Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 483

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 483
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 Executive Officers; Employment Agreements; Related Party Transactions.

(a) The Parties shall take
all necessary action, including causing the current directors of Holdco to resign, so that effective upon the Effective Time, (i) the
Post-Closing Holdco Board will consist of (A) 4 directors designated by the Companies, one of which shall be Robert Price and another
of which shall be Larry G. Swets, Jr., who will serve as a director and executive chairman of the Holdco Board, at least 2 of whom shall
qualify as an independent director under Nasdaq rules and (B) 1 independent director designated by Sponsor, totaling 5 individuals, and
(ii) elect the Post-Closing Holdco Board; provided, that such designees shall, in the case of the Sponsor designee, be reasonably acceptable
to the Companies and, in the case of the Company designees, be reasonably acceptable to Sponsor. At or prior to the Closing, Holdco will
provide each director of the Post-Closing Holdco Board with a customary director indemnification agreement.

(b) The Parties shall take
all action necessary, including causing the executive officers of Holdco and Purchaser to resign, so that the individuals serving as the
chief executive officer and chief financial officer, respectively, of Purchaser and Holdco immediately after the Closing will be Robert
Price and a person to assume role of CFO as identified by the Companies prior to Closing, respectively.

<div align='center'>A-65</div>

(c) Each of the Company, Holdco
and Purchaser shall cause such individuals to, and such Persons shall, comply and cooperate with and satisfy all requests and requirements
made by any Governmental Authority in connection with the foregoing, including by furnishing all requested information, providing reasonable
assistance in connection with the preparation of any required applications, notices and registrations and requests and otherwise facilitating
access to and making individuals available with respect to any discussions or hearings. In the event an individual designated in accordance
with Section 7.18(a) does not satisfy any requirement of a Governmental Authority, including
applicable rules required by the SEC and the rules and listing standards of Nasdaq, to serve as a director of Holdco, then (x) there shall
be no obligation to appoint such individual pursuant to Section 7.18(a) and (y) each Company
or Sponsor, as applicable, shall be entitled to designate a replacement director in lieu of such person; provided, further