Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 467

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 467
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Law;

(f) amend, waive or otherwise
change the Trust Agreement in any manner adverse to the Purchaser;

(g) terminate, waive or assign
any material right under any Purchaser Material Contract;

(h) fail to maintain its books,
accounts and records in the ordinary course of business consistent with past practice;

(i) establish any Subsidiary
or enter into any new line of business;

(j) fail to use commercially
reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance coverage with respect to
its assets, operations and activities in such amount and scope of coverage substantially similar to that which is currently in effect
as of the date of this Agreement;

(k) waive, release, assign,
initiate, settle or compromise any Action, other than waivers, releases, assignments, settlements or compromises that involve only the
payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, the Purchaser or its Subsidiary)
not in excess of $25,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions, Liabilities or obligations,
unless such amount has been reserved in the Purchaser Financials;

<div align='center'>A-54</div>

(l) acquire, including by merger,
consolidation, acquisition of equity interests or assets, or any other form of business combination, any corporation, partnership, limited
liability company, other business organization or any division thereof, or any material amount of assets outside the ordinary course of
business;

(m) adopt a plan of complete
or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization (other than with respect
to the Mergers);

(n) voluntarily incur any Liability
or obligation (whether absolute, accrued, contingent or otherwise) in excess of $25,000 individually or $50,000 in the aggregate (excluding
the incurrence of any Expenses) other than pursuant to the terms of a Contract in existence as of the date of this Agreement or entered
into in the ordinary course of business or in accordance with the terms of this Section 7.3
during the Interim Period;

(o) enter into any agreement,
understanding or arrangement with respect to the voting of Purchaser Securities;

(p) take any action that would
reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental Authority to be obtained in
connection with this Agreement;