Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 464

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 464
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 force any insurance policies maintained for the benefit of each
Company or providing insurance coverage with respect to its assets, operations and activities, without replacing or revising such policies
with a comparable amount of insurance coverage with substantially similar coverage to that which is currently in effect;

(k) waive, release, assign,
commence, initiate, satisfy, settle or compromise any Action, other than waivers, releases, assignments, settlements or compromises that
involve only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, either
Company or its Affiliates) not in excess of $25,000 individually or $50,000 in the aggregate, or otherwise pay, discharge or satisfy any
Actions, Liabilities or obligations, unless such amount has been reserved in the Company Financials;

(l) except for the Mergers,
acquire, including by merger, consolidation, acquisition of equity interests or assets, or any other form of business combination, any
corporation, partnership, limited liability company, other business organization or any division thereof, or any material amount of assets
outside the ordinary course of business consistent with past practice;

(m) make capital expenditures
in excess of $25,000 (individually for any project (or set of related projects) or $50,000 in the aggregate), other than capital expenditures
made in the ordinary course of business consistent with past practice;

(n) except for the Mergers,
authorize, recommend, propose or announce an intention to adopt, or otherwise effect a plan of complete or partial liquidation, rehabilitation,
dissolution, merger, consolidation, restructuring, recapitalization or other reorganization or similar transaction;

(o) voluntarily incur any Liability
or obligation (whether absolute, accrued, contingent or otherwise) in excess of $50,000 individually or $100,000 in the aggregate, other
than pursuant to the terms of a Company Material Contract or Company Benefit Plan or for Expenses incurred by each Company in connection
with the transactions contemplated by this Agreement, other Liabilities, Expenses or obligations incurred in the ordinary course of business
consistent with past practice;

<div align='center'>A-52</div>

(p) purchase, sell, lease,
license, transfer, exchange or swap, pledge, mortgage or otherwise pledge or encumber (including securitizations), or transfer or otherwise
dispose of any material portion of its properties, assets or rights, other than purchases and leases in the ordinary course of business
consistent with