Company: MLAC
Filing Date: 2025-03-19
Form Type: 10-K
Source: 0001213900-25-025105
Chunk: 1123

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-03-19
Form: 10-K
Item: Item 9B
Chunk 1123
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 or in any other report or document we file with the SEC, and any references to our website are intended to be inactive
textual references only.

Conflicts of Interest

Under Cayman Islands law, directors and officers
owe the following fiduciary duties:

(i)duty to act in good faith in what the director or officer
believes to be in the best interests of the company as a whole;

(ii)duty to exercise powers for the purposes for which those
powers were conferred and not for a collateral purpose;

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(iii)directors should not improperly fetter the exercise of future
discretion;

(iv)duty to exercise powers fairly as between different sections
of shareholders;

(v)duty not to put themselves in a position in which there is
a conflict between their duty to the company and their personal interests; and

(vi)duty to exercise independent judgment.

In addition to the above, directors also owe a duty
of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both
the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried
out by that director in relation to the company and the general knowledge skill and experience of that director.

As set out above, directors have a duty not to put
themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their
position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the
shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in
the memorandum and articles of association or alternatively by shareholder approval at general meetings.

Our officers and directors presently and in the
future may have additional, fiduciary or contractual obligations to another entity pursuant to which such officer or director is or will
be required to present a business combination opportunity to such entity. Accordingly, if any of our officers or directors becomes aware
of a business combination opportunity which is suitable for an entity to which he or she has then-current fiduciary or contractual
obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity to
such entity, subject to their fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of