Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 402

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 402
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 delivery
of the exchanged shares of Holdco Common Stock shall be effected, and risk of loss and title shall pass, only upon proper delivery of
a properly completed and duly executed Letter of Transmittal and appropriate Certificates, if any (or a Lost Certificate Affidavit)),
to the Exchange Agent for use in such exchange.

<div align='center'>A-9</div>

(d) With respect to Book-Entry
Shares, including Purchaser Ordinary Shares, held through the DTC, Holdco, Purchaser and the Companies shall cooperate to establish procedures
with the Exchange Agent and DTC to ensure that the Exchange Agent will transmit to DTC or its nominees as soon as reasonably practicable
on or after the Closing Date, upon surrender of Book-Entry Shares held of record by DTC or its nominees in accordance with DTC’s
customary surrender procedures, the applicable shares of Holdco Common Stock to be exchanged for such Book-Entry Shares held through the
DTC.

(e) Each Company Shareholder
shall be entitled to receive its Pro Rata Share of the Merger Consideration in respect of the Company Common Stock tendered for exchange,
at the Effective Time, but subject to the delivery to the Exchange Agent of the following items prior thereto (collectively, the “Transmittal Documents”): (i) the Company Certificate(s), if any, for its Company Common Stock (or a Lost Certificate Affidavit), and/or
a properly completed and duly executed Letter of Transmittal and (ii) such other documents as may be reasonably requested by the Exchange
Agent or the Purchaser. Until so surrendered, each Company Certificate shall represent after the Effective Time for all purposes only
the right to receive such portion of the Merger Consideration attributable to such Company Certificate.

(f) Notwithstanding anything
to the contrary contained herein, in the event that any Company Certificate shall have been lost, stolen or destroyed, in lieu of delivery
of a Certificate to the Exchange Agent, the Company Shareholder may instead deliver to the Exchange Agent an affidavit of lost certificate
and indemnity of loss in form and substance reasonably acceptable to Holdco (a “Lost Certificate Affidavit”),
which at the reasonable discretion of Holdco may include a requirement that the owner of such lost, stolen or destroyed Company Certificate
deliver a bond in such sum as it may reasonably direct as indemnity against any claim that may be made against Holdco, the Purchaser or
the Company with respect to the Company Common