Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 429

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 429
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 of the Company Permits.

<div align='center'>A-27</div>

4.11 Litigation.Except as described on Schedule 4.11, there is no (a) Action of any nature currently pending or, to the Company’s Knowledge,
threatened, and no such Action has been brought in the past five (5) years; or (b) Order now pending or outstanding or that was rendered
by a Governmental Authority in the past five (5) years, in either case of (a) or (b) by or against such Company, its Subsidiaries, its
and their respective current or former directors, officers or equity holders (provided, that any litigation involving the directors, officers
or equity holders of such Company must be related to the Company’s business, equity securities or assets), its business, equity
securities or assets. The items listed on Schedule 4.11, if finally determined adversely to such Company, will not have, either individually
or in the aggregate, a Material Adverse Effect upon such Company.

4.12 Material Contracts.

(a) Schedule 4.12(a) sets forth
a true, correct and complete list, as of the date of this Agreement, of the Company Material Contracts, a true, correct and complete copy
(including written summaries of oral Contracts) of which has been made available to Purchaser. For purposes of this Agreement, “Company Material Contract” means any contract, together with each Company Benefit Plan that is a Contract, to which such Company
is a party or by which such Company, or any of its properties or assets (including but not limited to intellectual property and digital
assets) are bound or affected that:

(i) contains covenants
that materially limit the ability of such Company (A) to compete in any line of business or with any Person or in any geographic area
or to sell, or provide any service or product or solicit any Person, including any non-competition covenants, employee and customer non-solicit
covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses or (B) to purchase or acquire an interest
in any other Person;

(ii) involves any
joint venture, profit-sharing, alliance, partnership, limited liability company or other similar agreement or arrangement relating to
the formation, creation, operation, management or control of any partnership or joint venture;

(iii) relates to
the voting or control of the equity interests of such Company or