Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 470

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 470
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 of directors (or a committee thereof) of the combined company. The Equity Incentive Plan shall include an “evergreen”
provision, pursuant to which the number of shares available for issuance under the plan shall automatically increase on an annual basis
by an amount or percentage determined by the board of directors (or a committee thereof), subject to any applicable limitations, including
stock exchange rules requiring shareholder approval. The definitive terms and conditions of the Equity Incentive Plan, including eligibility,
vesting, and administration, shall be set forth in the plan document to be adopted by the board of directors (or a committee thereof)
of HoldCo.

<div align='center'>A-56</div>

(a) During the Interim Period,
in order to induce the other Parties to continue to commit to expend management time and financial resources in furtherance of the transactions
contemplated hereby, each Party shall not, and shall cause its Representatives to not, without the prior written consent of each Company
and the Purchaser, directly or indirectly, (i) solicit, assist, initiate or facilitate the making, submission or announcement of, or intentionally
encourage, any Acquisition Proposal, (ii) furnish any non-public information regarding such Party or its Affiliates or their respective
businesses, operations, assets, Liabilities, financial condition, prospects or employees to any Person or group (other than a Party to
this Agreement or their respective Representatives) in connection with or in response to an Acquisition Proposal, (iii) engage or participate
in discussions or negotiations with any Person or group with respect to, or that could reasonably be expected to lead to, an Acquisition
Proposal, (iv) approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any Acquisition Proposal, or (v) negotiate
or enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement related to any Acquisition
Proposal.

(b) Each Party shall notify
the others as promptly as practicable (and in any event within 48 hours) in writing of the receipt by such Party or any of its Representatives
of (i) any bona fide inquiries, proposals or offers, requests for information or requests for discussions or negotiations regarding or
constituting any Acquisition Proposal or any bona fide inquiries, proposals or offers, requests for information or requests for discussions
or negotiations that could be expected to result in an Acquisition Proposal, and (ii) any request for non-public information relating
to such Party or its