Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 462

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 462
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 material
respects the services of their respective managers, directors, officers, employees and consultants, and to preserve in all material respects
the possession, control and condition of their respective material assets.

Each Company shall, provide advance
written notice to Purchaser of any material action that is not within the ordinary course and consistent with past practice. Except as
expressly contemplated by the terms of this Agreement or the Ancillary Documents or as set forth on Schedule 7.2 of the Company Disclosure
Schedules, during the Interim Period, without the prior written consent of Purchaser (such consent not to be unreasonably withheld, conditioned
or delayed), no Company shall, and shall cause its Subsidiaries to not:

(a) amend, waive or otherwise
change, in any respect, its Organizational Documents, except as required by applicable Law;

<div align='center'>A-50</div>

(b) authorize for issuance,
issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity securities or any options,
warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities, including
any securities convertible into or exchangeable for any of its shares or other equity securities or securities of any class and any other
equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities, other than issuances of
equity securities by March GL to fund continuing operations in the ordinary course of business consistent with past practice;

(c) split, combine, recapitalize
or reclassify any of its shares or other equity interests or issue any other securities in respect thereof or pay or set aside any dividend
or other distribution (whether in cash, equity or property or any combination thereof) in respect of its equity interests, or directly
or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities (except for the repurchase of Company Common
Stock from former employees, non-employee directors and consultants in accordance with agreements as in effect on the date hereof providing
for the repurchase of shares in connection with any termination of service);

(d) incur, create, assume,
prepay, commit to, or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess of $25,000 individually
or $50,000 in the aggregate, make a loan or advance to or investment in any