Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 294

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 294
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 In consideration for the issuance of the shares and warrants, FG Merchant Partners, LP agreed to pay $2,000 and $2,500, respectively.

Each of the foregoing subscriptions was authorized by the Company’s board of directors and was entered into on arms’ length terms. The shares and warrants issued pursuant to these agreements are subject to the Company’s organizational documents and the terms of the applicable warrant agreement.

Statement of Policy Regarding Transactions with Related Persons

PubCo will adopt a formal written policy that will be effective upon the completion of the Business Combination providing that PubCo’s officers, directors, nominees for election as directors, beneficial owners of more than 5% of any class of PubCo’s capital stock, any member of the immediate family of any of the foregoing persons and any firm, corporation or other entity in which any of the foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest, are not permitted to enter into a related party transaction with PubCo without the approval of PubCo’s audit committee, subject to certain exceptions. For more information, see the section entitled “Management of the PubCo Following the Business Combination - Related Person Policy of PubCo.”

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<div align='center'>COMPARISON OF CORPORATE GOVERNANCE AND SHAREHOLDER RIGHTS</div>

|                                                          | Texas                                                                                                                                                                                                                                                                                                   | Cayman Islands                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Stockholder/Shareholder Approval of Business Combination | For mergers and certain business combinations, approval by at least two-thirds of outstanding shares entitled to vote is generally required, unless otherwise in the certificate of formation or bylaw. Special rules may apply for affiliated shareholder transactions.                                | Subject to the articles of association, certain matters which require shareholder approval, whether under Cayman Islands statute or the company’s articles of association, are determined (subject to quorum requirements) by simple majority of the shares present and voting (in person or by proxy) at a general meeting. Where the proposed action requires approval by “Special Resolution” (such as the amendment of the company’s constitutional documents) the approval of not less than two-thirds of the shares present (in person or by proxy) and voting at a general meeting is required. |
| Stockholder/Shareholder Votes for Routine Matters        | Most routine matters (other than director elections and matters requiring a specified vote) are passed by a majority of shares present in person or by proxy and entitled to vote at