Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 130

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 130
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 a Certificate of Conversion and related filings with Cayman authorities, such that each outstanding SPAC Ordinary Share converts automatically into a share of common stock of SPAC post-Conversion; |

| ● | after the Registration Statement is effective, each Company shall deliver to its shareholders a Company Shareholder Package including this Agreement, a Written Consent, and a Letter of Transmittal, recommending approval of the Mergers and specifying return timelines; Written Consents must be obtained from shareholders holding a majority of voting power to achieve the Required Company Shareholder Approval; Companies shall promptly obtain and deliver the Required Company Shareholder Approval to SPAC; |

| ● | prior to Closing, SPAC shall cause Sponsor and other SPAC Initial Shareholders (except EarlyBirdCapital, Inc.) to forfeit and cancel 718,750 Founder Shares and transfer 20% of remaining Founder Shares (431,250 shares) to FG Merchant Partners LP at original purchase price, leaving Sponsor and others with 1,725,000 Founder Shares plus any private units from the IPO; SPAC shall ensure execution of a letter agreement evidencing such forfeiture and transfer; or |

| ● | the Parties shall promptly supplement or amend Disclosure Schedules to reflect matters occurring after the Business Combination Agreement date that would have been required to be disclosed as of the Business Combination Agreement date, without curing inaccuracies or breaches of representations and warranties or affecting indemnification, termination rights, or Closing conditions. |

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No Survival of Representations and Warranties; No Indemnification

The representations and warranties of the parties contained in the Business Combination Agreement will not survive the closing of the Business Combination and all rights arising with respect to any breach of such representations and warranties terminate at the closing of the Business Combination, except in the case of fraud.

Termination

The Business Combination Agreement may be terminated and the Business Combination may be abandoned any time prior to Closing, whether before or after shareholder approval of the Business Combination Agreement, as follows:

| ● | by mutual written consent of SPAC and each Company; |

| ● | by written notice from SPAC or either Company if a Governmental Authority issues a final, non-appealable Order permanently restraining, enjoining, or prohibiting the transactions contemplated by the Business Combination Agreement, provided no Party may terminate if its failure to comply substantially caused such action; |

| ● | by written notice from either Company to SPAC if SPAC, any Merger Sub, or PubCo breaches or has inaccurate representations, warranties,