Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 400

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 400
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 be automatically separated and the holder thereof shall
be deemed to hold one (1) Pelican Ordinary Share and one (1) Purchaser Right, and each holder of Purchaser Rights shall be deemed to hold
one-tenth (1/10) of one (1) Pelican Ordinary Share for each right so held.

(b) Each Purchaser Ordinary
Share issued and outstanding immediately prior to the Pelican Merger Effective Time (other than shares to be canceled in accordance with
Section 1.8 and any Redemption Shares) shall, subject to the terms and conditions of this
Agreement, be automatically cancelled and converted into the right to receive one share of Holdco Common Stock.

(c) Each Purchaser Ordinary
Share issued and outstanding immediately prior to the Pelican Merger Effective Time with respect to which a Public Shareholder has validly
exercised its Redemption Rights in connection with the shareholder vote on the Purchaser Shareholder Approval Matters (collectively, the
“Redemption Shares”) shall not be converted into and become a share of Holdco Common Stock, and shall at the
Pelican Merger Effective Time be converted into the right to receive from the Purchaser, in cash, an amount per share calculated in accordance
with such shareholder’s Redemption Rights. As promptly as practicable after the Pelican Merger Effective Time, the Purchaser shall
cause such cash payments to be made in respect of each such Redemption Share. As of the Pelican Merger Effective Time, all such Redemption
Shares shall no longer be outstanding and shall automatically be cancelled and retired and shall cease to exist, and each holder of a
Redemption Share (or related certificate or book-entry shares) shall cease to have any rights with respect thereto, except the right to
receive the cash payments from Purchaser referred to in the immediately preceding sentence.

<div align='center'>A-8</div>

(d) Automatically and without
any action on the part of the holder thereof, the Holdco shall assume each Company Common Stock Warrant remaining outstanding and unexpired
immediately prior to the Pelican Merger Effective Time and each such Company Common Stock Warrant shall become a warrant (each, a “Holdco Warrant”) to purchase that number of Holdco Common Stock equal to the number of shares of Company Common Stock that would
have been issuable upon the exercise of such Company Common Stock Warrant upon the same terms and conditions, as set forth in the applicable
warrant agreement. Each such Company Common Stock