Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 153

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 153
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 the submission of the S4 or January 14, 2026, whichever is earlier. The fee was not contingent upon the conclusion reached in the Opinion or the successful completion of the Business Combination.

Related Agreements

This section describes certain additional agreements related to the Business Combination that have been executed or will be executed in connection with the closing of the Business Combination. For additional information, see “ The Business Combination Proposal - Related Agreements.”

Letter Agreement

On September 9, 2025, Greenland and March GL entered into a Letter Agreement (the “Option Agreement”) under which Greenland was granted an option to acquire a percentage interest in March GL’s interest in a specified project and related transaction (collectively, the “Interest”). The Option Agreement provides that Greenland Exploration Limited may, in its sole discretion, acquire up to 35% of the Interest, with the purchase price set at US$2,000,000 for each percentage point of the Interest acquired, up to a maximum aggregate purchase price of US$70,000,000.

The Option may be exercised by delivering written notice to March GL Company at any time prior to the earlier of (i) the closing of a business combination among March GL Company, Greenland Exploration Limited, and Pelican Acquisition Corporation (the “Business Combination”), or (ii) March 31, 2026 (the “Expiration Date”). The Option automatically terminates upon the Expiration Date, and upon such termination, the Option Agreement ceases to have any further force or effect.

The foregoing description is qualified in its entirety by reference to the Letter Agreement, which is attached hereto as Annex [●].

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Sponsor Support Agreement

Concurrently with the execution of the Business Combination Agreement, on September 9, 2025, SPAC, Greenland, March GL, entered into a Sponsor Support Agreement. Pursuant to the Sponsor Support Agreement, each of the Sponsor agreed to vote all of their SPAC Ordinary Shares (the “Subject Shares”) in favor of the approval and adoption of the Business Combination Agreement and the transactions contemplated thereby, including the mergers (the “Mergers”), and to appear at any meeting of SPAC shareholders to establish a quorum and vote (or cause to be voted) all Subject Shares in favor of the Mergers and any related matters. The Sponsor also agreed to vote against any alternative business combination, merger, or similar transaction involving SPAC (other than the Mergers), and against any action or proposal that would reasonably