Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 506

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 506
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 or any current, former or future director, officer,
employee, consultant, incorporator, member, partner, manager, shareholder, Affiliate, agent, attorney, Representative, successor or assignee
of, and any financial advisor to, any of the foregoing, and in the case of Purchaser and Holdco, the Sponsor (or any successor or assignee
thereof) (each in their capacity as such, a “Nonparty Affiliate”), shall have any Liability (whether in contract
or in tort, in Law or in equity, or granted by statute) for any Proceedings, Liabilities or causes of action arising under, out or by
reason of, in connection with, or related in any manner to this Agreement or based on, in respect of, or by reason of this Agreement or
its negotiation, execution, performance or breach, and, to the maximum extent permitted by Law, each Party hereby waives and releases
all such Proceedings, Liabilities and causes of action against any such Nonparty Affiliates.

<div align='center'>A-81</div>

<div align='center'>ARTICLE XIII.
PIPE Investment</div>

13.1 PIPE Investment.(a) During the Interim Period, Purchaser and the Company shall use their good faith efforts to obtain commitments from certain investors
(the “PIPE Investors”) for a private placement of Holdco’s Common Stock (the “PIPE Investment”)
pursuant to one or more subscription agreements (each, a “Subscription Agreement”) pursuant to which, among
other things, the PIPE Investors will agree to subscribe for and purchase shares of Holdco Common Stock, upon the terms and subject to
the conditions set forth therein, on the Closing Date and immediately following the Effective Time. For the avoidance of doubt, PIPE Investment
is not a condition to the Closing.

(b) Purchaser and each Company
shall, and shall cause their respective Representatives to, cooperate with each other and their respective Representatives in connection
with the PIPE Investment, and Purchaser shall keep the Companies informed of the status of any and all discussions pertaining to the PIPE
Investment.

(c) The terms and conditions
of the PIPE Investment, the Subscription Agreements and any agreement relating thereto shall (i) be subject to the prior written approval
of each Company, (ii) provide that the PIPE Investment is subject only to customary closing conditions, and (iii) provide that each Company
and Holdco will be third-party beneficiaries thereof and entitled to enforce such agreements against the PIPE Investors.