Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 487

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 487
---
 Shares shall convert automatically shall convert automatically into a share of common stock of Purchaser (after
its domestication as a corporation incorporated in the State of Texas).

<div align='center'>A-67</div>

7.21 Shareholder Written Consent.

(a) As promptly as practicable
after the Registration Statement is declared effective under the Securities Act and, in any event within five (5) Business Days of the
effectiveness of the Registration Statement, each Company shall cause to be delivered to the applicable Company Shareholder as of such
date an information statement, which shall include copies of this Agreement, a Written Consent, and, as applicable, and a Letter of Transmittal
(“Company Shareholder Package”), stating (i) that the board of directors of the applicable Company recommends
that each Company Shareholder adopt this Agreement and approve the Mergers by execution of the Written Consent and (ii) the timeline for
returning executed copies of the documents included as part of the Company Shareholder Package. The written consent included in the Company
Shareholder Package shall be in in a form to be mutually agreed between Purchaser and the Companies (the “Written Consent”)
and shall be required from Company Shareholders who collectively hold at least a majority of the voting power of the outstanding shares
of the applicable Company Common Stock as of immediately prior to the Greenland Merger pursuant to the TBOC and the Company’s Organizational
Documents. The approval contemplated by the foregoing sentence is referred to herein as the “Required Company Shareholder Approval”.

(b) As promptly as practicable
after distribution of the Company Shareholder Package, the Company shall obtain the Required Company Shareholder Approval and deliver
it to Purchaser.

7.22 Transfer of Founder Shares.Prior to the Closing, Purchaser shall cause Pelican Sponsor LLC (“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, 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