Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 321

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 1A
Chunk 321
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 the directors present and voting at the meeting of our board of directors. Our
officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific terms
of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated memorandum and
articles of association as it deems appropriate. Our amended and restated memorandum and articles of association provides that our officers
may consist of a Chairman of the Board, a Chief Executive Officer, a President, a Chief Operating Officer, a Chief Financial Officer,
Vice Presidents, a Secretary, Assistant Secretaries, a Treasurer and such other offices as may be determined by the board of directors.

63

Director Independence

The Nasdaq listing rules require that a majority
of our board of directors be independent within one year of our initial public offering. An “independent director” is defined
generally as a person that, in the opinion of the company’s board of directors, has no material relationship with the listed company
(either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). Our board has determined
that each of Messrs. Jaime W. Vieser, Michael Marquez and Jeffrey T. Lager is an independent director under applicable SEC and
Nasdaq rules. Our independent directors will have regularly scheduled meetings at which only independent directors are present.

Executive Officer and Director Compensation

Our sponsor transferred an
aggregate of 50,000 of its founder shares, or 25,000 each to Jeffrey T. Lager and Michael Marquez, two of our independent directors,
at the closing of the initial public offering. Paul Grinberg, Douglas Horlick and Jaime W. Vieser own membership interests in our sponsor
which paid a nominal aggregate purchase price of $25,000 for the founder shares, or approximately $0.003 per share. Each purchased private
units through the sponsor, that, along with the right to receive founder shares through their membership interests in the sponsor, resulted
in our public shareholders incurring immediate and substantial dilution upon the closing of the initial public offering. Further, the
Class A Ordinary Shares issuable in connection with the conversion of the founder shares may result in material dilution to our public
shareholders due to the anti-dilution rights of our founder shares that may result in an issuance of Class A Ordinary Shares on
a greater than one-to-one basis upon conversion.