Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 444

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 444
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) each Company Benefit
Plan that constitutes in any part a “nonqualified deferred compensation plan” (as defined under Section 409A of the Code)
subject to Section 409A of the Code has been written and operated in compliance with Section 409A of the Code; and (ii) no arrangement
exists (whether written or unwritten) pursuant to which such Company or any of its Subsidiaries will be required to “gross up”
or otherwise compensate or reimburse any person for taxes that may become payable pursuant to Section 409A or 4999 of the Code.

(g) With respect to each Company
Benefit Plan which is a “welfare plan” (as described in applicable Laws): (i) no such plan provides medical or death benefits
with respect to current or former employees of such Company beyond their termination of employment (other than coverage mandated by Law,
which is paid solely by such employees); and (ii) there are no reserves, assets, surplus or prepaid premiums under any such plan. Such
Company and its Subsidiaries have complied with the provisions of Laws that govern employee benefits and retirement plans.

(h) The consummation of the
transactions contemplated by this Agreement and the Ancillary Documents will not: (i) entitle any individual to severance, salary continuance,
or other termination pay, unemployment compensation or other benefits or compensation; (ii) accelerate the time of payment, funding or
vesting, or increase the amount of any compensation due, or in respect of, any individual; or (iii) result in or satisfy a condition to
the payment of compensation that would result in tax consequences or payments not satisfied as of the Effective Time of the Merger.

(i) Neither the execution of
this Agreement nor the consummation of the transactions contemplated thereby (either alone or in connection with any subsequent event(s))
will result in “excess parachute payments” within the meaning of Section 280G(b) of the Code.

(j) All Company Benefit Plans
of such Company can be terminated at any time prior to the Closing Date without resulting in any Liability to Holdco or Purchaser or their
respective Affiliates for any additional contributions, penalties, premiums, fees, fines, excise taxes or any other charges or liabilities.

(k) No options or other equity-based
awards have been issued or granted by such Company that are considered deferred compensation. Such Company has no obligation to any employee
or other service provider with respect to any Company Benefit Plan