled with an interest), to execute exclusively in the name and on behalf of such Payee any and all actions necessary to protect such Payee's interests regarding the security interest granted on the Collateral and all financing statements, instruments, agreements or documents that Payee Representative deems necessary to protect, distribute or negotiate its position with regard to such security interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Representations and Warranties of Maker and Pledging Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maker represents, warrants and agrees that it is the owner of the Collateral free and clear of any security interests, liens or encumbrances, except (i) the liens securing Maker's Obligations under this Note, and/or (ii) liens for Taxes not yet due and payable or being contested in good faith by appropriate procedures, liens incurred or deposits made in the ordinary course of business in connection with workers' compensation, unemployment insurance, social security and other like laws, landlord's, warehousemen's, carriers', workmen's, repairmen's or other like liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Pledging Stockholder hereby represents, warrants and covenants to the Payees that (i) such Pledging Stockholder has good and marketable title to the Pledged Shares, free and clear of any and all liens, claims, security interests and encumbrances other than in favor of Payees pursuant to this Note and (ii) the security interest granted to Secured Party hereunder is and at all times shall be and remain a first priority lien and security interest in the Pledged Shares and such Pledging Stockholder has not granted any other lien or security interest to any other Person in or to, or otherwise encumbered the Pledged Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Event of Default**. This Note shall become immediately due and payable upon the occurrence and during the continuance of an Event of Default, whereupon (a) the obligations hereunder shall become and be immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Maker and the Pledging Stockholders, and (b) Payee Representative may proceed to enforce all other rights and remedies available to Payees, whether under this Note, applicable law or otherwise, including the taking possession of any or all of the Collateral wherever it may be found and exercising any rights and remedies that may be available to Payees in respect of the Collateral. For purposes of this Note, an "***Event of Default***" shall mean the occurrence of any one or more of the following events: (i) the failure by Maker to make any payment of principal, interest or any other amount payable hereunder when due under this Note which is not cured within ten (10) Business Days after receipt by Maker of written notice from Payee Representative; (ii) the breach of any material representation, warranty, agreement, covenant or other obligation of or made by Maker or a Pledging Stockholder under this Note which is not cured within ten (10) Business Days after receipt by Maker of written notice from Payee Representative; (iii) the filing of a petition by or against Maker or any subsidiary thereof under any provision of applicable bankruptcy or similar law which is not dismissed within thirty (30) days after filing; or appointment of a receiver, trustee, custodian or liquidator of or for all or any part of the assets or property of Maker or any subsidiary thereof which is not vacated within thirty (30) days after appointment; or the insolvency (i.e., the inability of Maker to pay its obligations when due) of Maker or any subsidiary thereof; or the making of a general assignment for the benefit of creditors by Maker or any subsidiary thereof; (iv) the winding up, liquidation or dissolution of Maker; (v) the occurrence of (A) the initial public offering of any of Maker's or its subsidiaries' equity securities, (B) the sale or transfer (including a transfer occurring as a result of an exchange offer, gift, sale or merger or consolidation) in one or more related transactions of more than fifty percent (50%) of Maker's issued and outstanding voting securities or (C) the sale or transfer of all or a majority of the assets of Maker and its subsidiaries, taken as a whole, to any Person or group (other than a Person owned by the existing equity holders of Maker) (for sake of clarity, none of these provisions in this subsection (v) shall be triggered by the proposed Business Combination set out in the Merger Agreement, or (vi) (A) a default occurs (after notice and opportunity to cure as permitted by such debt instrument) in the due observance or performance of any covenant, condition or agreement on the part of Maker or any of its subsidiaries under any other Indebtedness (as defined below) and (B) such default permits the holder thereof to accelerate such Indebtedness. Time is of the essence in the performance of the obligations imposed by this Note. Maker shall notify Payee Representative in writing promptly (but in any event within two (2) Business Days) after the occurrence of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Covenants of Maker**. Maker hereby agrees that, so long as all or any portion of the Obligations remain outstanding and unpaid, (a) Maker and/or its subsidiaries will not: (i) declare or pay any dividends or distributions to or for the benefit of the holders of Maker's equity interests; (ii) redeem or otherwise acquire outstanding shares of Maker's equity interests (or any rights to acquire such equity securities or any other securities convertible into Maker's equity securities) or (iii) incur, create, issue, assume, guarantee or otherwise become directly or indirectly liable for, contingently or otherwise, or permit any liability of Maker or its subsidiaries to exist with respect to, any Indebtedness which is not subordinated to the obligations owed to Payees under this Note; and (b) Maker will, and will cause its subsidiaries to, permit Payee Representative and its Representatives (as defined in the Merger Agreement), without requiring prior notice, to (i) visit and inspect the properties and assets of Maker and its subsidiaries, (ii) examine its books of account and records and (iii) discuss the affairs, finances and accounts of the Maker and its subsidiaries with their respective officers and employees at least once per month during normal business hours of the Maker or its subsidiaries, as applicable, as may be reasonably requested by, and at the sole cost and expense of, Payees (unless an Event of Default has occurred and is continuing, in which case, any reasonable out-of-pocket costs and expenses incurred by or on behalf of Payees will be borne by Maker and added to Maker's obligations under this Note); *provided*, that Payees and its Representatives shall not unreasonably disturb the business of Maker and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Amendment; Waiver.** This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of a party hereto but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. No failure or delay by any Payee in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Binding Effect; Assignment; Third Party Beneficiaries**. This Note and the rights and obligations hereunder may not be assigned or delegated, in whole or in part, by Maker or the Pledging Stockholders except with the prior written consent of the Payees. Subject to the foregoing, this Note shall inure to the benefit of and be binding upon the successors and permitted assigns of Maker, the Pledging Stockholders and Payees. This Note is for the sole benefit of the parties and their successors and permitted assigns. For the avoidance of doubt, Payees may transfer their rights and obligations under this Note to a third party in their sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Costs**. Maker and the Pledging Stockholders (pursuant to the Guaranteed Obligations) hereby agree to pay all reasonable costs of collection and any other enforcement of this Note, including reasonable attorneys' fees and reasonable expenses and court costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Governing Law; Consent to Jurisdiction; Waiver of Jury Trial**. This Note shall be governed by and interpreted and enforced in accordance with the laws of the State of New York, without regard to the conflicts of laws rules thereof. Any legal suit, action or proceeding arising out of or relating to this Note shall be instituted exclusively in the state or federal courts sitting in or otherwise serving New York County, New York (or in any appellate courts thereof) (the "***Specified Courts***"). Notwithstanding the foregoing, each Payee shall have the right to bring any action or proceeding against Maker, the Pledging Stockholders or the Collateral in the courts of any other jurisdiction which such Payee deems necessary or appropriate to realize on the Collateral or to otherwise enforce such Payee's rights against Maker, the Pledging Stockholders or the Collateral. Maker and each Pledging Stockholder (i) expressly submits and consents in advance to such jurisdiction in any action or suit commenced in the Specified Courts and in any such other court, (ii) hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court, (iii) hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to such party in accordance with the requirements of <u>Section 16</u> below. Each party hereto hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to this note or any obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Entire Agreement**. This Note constitutes the entire agreement between the parties with respect to the subject matter hereof and referenced herein, and supersedes and terminates any prior agreements between the parties or their respective affiliates (written or oral) with respect to the subject matter hereof, including the Original Loan, but excluding the Merger Agreement and the Ancillary Documents (as defined in the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Remedies**. The parties agree that if any of the provisions of this Note were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy at law would exist and damages would be difficult to determine, and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity, without the proof of irreparable damages or the posting of a bond or any other security, all of which are hereby expressly waived. Each right, power and remedy of each Payee provided for in this Note or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Severability; Usury Laws**. If any provision of this Note or the application of any such provision to any Person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof. Any invalid, illegal or unenforceable term will be deemed to be void and of no force and effect only to the minimum extent necessary to bring such term within the provisions of applicable law and such term, as so modified, and the balance of this Note will then be fully enforceable. The parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision. This Note is subject to the express condition that at no time shall Maker be obligated or required to pay interest on the principal balance at a rate which could subject Maker or any Payee to either civil or criminal liability as a result of being in excess of the maximum rate which Maker is permitted by law to contract or agree to pay. If by the terms of this Note, Maker is at any time required or obligated to pay interest on the principal balance at a rate in excess of such maximum rate, the rate of interest under this Note shall be deemed to be immediately reduced to such maximum rate and interest payable hereunder shall be computed at such maximum rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Notices**. All notices, consents, requests, approvals, demands, or other communication by any party to this Note must be in writing and shall be deemed to have been validly served, given, or delivered: (i) upon the earlier of actual receipt and two (2) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (ii) upon transmission, when sent by electronic mail (with affirmative confirmation of receipt); (iii) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (iv) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address or email address indicated below such party's signature on the signature page to this Note. Maker, any Payee and any Pledging Stockholder may change its mailing or electronic mail address by giving the other party written notice thereof in accordance with the terms of this <u>Section 16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Interpretation**. When a reference is made in this Note to a Section, such reference shall be to a Section of or to this Note unless otherwise indicated. Whenever the words "include," "includes" or "including" are used in this Note, they shall be deemed to be followed by the words "without limitation." When a reference in this Note is made to a "party" or "parties," such reference shall be to Maker, Pledging Stockholders and/or Payee/s, as applicable, unless otherwise indicated. Unless the context requires otherwise, the terms "hereof," "herein," "hereby," "hereto" and derivative or similar words in this Note refer to this entire Note. Unless the context requires otherwise, words in this Note using the singular or plural number also include the plural or singular number, respectively, and the use of any gender herein shall be deemed to include the other genders. References in this Note to "dollars", "Dollars" or "$" are to U.S. dollars. This Note was prepared jointly by the parties and no rule that it be construed against the drafter will have any application in its construction or interpretation. As used herein: (i) reference to any statute includes the rules and regulations promulgated thereunder; and (ii) any agreement, instrument or law defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or law as from time to time amended, modified or supplemented, including in the case of agreements or instruments by waiver or consent and in the case of laws by succession of comparable successor laws, and references to all attachments thereto and instruments incorporated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Trust Account Waiver.** Maker hereby acknowledges and agrees that the provisions set forth in Section 8.1 of the Merger Agreement (Waiver of Claims Against Trust) shall also apply to this Note as if the terms thereof were expressly set forth herein. Each Pledging Stockholder hereby acknowledges that it has reviewed a copy of the Merger Agreement and hereby agrees to be subject to the provisions of Section 8.1 of the Merger Agreement (Waiver of Claims Against Trust) applicable to Maker as if such provisions were incorporated into this Note (with any reference to the "Agreement" therein instead referring to this Note).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Certain Definitions.** In addition to the defined terms set out above, the following terms shall have the following meanings. Those capitalized terms used in this Note but not otherwise defined herein, shall have the meaning given them in the Merger Agreement.

"***Business Day***" means any day other than (i) a Saturday or a Sunday, or (ii) a day on which commercial banking institutions are authorized or required by applicable law to close in New York, New York.

"***Conversion Amount***" means the portion of the Loan and accrued interest hereunder to be converted, redeemed or otherwise with respect to which this determination is being made.

"***Conversion Price***" means, as of any Conversion Date (as defined below) or other date of determination the lower of (i) which is the amount paid to a holder of a share of SPAC Class A Common Stock in connection with a Redemption of the of SPAC Class A Common Stock at the closing of the Business Combination (the "***Fixed Conversion Price***"), or (ii) 90% of the average VWAPs during the five consecutive Trading Days immediately preceding the Conversion Date or other date of determination. The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Note.

"***Indebtedness***" of Maker or its subsidiaries shall mean, at any time, without duplication, all obligations of Maker or its subsidiaries: (i) for borrowed money or with respect to deposits or advances of any kind, other than deposits or advances received by Maker or its subsidiaries for services to be rendered or goods to be sold in the ordinary course of business, (ii) evidenced by bonds, debentures, notes or other similar instruments, (iii) for the deferred purchase price of property or services, except accounts payable arising in the ordinary course of business, (iv) under conditional sale or other title retention agreements relating to property purchased by Maker or its subsidiaries, as the case may be, except those incurred in the ordinary course of business, (v) with respect to interest rate or currency protection agreements, (vi) for the face amount of all letters of credit issued for the account and all drafts drawn thereunder; (vii) as an account party in respect of bankers' acceptances, (viii) relating to the obligations of any other Persons that are secured by property or assets of Maker or its subsidiaries; or (ix) relating to any guarantee issued by Maker or its subsidiaries.

"***Person***" means an individual, a corporation, a company, a juridical entity, a voluntary association, a general partnership, a limited partnership, a limited liability company, a limited liability partnership, a joint venture, a trust, an estate, an unincorporated organization, a statutory body or a government or state or any agency, instrumentality, authority or political subdivision thereof.

"***VWAP***" means the daily dollar volume-weighted average price for the SPAC Ordinary Shares or the shares of SPAC Common Stock (after the Domestication) on the New York Exchange, the NYSE MKT, the Nasdaq Global Market, the Nasdaq Global Select Market, or the OTC QB, and any successor to any of the foregoing markets or exchanges as reported by Bloomberg through its "Historical Prices – Px Table with Average Daily Volume" functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg and any successor to any of the foregoing markets or exchanges as reported by Bloomberg through its "Historical Prices – Px Table with Average Daily Volume" functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Counterparts; Facsimile Signatures**. This Note may be executed in multiple counterparts, including by facsimile, pdf or other electronic document transmission, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

***{Remainder of Page Intentionally Left Blank; Signature Pages Follow}***

**IN WITNESS WHEREOF**, the undersigned Maker, Payees and Pledging Stockholders hereby acknowledge and agree to the terms set forth in the foregoing Secured Promissory Note and Pledge Agreement as of the Issuance Date first set forth above.

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| | | |
|:---|:---|:---|
| **<u>Maker:</u>** | **<u>Maker:</u>** | **<u>Maker:</u>** |
| **Everli Global Inc.** | **Everli Global Inc.** | **Everli Global Inc.** |
| By: | /s/ Salvatore Palella | /s/ Salvatore Palella |
|  | Name: | Salvatore Palella |
|  | Title: | Chief Executive Officer |
| <u>Address for Notices:</u> | <u>Address for Notices:</u> | <u>Address for Notices:</u> |
| Everli Global Inc.<br> 12 East 49th Street, Suite 1506<br> New York, NY 10017<br> Attn: Salvatore Palella<br> Email: [\*\*\*] | Everli Global Inc.<br> 12 East 49th Street, Suite 1506<br> New York, NY 10017<br> Attn: Salvatore Palella<br> Email: [\*\*\*] | Everli Global Inc.<br> 12 East 49th Street, Suite 1506<br> New York, NY 10017<br> Attn: Salvatore Palella<br> Email: [\*\*\*] |
| with a copy (which will not constitute notice) to: | with a copy (which will not constitute notice) to: | with a copy (which will not constitute notice) to: |
| Ortoli Rosenstadt LLP<br> 366 Madison Avenue<br> New York, NY 10017<br> Attn: William Rosenstadt, Esq.<br> Telephone No.: (212) 588-0022<br> Email: wsr@orllp.legal | Ortoli Rosenstadt LLP<br> 366 Madison Avenue<br> New York, NY 10017<br> Attn: William Rosenstadt, Esq.<br> Telephone No.: (212) 588-0022<br> Email: wsr@orllp.legal | Ortoli Rosenstadt LLP<br> 366 Madison Avenue<br> New York, NY 10017<br> Attn: William Rosenstadt, Esq.<br> Telephone No.: (212) 588-0022<br> Email: wsr@orllp.legal |

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| | | |
|:---|:---|:---|
| **SPAC Joins as a party solely for purposes of Section 4, Section 6(a) and Section 10 to 21 hereof:** | **SPAC Joins as a party solely for purposes of Section 4, Section 6(a) and Section 10 to 21 hereof:** | **SPAC Joins as a party solely for purposes of Section 4, Section 6(a) and Section 10 to 21 hereof:** |
| **Melar Acquisition Corp. I** | **Melar Acquisition Corp. I** | **Melar Acquisition Corp. I** |
| By: | /s/ Gautam Ivatury | /s/ Gautam Ivatury |
|  | Name: | Gautam Ivatury |
|  | Title: | Chief Executive Officer |
| <u>Address for Notices:</u> | <u>Address for Notices:</u> | <u>Address for Notices:</u> |
| Melar Acquisition Corp. I<br> 143 West 72nd Street, 4th Floor<br> New York, New York 10023<br> Attn: Gautam Ivatury, Chief Executive Officer<br> Telephone No.: (702) 781-1120<br> Email: [\*\*\*] | Melar Acquisition Corp. I<br> 143 West 72nd Street, 4th Floor<br> New York, New York 10023<br> Attn: Gautam Ivatury, Chief Executive Officer<br> Telephone No.: (702) 781-1120<br> Email: [\*\*\*] | Melar Acquisition Corp. I<br> 143 West 72nd Street, 4th Floor<br> New York, New York 10023<br> Attn: Gautam Ivatury, Chief Executive Officer<br> Telephone No.: (702) 781-1120<br> Email: [\*\*\*] |
| with a copy (which will not constitute notice) to: | with a copy (which will not constitute notice) to: | with a copy (which will not constitute notice) to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: Matthew A. Gray, Esq. and<br> Stuart Neuhauser, Esq.<br> Telephone No.: (212) 370-1300<br> Email: mgray@egsllp.com;<br> sneuhauser@egsllp.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: Matthew A. Gray, Esq. and<br> Stuart Neuhauser, Esq.<br> Telephone No.: (212) 370-1300<br> Email: mgray@egsllp.com;<br> sneuhauser@egsllp.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: Matthew A. Gray, Esq. and<br> Stuart Neuhauser, Esq.<br> Telephone No.: (212) 370-1300<br> Email: mgray@egsllp.com;<br> sneuhauser@egsllp.com |

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| | | |
|:---|:---|:---|
| **<u>Payees:</u>** | **<u>Payees:</u>** | **<u>Payees:</u>** |
| **Melar Capital Group LLC** | **Melar Capital Group LLC** | **Melar Capital Group LLC** |
| By: | /s/ Eric Lifshitz | /s/ Eric Lifshitz |
|  | Name: | Eric Lifshitz |
|  | Title: | Managing member |
| <u>Address for Notices:</u> | <u>Address for Notices:</u> | <u>Address for Notices:</u> |
| Melar Capital Group LLC<br> 143 West 72nd Street, 4th Floor<br> New York, New York 10023 | Melar Capital Group LLC<br> 143 West 72nd Street, 4th Floor<br> New York, New York 10023 | Melar Capital Group LLC<br> 143 West 72nd Street, 4th Floor<br> New York, New York 10023 |
| with a copy (which will not constitute notice) to: | with a copy (which will not constitute notice) to: | with a copy (which will not constitute notice) to: |
| Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: Matthew A. Gray, Esq.; Stuart Neuhauser, Esq.<br> Telephone No.: (212) 370-1300<br> Email: <u>mgray@egsllp.com</u> | Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: Matthew A. Gray, Esq.; Stuart Neuhauser, Esq.<br> Telephone No.: (212) 370-1300<br> Email: <u>mgray@egsllp.com</u> | Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: Matthew A. Gray, Esq.; Stuart Neuhauser, Esq.<br> Telephone No.: (212) 370-1300<br> Email: <u>mgray@egsllp.com</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>sneuhauser@egsllp.com</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>sneuhauser@egsllp.com</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>sneuhauser@egsllp.com</u> |

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| | |
|:---|:---|
| **<u>Pledging Stockholders:</u>** | **<u>Pledging Stockholders:</u>** |
| **Pledging Stockholders who are natural persons:** | **Pledging Stockholders who are natural persons:** |
| **(i.e., individuals)** | **(i.e., individuals)** |
| By: | /s/ Salvatore Palella |
| Print Name: Salvatore Palella, individually | Print Name: Salvatore Palella, individually |
| **Pledging Stockholders who are not natural persons:** | **Pledging Stockholders who are not natural persons:** |
| **(*i.e*., corporations, limited liability companies, partnerships, trusts or other entities)** | **(*i.e*., corporations, limited liability companies, partnerships, trusts or other entities)** |
| Print Name | Print Name |
| of Entity: **Palella Holdings, LLC** | of Entity: **Palella Holdings, LLC** |
| By: | /s/ Salvatore Palella |
| Print Name: Salvatore Palella | Print Name: Salvatore Palella |
| Print Title: CEO | Print Title: CEO |
| <u>Address for Notice:</u> | <u>Address for Notice:</u> |
| c/o Everli Global Inc.<br> 12 East 49th Street, Suite 1506<br> New York, NY 10017<br> Attn: Salvatore Pallea<br> Email: [\*\*\*] | c/o Everli Global Inc.<br> 12 East 49th Street, Suite 1506<br> New York, NY 10017<br> Attn: Salvatore Pallea<br> Email: [\*\*\*] |

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<u>Exhibit I</u>

Payees

The Aggregate Principal Amount Paid as of [--------------] by each of the Payees is set out below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Payee** | &nbsp;&nbsp;**Principal Amount Paid** |

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<u>Exhibit II</u>

Form of Conversion Notice