Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 220

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 220
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 Shares, free and
clear of all Liens, as a termination fee (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 Business Combination
Agreement and the transactions contemplated hereby and is not a penalty.

Certain Related Agreements

In connection with the execution of the Business Combination Agreement, (i) the Sponsor of SPAC, entered into a support agreement pursuant to which it agreed to vote its shares of SPAC 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. SPAC, PubCo, Robert Price 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 SPAC (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.

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Accounting for the Transactions

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, PubCo, who is the legal acquirer, will be treated as the “acquired” company for accounting purposes and March GL and Greenland (together the “Companies”) will be treated as the accounting acquirer. Accordingly, the Business Combination will be treated as the equivalent of Companies issuing shares at the closing of the Business Combination for the net assets of SPAC as of the closing date, accompanied by a recapitalization. The net assets of SPAC will be stated at historical cost, with no goodwill or other intangible assets recorded.

Companies have been determined to be the accounting acquirer based on evaluation of the following facts and circumstances:

| ● | Companies will have the majority voting interest in the PubCo under all three scenarios