Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 439

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 439
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 and are suitable for their intended use in the business of the applicable
Company. The operation of the applicable Company’s business as it is now conducted or presently proposed to be conducted is not
in any material respect dependent upon the right to use the Personal Property of Persons other than the applicable Company, except for
such Personal Property that is owned, leased or licensed by or otherwise contracted to the applicable Company. The applicable Company
has provided to the Purchaser a true and complete copy of each of the Company Personal Property Leases, and in the case of any oral Company
Personal Property Lease, a written summary of the material terms of such Company Personal Property Lease. The Company Personal Property
Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect. 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 Personal Property
Leases, and the applicable Company has received no notice of any such condition.

<div align='center'>A-34</div>

4.17 Title to and Sufficiency of Assets.Such Company has good and marketable title to, or a valid leasehold interest in or right to use, all of its
assets, free and clear of all Liens other than (a) Permitted Liens, (b) the rights of lessors under leasehold interests, (c) Liens specifically
identified on the consolidated balance sheet of the Company as of the Interim Balance Sheet Date, and (d) Liens set forth on Schedule
4.17. The assets (including Intellectual Property rights and contractual rights) of such Company constitute all of the material assets,
rights and properties that are used in the operation of the businesses of such Company as it is now conducted or that are used or held
by such Company for use in the operation of the businesses of such Company, and taken together are in the business of such Company as
conducted.

4.18 Employee Matters.

(a) Except as set forth in
Schedule 4.18(a), such Company is not party to, or bound by, any labor agreement, collective bargaining agreement, work rules or practices,
or any other labor-related Contract with any labor or trade union, labor organization or works council, and has never been party to, or
bound by, any such