Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 392

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 392
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 Agreement, including to act as the publicly
traded company for each Company and its respective Subsidiaries (and their businesses) after the Closing;

WHEREAS, each of the Merger
Subs is a newly formed, wholly-owned, direct Subsidiary of Holdco, and was formed for the sole purpose of consummating the transactions
contemplated by this Agreement, including the Mergers;

WHEREAS, prior to the Closing
Date, Purchaser shall transfer by way of continuation from the Cayman Islands to the State of Texas and domesticate as a Texas corporation
in accordance with the Texas Business Organizations Code (the “TBOC”) and the Cayman Islands Companies Act (as
Revised), on the terms and subject to the conditions set forth in this Agreement (the “Domestication”);

<div align='center'>A-2</div>

WHEREAS, on the terms and
subject to the conditions of this Agreement, Pelican Merger Sub will merge with and into Purchaser with Purchaser being the surviving
company (the “Pelican Merger”) and as a result of the Pelican Merger each Purchaser Ordinary Share issued and
outstanding immediately prior to the Pelican Merger Effective Time will be converted into the right to receive one share of Holdco Common
Stock;

WHEREAS, on the terms and
subject to the conditions of this Agreement, in connection with and immediately following the consummation of the Pelican Merger, Greenland
Merger Sub will merge with and into Greenland with Greenland being the surviving corporation (the “Greenland Merger”),
and, as a result of the Greenland Merger, each share of Greenland Common Stock issued and outstanding immediately prior to the Greenland
Merger Effective Time will be converted into the right to receive one share of Holdco Common Stock;

WHEREAS, on the terms and
subject to the conditions of this Agreement, in connection with immediately following the consummation of the Greenland Merger, March
GL Merger Sub will merge with and into March GL with March GL being the surviving corporation (the “March GL Merger”
and, together with the Pelican Merger and the Greenland Merger, the “Mergers”), and, as a result of the March
GL Merger, each share of March GL Common Stock issued and outstanding immediately prior to the March GL Merger Effective Time will be
converted into the right to receive pro-rata number of an aggregate 20,000,