Sierra Lake Sponsor LLC - Sep 14, 2021 Form 3 Insider Report for Sierra Lake Acquisition Corp. (SIER)

Role: 10%+ Owner
Signature: /s/ Charles Alutto, Name: Charles Alutto, Title: Managing Member
Stock symbol: SIER
Transactions as of: Sep 14, 2021
Transactions value $: $0
Form type: 3
Date filed: 9/14/2021, 06:28 PM
Next filing: Sep 21, 2021

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	SIER	Class B common stock, par value $0.0001 per share							Sep 14, 2021	Class A common stock, par value $0.0001 per share	8.63M		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	As described in the Issuer's registration statement on Form S-1 (No. 333-253479), the shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Issuer's initial business combination on a one-for-one basis subject to certain adjustments and have no expiration date.
F2	These shares represent the shares of Class B common stock held directly by Sierra Lake Sponsor LLC (the "Sponsor"), acquired pursuant to a subscription agreement by and between the Sponsor and the Issuer. The shares of Class B common stock owned by the Sponsor include up to 1,125,000 shares that are subject to forfeiture in the event the underwriters of the initial public offering of the Issuer's securities do not exercise their over-allotment option in full as described in the Issuer's registration statement.

Content

As described in the Issuer's registration statement on Form S-1 (No. 333-253479), the shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the Issuer's initial business combination on a one-for-one basis subject to certain adjustments and have no expiration date.

These shares represent the shares of Class B common stock held directly by Sierra Lake Sponsor LLC (the "Sponsor"), acquired pursuant to a subscription agreement by and between the Sponsor and the Issuer. The shares of Class B common stock owned by the Sponsor include up to 1,125,000 shares that are subject to forfeiture in the event the underwriters of the initial public offering of the Issuer's securities do not exercise their over-allotment option in full as described in the Issuer's registration statement.