Company: MLAC
Filing Date: 2025-10-07
Form Type: 425
Source: 0001213900-25-097100
Chunk: 3

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 425
Chunk 3
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 will be entered by and between Seller, Pubco and the escrow agent in a form to be
mutually agreed upon by the parties prior to the Closing (the “Escrow Agreement”). Unless released earlier, in accordance
with the Escrow Agreement and Business Combination Agreement, the Seller Earnout Shares will be held in escrow for a period commencing
on the Closing Date and ending on fifth anniversary of the Closing Date (such period, the “Escrow Period”). The Seller
Earnout Shares, together with any shares received upon equitable adjustment of the Seller Earnout Shares, shall be subject to potential
transfer to Pubco for no consideration (the “Seller Transfer”) at the end of the Earnout Period in the event that not
all of the Triggering Events are achieved by Pubco during the Earnout Period.

The Seller Earnout Shares
shall vest, no longer be subject to the Seller Transfer and shall be released from the escrow account to the Seller, in the amounts specified
below, upon Pubco meeting the price milestones specified below:

| (i) | on the last day of any twenty (20) consecutive trading day period after the Closing Date in which the volume weighted average price (“VWAP”) of the Pubco Class A Stock is greater than or equal to $13.00 per share (“Triggering Event I”), 666,667 shares of Pubco Class A Stock and 666,667 shares of Pubco Class B Stock; |

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| (ii) | on the last day of any twenty (20) consecutive trading day period after the Closing date in which the VWAP of the Pubco Class A Stock is greater than or equal to $15.00 per share (“Triggering Event II”), 666,667 shares of Pubco Class A Stock and 666,667 shares of Pubco Class B Stock; and |

| (iii) | on the last day of any twenty (20) consecutive trading day period after the Closing date in which the VWAP of the Pubco Class A Stock is greater than or equal to $17.00 per share (“Triggering Event III”, and together with Triggering Event I and Triggering Event II, the “Triggering Events” and each a “Triggering Event”), 666,666 shares of Pubco Class A Stock and 666,666 shares of Pubco Class B Stock. |

Each Triggering Event shall
only occur once, if at all, and all Seller Earnout