Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 295

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 295
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 certain improper benefit scenarios. Mandatory indemnification in limited circumstances; permissive in others.                                       | A Cayman Islands exempted company generally may indemnify its directors or officers, except with regard to actual fraud or willful neglect or willful default. |
| Limited Liability of Directors            | Texas Law allows limitation or elimination of liability for directors for monetary damages in the company’s formation documents, subject to exceptions for breach of loyalty, bad faith, or personal benefit. Exculpation is allowed under TBOC with some statutory exceptions. | Liability of directors may be limited, except with regard to their own actual fraud, willful neglect or willful default.                                       |

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<div align='center'>DESCRIPTION OF pUBCO SECURITIES</div>

Unless the context requires otherwise, for the purposes of this section, references to “we,” “us” and “our” refer to PubCo following the Business Combination.

General

The following summary sets forth the material terms of our securities
following the completion of the Business Combination. The following summary is not intended to be a complete summary of the rights, powers
and preferences of such securities, and is qualified by reference to the Proposed Certificate of Formation, a form of which is attached
as Annex B to this proxy statement/prospectus and the Proposed Bylaws, a form of which is attached as Annex C to this proxy statement/prospectus.
We urge you to read the Proposed Certificate of Formation and Proposed Bylaws in their entirety for a complete description of the rights,
powers and preferences of our securities following the Business Combination.

Certain provisions of the Proposed Certificate of Formation and the Proposed Bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares of common stock.

The Proposed Certificate of Formation will authorize capital stock consisting of:

shares of common stock, par value $0.0001 per share;

Common Stock

Holders of shares of PubCo Common Stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders and on which the holders of PubCo Common Stock are entitled to vote.

Holders of shares of PubCo Common Stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of