Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 34

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 (the “Termination Fee”). The Parties acknowledge and agree that the Termination Fee is intended to compensate Greenland
for the time, expense and opportunity costs incurred in connection with the Merger Agreement and the transactions contemplated hereby
and is not a penalty.

Pelican
Merger Sub Promissory Note - Greenland

On September 9, 2025, Pelican Merger Sub issued
a promissory note to Greenland in the amount of $100,000, to be used, in part, for merger related transaction costs (the “Promissory
Note”). The Promissory Note is unsecured, interest-free and due on the date on which Greenland closes its initial business combination.
On September 9, 2025, Greenland deposited $100,000 into Pelican’s operating account.

Certain
Related Agreements

In connection with the
execution of the Merger Agreement, (i) the sponsor of Pelican, entered into a support agreement pursuant to which it agreed to vote its
shares of Pelican in favor of the transaction and take certain other actions in support of the Mergers (the “Sponsor Support Agreement”),
and (ii) certain shareholders of Greenland and March GL entered into a support agreement pursuant to which they agreed to vote their
shares of the company in favor of the transaction and take certain other actions in support of the Mergers (the “Company Support
Agreement”). At Closing, all Greenland and March GL shareholders will enter into lock-up agreements (the “Form of Company
Lock-Up Agreement”), restricting the transfer of certain shares for specified periods following the Closing. Pelican, Holdco, Robert
Price (the “Subject Party”) entered into a non-competition and non-solicitation agreement (the “Non-Competition
and Non-Solicitation Agreement”), to be effective as of the Closing, pursuant to which, among other things, the Subject Party may
not, without the prior written consent of Pelican (which may be withheld in its sole discretion), directly or indirectly engage in the
Business (as defined by the Non-Competition and Non-Solicitation Agreement), anywhere in Greenland.

22

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from July 23, 2024 (inception) through July 31, 2025, were organizational activities and those necessary to consummate the IPO, and subsequent to the IPO, identifying a target company for an initial business combination.