Company: PELI
Filing Date: 2025-09-15
Form Type: 10-Q
Source: 0001829126-25-007404
Chunk: 88

Company: Pelican Acquisition Corp
Filing Date: 2025-09-15
Form: 10-Q
Item: Part I, Item 2
Chunk 88
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 redemptions).

Transfer
of Founder Shares 

Prior to the Closing, Purchaser shall cause the
Sponsor and any other party that holds Founder Shares (except for EarlyBirdCapital, Inc.), to (i) forfeit and cancel, in aggregate, 718,750
Founder Shares, and (ii) following such forfeiture, transfer to FG Merchant Partners LP (a shareholder of March GL), pursuant to a purchase
and sale agreement, 20% of the total remaining Founder Shares (which, for the avoidance of doubt, shall be 431,250 Founder Shares representing
20% of 2,156,250 Founder Shares post-forfeiture), at the same purchase price per share as originally paid by the Sponsor for such Founder
Shares. Following such transfer, the Sponsor and any other party that holds Founder Shares (excluding EarlyBirdCapital, Inc.) shall retain
1,725,000 Founder Shares, in addition to any private units acquired in connection with Pelican’s
IPO.

Termination

The Merger Agreement may be terminated by Pelican
or Greenland or March GL under certain circumstances, including, among others: (a) by mutual written consent of Holdco, Greenland and
March GL; (b) by either Holdco or Greenland or March GL if the Closing of the Business Combination has not occurred on or before June
30, 2026, (c) by Holdco if any of the Companies shall have failed to obtain the necessary shareholder approvals; (d) by either Greenland
or March GL or Pelican if the Pelican Special Meeting is held (including any adjournment or postponement thereof) and has concluded, the
Pelican’s shareholders have duly voted, and the Required Pelican Shareholder Approval (as defined in the Merger Agreement) was not
obtained.

In addition, if the Merger Agreement is terminated
as a primary result of the actions or inactions of Pelican, Pelican shall, or shall cause the applicable Pelican shareholder to, transfer,
convey and assign to Greenland one-third (1/3) of the issued and outstanding Founder 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 Merger Agreement and the transactions contemplated hereby
and is not a penalty.

Pelican
Merger Sub Promissory Note - Greenland

On