Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 437

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 437
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 transferee
or successor, by Contract or otherwise.

(i) Such Company is an income
Tax resident only in the country in which it is organized and does not have a permanent establishment (within the meaning of an applicable
Tax treaty) or otherwise have an office or fixed place of business in a country other than such country.

(j) Such Company is not a party
to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice
(excluding commercial agreements, arrangements or practices entered into in the ordinary course of business the primary purpose of which
is not the sharing of Taxes) with respect to Taxes that will be binding on such Company with respect to any period following the Closing
Date.

(k) Such Company: (i) has not
constituted either a “distributing corporation” or a “controlled corporation” (within the meaning of Section 355(a)(1)(A)
of the Code) in a distribution of securities (to any Person or entity that is not a member of the consolidated group of which such Company
is the common parent corporation) qualifying for, or intended to qualify for, Tax-free treatment under Section 355 of the Code (A)
within the two-year period ending on the date hereof or (B) in a distribution which could otherwise constitute part of a “plan”
or “series of related transactions” (within the meaning of Section 355(e) of the Code) in conjunction with the transactions
contemplated by this Agreement; or (ii) is not and has never been a U.S. real property holding corporation within the meaning of Section 897(c)(2)
of the Code.

(l) Such Company is and has
been since incorporation treated as a corporation for U.S. federal (and applicable state and local) income Tax purposes.

<div align='center'>A-33</div>

(m) Neither Company has taken,
permitted or agreed to take any action, and does not intend to or plan to take any action, or has any knowledge of any fact or circumstance
that could reasonably be expected to prevent the transactions contemplated by this Agreement from qualifying for the Intended Tax Treatment
(with the exception of any actions specifically contemplated by this Agreement).

(n) Such Company has not taken,
permitted or agreed to take any action, and does not intend to or plan to take any action, or has any knowledge of any fact or circumstance
that could reasonably be expected to prevent the transactions contemplated by this Agreement from