Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 438

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 438
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 qualifying for the Intended Tax Treatment
(with the exception of any actions specifically contemplated by this Agreement).

(o) Such Company has no plan
or intention to engage in any transaction or make any election that would result in a liquidation of such Company for U.S. federal income
tax purposes.

4.15 Real Property.Schedule 4.15 contains a complete and accurate list of all premises currently owned, leased or subleased or otherwise used or occupied
by the Companies for the operation of the business of the Companies, and of all current leases, lease guarantees, agreements and documents
related thereto, including all amendments, terminations and modifications thereof or waivers thereto (collectively, the “Company Real Property Leases”), as well as the current annual rent and term under the Company Real Property Lease. The applicable
Company has provided to Purchaser a true and complete copy of each of the Company Real Property Leases, and in the case of any oral Company
Real Property Lease, a written summary of the material terms of such Company Real Property Lease. The Company Real Property Leases are
valid, binding and enforceable in accordance with their terms and are in full force and effect, subject to Enforceability Exceptions.
To the Knowledge of the applicable Company, no event has occurred which (whether with or without notice, lapse of time or both or the
happening or occurrence of any other event) would constitute a default on the part of the applicable Company or any other party under
any of the Company Real Property Leases, and the applicable Company has received no notice of any such condition. The applicable Company
does not own nor has ever owned any real property or any interest in real property (other than the leasehold interests in the Company
Real Property Leases).

4.16 Personal Property.Each item of Personal Property which is currently owned or leased by the Companies with a book value or fair market value of greater
than two million dollars ($2,000,000) is set forth on Schedule 4.16, along with, to the extent applicable, a list of lease agreements,
lease guarantees, security agreements and other agreements related thereto, including all amendments, terminations and modifications thereof
or waivers thereto (“Company Personal Property Leases”). Except as set forth in Schedule 4.16, all such items
of Personal Property, that are material to the operation of the applicable Company, are in good operating condition and repair (reasonable
wear and tear excepted consistent with the age of such items)