Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 581

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 3
Chunk 581
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 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. We may pay Paul Grinberg, our Chairman and Chief Executive Officer and Douglas
Horlick, our President Chief Financial Officer, an aggregate of up to $20,000 per month for their services as executive officers and
directors of the Company. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly
fees, if any. Except for Mr. Grinberg and Mr. Horlick, none of our directors or officers have received any cash compensation
for services rendered to us. No cash finder’s fee, reimbursement, consulting fee or monies in respect of any payment of a loan,
will be paid by us to our sponsor, officers and directors, or any affiliate of theirs, for services rendered prior to, or for any services
rendered in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is).
However, these individuals will be entitled to certain payments including, but not limited to, reimbursement for any out-of-pocket expenses
incurred in connection