Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 417

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 417
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series of related transactions” (within the meaning of Section 355(e) of the Code) in conjunction with the transactions
contemplated by this Agreement; or (ii) is not and has never been a U.S. real property holding corporation within the meaning of Section 897(c)(2)
of the Code.

(m) Prior to the Domestication,
Purchaser was an income Tax resident only in the country in which it was organized. Following the Domestication, the Purchaser is an income
Tax resident only in the United States and does not have a permanent establishment (within the meaning of an applicable Tax treaty) or
otherwise have an office or fixed place of business in a country other than the United States.

(n) Purchaser has not taken,
permitted or agreed to take any action, and does not intend to or plan to take any action, or has any knowledge of any fact or circumstance
that could reasonably be expected to prevent the transactions contemplated by this Agreement from qualifying for the Intended Tax Treatment
(with the exception of any actions specifically contemplated by this Agreement).

<div align='center'>A-19</div>

(o) Purchaser does not have
any plan or intention to engage in any transaction or make any election that would result in a liquidation of Purchaser for U.S. federal
income tax purposes.

3.11 Employees and Employee Benefit Plans.

(a) Except as set forth on
Schedule 3.11(a), Purchaser does not have any employees.

(b) Except as set forth on
Schedule 3.11(b), Purchaser does not maintain, sponsor, contribute to or otherwise have any Liability under, any Benefit Plans.

3.12 Properties.

(a) Except as set forth on
Schedule 3.12(a), Purchaser does not own, license or otherwise have any right, title or interest in any material Intellectual Property.

(b) Except as set forth on
Schedule 3.12(b) Purchaser does not own any real property or Personal Property.

(c) Except as set forth on
Schedule 3.12(c) Purchaser does not lease any real property or Personal Property.

3.13 Material Contracts.

(a) Except as set forth on
Schedule 3.13, other than this Agreement and the Ancillary Documents, there are no Contracts to which Purchaser is a party or by which
any of its properties or assets may be bound, subject or affected, which (i) creates or imposes a Liability greater than $100,000, (