Company: MLAC
Filing Date: 2025-10-07
Form Type: 425
Source: 0001213900-25-097100
Chunk: 14

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 425
Chunk 14
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 Sale Agreement (the “TSA”) by and
between the Company and the Foundation (the “Foundation Transaction”), and (b) the Seller agreed to contribute,
directly and indirectly through certain related funds, 1,960,040 AVAX tokens to the Company in exchange for 5,805,638 Company units
(the “Seller Units”) (the “Dragonfly Contribution”).

The Contribution
Agreement included certain covenants including (i) an 18-months exclusivity in favor of the Company on sale of AVAX by the
Foundation in Competing Transactions (as defined in the Contribution Agreement), (ii) a right of first refusal in favor of the
Company for AVAX sale other than in Competing Transactions during the Covered Period, (iii) a 5-year right of first refusal in favor
of the Foundation for sales of AVAX sold by the Company in one or more transactions, each exceeding certain thresholds. The Foundation is
also granted the right to designate a board member in Pubco for a period of 5 years from the Closing date (extendable in case of
further sales on terms similar to the terms in the TSA before the expiration of the 5 years).

The Contribution Agreement
may be terminated prior to the Closing as follows: (a) by the mutual written consent of the parties thereto and SPAC; or (b) automatically
with no further action required by the parties thereto if the Business Combination Agreement is terminated in accordance with its terms.

The Contribution Agreement is filed as Exhibit 99.1 to this Current Report on Form 8-K, and the foregoing description thereof is qualified in its entirety by reference to the full text of the Contribution Agreement and the terms of which are incorporated by reference herein.

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Token Sale Agreement

Concurrently
with the execution of the Business Combination Agreement and the Contribution Agreement, the Company, Pubco, Avalanche BVI and
Avalanche Cayman entered into the TSA, pursuant to which, on the date of the Business Combination Agreement, the Foundation agreed
to sell a minimum of $200 million of AVAX tokens on a pre-discount basis to the Company in exchange for (i) $50 million in cash or
USDC and (ii) $30 million in the form of 3,000,000 shares of Pubco Class A Stock (the “Foundation Shares”). If at
any time following the Closing Date, the Pubco Class A Stock cease to be non