Company: MLAC
Filing Date: 2025-10-07
Form Type: 425
Source: 0001213900-25-097100
Chunk: 9

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-10-07
Form: 425
Chunk 9
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 into SPAC Class A Ordinary Shares on a greater than one-for-one basis.

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In addition, the Sponsor agreed
to effect certain security cancellations and to deposit certain Pubco Class A Stock issued to it at Closing into escrow in connection
with the Closing. Specifically, immediately prior to the SPAC Merger Effective Time, the Sponsor will (i) deliver to SPAC for cancellation,
for no consideration, 495,000 Private Placement Units and 4,387,500 Founder Shares, and (ii) 1,600,000 shares of Pubco Class A Stock to
be issued to the Sponsor at Closing (of the total 2,800,000 shares to be issued to the Sponsor as a result
of the SPAC share conversion) (the “Sponsor Earnout Shares”), will be deposited into an escrow account with Continental
Stock Transfer and Trust Company (or another escrow agent reasonably acceptable to the Sponsor and the Company), and will be released
in tranches, as provided in the Sponsor Support Agreement and an escrow agreement that shall be in a form to be mutually agreed upon by
the Sponsor, Pubco and the escrow agent prior to the Closing (the “Sponsor Escrow Agreement”). The Sponsor agreed that
all of the Sponsor Earnout Shares, together with any shares received upon equitable adjustment of the Sponsor Earnout Shares, shall be
subject to potential transfer to Pubco for no consideration (the “Sponsor Transfer”) at the end of the Earnout Period
in the event that not all of the Triggering Events are achieved by Pubco.

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

| (i) | Upon the occurrence of Triggering Event I, 533,333 Sponsor Earnout 
 Shares shall be released from the escrow account to the Sponsor;   |

| (ii) | Upon the occurrence of Triggering Event II, 533,333 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor; and |

| (iii) | Upon the occurrence of Triggering Event III, 533,334 Sponsor Earnout Shares shall be released from the escrow account to the Sponsor. |

Pursuant to the Sponsor Support
Agreement, the parties agreed that prior to the Closing they would enter into