Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 158

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 158
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, and will become effective only upon the consummation of the merger transaction. If the Business Combination Agreement is terminated prior to closing, the Non-Competition and Non-Solicitation Agreement will automatically terminate and be of no further force or effect.

The foregoing description is qualified in its entirety by reference to the Non-Competition and Non-Solicitation Agreement, which is attached hereto as Annex [●].

Compensation Received by the Sponsor

The following table sets forth
the payments to be received by our Sponsor and its affiliates from us prior to or in connection with the completion of the Business Combination
and the securities issued and to be issued by us to our Sponsor or its affiliates:

| Amount of Compensation to be Received or                                                                                                    
 Securities Issued or to be Issued                                                                                                           |     |                                                                                                                                                        Consideration Paid or to be Paid |
| 2,875,000 SPAC Ordinary Shares                                                                                                              |     |                                                                                                                                                                                 $25,000 |
| 201,250 private units                                                                                                                       |     |                                                                                                                                                                              $2,012,500 |
| Up to $700,000                                                                                                                              |     |                                                                                                                           Loans of the same amount to pay for expenses of this offering |
| $20,000 per month                                                                                                                           |     |                                                                                                                                                Office space and administrative services |
| Undetermined, of which up to $1,500,000 may be converted, at the discretion of the holder, into private units at a price of $10.00 per unit |     |                                                                                                         Additional loans to be made by Sponsor, officers, directors or their affiliates |
| Undetermined                                                                                                                                |     |                                                       Reimbursement for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination |
| $350,000                                                                                                                                    |     | Fee owed to Celine & Partners, PLLC (“Celine”), which is controlled by Mr. Hui Chen, the husband of Ms. Chen Chen, who controls the Sponsor, for legal representation for this offering |
| $10,000 per month                                                                                                                           |     |                                                                            Monthly retainer for ongoing legal representation following the consummation of the Initial Public Offering. |

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Interests of Certain Persons in the Business Combination

In considering the recommendation of our Board to vote in favor of the Business Combination, shareholders should be aware that aside from their interests as shareholders, our Sponsor and certain of our directors and officers have interests in the Business Combination that may be different from, or in addition to, those of