Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 497

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 497
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 fees) of the IPO due upon consummation of a Business Combination. Notwithstanding
the foregoing, if the Purchaser incurs more than $50,000 in reasonable and direct connection with the preparation and filing of the Registration
Statement on Form S-4, the Companies shall reimburse the Purchaser for such Expenses to the extent they exceed $50,000 provided that the
Companies shall be given bank statements, detailed invoices for approval (not to be unreasonably withheld) as well as general ledger showing
all transactions. In addition, if the Purchaser’s operating account is exhausted, the Companies shall assume responsibility for
all further approved and reasonable direct Expenses related to the transaction but not to exceed $100,000 without prior written approval,
and in such case Companies shall be provided access to bank statements, detailed invoices for approval (not to be unreasonably withheld)
and general ledger showing all the transactions.

<div align='center'>A-75</div>

<div align='center'>ARTICLE XI.
WAIVER S AND RELEASES</div>

11.1 Waiver of Claims Against Trust.Reference is made to the IPO Prospectus. Each Company represents and warrants that it has read the IPO Prospectus
other than SEC Reports, the Purchaser’s Organizational Documents, and the Trust Agreement and understands that Purchaser has established
the Trust Account containing the proceeds of the IPO and the overallotment shares acquired by the IPO Underwriter and from certain private
placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of Purchaser’s
public shareholders (including overallotment shares acquired by the IPO Underwriter) (the “Public Shareholders”)
and that, except as otherwise described in the IPO Prospectus, Purchaser may disburse monies from the Trust Account only: (a) to the Public
Shareholders in the event they elect to redeem their Purchaser Ordinary Shares in connection with the consummation of the Purchaser’s
initial business combination (as such term is used in the IPO Prospectus) (the “Business Combination”) or in
connection with an amendment to Purchaser’s Organizational Documents to extend Purchaser’s deadline to consummate a Business
Combination, (b) to the Public Shareholders if Purchaser fails to consummate a Business Combination on or before December 31, 2025,
subject to an Extension, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for