Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 418

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 418
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ii)
may not be cancelled by Purchaser on less than sixty (60) days’ prior notice without payment of a material penalty or termination
fee or (iii) prohibits, prevents, restricts or impairs in any material respect any business practice of Purchaser as its business is currently
conducted, any acquisition of material property by Purchaser, or restricts in any material respect the ability of Purchaser to engage
in business as currently conducted by it or compete with any other Person (each, a “Purchaser Material Contract”).
All Purchaser Material Contracts have been made available to the Company other than those that are exhibits to the SEC Reports.

(b) With respect to each Purchaser
Material Contract: (i) the Purchaser Material Contract was entered into in the ordinary course of business; (ii) the Purchaser Material
Contract is legal, valid, binding and enforceable in all material respects against the Purchaser and, to the Knowledge of the Purchaser,
the other parties thereto, and is in full force and effect (except, in each case, as such enforcement may be limited by the Enforceability
Exceptions); (iii) the Purchaser is not in breach or default in any material respect, and no event has occurred that with the passage
of time or giving of notice or both would constitute such a breach or default in any material respect by the Purchaser, or permit termination
or acceleration by the other party, under such Purchaser Material Contract; and (iv) to the Knowledge of Purchaser, no other party to
any Purchaser Material Contract is in breach or default in any material respect, and no event has occurred that with the passage of time
or giving of notice or both would constitute such a breach or default by such other party, or permit termination or acceleration by the
Purchaser under any Purchaser Material Contract.

<div align='center'>A-20</div>

3.14 Transactions with Affiliates.Schedule 3.14 sets forth a true, correct and complete list of the Contracts and arrangements that are in existence
as of the date of this Agreement under which there are any existing or future Liabilities or obligations between Purchaser and any (a)
present or former director, officer or employee or Affiliate of the Purchaser, or any immediate family member of any of the foregoing,
or (b) record or beneficial owner of more than five percent (5%) of the Purchaser’s outstanding capital stock as of the date hereof.

3.15