Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 466

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 466
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change, in any respect, its Organizational Documents or the IPO Prospectus, except as required by applicable Law;

(b) authorize for issuance,
issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity securities or any options,
warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities, including
any securities convertible into or exchangeable for any of its equity securities or other security interests of any class and any other
equity-based awards, other than the issuance of Purchaser Securities issuable upon conversion or exchange of outstanding Purchaser Securities
in accordance with their terms, or engage in any hedging transaction with a third Person with respect to such securities;

<div align='center'>A-53</div>

(c) split, combine, recapitalize
or reclassify any of its shares or other equity interests or issue any other securities in respect thereof or pay or set aside any dividend
or other distribution (whether in cash, equity or property or any combination thereof) in respect of its shares or other equity interests,
or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities;

(d) incur, create, assume,
prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess of $25,000 individually or $50,000
in the aggregate, make a loan or advance to or investment in any third party, or guarantee or endorse any Indebtedness, Liability or obligation
of any Person (provided, that this Section 7.3(d) shall not prevent the Purchaser from
borrowing funds necessary to finance its ordinary course administrative costs and expenses and Expenses incurred in connection with the
consummation of the Mergers and the other transactions contemplated by this Agreement (including any PIPE Investment and the costs and
expenses necessary for an Extension (such expenses, “Extension Expenses”)), up to aggregate additional Indebtedness
during the Interim Period of $1,000,000, provided, however, that Purchaser shall remain solely responsible for all Extension Expenses;

(e) make or rescind any material
election relating to Taxes, settle any Action relating to the Taxes or Tax Returns of the Purchaser, file any amended Tax Return or claim
for a Tax refund, or make any material change in its accounting or Tax policies or procedures, in each case except as required by applicable