Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 445

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 445
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 that may be subject to Tax Laws requiring special taxation of the benefit
due to the manner of distribution. There is no Contract or plan to which such Company is a party or by which it is bound to compensate
any employee, consultant or director for penalty taxes paid.

<div align='center'>A-38</div>

4.20 Environmental Matters.Except as set forth in Schedule 4.20:

(a) To the Knowledge of the
Company, such Company is and has been in compliance in all material respects with all applicable Environmental Laws, including obtaining,
maintaining in good standing, and complying in all material respects with all Permits required for its business and operations by Environmental
Laws (“Environmental Permits”), no Action is pending or, to such Company’s Knowledge, threatened to revoke,
modify, or terminate any such Environmental Permit, and, to such Company’s Knowledge, no facts, circumstances, or conditions currently
exist that could adversely affect such continued compliance with Environmental Laws and Environmental Permits or require capital expenditures
to achieve or maintain such continued compliance with Environmental Laws and Environmental Permits.

(b) To the Knowledge of the
Company, such Company is not the subject of any outstanding Order or Contract with any Governmental Authority or other Person in respect
of any (i) Environmental Laws, (ii) Remedial Action, or (iii) Release or threatened Release of a Hazardous Material. Such Company has
not assumed, contractually or by operation of Law, any Liabilities or obligations under any Environmental Laws.

(c) No Action has been made
or is pending, or to such Company’s Knowledge, threatened against such Company or any assets of such Company alleging either or
both that such Company may be in material violation of any Environmental Law or Environmental Permit or may have any material Liability
under any Environmental Law.

(d) There is no investigation
of the business, operations, or currently owned, operated, or leased property of such Company or, to such Company’s Knowledge, previously
owned, operated, or leased property of such Company pending or, to such Company’s Knowledge, threatened that could lead to the imposition
of any Liens under any Environmental Law or material Environmental Liabilities.

(e) To the Knowledge of such
Company, there is not located at any of the properties of such Company any (i) underground storage tanks, (ii) asbestos-containing material,
or (iii) equipment containing polychlorinated biphenyls.

(f) To the Knowledge of the
Company, such Company has provided