Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 518

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 2
Chunk 518
---
 directors may negotiate employment or consulting arrangements to remain with us after
our initial business combination. The existence or terms of any such employment or consulting arrangements to retain their positions with
us may influence our management’s motivation in identifying or selecting a target business but we do not believe that the ability
of our management to remain with us after the consummation of our initial business combination will be a determining factor in our decision
to proceed with any potential business combination. We are not party to any agreements with our officers and directors that provide for
benefits upon termination of employment.

Committees of the Board of Directors

Our board of directors has three standing committees:
an audit committee; a compensation committee; and a nominating and corporate governance committee. Subject to phase-in rules, the
Nasdaq listing rules and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised
solely of independent directors, and Nasdaq listing rules require that the compensation committee and the nominating and corporate governance
committee of a listed company be comprised solely of independent directors. Each committee operates under a charter that has been approved
by our board of directors and has the composition and responsibilities described below.

Audit Committee

We have established an audit committee of the board
of directors. The initial members of our audit committee are Jaime W. Vieser, Michael Marquez and Jeffrey T. Lager, each of
whom meet the independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of the Exchange Act.
Mr. Michael Marquez will serve as chairperson of the audit committee.

Each member of the audit committee is financially
literate and our board of directors has determined that each of Jaime W. Vieser, Michael Marquez and Jeffrey T. Lager qualifies
as an “audit committee financial expert” as defined in applicable SEC rules and has accounting or related financial management
expertise.

We have adopted an audit committee charter, which
details the principal functions of the audit committee, including:

●assisting board oversight of (1) the integrity of our
financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent auditor’s qualifications
and independence, and (4) the performance of our internal audit function and independent auditors; the appointment, compensation,
retention, replacement, and oversight of the work of the independent auditors and any other