Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 484

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 484
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, that in no
event shall Closing be delayed or postponed in connection with or as a result of the foregoing.

7.18 Indemnification of Directors and Officers; Tail Insurance.

(a) The Parties agree that
all rights to exculpation, indemnification and advancement of expenses existing in favor of the current or former directors and officers
of the Purchaser, Pelican Merger Sub, Greenland Merger Sub, March GL Merger Sub, and each Person who served as a director, officer, member,
trustee or fiduciary of another corporation, partnership, joint venture, trust, pension or other employee benefit plan or enterprise at
the request of the Purchaser, Pelican Merger Sub, Greenland Merger Sub, or March GL Merger Sub (the “D&O Indemnified Persons”)
as provided in their respective Organizational Documents or under any indemnification, employment or other similar agreements between
any D&O Indemnified Person and any other Party hereto, in each case as in effect on the date of this Agreement, shall survive the
Closing and continue in full force and effect in accordance with their respective terms to the extent permitted by applicable Law. For
a period of six (6) years after the Effective Time, Holdco, the Purchaser and each Company shall cause their respective Organizational
Documents to contain provisions no less favorable with respect to exculpation and indemnification of and advancement of expenses to D&O
Indemnified Persons than are set forth as of the date of this Agreement, to the extent permitted by applicable Law. The provisions of
this Section 7.18 shall survive the consummation of the Mergers and are intended
to be for the benefit of, and shall be enforceable by, each of the D&O Indemnified Persons and their respective heirs and representatives.

(b) For the benefit of the
Purchaser’s, and each Merger Sub’s directors and officers, Purchaser shall be permitted prior to the Effective Time to obtain
and fully pay the premium for a “tail” insurance policy that provides coverage for up to a six-year period from and after
the Effective Time for events occurring prior to the Effective Time (the “D&O Tail Insurance”) that is substantially
equivalent to and in any event not less favorable in the aggregate than the Purchaser’s existing policy or, if substantially equivalent
insurance coverage is unavailable, the best available coverage. If obtained, the