Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 847

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 7
Chunk 847
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ating distributions form the trust accounts with respect to the founder shares or rights, which will expire worthless
if we do not consummate a business combination within the prescribed time period.

As more fully discussed in
“Part III, Item 10—Directors, Executive Officers and Corporate Governance—Conflicts of Interest,” if any of our
officers or directors becomes aware of a business combination opportunity that falls within the line of business of any entity to which
he or she has then-current fiduciary or contractual obligations, he or she may be required to present such business combination opportunity
to such entity prior to presenting such business combination opportunity to us. Our officers and directors currently have certain relevant
fiduciary duties or contractual obligations that may take priority over their duties to us.

72

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.

Our
sponsor, officers and directors or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection
with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.
Our audit committee reviews on a quarterly basis all payments that were made by us to our sponsor, officers, directors or our or any of
their affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the
reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.

In addition, in order to finance
transaction costs in connection with an initial business combination, our sponsor, members of the Company’s founding team or any
of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If
we complete a business combination, we would repay the Working Capital Loans out of the proceeds of the Trust Account released to the
Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that an initial
business combination does not close, we may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans,
but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans