Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 1128

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 9B
Chunk 1128
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 that these provisions, the insurance
and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

Item 11. Executive Compensation.

Executive Officer and Director Compensation

None
of our executive officers or directors have received any cash compensation for services rendered to us. Until the earlier of consummation
of our initial business combination and our liquidation, beginning on the closing date of our initial public offering, we had agreed to
pay to pay the Chairman and Chief Executive Officer and the President and Chief Financial Officer, a total of up to $20,000 per month
for their services as executive officers and directors of the Company. No expenses have been incurred or are due under this arrangement
as of December 31, 2024. Our executive 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 will review on a quarterly basis all payments that were made to our sponsor, officers,
directors or their affiliates.

70

After
the completion of our initial business combination, directors or members of our management team who remain with us may be paid
consulting, management or other fees from the combined company. All of these fees will be fully disclosed to stockholders, to the
extent then known, in the tender offer materials or proxy solicitation materials furnished to our stockholders in connection with a
proposed business combination. It is unlikely the amount of such compensation will be known at the time, because the directors of
the post-combination business will be responsible for determining executive officer and director compensation. Any compensation to
be paid to our executive officers will be determined by a compensation committee constituted solely by independent directors.

We
do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation
of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment
or consulting arrangements to remain with us after the 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