Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 485

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 485
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 Purchaser, Holdco, and each Company shall maintain the
D&O Tail Insurance in full force and effect, and continue to honor the obligations thereunder, and the Purchaser, Holdco, and each
Company shall timely pay or caused to be paid all premiums with respect to the D&O Tail Insurance.

<div align='center'>A-66</div>

(c) If Purchaser, Holdco, either
Company or any of their respective successors or assigns (i) shall merge or consolidate with or merge into any other corporation or entity
and shall not be the surviving or continuing corporation or entity of such consolidation or merger, or (ii) shall transfer all or substantially
all of their respective properties and assets as an entity in one or a series of related transactions to any Person, then in each such
case, proper provisions shall be made so that the successors or assigns of Holdco, the Purchaser or the applicable Company shall assume
all of the obligations set forth in this Section 7.18.

(d) The D&O Indemnified
Persons entitled to the indemnification, liability limitation, exculpation and insurance set forth in this Section 7.18 are intended to be third party beneficiaries of this Section 7.18. This Section 7.18 shall survive the consummation of the transactions contemplated by this Agreement and shall be binding on all successors and
assigns of the Purchaser, Holdco, and the Companies.

(e) Immediately following the
consummation of the Mergers, Holdco shall have the right, in its sole discretion, to purchase and maintain directors’ and officers’
liability insurance (“D&O Insurance”) covering any Persons who, at or following the Closing, are directors
or officers of the Holdco, on such terms and conditions (including coverage limits, deductibles, and duration) as Holdco may determine
in its sole discretion. The procurement of such D&O Insurance by Holdco shall be in addition to, and not in limitation of, any other
rights to indemnification or insurance provided under this Agreement, the organizational documents of Holdco or otherwise at law or in
equity. The procurement of such D&O Insurance will be done using the broker selected by the Companies and including terms approved
by the Companies.

7.19 Trust Account Proceeds.Upon satisfaction or, to the extent permitted by applicable Law, waiver of the conditions set forth in ARTICLE X and provision of notice thereof to the Trust