Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 463

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 463
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 third party (other than advancement of expenses to employees
in the ordinary course of business), or guarantee or endorse any Indebtedness, Liability or obligation of any Person in excess of $25,000
individually or $50,000 in the aggregate;

(e) increase the wages, salaries
or compensation of its employees other than in the ordinary course of business, consistent with past practice, and in any event not in
the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether in cash, property or securities) other
than in the ordinary course of business consistent with past practice, to any employee, or increase other benefits of employees generally
other than in the ordinary course of business consistent with past practice, or enter into, establish, amend or terminate any Company
Benefit Plan other than as required by applicable Law or pursuant to the terms of any Company Benefit Plans;

(f) take any action to (i)
hire or terminate any officer, director, employee or other individual service provider of either Company or any of its Subsidiaries, (ii)
grant, announce or modify any equity or equity-based awards, or (iii) accelerate the payment, funding, right to payment or vesting of
any compensation or benefits;

(g) make or rescind any material
election relating to Taxes, settle any Action, relating to Taxes or the Tax Returns of such Company, 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
Law;

<div align='center'>A-51</div>

(h) transfer or license to
any Person or otherwise extend, materially amend or modify, permit to lapse or fail to preserve any material Company Registered IP, Company
IP Licenses or other Company Intellectual Property (excluding non-exclusive licenses of Company Intellectual Property to customers of
each Company in the ordinary course of business consistent with past practice), or disclose to any Person who has not entered into a confidentiality
agreement any Trade Secrets;

(i) terminate, waive, renew,
extend, assign, or fail to maintain in effect any material right under, any Company Material Contract or enter into any Contract that
would be a Company Material Contract, other than terminations, waivers, renewals, extensions and assignments in the ordinary course of
business consistent with past practice;

(j) voluntarily terminate,
cancel, materially modify or amend, permit to lapse, or fail to keep in