# EDGAR Filing Document

**Accession Number:** 0002044112
**File Stem:** 0001213900-25-123435
**Filing Date:** 2025-12
**Character Count:** 554793
**Document Hash:** 8406e9cfe8dc925c743175ded5a29987
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-123435.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001213900-25-123435

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20251212

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Change in Shell Company Status

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Uinta Infrastructure Group Corp.
- **CENTRAL INDEX KEY:** 0002044112
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 331825873
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56805
- **FILM NUMBER:** 251584701

**BUSINESS ADDRESS:**
- **STREET 1:** 400 W. MORSE BOULEVARD, SUITE 220
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** (321) 972-1583

**MAIL ADDRESS:**
- **STREET 1:** 400 W. MORSE BOULEVARD, SUITE 220
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**Form 8-K**

**Pursuant to Section 13 OR 15(d) of**

**the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): December 12, 2025** 

**INTEGRATED RAIL & RESOURCES INC. (f/k/a Uinta Infrastructure Group Corp.)** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56805** | **33-1825873** |
| **(State or other jurisdiction<br> of incorporation or organization)** | **(Commission File Number)** | **(I.R.S. Employment<br> Identification No.)** |

---

**400 W. MORSE BOULEVARD, SUITE 220**

 **WINTER PARK, FL 32789**

**(Address of principal executive offices) (ZIP Code)** 

**Registrant's telephone number, including area code: (321) 972-1583**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **N/A** | **N/A** | **N/A** |
| **N/A** | **N/A** | **N/A** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Introductory Note**

On August 12, 2024, Integrated Rail and Resources Acquisition Corp., a Delaware corporation ("SPAC" or "Integrated Rail"), Uinta Infrastructure Group Corp., a Delaware corporation ("Holdings," and following the Business Combination (as defined below), the "Registrant"), Uinta Lower Holdings, Inc., a Delaware corporation and wholly owned subsidiary of Holdings ("Lower Holdings"), Uinta Merger Co., a Delaware corporation and wholly owned subsidiary of Holdings ("SPAC Merger Sub"), Uinta Merger LLC, a Delaware limited liability company and wholly owned subsidiary of Lower Holdings ("Company Merger Sub," and together with SPAC Merger Sub, the "Merger Subs"), Tar Sands Holdings II, LLC, a Utah limited liability company ("TSII"), and Endeavor Capital Group, LLC, as company member representative (in such capacity, the "Company Member Representative"), entered into an Agreement and Plan of Merger, dated as of August 12, 2024 (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger, dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger, dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger, dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger, dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger, dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger, dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger, dated December 12, 2025, and as may be further amended or modified from time to time, the "Merger Agreement").

Pursuant to the Merger Agreement, on December 12, 2025 (the "Closing Date"):

● SPAC Merger Sub merged with and into SPAC (the "SPAC Merger"), with SPAC continuing as the surviving corporation and a wholly owned subsidiary of Holdings (the "SPAC Surviving Subsidiary"); and

● Company Merger Sub merged with and into TSII (the "Company Merger" and, together with the SPAC Merger, the "Mergers"), with TSII continuing as the surviving entity and a wholly owned subsidiary of Lower Holdings (the "Surviving Company").

The transactions contemplated by the Merger Agreement, including the Mergers and the related transactions, are collectively referred to herein as the "Business Combination."

Capitalized terms used but not defined in this Current Report on Form 8-K (this "Report") have the meanings given to them in the Merger Agreement or the proxy statement/prospectus, dated June 6, 2025 (as supplemented and amended from time to time, the "Proxy Statement/Prospectus"), included in the Registration Statement on Form S-4 (File No. 333-283188) filed by Holdings with the Securities and Exchange Commission (the "SEC") and declared effective on June 6, 2025.

Upon completion of the Business Combination, Holdings became the parent company and the SPAC Surviving Subsidiary and the Surviving Company became indirect wholly owned subsidiaries of the Registrant.

This Report is being filed in connection with the completion of the Business Combination and includes the information that would be required if the Registrant were filing a general form for registration of securities on Form 10 under the Exchange Act, including the information required by Item 2.01(f) of Form 8-K.

**Item 1.01. Entry into a Material Definitive Agreement.**

The information set forth in the "Introductory Note" and in Item 2.01 of this Report is incorporated by reference into this Item 1.01.

**Sixth Amendment to Merger Agreement**

On December 12, 2025, the parties to the Merger Agreement entered into the Sixth Amendment to Agreement and Plan of Merger (the "Sixth Amendment"). The Sixth Amendment, among other things, modifies the Merger Agreement to permit a cashless Closing, to extend the Termination Date, and rescinds the waiver set forth in Section 1.3 of the April 30, 2025 waiver to the Merger Agreement and the obligations set forth in Section 1.4 thereof.

The foregoing description of the Sixth Amendment is qualified in its entirety by reference to the full text of the Sixth Amendment, which is filed as Exhibit 2.8 to this Report and incorporated herein by reference.

**Amendment of Warrant Agreement**

In connection with the Closing, SPAC and Equiniti Trust Company LLC (fk/a American Stock Transfer & Trust Company, LLC), as warrant agent (the "Warrant Agent"), entered into an Amendment of Warrant Agreement, dated as of December 12, 2025 (the "Warrant Amendment"), which amends the Warrant Agreement, dated as of November 11, 2021, governing the SPAC public and private warrants (collectively, the "SPAC Warrants"). The Warrant Amendment, among other things, updates the Warrant Agreement to reflect that, effective as of the Effective Time, the warrants are exercisable for shares of Holdings Class A common stock (rather than SPAC Class A common stock), removes the cashless exercise option, and makes related conforming changes.

The foregoing description of the Warrant Amendment is qualified in its entirety by reference to the full text of the Warrant Amendment, which is filed as Exhibit 4.2 to this Report and incorporated herein by reference.

**Registration Rights Agreement**

In connection with the Closing, the Registrant entered into a Registration Rights Agreement, dated as of December 12, 2025 (the "Registration Rights Agreement"), with the holders party thereto. Pursuant to the Registration Rights Agreement, the Registrant is required to file a resale registration statement on Form S-1 covering the resale of the registrable securities within 90 days after the Closing and to cause such registration statement to be declared effective within 120 days after the Closing, in each case subject to the terms and conditions set forth therein, including provisions regarding deferral and suspension of effectiveness.

The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is filed as Exhibit 10.1 to this Report and incorporated herein by reference.

**Rollover Agreement**

Immediately prior to the Closing, Holdings entered into a Rollover Agreement, dated as of December 12, 2025 (the "Rollover Agreement"), with the "Rollover Seller" party thereto. Pursuant to the Rollover Agreement, immediately prior to Closing, the Rollover Seller contributed the "Contributed Interests" (as therein defined) to Holdings in exchange for the Company Common Stock Consideration, as contemplated by the Merger Agreement.

The foregoing description of the Rollover Agreement is qualified in its entirety by reference to the full text of the Rollover Agreement, which is filed as Exhibit 10.2 to this Report and incorporated herein by reference.

**Promissory Note; Confession of Judgment**

In connection with the Closing, Holdings issued an unsecured promissory note in the original principal amount of $12,000,000 (the "Promissory Note") to Endeavor Capital Group, LLC (the "Noteholder"). The Promissory Note bears interest at 0% per annum and matures on March 12, 2026, subject to earlier acceleration upon an event of default. The Promissory Note contains customary covenants, events of default and remedies, including default interest and late payment penalties, provides for a right of first refusal in favor of the lender with respect to the "Property" (as therein defined), and provides for enforcement mechanics including a related confession of judgment delivered in connection therewith.

The foregoing description of the Promissory Note and related documents does not purport to be complete and is qualified in its entirety by reference to the full text of the Promissory Note and the related Confession of Judgment, which are filed as Exhibits 10.3 and 10.4, respectively, to this Report and incorporated herein by reference.

**Item 2.01. Completion of Acquisition or Disposition of Assets.**

The information set forth in the "Introductory Note" to this Report is incorporated by reference into this Item 2.01.

**The Business Combination**

The Business Combination was consummated on the Closing Date pursuant to the Merger Agreement.

At the effective time of the SPAC Merger (the "Effective Time"):

● each issued and outstanding unit of SPAC ("SPAC Units") was automatically separated into one share of SPAC Class A common stock and one-half of one SPAC public warrant, in accordance with the terms of the applicable SPAC Unit;

● each share of SPAC common stock issued and outstanding as of the Effective Time (other than treasury shares, which were cancelled without consideration) was automatically converted into the right to receive one share of Holdings Class A common stock; and

● each SPAC Warrant was assumed by Holdings and, pursuant to the Warrant Amendment, became exercisable for one share of Holdings Class A common stock on substantially the same terms as were in effect immediately prior to the Effective Time, subject to the Warrant Amendment.

At the Effective Time of the Company Merger:

● each limited liability company interest in Company Merger Sub outstanding immediately prior to the Effective Time was converted into and became one Surviving Company Unit; and

● each issued and outstanding Company membership interest (other than the Rollover Interests) was converted into the right to receive a portion of the Company Merger Consideration, as contemplated by the Merger Agreement.

Immediately prior to the Effective Time, pursuant to the Rollover Agreement and the Merger Agreement, the Rollover Interests were contributed to Holdings in exchange for the Company Common Stock Consideration. Pursuant to the Sixth Amendment to the Merger Agreement, the Company Common Stock Consideration consists of 800,000 shares of Holdings Class A common stock at a value of $10.00 per share (and the related Company Common Stock Consideration Amount is $8,000,000).

**Redemptions**

In connection with the special meeting of SPAC stockholders held on September 15, 2025, stockholders holding 11 shares of SPAC Class A common stock exercised their right to redeem such shares for cash, resulting in aggregate redemption payments of approximately $177.00. Following such redemptions, 5,775,561 shares of SPAC Class A common stock remained outstanding and were converted into shares of Holdings Class A common stock at the Effective Time.

**Financing; Note Issuance**

As described in Item 1.01 and Item 2.03 of this Report, Holdings issued the Promissory Note in the original principal amount of $12,000,000 at Closing.

**Change in Shell Company Status**

Prior to the Business Combination, SPAC was a "shell company" as defined in Rule 12b-2 under the Exchange Act. As a result of the completion of the Business Combination, Holdings (as successor to SPAC) has ceased to be a shell company. See Item 5.06 of this Report.

**Form 10 Information**

Pursuant to Item 2.01(f) of Form 8-K, the Company is providing below the information that would be required if it were filing a general form for registration of securities on Form 10 under the Exchange Act. The information set forth in the Proxy Statement/Prospectus is incorporated herein by reference as indicated below.

**Business of the Company.**

See "Summary of the Proxy Statement/Prospectus," "Information About the Company," "Information About SPAC," and "The Business Combination" in the Proxy Statement/Prospectus, as such descriptions are supplemented by the information set forth in Item 1.01 of this Report regarding the Sixth Amendment and the Promissory Note.

**Risk Factors.**

See "Risk Factors" in the Proxy Statement/Prospectus.

**Financial Statements and Supplementary Data.**

The audited financial statements of Tar Sands Holdings II, LLC ("TSII") as of and for the fiscal years ended December 31, 2024 and 2023, and the unaudited condensed interim financial statements of TSII as of and for the nine months ended September 30, 2025 and 2024, respectively, together with the related notes, are filed as Exhibits 99.1 and 99.2 to this Report and are incorporated herein by reference.

The unaudited pro forma condensed combined financial information of Integrated Rail and Resources Acquisition Corp. ("Integrated Rail") and TSII as of September 30, 2025 and for the year ended December 31, 2024 and the nine months ended September 30, 2025, together with the related notes, is filed as Exhibit 99.3 to this Report and is incorporated herein by reference.

The historical financial statements of Integrated Rail as of and for the year ended December 31, 2024 and for the interim periods ended March 31, 2025, June 30, 2025 and September 30, 2025 are incorporated herein by reference to Integrated Rail's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 24, 2025, and Integrated Rail's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the SEC on May 20, 2025, September 4, 2025 and November 7, 2025, respectively.

**Management's Discussion and Analysis of Financial Condition and Results of Operations.**

See "Management's Discussion and Analysis of Financial Condition and Results of Operations of TSII" and "Management's Discussion and Analysis of Financial Condition and Results of Operations of Integrated Rail" in the Proxy Statement/Prospectus, as supplemented by the Registrant's discussion and analysis of its financial condition and results of operations for the nine months ended September 30, 2025 included in this Report under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations."

**Directors and Executive Officers.**

See "Directors and Executive Officers After the Business Combination" in the Proxy Statement/Prospectus and Item 5.02 of this Report.

**Executive Compensation.**

See "The Company's Executive Compensation" and "Directors and Executive Officers After the Business Combination — Executive Compensation of Holdings" in the Proxy Statement/Prospectus and Item 5.02 of this Report.

**Properties.**

See "Information About the Company" in the Proxy Statement/Prospectus.

**Security Ownership of Certain Beneficial Owners and Management.**

See "Security Ownership of Certain Beneficial Owners and Management" in the Proxy Statement/Prospectus.

**Certain Relationships and Related Party Transactions; Director Independence.**

See "Certain Relationships and Related Party Transactions" and "Directors and Executive Officers After the Business Combination — Director Independence" in the Proxy Statement/Prospectus.

**Description of Capital Stock.**

See "Description of SPAC's Securities," "Proposal No. 2 — The Organizational Documents Proposal," "Proposal No. 3 — The Advisory Governance Proposals" and "Comparison of Corporate Governance and Stockholders' Rights" in the Proxy Statement/Prospectus and Items 3.03 and 5.03 of this Report.

**Market Price of Registrant's Common Equity and Related Stockholder Matters.**

There is currently no established public trading market for the Registrant's common stock or warrants. Upon consummation of the Business Combination, trading of Integrated Rail's securities ceased. The Registrant's common stock and warrants may not be eligible for quotation or trading on the OTC Markets or any other market until the Registrant completes applicable steps required by market participants and regulators, and there can be no assurance as to if or when any public trading market will develop. The Registrant does not anticipate paying cash dividends in the foreseeable future.

**Legal Proceedings.**

See "Information About the Company — Legal Proceedings" and "Information About SPAC — Legal Proceedings" in the Proxy Statement/Prospectus.

**THE COMPANY'S MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

 

*You should read the following discussion and analysis of the Company's financial condition and results of operations in conjunction with the Company's consolidated financial statements and the related notes included elsewhere in this proxy statement/prospectus. This discussion contains forward-looking statements that involve risks and uncertainties. The Company's actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Risk Factors" and elsewhere in this proxy statement/prospectus.*

 ****

***<u>Results of Operations</u>***

**For the Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024**

**Our financial results for the nine months ended September 30, 2025 and 2024 are summarized as follows:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** | <br>**Change** | <br>**% Change** |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Rental revenue and other revenue** | $**20000** | $**18000** | $**2000** | **11%** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Accretion and depreciation** | **28995** | **26982** | **2013** | **7%** |
| &nbsp;&nbsp;&nbsp;**Salaries and wages** | **61744** | **54177** | **7567** | **14%** |
| &nbsp;&nbsp;&nbsp;**Property tax** | **43580** | **30000** | **13580** | **45%** |
| &nbsp;&nbsp;&nbsp;**Professional fees** | **145728** | **71955** | **73773** | **103%** |
| &nbsp;&nbsp;&nbsp;**Other expenses** | **29617** | **80143** | **(50526)** | **-63%** |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **309664** | **263257** | **46407** | **18%** |
| &nbsp;&nbsp;&nbsp;**Loss from Operations** | **(289664)** | **(245257)** | **(44407)** | **18%** |
| &nbsp;&nbsp;&nbsp;**Loss before income taxes** | **(289664)** | **(245257)** | **(44407)** | **18%** |
| &nbsp;&nbsp;&nbsp;**Income tax benefit** | **-** | **-** | **-** | **0%** |
| &nbsp;&nbsp;&nbsp;**Net loss** | $**(289664)** | $**(245257)** | $**(44407)** | **18%** |

---

**<u>Revenues, net</u>**

The Company has not had any significant mining operations since 2015. The primary source of revenues for the Company during 2025 and 2024 is related to the Company renting unimproved land on a month to month basis for $2,000 to $4,000 per month. The lessee primarily used the land for parking heavy equipment. Revenues increased during nine months ended September 30, 2025 by $2,000 as the lessee utilized the space for more days during the current period as compared to the prior period.

**<u>Accretion and depreciation expenses</u>**

The Company has an Asset Retirement Obligation ("***ARO***") recorded that is associated with its oil and natural gas property; the fair value of the ARO was recorded as a liability and is accreted over time until the date the ARO is to be paid. For the nine months ended September 30, 2025, accretion expenses were slightly higher than that of the prior period as the average ARO increases.

Associated with this property is the asset retirement cost which is the estimated cost of retiring the asset, whereas the asset retirement obligation is the estimated reclamation cost once the asset is deemed to be no longer productive. The asset retirement cost was fully impaired at the time the oil producing assets were impaired.

**<u>Salaries and wages expenses</u>**

Salaries and wages expenses include all payroll related expenses including benefits and payroll taxes. Salaries and wages expenses were $7,567 higher for the nine months ended September 30, 2025 as compared to the prior period due to additional hours incurred from internal personnel related to maintaining and accounting for the facility.

**<u>Property tax</u>**

The Company accrues property tax for the estimated tax obligations that are paid on an annual basis. The property tax estimates are trued up to actual property tax obligations on an annual basis as payments are made and actual obligations are settled. The estimated property tax is higher than the prior year estimates consistent with the updated property tax assessment by Uintah County.

**<u>Professional fees</u>**

The Company paid additional accounting, legal, and consulting fees in the nine months ended September 30, 2025 in conjunction with the Business Combination Agreement with Integrated Rail and Resources Acquisition Corp ("IRR"). There were fewer expenses incurred during the prior period.

**<u>Other expenses</u>**

For the nine months ended September 30, 2025, other expenses decreased by $50,526 when compared to the prior year. The decrease is primarily attributable to a one time $50,000 transaction charge in 2024 related to closing the acquisition with IRR, there were no comparable charges in the current period.

**<u>Income tax</u>**

The Company is a limited liability company under provisions of the Internal Revenue Code and elected to be treated as a partnership for income tax purposes. As such, the payment and recognition of income taxes are the responsibility of the members of the Company. There are no income taxes accrued at the Company level.

**For the Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024**

**Our financial results for the three months ended September 30, 2025 and 2024 are summarized as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** | <br>**Change** | <br>**% Change** |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Rental revenue and other revenue** | $**8000** | $**4000** | $**4000** | **100%** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Accretion and depreciation** | **9665** | **8994** | **671** | **7%** |
| &nbsp;&nbsp;&nbsp;**Salaries and wages** | **28538** | **18827** | **9711** | **52%** |
| &nbsp;&nbsp;&nbsp;**Property tax** | **12000** | **7914** | **4086** | **52%** |
| &nbsp;&nbsp;&nbsp;**Professional fees** | **17325** | **67005** | **(49680)** | **-74%** |
| &nbsp;&nbsp;&nbsp;**Other expenses** | **8766** | **60122** | **(51356)** | **-85%** |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | **76294** | **162862** | **(86568)** | **-53%** |
| &nbsp;&nbsp;&nbsp;**Loss from Operations** | **(68294)** | **(158862)** | **90568** | **-57%** |
| &nbsp;&nbsp;&nbsp;**Loss before income taxes** | **(68294)** | **(158862)** | **90568** | **-57%** |
| &nbsp;&nbsp;&nbsp;**Income tax benefit** | **-** | **-** | **-** | **0%** |
| &nbsp;&nbsp;&nbsp;**Net loss** | $**(68294)** | $**(158862)** | $**90568** | **-57%** |

---

**<u>Revenues, net</u>**

The Company has not had any significant mining operations since 2015. The primary source of revenues for the Company during 2025 and 2024 is related to the Company renting unimproved land on a month to month basis for $2,000 to $4,000 per month. The lessee primarily used the land for parking heavy equipment. Revenues increased during three months ended September 30, 2025 by $4,000 as the lessee utilized the space for more days during the current period as compared to the prior period.

**<u>Accretion and depreciation expenses</u>**

The Company has an Asset Retirement Obligation ("***ARO***") recorded that is associated with its oil and natural gas property; the fair value of the ARO was recorded as a liability and is accreted over time until the date the ARO is to be paid. For the three months ended September 30, 2025, accretion expenses were slightly higher than that of the prior period as the average ARO increases.

Associated with this property is the asset retirement cost which is the estimated cost of retiring the asset, whereas the asset retirement obligation is the estimated reclamation cost once the asset is deemed to be no longer productive. The asset retirement cost was fully impaired at the time the oil producing assets were impaired.

**<u>Salaries and wages expenses</u>**

Salaries and wages expenses include all payroll related expenses including benefits and payroll taxes. Salaries and wages expenses were $9,711 higher for the three months ended September 30, 2025 as compared to the prior period due to additional hours incurred from internal personnel related to maintaining and accounting for the facility.

**<u>Property tax</u>**

The Company accrues property tax for the estimated tax obligations that are paid on an annual basis. The property tax estimates are trued up to actual property tax obligations on an annual basis as payments are made and actual obligations are settled. The estimated property tax is higher than the prior year estimates consistent with the updated property tax assessment by Uintah County.

**<u>Professional fees</u>**

The Company paid fewer accounting, legal, and consulting fees in the three months ended September 30, 2025 in conjunction with the Business Combination Agreement with Integrated Rail and Resources Acquisition Corp ("IRR"). The majority of these type of expenses were incurred earlier in the year.

**<u>Other expenses</u>**

For the three months ended September 30, 2025, other expenses decreased by $51,356 when compared to the prior year. The decrease is primarily attributable to a one time $50,000 transaction charge in 2024 related to closing the acquisition with IRR, there were no comparable charges in the current period.

**<u>Income tax</u>**

The Company is a limited liability company under provisions of the Internal Revenue Code and elected to be treated as a partnership for income tax purposes. As such, the payment and recognition of income taxes are the responsibility of the members of the Company. There are no income taxes accrued at the Company level.

**Critical Accounting Policies and Estimates**

 ****

***Basis of Presentation***

We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed financial statements are prepared, and actual results could differ from our estimates and such differences could be material. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation of our condensed financial statements, as well as the sufficiency of the disclosures pertaining to our accounting policies in the footnotes accompanying our financial statements. Described below are the most significant policies we apply in preparing our condensed financial statements, some of which are subject to alternative treatments under GAAP. We also describe the most significant estimates and assumptions we make in applying these policies. See "*Note 2 — Summary of Significant Accounting Policies*" to our condensed financial statements.

 ****

***Impairment of Other Long-lived Assets***

The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost-carrying value of an asset may no longer be appropriate. The Company assesses the recoverability of the carrying value of the asset by estimating the future net undiscounted cash flows expected to result from the asset, including eventual disposition. If the future net undiscounted cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the asset's carrying value and estimated fair value. With regards to the open mine properties, in 2015 management made the decision to shut down the mining operations of the tar sands mine. Due to management intentions as well as the poor economic standing of the Company, various long-lived assets including assets related to mining production, were impaired in prior periods.

 ****

***Asset Retirement Obligations***

ARO consists of future land reclamation expenses on open mine properties. The fair value of the ARO was recorded as a liability in the period in which the mine was acquired with a corresponding increase in the carrying amount of asset retirement costs of the assets. The liability is accreted for the change in its present value each period based on the expected dates that the mine will be required to be reclaimed. The capitalized cost of ARO is included as a fixed asset and is a component of these assets for purposes of impairment. The asset and liability may be adjusted for changes resulting from revisions to the timing or the amount of the original estimate when deemed necessary. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized.

 ****

***Recent Accounting Pronouncements***

All recently issued but not yet effective accounting pronouncements have been deemed to be either not applicable or immaterial to the Company.

**Liquidity and Capital Resources**

Capital Resources and Available Liquidity

Our liquidity and capital requirements are primarily a function of our working capital needs and contractual obligations. Our primary sources of liquidity are cash flows from rental activities, cash on hand, and access to capital availability from the owners of the Company in the form of notes payable obligations or equity contributions.

Our liquidity position as of September 30, 2025 was $3,511 of unrestricted cash and cash equivalents. Our liquidity position subsequent to September 30, 2025 is primarily influenced by the recent acquisition of the Company and the financial resources of the acquirer.

We believe our cash flows from operations and available capital resources will only be sufficient to meet our current working capital and liquidity requirements for the next 12 months with additional resources available from the owners of the Company. We will seek to raise additional debt or equity capital to fund our business. We cannot offer any assurances that such capital will be available in sufficient amounts or at an acceptable cost.

We will need to raise substantial amounts of additional capital in order to execute our business plan post-closing. We estimate that we will incur approximately $12 million in acquisition costs and related fees, approximately $64 million to refurbish the Facility, and $20-24 million in general business expenses. We believe we will be able to consistently generate revenue by Q4 2026, at which point we will no longer need additional financing.

**Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

In connection with the Closing, Holdings entered into the Promissory Note described in Item 1.01. The Promissory Note constitutes a direct financial obligation of Holdings. The information set forth in Item 1.01 regarding the Promissory Note is incorporated herein by reference into this Item 2.03.

**Item 3.02. Unregistered Sales of Equity Securities.**

The information set forth in the "Introductory Note," Item 1.01 and Item 2.01 of this Report is incorporated by reference into this Item 3.02.

**Company Common Stock Consideration**

At the Closing, pursuant to the Merger Agreement (as amended by the Sixth Amendment) and the Rollover Agreement, the Company issued an aggregate of 800,000 shares of Common Stock to the Company Members in exchange for the contribution of the Rollover Interests. Such issuance was made in a private transaction in reliance upon the exemption from registration.

**Item 3.03. Material Modification to Rights of Security Holders.**

The information set forth in the "Introductory Note," Item 1.01, Item 2.01 and Item 5.03 of this Report is incorporated by reference into this Item 3.03.

As a result of the SPAC Merger, at the Effective Time:

● each share of SPAC Common Stock was converted into the right to receive one share of Common Stock; and

● each SPAC Warrant was assumed by the Company and converted into a warrant to purchase one share of Common Stock.

Accordingly, the rights of former SPAC stockholders are now governed by the A&R Certificate and A&R Bylaws (as defined in Item 5.03) and the rights of holders of warrants are governed by the Warrant Agreement, as amended by the Warrant Amendment. The A&R Certificate and A&R Bylaws include, among other things, provisions relating to:

● a single class of Common Stock (no dual-class structure);

● the authorization of 200,000,000 shares of Common Stock and 10,000,000 shares of preferred stock;

● a board of directors with each director serving a one-year term and standing for election annually; and

● advance notice provisions for director nominations and stockholder proposals.

The material terms of the Company's capital stock and warrants are summarized in the Proxy Statement/Prospectus under "Description of SPAC's Securities," "Proposal No. 2 — The Organizational Documents Proposal" and "Comparison of Corporate Governance and Stockholders' Rights," which are incorporated herein by reference.

**Item 5.01. Changes in Control of Registrant.**

As a result of the completion of the Business Combination, a change in control of the Registrant occurred. The information set forth in the Proxy Statement/Prospectus under "Security Ownership of Certain Beneficial Owners and Management," is incorporated herein by reference.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

**Departure of Directors and Certain Officers of SPAC**

In connection with the completion of the Business Combination and as contemplated by the Merger Agreement, each of the directors and executive officers of SPAC immediately prior to the Effective Time ceased to hold such positions, effective as of the Effective Time, including: Mark A. Michel, Timothy J. Fisher, Brian C. Feldott, Ronald C. Copley, and Jason C. Reeves. Such departures were not due to any disagreement with SPAC on any matter relating to its operations, policies or practices.

**Directors of the Company Following the Business Combination**

Effective as of the Closing, in accordance with the Merger Agreement, the A&R Certificate and the A&R Bylaws, the board of directors of the Company consists of seven directors with each director serving a one-year term and standing for election annually.

These directors were elected at the Special Meeting pursuant to "Proposal No. 4 — The Election of Directors Proposal," as described in the Proxy Statement/Prospectus.

The Company has determined that four of its directors are "independent" as defined under applicable SEC regulations. The board has established an audit committee, a compensation committee and a nominating and corporate governance committee, each comprised solely of independent directors.

**Executive Officers of the Company Following the Business Combination**

Effective as of the Closing, the Company's executive officers are:

● Brian Feldott, Chief Executive Officer;

● George Fairchild, Chief Financial Officer;

● Jason Demers, Chief Development Officer; and

● Andrew DiPaolo, Chief Commercial Officer.

On December 17, 2025, George Fairchild resigned from his position as Chief Financial Officer of the Company. Mr. Fairchild's resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. In connection with Mr. Fairchild's resignation, the Board of Directors of the Company appointed Timothy J. Fisher as the Company's Interim Chief Financial Officer, effective December 17, 2025.

Biographical information regarding the Company's directors and executive officers is set forth under "Directors and Executive Officers After the Business Combination" in the Proxy Statement/Prospectus and incorporated herein by reference.

**Compensatory Arrangements; 2025 Omnibus Incentive Plan**

In connection with the Closing, the Company adopted the Integrated Rail & Resources Corp. 2025 Omnibus Incentive Plan (the "2025 Plan"). Subject to the terms of the 2025 Plan and adjustment provisions therein, the share reserve under the 2025 Plan is an aggregate number of shares of Common Stock equal to ten percent (10%) of the outstanding shares of Common Stock of the Company. A copy of the 2025 Plan is filed as Exhibit 10.5 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

The information set forth in the "Introductory Note," Item 2.01 and Item 3.03 of this Report is incorporated by reference into this Item 5.03.

**Amended and Restated Certificate of Incorporation and Bylaws**

On December 12, 2025, in connection with the Closing, the Company's Amended and Restated Certificate of Incorporation (the "A&R Certificate") became effective upon filing with the Secretary of State of the State of Delaware, and the Company's Amended and Restated Bylaws (the "A&R Bylaws") became effective concurrently therewith.

The A&R Certificate and A&R Bylaws, among other things:

● authorize 200,000,000 shares of Common Stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share;

● eliminate SPAC's prior dual-class common stock structure;

● a board of directors with each director serving a one-year term and standing for election annually; establish advance notice requirements for stockholder nominations and proposals; and

● provide the board of directors with authority to issue preferred stock without stockholder approval.

The foregoing summary of the A&R Certificate and A&R Bylaws is qualified in its entirety by reference to the full text of such documents, copies of which are filed as Exhibits 3.1 and 3.2 to this Report and incorporated herein by reference.

**Change of Name**

In connection with the Closing and pursuant to the A&R Certificate, Holdings changed its name from "Uinta Infrastructure Group Corp." to "Integrated Rail & Resources Inc."

**Fiscal Year**

The Company's fiscal year end will remain December 31.

**Item 5.06. Change in Shell Company Status.**

As described in the "Introductory Note" and Item 2.01 of this Report, prior to the Business Combination, SPAC was a "shell company" as defined in Rule 12b-2 under the Exchange Act. As a result of the completion of the Business Combination, the Company (as successor to SPAC) has ceased to be a shell company.

**Item 7.01. Regulation FD Disclosure**

On December 12, 2025, the Registrant issued a press release announcing the completion of the Business Combination. A copy of the press release is furnished as Exhibit 99.4 to this Current Report on Form 8-K.

The Registrant's executive officers intend to use the investor presentation furnished herewith, in whole or in part, in one or more meetings with investors and analysts. A copy of the investor presentation is furnished as Exhibit 99.5 to this Current Report on Form 8-K.

In addition, the Registrant is furnishing as Exhibit 99.6 an equity commitment letter and indicative term sheet (the "Creto Term Sheet") with Creto IRRX PIPE Investment, LLC (the "Investor") relating to a proposed private placement financing (the "Proposed Financing"). The Creto Term Sheet contemplates an investment of at least $5,000,000 and up to $8,000,000, and that 100% of such amount would be invested in convertible preferred stock, subject to negotiation and execution of definitive documentation and satisfaction of conditions precedent. The Creto Term Sheet further contemplates specified economic and governance terms for the convertible preferred stock, including a liquidation preference, dividend terms, conversion mechanics (including an initial conversion price), and certain consent rights while the preferred stock remains outstanding, as well as registration and information rights and limits on use of proceeds. The Creto Term Sheet is for discussion purposes only, is non-binding, and does not constitute a commitment by any party to consummate the Proposed Financing. There can be no assurance that definitive agreements will be executed or that the Proposed Financing will be consummated on the terms described in the Creto Term Sheet or at all.

The information in this Item 7.01, including Exhibits 99.4, 99.5, 99.6, 99.7 and 99.8 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits.**

**(a) Financial Statements of Business Acquired.**

The audited financial statements of Tar Sands Holdings II, LLC as of and for the years ended December 31, 2024 and 2023 and the related notes thereto are incorporated by reference to the audited financial statements included in the Registrant's Registration Statement on Form S-4/A (File No. 333-283188) filed with the SEC on May 30, 2025.

The unaudited condensed financial statements of Tar Sands Holdings II, LLC as of September 30, 2025 and for the nine months ended September 30, 2025 and 2024 and the related notes thereto are filed as Exhibit 99.2 to this Report.

**(b) Pro Forma Financial Information.**

The unaudited pro forma condensed combined financial information of SPAC and TSII as of September 30, 2025 and for the year ended December 31, 2024 and the nine months ended September 30, 2025, together with the related notes, is filed as Exhibit 99.3 to this Report and incorporated herein by reference.

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1 | [Agreement and Plan of Merger, dated as of August 12, 2024, by and among Integrated Rail and Resources Acquisition Corp., Uinta Integrated Infrastructure Inc., Uinta Integrated Infrastructure Holdings, Inc., RR Integration Merger Co., RR Merger LLC, Tar Sands Holdings II, LLC, and Endeavor Capital Group, LLC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on August 16, 2024, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000119312524202188/d887287dex21.htm) |
| 2.2 | [Amendment to and Waiver of Agreement and Plan of Merger, dated as of November 8, 2024 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on November 12, 2024, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000121390024096264/ea022078201ex2-1_integrated.htm) |
| 2.3 | [Second Amendment to Agreement and Plan of Merger, dated as of December 31, 2024 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on December 31, 2024, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000121390024114169/ea022647801ex2-1_integ.htm) |
| 2.4 | [Waiver to Agreement and Plan of Merger, dated as of April 30, 2025 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on April 30, 2025, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000121390025038559/ea024041601ex2-1_integ.htm) |
| 2.5 | [Third Amendment to Agreement and Plan of Merger, dated as of May 14, 2025 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on May 15, 2025, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000121390025044238/ea024242801ex2-1_integrated.htm) |
| 2.6 | [Fourth Amendment to Agreement and Plan of Merger, dated as of July 14, 2025 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on July 14, 2025, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000121390025063687/ea024879501ex2-1_integrated.htm) |
| 2.7 | [Fifth Amendment to Agreement and Plan of Merger, dated as of September 15, 2025 (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the SEC on September 19, 2025, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000121390025089622/ea025438001ex2-1_integrated.htm) |
| 2.8\* | [Sixth Amendment to Agreement and Plan of Merger, dated as of December 12, 2025](ea027001301ex2-8_integrated.htm) |
| 3.1 | [Amended and Restated Certificate of Incorporation of Integrated Rail & Resources Inc.](ea027001301ex3-1_integrated.htm) |
| 3.2 | [Amended and Restated Bylaws of Integrated Rail & Resources Inc.](ea027001301ex3-2_integrated.htm) |
| 4.1 | [Warrant Agreement, dated November 11, 2021, by and between Integrated Rail and Resources Acquisition Corp. and Equiniti Trust Company, LLC (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on November 16, 2021, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000119312521331061/d250674dex41.htm) |
| 4.2 | [Amendment of Warrant Agreement (Warrant Amendment), dated as of December 12, 2025, by and among Integrated Rail and Resources Acquisition Corp., the Registrant and Equiniti Trust Company, LLC.](ea027001301ex4-2_integrated.htm) |
| 10.1 | [Registration Rights Agreement, dated as of December 12, 2025, by and among the Registrant and the holders party thereto.](ea027001301ex10-1_integrated.htm) |
| 10.2 | [Rollover Agreement, dated as of December 12, 2025.](ea027001301ex10-2_integrated.htm) |
| 10.3 | [Promissory Note, dated as of December 12, 2025, in the principal amount of $12,000,000](ea027001301ex10-3_integrated.htm) |
| 10.4 | [Confession of Judgment, dated as of December 12, 2025.](ea027001301ex10-4_integrated.htm) |
| 10.5 | [Integrated Rail and Resources 2025 Omnibus Incentive Plan.](ea027001301ex10-5_integrated.htm) |
| 10.6 | [Sponsor Support Agreement, dated August 12, 2024 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 16, 2024, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000119312524202188/d887287dex101.htm) |
| 10.7 | [Company Support Agreement, dated August 12, 2024 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on August 16, 2024, File No. 001-41048).](http://www.sec.gov/Archives/edgar/data/1854795/000119312524202188/d887287dex102.htm) |
| 10.8 | [Shell Commitment Agreement, dated May 7, 2025, by and between SPAC and STUSCO (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-4 (File No. 333-283188) filed with the SEC on May 9, 2025).](http://www.sec.gov/Archives/edgar/data/2044112/000121390025041570/ea022061814ex10-10_uintainf.htm) |
| 21.1 | [Subsidiaries of Integrated Rail & Resources Inc.](ea027001301ex21-1_integrated.htm) |
| 99.1 | [Audited financial statements of Tar Sands Holdings II, LLC for the years ended December 31, 2024 and 2023 (incorporated by reference to the audited financial statements included in the Registration Statement on Form S-4/A filed with the SEC on May 30, 2025, File No. 333-283188).](http://www.sec.gov/Archives/edgar/data/2044112/000121390025049518/ea0220618-17.htm) |
| 99.2 | [Unaudited condensed financial statements of Tar Sands Holdings II, LLC as of September 30, 2025 and for the nine months ended September 30, 2025 and 2024](ea027001301ex99-2_integrated.htm) |
| 99.3 | [Unaudited pro forma condensed combined financial information as of September 30, 2025 and for the year ended December 31, 2024 and the nine months ended September 30, 2025.](ea027001301ex99-3_integrated.htm) |
| 99.4 | [Press Release, dated December 12, 2025 (furnished herewith).](ea027001301ex99-4_integrated.htm) |
| 99.5 | [Investor Presentation (furnished herewith).](ea027001301ex99-5_integrated.htm) |
| 99.6 | [Creto PIPE Term Sheet (furnished herewith).](ea027001301ex99-6_integrated.htm) |
| 99.7 | [Creto Equity Commitment Letter (furnished herewith)](ea027001301ex99-7_integrated.htm) |
| 99.8 | [Press Release, dated December 16, 2025 (furnished herewith).](ea027001301ex99-8_integrated.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\* Certain annexes, schedules and similar attachments to this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The Registrant agrees to furnish a copy of any omitted annex, schedule or attachment to the SEC upon its request.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **INTEGRATED RAIL & RESOURCES INC.**<br> (f/k/a Uinta Infrastructure Group Corp.) | **INTEGRATED RAIL & RESOURCES INC.**<br> (f/k/a Uinta Infrastructure Group Corp.) |
| By: | /s/ Brian C. Feldott |
| Name: | Brian C. Feldott |
| Title: | Chief Executive Officer |

---

Date: December 18, 2025

## Exhibit 2.8

**Exhibit 2.8**

***Execution Version***

SIXTH AMENDMENT TO AGREEMENT AND PLAN OF MERGER

This SIXTH AMENDMENT TO AGREEMENT AND PLAN OF MERGER (this "***Amendment***") is made and entered into as of December 12, 2025 (the "***Effective Date***"), by and among **INTEGRATED RAIL AND RESOURCES ACQUISITION CORP.**, a Delaware corporation ("***SPAC***"), **UINTA INFRASTRUCTURE GROUP CORP.**, a Delaware corporation ("***Holdings***"), **UINTA LOWER HOLDINGS, INC.**, a Delaware corporation ("***Lower Holdings***"), **UINTA INTEGRATION MERGER CO.**, a Delaware corporation ("***SPAC Merger Sub***"), **UINTA MERGER LLC**, a Delaware limited liability company ("***Company Merger Sub***"), **TAR SANDS HOLDINGS II, LLC**, a Utah limited liability company (the "***Company***"), and **ENDEAVOUR CAPITAL GROUP, LLC**, a Utah limited liability company ("***Company Member Representative***" and, collectively with SPAC, Holdings, Lower Holdings, SPAC Merger Sub, Company Meger Sub, and the Company, the "***Parties***" and each a "***Party***"). Unless otherwise specifically defined herein, all capitalized terms used but not defined herein shall have the meanings ascribed to them under the Merger Agreement.

WHEREAS, the Parties entered into that certain Agreement and Plan of Merger, dated as of August 12, 2024 (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025 (the "***April Waiver***"), that certain Third Amendment to Agreement and Plan of Merger dated May 13, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger dated September 15, 2025, and as further amended or modified from time to time, the "***Merger Agreement***");

WHEREAS, the Parties intend to modify the Merger Agreement to, among other things, permit a cashless Closing and to extend the Termination Date;

WHEREAS, pursuant to Section 10.10 of the Merger Agreement, the Merger Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in writing by the Parties executed in the same manner as the Agreement and which makes reference to the Agreement; and

WHEREAS, the Parties desire to amend the Merger Agreement as set forth below.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto hereby agree as follows:

**1. Amendments to Merger Agreement Terms.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 As of the Effective Date, the Parties rescind the waiver set forth in Section 1.3 of the April Waiver and the obligations set forth in Section 1.4 of the April Waiver in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 As of the Effective Date, the Merger Agreement shall be amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the form attached as <u>Annex A</u> hereto.

**2. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>No Further Amendment</u>. Except as expressly waived, modified, and superseded by this Amendment, the terms, representations, warranties, covenants and other provisions of the Merger Agreement are and shall continue to be in full force and effect in accordance with their respective terms. This Amendment is limited precisely as written and shall not be deemed to be an amendment to any other term or condition of the Merger Agreement or any of the documents referred to therein. This Amendment shall form an integral and inseparable part of the Merger Agreement, and the Merger Agreement and this Amendment shall be read and construed together as one agreement and supersedes all prior agreements, arrangements, contracts, discussions, negotiations, undertakings and understanding, whether written or oral, among the Parties with respect to the matters specified herein. From and after the date of this Amendment, each reference in the Merger Agreement to "this Agreement," "hereof," "hereunder" or words of like import, and all references to the Merger Agreement in any and all agreements, instruments, documents, notes, certificates and other writings of every kind of nature (other than in this Amendment or as otherwise expressly provided) will be deemed to mean the Merger Agreement, as amended by this Amendment, whether or not this Amendment is expressly referenced (it being understood that all references to "the date hereof" or "the date of this Agreement" shall continue to refer to August 12, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Other Terms</u>. The provisions of Article X of the Merger Agreement shall apply *mutatis mutandis* to this Amendment, and to the Merger Agreement as modified by this Amendment, taken together as a single agreement, reflecting the terms therein as modified hereby.

[*Signature Pages Follow*]

**IN WITNESS WHEREOF**, the Parties have caused this Amendment to be executed and delivered as of the date first written above by their respective officers thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **INTEGRATED RAIL AND RESOURCES ACQUISTION CORP.** | **INTEGRATED RAIL AND RESOURCES ACQUISTION CORP.** | **INTEGRATED RAIL AND RESOURCES ACQUISTION CORP.** |
| By: | /s/ Mark A. Michel | /s/ Mark A. Michel |
|  | Name: | Mark A. Michel |
|  | Title: | Chief Executive Officer |
| **UINTA INFRASTRUCTURE GROUP CORP.** | **UINTA INFRASTRUCTURE GROUP CORP.** | **UINTA INFRASTRUCTURE GROUP CORP.** |
| By: | /s/ Mark A. Michel | /s/ Mark A. Michel |
|  | Name: | Mark A. Michel |
|  | Title: | Director |
| **UINTA LOWER HOLDINGS, INC.** | **UINTA LOWER HOLDINGS, INC.** | **UINTA LOWER HOLDINGS, INC.** |
| By: | /s/ Mark A. Michel | /s/ Mark A. Michel |
|  | Name: | Mark A. Michel |
|  | Title: | President, Secretary and Treasurer |
| **UINTA INTEGRATION MERGER CO.** | **UINTA INTEGRATION MERGER CO.** | **UINTA INTEGRATION MERGER CO.** |
| By: | /s/ Mark A. Michel | /s/ Mark A. Michel |
|  | Name: | Mark A. Michel |
|  | Title: | Chairman, President and Secretary |
| **UINTA MERGER LLC** | **UINTA MERGER LLC** | **UINTA MERGER LLC** |
| By: | /s/ Mark A. Michel | /s/ Mark A. Michel |
|  | Name: | Mark A. Michel |
|  | Title: | President, Secretary and Treasurer |
| **TAR SANDS HOLDINGS II, LLC** | **TAR SANDS HOLDINGS II, LLC** | **TAR SANDS HOLDINGS II, LLC** |
| By: |  |  |
|  | Name: |  |
|  | Title: |  |

---

[*Signature Page to Sixth Amendment to Agreement and Plan of Merger*]

ANNEX A

Merger Agreement

[See attached]

## Exhibit 3.1

**Exhibit 3.**1

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION<br> OF<br> Uinta Infrastructure GROUP CORP.**

Uinta Infrastructure Group Corp. (the "**Corporation**"), a corporation organized and existing under the General Corporation Law of the State of Delaware (the "**DGCL**"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is Uinta Infrastructure Group Corp. The Corporation was incorporated under the name Uinta Infrastructure Group Corp. by the filing of its Certificate of Incorporation with the Secretary of State of the State of Delaware on November 6, 2024 (the "**Existing Certificate**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Amended and Restated Certificate of Incorporation (the "**Amended and Restated Certificate**"), which amends and restates the Existing Certificate in its entirety, has been approved by the Board of Directors of the Corporation in accordance with Sections 242 and 245 of the DGCL and has been adopted by the stockholders of the Corporation at a meeting of the stockholders of the Corporation in accordance with the provisions of Section 211 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The text of the Existing Certificate is hereby amended and restated by this Amended and Restated Certificate to read in its entirety as set forth in <u>EXHIBIT A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amended and Restated Certificate shall become effective on the date of filing with the Secretary of State of the State of Delaware.

IN WITNESS WHEREOF, Uinta Integrated Infrastructure Inc. has caused this Amended and Restated Certificate to be signed by a duly authorized officer of the Corporation, on December 12, 2025.

---

| | |
|:---|:---|
| **UINTA INFRASTRUCTURE GROUP CORP.** | **UINTA INFRASTRUCTURE GROUP CORP.** |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | President |

---

**Exhibit A**

**ARTICLE I**

**NAME**

The name of the corporation is Integrated Rail & Resources Inc. (the "**Corporation**").

**ARTICLE II**

**REGISTERED OFFICE AND AGENT**

The address of the Corporation's registered office in the State of Delaware is 108 Lakeland Ave., Dover, County of Kent, DE 19901, and the name of its registered agent at such address is Capitol Services, Inc.

**ARTICLE III**

**PURPOSE**

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the "**DGCL**") as it now exists or may hereafter be amended and supplemented.

**ARTICLE IV**

**CAPITALIZATION**

Section 4.1 Authorized Capital Stock. The total number of shares of all classes of capital stock, each with a par value of $0.0001 per share, which the Corporation is authorized to issue is 210,000,000 shares, consisting of (a) 200,000,000 shares of common stock (the "***Common Stock***"), and (b) 10,000,000 shares of preferred stock (the "***Preferred Stock***").

Section 4.2 Preferred Stock. Subject to Article V of this Amended and Restated Certificate, the Board of Directors of the Corporation (the "***Board***")is hereby expressly authorized to provide out of the unissued shares of the Preferred Stock for one or more series of Preferred Stock and to establish from time to time the number of shares to be included in each such series and to fix the voting rights, if any, designations, powers, preferences and relative, participating, optional, special and other rights, if any, of each such series and any qualifications, limitations and restrictions thereof, as shall be stated in the resolution or resolutions adopted by the Board providing for the issuance of such series and included in a certificate of designation (a "***Preferred Stock Designation***") filed pursuant to the DGCL, and the Board is hereby expressly vested with the authority to the full extent provided by law, now or hereafter, to adopt any such resolution or resolutions.

Section 4.3 Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voting*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise required by law or this Amended and Restated Certificate (including any Preferred Stock Designation), the holders of the Common Stock shall exclusively possess all voting power with respect to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as otherwise required by law or this Amended and Restated Certificate (including any Preferred Stock Designation), the holders of shares of Common Stock shall be entitled to one vote for each such share on each matter properly submitted to the stockholders of the Corporation on which the holders of the Common Stock are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Dividends*. Subject to applicable law, the rights, if any, of the holders of any outstanding series of the Preferred Stock and the provisions of Article IV hereof, the holders of shares of Common Stock shall be entitled to receive such dividends and other distributions (payable in cash, property or capital stock of the Corporation) when, as and if declared thereon by the Board from time to time out of any assets or funds of the Corporation legally available therefor and shall share equally on a per share basis in such dividends and distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Liquidation, Dissolution or Winding Up of the Corporation*. Subject to applicable law, the rights, if any, of the holders of any outstanding series of the Preferred Stock and the provisions of Article IV hereof, in the event of any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, after payment or provision for payment of the debts and other liabilities of the Corporation, the holders of shares of Common Stock shall be entitled to receive all the remaining assets of the Corporation available for distribution to its stockholders, ratably in proportion to the number of shares of Common Stock held by them.

Section 4.4 Rights and Options. The Corporation has the authority to create and issue rights, warrants and options entitling the holders thereof to acquire from the Corporation any shares of its capital stock of any class or classes, with such rights, warrants and options to be evidenced by or in instrument(s) approved by the Board. The Board is empowered to set the exercise price, duration, times for exercise and other terms and conditions of such rights, warrants or options; provided, however, that the consideration to be received for any shares of capital stock issuable upon exercise thereof may not be less than the par value thereof.

**ARTICLE V**

**BOARD OF DIRECTORS**

Section 5.1 Board Powers. The business and affairs of the Corporation shall be managed by, or under the direction of, the Board. In addition to the powers and authority expressly conferred upon the Board by statute, this Amended and Restated Certificate or the Bylaws of the Corporation ("***Bylaws***"), the Board is hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation, subject, nevertheless, to the provisions of the DGCL, this Amended and Restated Certificate, and any Bylaws adopted by the stockholders of the Corporation; provided, however, that no Bylaws hereafter adopted by the stockholders of the Corporation shall invalidate any prior act of the Board that would have been valid if such Bylaws had not been adopted.

Section 5.2 Number, Term and Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Number*. Subject to the rights of holders of any series of Preferred Stock to elect persons to the Board, the number of directors of the Corporation shall be fixed from time to time exclusively by the Board pursuant to a resolution adopted by a majority of the Board; provided, that the Board shall have no less than one member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Term*. Subject to the rights of holders of any series of Preferred Stock to elect persons to the Board, directors shall be elected at each annual meeting of the stockholders; provided, that the term of each director shall continue until the election and qualification of such director's successor and be subject to such director's earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Election*. The directors of the Corporation need not be elected by written ballot unless the Bylaws so provide.

Section 5.3 Removal. Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the Board or any individual director may be removed from office at any time, but only for cause and only by the affirmative vote of the holders of at least two-thirds (66 and 2∕3%) of the voting power of all of the then outstanding shares of voting stock of the Corporation entitled to vote at an election of directors.

Section 5.4 Newly Created Directorships and Vacancies. Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, except as otherwise provided by law, any vacancies on the Board resulting from death, resignation, disqualification, retirement, removal or other causes and any newly created directorships resulting from any increase in the number of directors shall be filled exclusively by the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director (other than any directors elected by the separate vote of one or more outstanding series of Preferred Stock), and shall not be filled by the stockholders. Any director appointed in accordance with the preceding sentence shall hold office until the expiration of the term to which such director shall have been appointed or until his or her earlier death, resignation, retirement, disqualification, or removal.

Section 5.5 Preferred Stock—Directors. Whenever the holders of any one or more series of Preferred Stock issued by the Corporation shall have the right, voting separately as a series or separately as a class with one or more such other series, to elect directors at an annual or special meeting of stockholders, the election, term of office, removal and other features of such directorships shall be governed by the terms of this Amended and Restated Certificate (including any Certificate of Designation). Notwithstanding anything to the contrary in this Article V, the number of directors that may be elected by the holders of any such series of Preferred Stock shall be in addition to the number fixed pursuant to Section 5.2(b), and the total number of directors constituting the whole Board shall be automatically adjusted accordingly. Except as otherwise provided in the Certificate of Designation(s) in respect of one or more series of Preferred Stock, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such Certificate of Designation(s), the terms of office of all such additional directors elected by the holders of such series of Preferred Stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified as, and shall cease to be, a director) and the total authorized number of directors of the Corporation shall automatically be reduced accordingly.

**ARTICLE VI**

**BYLAWS**

In furtherance and not in limitation of the powers conferred by statute, the Board is expressly authorized to adopt, amend or repeal the Amended and Restated Bylaws of the Corporation (as amended and/or restated from time to time). In addition to any vote of the holders of any class or series of stock of the Corporation required by applicable law or by this Amended and Restated Certificate (including any Certificate of Designation in respect of one or more series of Preferred Stock) or the Bylaws, the adoption, amendment or repeal of the Bylaws by the stockholders of the Corporation shall require the affirmative vote of the holders of at least two-thirds (66 and 2∕3%) of the voting power of all of the then outstanding shares of voting stock of the Corporation entitled to vote generally in an election of directors. No Bylaws hereafter adopted by the stockholders shall invalidate any prior act of the Board that would have been valid if such Bylaws had not been adopted.

**ARTICLE VII**

**STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the rights of the holders of any series of Preferred Stock, any action required or permitted to be taken by the stockholders of the Corporation may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing or by electronic transmission, setting forth the action so taken, are signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, and are delivered to the Corporation in accordance with the DGCL. Prompt notice of the taking of any action by less than unanimous written consent shall be given to those stockholders who have not so consented to such action to the extent and in the manner required by the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the special rights of the holders of one or more series of Preferred Stock, special meetings of the stockholders of the Corporation may be called, for any purpose or purposes, at any time only by or at the direction of the Board, the Chairperson of the Board, the Chief Executive Officer or the President, and shall not be called by any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Advance notice of stockholder nominations for the election of directors and of other business proposed to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.

**ARTICLE VIII<br> LIMITED LIABILITY; INDEMNIFICATION**

Section 8.1 Limitation of Director Liability. A director of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or may hereafter be amended unless they violated their duty of loyalty to the Corporation or its stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived improper personal benefit from their actions as directors. Any amendment, modification or repeal of the foregoing sentence shall not adversely affect any right or protection of a director of the Corporation hereunder in respect of any act or omission occurring prior to the time of such amendment, modification or repeal.

Section 8.2 Indemnification and Advancement of Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by applicable law, as the same exists or may hereafter be amended, the Corporation shall indemnify and hold harmless each person who is or was made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "***proceeding***") by reason of the fact that he or she is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (an "***indemnitee***"), whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee or agent, or in any other capacity while serving as a director, officer, employee or agent, against all liability and loss suffered and expenses (including, without limitation, attorneys' fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred by such indemnitee in connection with such proceeding. The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by an indemnitee in defending or otherwise participating in any proceeding in advance of its final disposition; provided, however, that, to the extent required by applicable law, such payment of expenses in advance of the final disposition of the proceeding shall be made only upon receipt of an undertaking, by or on behalf of the indemnitee, to repay all amounts so advanced if it shall ultimately be determined that the indemnitee is not entitled to be indemnified under this Section 8.2 or otherwise. The rights to indemnification and advancement of expenses conferred by this Section 8.2 shall be contract rights and such rights shall continue as to an indemnitee who has ceased to be a director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators. Notwithstanding the foregoing provisions of this Section 8.2(a), except for proceedings to enforce rights to indemnification and advancement of expenses, the Corporation shall indemnify and advance expenses to an indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights to indemnification and advancement of expenses conferred on any indemnitee by this Section 8.2 shall not be exclusive of any other rights that any indemnitee may have or hereafter acquire under law, this Amended and Restated Certificate, the Bylaws, an agreement, vote of stockholders or disinterested directors, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any repeal or amendment of this Section 8.2 by the stockholders of the Corporation or by changes in law, or the adoption of any other provision of this Amended and Restated Certificate inconsistent with this Section 8.2, shall, unless otherwise required by law, be prospective only (except to the extent such amendment or change in law permits the Corporation to provide broader indemnification rights on a retroactive basis than permitted prior thereto), and shall not in any way diminish or adversely affect any right or protection existing at the time of such repeal or amendment or adoption of such inconsistent provision in respect of any proceeding (regardless of when such proceeding is first threatened, commenced or completed) arising out of, or related to, any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 8.2 shall not limit the right of the Corporation, to the extent and in the manner authorized or permitted by law, to indemnify and to advance expenses to persons other than indemnitees.

**ARTICLE IX**

**CORPORATE OPPORTUNITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by Section 122(17) of the DGCL, the doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Corporation or any of its officers or directors, or any of their respective affiliates, in circumstances where the application of any such doctrine to a corporate opportunity would conflict with any fiduciary duties or contractual obligations they may have as of the date of this Amended and Restated Certificate or in the future. In addition to the foregoing, the doctrine of corporate opportunity shall not apply to any other corporate opportunity with respect to any of the directors or officers of the Corporation unless such corporate opportunity is expressly offered to such person in writing solely in his or her capacity as a director or officer of the Corporation and such opportunity is one the Corporation is legally and contractually permitted to undertake and would otherwise be reasonable for the Corporation to pursue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the alteration, amendment, addition to or repeal of this Article IX, nor the adoption of any provision of this Amended and Restated Certificate (including any Certificate of Designation) inconsistent with this Article IX, shall eliminate or reduce the effect of this Article IX in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Article IX, would accrue or arise, prior to such alteration, amendment, addition, repeal or adoption. This Article IX shall not limit any protections or defenses available to, or indemnification or advancement rights of, any director or officer of the Corporation under this Amended and Restated Certificate, the Bylaws or applicable law.

**ARTICLE X**

**AMENDMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything contained in this Amended and Restated Certificate to the contrary, in addition to any vote required by applicable law, the following provisions in this Amended and Restated Certificate may be amended, altered, repealed or rescinded, in whole or in part, or any provision inconsistent therewith or herewith may be adopted, only by the affirmative vote of the holders of at least two-thirds (66 and 2∕3%) of the total voting power of all the then outstanding shares of stock of the Corporation entitled to vote thereon, voting together as a single class: Part (b) of Article IV, Article V, Article VI, Article VII, Article VIII, Article IX and this Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision or provisions of this Amended and Restated Certificate shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Amended and Restated Certificate (including, without limitation, each portion of any paragraph of this Amended and Restated Certificate containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby and (ii) to the fullest extent permitted by applicable law, the provisions of this Amended and Restated Certificate (including, without limitation, each such portion of any paragraph of this Amended and Restated Certificate containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

**ARTICLE XI**

**DGCL SECTION 203**

The Corporation hereby expressly elects not be governed by Section 203 of the DGCL.

**ARTICLE XII**

**EXCLUSIVE FORUM FOR CERTAIN LAWSUITS; CONSENT TO JURISDICTION**

Section 12.2 Consent to Jurisdiction. If any action the subject matter of which is within the scope of Section 12.1 immediately above is filed in a court other than a court located within the State of Delaware (a "***Foreign Action***") in the name of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce Section 12.1 immediately above (an "***FSC Enforcement Action***") and (ii) having service of process made upon such stockholder in any such FSC Enforcement Action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

Section 12.3 Severability. If any provision or provisions of this Article XII shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article XII (including, without limitation, each portion of any sentence of this Article XII containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article XII.

Section 12.4 Deemed Notice. Any person or entity purchasing or otherwise acquiring or holding any interest in any security of the Corporation shall be deemed to have notice of and consented to this Article XII.

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED BYLAWS**

**OF**

**Integrated Rail & Resources Inc.**

(as adopted on December 12, 2025)

**Article I - CORPORATE OFFICES**

1.1 REGISTERED OFFICE

The registered office of Integrated Rail & Resources Inc. (the "**Corporation**") shall be fixed in the Corporation's Amended and Restated Certificate of Incorporation, as the same may be amended from time to time (the "**certificate of incorporation**").

1.2 OTHER OFFICES

The Corporation may at any time establish other offices.

**Article II - MEETINGS OF STOCKHOLDERS**

2.1 PLACE OF MEETINGS

Meetings of stockholders shall be held at a place, if any, within or outside the State of Delaware, determined by the board of directors of the Corporation (the "**Board of Directors**"). The Board of Directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the Delaware General Corporation Law (the "**DGCL**"). In the absence of any such designation or determination, stockholders' meetings shall be held at the Corporation's principal executive office.

2.2 ANNUAL MEETING

The Board of Directors shall designate the date and time of the annual meeting of stockholders. At the annual meeting, directors shall be elected and any other proper business, brought in accordance with Section 2.4 of these bylaws, may be transacted. The Board of Directors may cancel, postpone or reschedule any previously scheduled annual meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

2.3 SPECIAL MEETING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A special meeting of the stockholders may be called at any time only by (i) the Board of Directors, (ii) the chairperson of the Board of Directors, (iii) the chief executive officer or (iv) the president, but a special meeting may not be called by any other person or persons and any power of stockholders to call a special meeting of stockholders is specifically denied. The Board of Directors may cancel, postpone or reschedule any previously scheduled special meeting at any time, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notice of a special meeting shall include the purpose for which the meeting is called. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting by or at the direction of the Board of Directors, the chairperson of the Board of Directors, the chief executive officer or the president. Nothing contained in this Section 2.3(b) shall be construed as limiting, fixing or affecting the time when a meeting of stockholders called by action of the Board of Directors may be held.

2.4 ADVANCE NOTICE PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Meetings of Stockholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nominations of persons for election to the Board of Directors or the proposal of other business to be transacted by the stockholders at an annual meeting of stockholders may be made only (A) pursuant to the Corporation's notice of meeting (or any supplement thereto); (B) by or at the direction of the Board of Directors; (C) as may be provided in the certificate of designation for any class or series of preferred stock; or (D) by any stockholder of the Corporation who (1) is a stockholder of record at the time of giving of the notice contemplated by Section 2.4(a)(ii); (2) is a stockholder of record on the record date for the determination of stockholders entitled to notice of the annual meeting; (3) is a stockholder of record on the record date for the determination of stockholders entitled to vote at the annual meeting; (4) is a stockholder of record at the time of the annual meeting; and (5) complies with the procedures set forth in this Section 2.4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A stockholder's notice to the secretary must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to each person whom the stockholder proposes to nominate for election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) such person's name, age, business address, residence address and principal occupation or employment; the class, series and number of shares of stock of the Corporation that are held of record or are beneficially owned by such person and a description of any Derivative Instruments (defined below) held or beneficially owned thereby or of any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares), the effect or intent of which is to mitigate loss to, or to manage the risk or benefit of share price changes for, or to increase or decrease the voting power of such person; and all information relating to such person that is required to be disclosed in solicitations of proxies for the contested election of directors, or is otherwise required, in each case pursuant to Section 14 of the 1934 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such person's written consent to being named in the proxy statement and related materials of the Corporation and the proxy statement and related materials of such stockholder as a nominee of the stockholder and to serving as a director of the Corporation if elected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a reasonably detailed description of any direct or indirect compensatory, payment, indemnification or other financial agreement, arrangement or understanding that such person has, or has had within the past three years, with any person or entity other than the Corporation (including the amount of any payment or payments received or receivable thereunder), in each case in connection with candidacy or service as a director of the Corporation (a "**Third-Party Compensation Arrangement**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of any other material relationships between such person and such person's respective affiliates and associates, or others acting in concert with them, on the one hand, and such stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination is made, and their respective affiliates and associates, or others acting in concert with them, on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to any other business that the stockholder proposes to bring before the annual meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a brief description of the business desired to be brought before the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the text of the proposal or business (including the text of any resolutions proposed for consideration and, if applicable, the text of any proposed amendment to these bylaws or the Corporation's certificate of incorporation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the reasons for conducting such business at the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any material interest in such business of such stockholder giving the notice and the beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates and associates, or others acting in concert with them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of all agreements, arrangements and understandings between such stockholder and the beneficial owner, if any, on whose behalf the proposal is made, and their respective affiliates or associates or others acting in concert with them, and any other person or persons (including their names) in connection with the proposal of such business by such stockholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name and address of such stockholder (as they appear on the Corporation's books), of such beneficial owner and of their respective affiliates or associates or others acting in concert with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for each class or series, the number of shares of stock of the Corporation that are, directly or indirectly, held of record or are beneficially owned by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a description of any agreement, arrangement or understanding between such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, and any other person or persons (including, in each case, their names) in connection with the proposal of such nomination or other business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, with respect to the Corporation's securities (any of the foregoing, a "**Derivative Instrument**"), or any other agreement, arrangement or understanding that has been made the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for or increase or decrease the voting power of such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, with respect to the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any rights to dividends on the Corporation's securities owned beneficially by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, that are separated or separable from the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any proportionate interest in the Corporation's securities or Derivative Instruments held, directly or indirectly, by a general or limited partnership in which such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any performance-related fees (other than an asset-based fee) that such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with, them is entitled to based on any increase or decrease in the value of the Corporation's securities or Derivative Instruments, including, without limitation, any such interests held by members of the immediate family of such persons sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) any significant equity interests or any Derivative Instruments in any principal competitor of the Corporation that are held by such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any direct or indirect interest of such stockholder, such beneficial owner or their respective affiliates or associates or others acting in concert with them, in any contract with the Corporation, any affiliate of the Corporation or any principal competitor of the Corporation (in each case, including any employment agreement, collective bargaining agreement or consulting agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) a representation and undertaking that the stockholder is a holder of record of stock of the Corporation as of the date of submission of the stockholder's notice and intends to appear in person or by proxy at the meeting to bring such nomination or other business before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) a representation and undertaking that such stockholder or any such beneficial owner intends, or is part of a group that intends, to (x) deliver a proxy statement or form of proxy to holders of at least the percentage of the voting power of the Corporation's then-outstanding stock required to approve or adopt the proposal or to elect each such nominee; or (y) otherwise solicit proxies or votes from stockholders in support of such proposal or nomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any other information relating to such stockholder, such beneficial owner, or their respective affiliates or associates or others acting in concert with them, or director nominee or proposed business that, in each case, would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee (in a contested election of directors) or proposal pursuant to Section 14 of the 1934 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In addition to the requirements of this Section 2.4, to be timely, a stockholder's notice (and any additional information submitted to the Corporation in connection therewith) must further be updated and supplemented (A) if necessary, so that the information provided or required to be provided in such notice is true and correct as of the record date(s) for determining the stockholders entitled to notice of, and to vote at, the meeting and as of the date that is 10 business days prior to the meeting or any adjournment, or postponement thereof and (B) to provide any additional information that the Corporation may reasonably request. Such update and supplement or additional information, if applicable, must be received by the secretary at the principal executive offices of the Corporation, in the case of a request for additional information, promptly following a request therefor, which response must be delivered not later than such reasonable time as is specified in any such request from the Corporation or, in the case of any other update or supplement of any information, not later than five business days after the record date(s) for the meeting (in the case of any update and supplement required to be made as of the record date(s)), and not later than eight business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of 10 business days prior to the meeting or any adjournment or postponement thereof). The failure to timely provide such update, supplement or additional information shall result in the nomination or proposal no longer being eligible for consideration at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Meetings of Stockholders*. Special meetings of stockholders may be called only in accordance with the certificate of incorporation and Section 2.3(a) of these bylaws. Only such business will be conducted at a special meeting of stockholders as has been brought before the special meeting pursuant to the Corporation's notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation's notice of meeting (1) by or at the direction of the Board of Directors or any committee thereof or (2) provided that the Board of Directors has determined that directors shall be elected at such meeting by any stockholder who (i) is a stockholder of record at the time of giving of the notice contemplated by this Section 2.4(b); (ii) is a stockholder of record on the record date for the determination of stockholders entitled to notice of the special meeting; (iii) is a stockholder of record on the record date for the determination of stockholders entitled to vote at the special meeting; (iv) is a stockholder of record at the time of the special meeting; and (v) complies with the procedures set forth in this Section 2.4(b). The number of nominees a stockholder may nominate for election at the special meeting (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such special meeting. For nominations to be properly brought by a stockholder before a special meeting pursuant to this Section 2.4(b), the stockholder's notice must be received by the secretary at the principal executive offices of the Corporation no earlier than 8:00 a.m., local time, on the 120th day prior to the day of the special meeting and no later than 5:00 p.m., local time, on the later of the 90th day prior to the day of the special meeting or the 10th day following the day on which public announcement of the date of the special meeting at which directors are to be elected was first made by the Corporation. In no event will any adjournment, rescheduling or postponement of a special meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice. A stockholder's notice to the secretary must comply with the applicable notice requirements of Section 2.4(a)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Other Requirements*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To be eligible to be a nominee by any stockholder for election as a director of the Corporation, the proposed nominee must provide to the secretary, in accordance with the applicable time periods prescribed for delivery of notice under Section 2.4(a)(ii) or Section 2.4(b), as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a signed and completed written questionnaire (in the form provided by the secretary at the written request of the nominating stockholder, which form will be provided by the secretary within 10 days of receiving such request);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a written representation and undertaking that, such nominee is not, and will not become, a party to any voting agreement, arrangement, commitment, assurance or understanding with any person or entity as to how such nominee, if elected as a director, will vote on any issue (a "**Voting Commitment**") that has not been disclosed to the Corporation or any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a written representation and undertaking that, unless previously disclosed to the Corporation, such nominee is not, and will not become, a party to any Third-Party Compensation Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a written representation and undertaking that, if elected as a director, such nominee would be in compliance, and will continue to comply, with the Corporation's corporate governance guidelines as disclosed on the Corporation's website, as amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) a written representation and undertaking that such nominee, if elected, intends to serve a full term on the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the request of the Board of Directors, any person nominated by the Board of Directors for election as a director must furnish to the secretary the information that is required to be set forth in a stockholder's notice of nomination that pertains to such nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No person will be eligible to be nominated by a stockholder for election as a director of the Corporation unless nominated in accordance with the procedures set forth in this Section 2.4. No business proposed by a stockholder will be conducted at a stockholder meeting except in accordance with this Section 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The chairperson of the applicable meeting of stockholders will, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these bylaws or that business was not properly brought before the meeting. If the chairperson of the meeting should so determine, then the chairperson of the meeting will so declare to the meeting and the defective nomination will be disregarded or such business will not be transacted, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything to the contrary in this Section 2.4, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear in person at the meeting to present a nomination or other proposed business, such nomination will be disregarded or such proposed business will not be transacted, as the case may be, notwithstanding that proxies in respect of such nomination or business may have been received by the Corporation and counted for purposes of determining a quorum. For purposes of this Section 2.4, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, director, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting, and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Without limiting this Section 2.4, a stockholder must also comply with all applicable requirements of the 1934 Act with respect to the matters set forth in this Section 2.4, it being understood that (A) any references in these bylaws to the 1934 Act are not intended to, and will not, limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 2.4; and (B) compliance with clause (D) of Section 2.4(a)(i) and with Section 2.4(b) are the exclusive means for a stockholder to make nominations or submit other business (other than as provided in Section 2.4(c)(vii)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding anything to the contrary in this Section 2.4, the notice requirements set forth in these bylaws with respect to the proposal of any business pursuant to this Section 2.4 will be deemed to be satisfied by a stockholder if (A) such stockholder has submitted a proposal to the Corporation in compliance with Rule 14a-8 under the 1934 Act; and (B) such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of stockholders. Subject to Rule 14a-8 and other applicable rules and regulations under the 1934 Act, nothing in these bylaws will be construed to permit any stockholder, or give any stockholder the right, to include or have disseminated or described in the Corporation's proxy statement any nomination of a director or any other business proposal.

2.5 NOTICE OF STOCKHOLDERS' MEETINGS

Whenever stockholders are required or permitted to take any action at a meeting, a notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Except as otherwise provided in the DGCL, the certificate of incorporation or these bylaws, the notice of any meeting of stockholders shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting.

2.6 QUORUM

The holders of a majority of the voting power of the capital stock of the Corporation issued and outstanding and entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of the stockholders. Where a separate vote by a class or series or classes or series is required, the holders of a majority of the voting power of the outstanding shares of such class or series or classes or series, present in person or represented by proxy, shall constitute a quorum entitled to take action with respect to that vote on that matter, except as otherwise provided by law, the certificate of incorporation or these bylaws.

If, however, such quorum is not present or represented at any meeting of the stockholders, then either (a) the chairperson of the meeting, or (b) the stockholders so present (by the affirmative vote of the holders of a majority in voting power of the capital stock of the Corporation which are present in person or represented by proxy and entitled to vote thereon) shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting in accordance with Section 2.7, until a quorum is present or represented.

2.7 ADJOURNED MEETING; NOTICE

When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the Board of Directors shall fix a new record date for notice of such adjourned meeting in accordance with Section 213(a) of the DGCL and Section 2.11 of these bylaws, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

2.8 ORGANIZATION; CONDUCT OF BUSINESS

The chairperson of any meeting of stockholders shall be designated by the Board of Directors; in the absence of such designation, the chairperson of the Board of Directors, if any, or the chief executive officer (in the absence of the chairperson of the Board of Directors) or the president (in the absence of the chairperson of the Board of Directors and the chief executive officer), or in their absence any other executive officer of the Corporation, shall serve as chairperson of the stockholder meeting. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the chairperson of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chairperson of the meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairperson, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or prescribed by the chairperson of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the chairperson of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairperson at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and if such chairperson should so determine, such chairperson shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board of Directors or the chairperson of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

2.9 VOTING

The stockholders entitled to vote at any meeting of stockholders shall be determined in accordance with the provisions of Section 2.11 of these bylaws, subject to Section 217 (relating to voting rights of fiduciaries, pledgors and joint owners of stock) and Section 218 (relating to voting trusts and other voting agreements) of the DGCL.

Except as may be otherwise provided in the certificate of incorporation, each stockholder shall be entitled to one vote for each share of capital stock held by such stockholder as of the applicable record date.

Unless a different or minimum vote is required by applicable law, the certificate of incorporation, these bylaws, the rules or regulations of the stock exchange on which the Corporation's securities are listed, or any law or regulation applicable to the Corporation or its securities, in which case such different or minimum vote shall be the applicable vote on the matter, in all matters other than the election of directors, the affirmative vote of the holders of a majority of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders. Except as otherwise required by law, the certificate of incorporation or these bylaws, directors shall be elected by a plurality of the votes cast. Where a separate vote by a class or series or classes or series is required, in all matters other than the election of directors, the affirmative vote of the holders of a majority of the voting power of the outstanding shares of such class or series or classes or series present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of such class or series or classes or series, unless a different or minimum vote is required by applicable law, the certificate of incorporation, these bylaws, the rules or regulations of the stock exchange on which the Corporation's securities are listed, or any law or regulation applicable to the Corporation or its securities, in which case such different or minimum vote shall be the applicable vote on the matter.

2.10 STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A MEETING

Subject to the rights of holders of any series of preferred stock, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing or by electronic transmission, setting forth the action so taken, shall be signed by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, and shall be delivered to the Corporation in the manner required by the DGCL. Prompt notice of the taking of any action by less than unanimous written consent shall be given to those stockholders who have not so consented to such action to the extent and in the manner required by the DGCL.

2.11 RECORD DATES

In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination.

If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided*, *however*, that the Board of Directors may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the provisions of Section 213 of the DGCL and this Section 2.11 at the adjourned meeting.

In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

Record Date for Action by Written Consent. In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by the DGCL, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered in the manner prescribed by the DGCL to the Corporation. If prior action by the Board of Directors is required by the DGCL, the record date for determining stockholders entitled to consent to such action in writing without a meeting shall be at the close of business on the date the Board of Directors adopts the resolution taking such prior action.

2.12 PROXIES

Each stockholder entitled to vote at a meeting of stockholders, or to take corporate action by consent without a meeting, may authorize another person or persons to act for such stockholder by proxy in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. The authorization of a person to act as a proxy may be documented, signed and delivered in accordance with Section 116 of the DGCL; *provided* that such authorization shall set forth, or be delivered with information enabling the Corporation to determine, the identity of the stockholder granting such authorization. The revocability of a proxy that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL.

2.13 LIST OF STOCKHOLDERS ENTITLED TO VOTE

The Corporation shall prepare, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; *provided*, *however*, if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least 10 days prior to the meeting: (a) on a reasonably accessible electronic network, *provided* that the information required to gain access to such list is provided with the notice of the meeting, or (b) during ordinary business hours, at the Corporation's principal place of business. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. If the meeting is to be held at a place, then a list of stockholders entitled to vote at the meeting shall be produced and kept at the time and place of the meeting during the whole time thereof, and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then such list shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.

2.14 INSPECTORS OF ELECTION

Before any meeting of stockholders, the Corporation shall appoint an inspector or inspectors of election to act at the meeting or its adjournment. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act.

Such inspectors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ascertain the number of shares outstanding and the voting power of each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the shares represented at the meeting and the validity of proxies and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) count all votes and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspectors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certify their determination of the number of shares represented at the meeting, and their count of all votes and ballots.

Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath to execute faithfully the duties of inspector with strict impartiality and according to the best of his or her ability. If there are multiple inspectors of election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. Any report or certificate made by the inspectors of election is *prima facie* evidence of the facts stated therein.

**Article III - DIRECTORS**

3.1 POWERS

The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided in the DGCL or the certificate of incorporation.

3.2 NUMBER OF DIRECTORS

The Board of Directors shall consist of one or more members, each of whom shall be a natural person. The size of the Board of Directors will be fixed in the manner set forth in the certificate of incorporation. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

3.3 ELECTION, QUALIFICATION AND TERM OF OFFICE OF DIRECTORS

Except as provided in Section 3.4 of these bylaws, each director, including a director elected to fill a vacancy or a newly created directorship, shall hold office until the expiration of the term for which elected and until such director's successor is elected and qualified or until such director's earlier death, resignation or removal. Directors need not be stockholders unless so required by the certificate of incorporation or these bylaws. The certificate of incorporation or these bylaws may prescribe other qualifications for directors.

The terms of directors shall be as set forth in the certificate of incorporation.

3.4 RESIGNATION AND VACANCIES

Any director may resign at any time upon notice given in writing or by electronic transmission to the chairperson of the Board of Directors, chief executive officer, president or secretary of the Corporation. A resignation is effective when the resignation is delivered unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events. Unless otherwise provided in the certificate of incorporation or these bylaws, when one or more directors resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective.

Any vacancies or newly created directorship on the Board of Directors shall be filled in accordance with the certificate of incorporation.

3.5 PLACE OF MEETINGS; MEETINGS BY TELEPHONE

The Board of Directors may hold meetings, both regular and special, either within or outside the State of Delaware.

Unless otherwise restricted by the certificate of incorporation or these bylaws, members of the Board of Directors may participate in a meeting of the Board of Directors by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

3.6 REGULAR MEETINGS

Regular meetings of the Board of Directors may be held without notice at such time and at such place as shall from time to time be determined by the Board of Directors.

3.7 SPECIAL MEETINGS; NOTICE

Special meetings of the Board of Directors for any purpose or purposes may be called at any time by the chairperson of the Board of Directors, the chief executive officer, the president, the secretary or a majority of the directors then in office; *provided* that the person(s) authorized to call special meetings of the Board of Directors may authorize another person or persons to send notice of such meeting.

Notice of the time and place of special meetings shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivered personally by hand, by courier or by telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sent by United States first-class mail, postage prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sent by facsimile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sent by electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise given by electronic transmission (as defined in Section 232 of the DGCL),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) directed to each director at that director's address, telephone number, facsimile number, electronic mail address or other contact for notice by electronic transmission, as the case may be, as shown on the Corporation's records.

If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile, (iii) sent by electronic mail or (iv) otherwise given by electronic transmission, it shall be delivered, sent or otherwise directed to each director, as applicable, at least 24 hours before the time of the holding of the meeting. If the notice is sent by United States mail, it shall be deposited in the United States mail at least four days before the time of the holding of the meeting. Any oral notice may be communicated to the director. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation's principal executive office) nor the purpose of the meeting, unless required by statute.

3.8 QUORUM; VOTING

Unless otherwise provided in the certificate of incorporation, at all meetings of the Board of Directors, a majority of the total number of directors shall constitute a quorum for the transaction of business. If a quorum is not present at any meeting of the Board of Directors, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

The affirmative vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, the certificate of incorporation or these bylaws.

3.9 BOARD ACTION BY CONSENT WITHOUT A MEETING

Unless otherwise restricted by the certificate of incorporation or these bylaws, (a) any action required or permitted to be taken at any meeting of the Board of Directors, or of any committee thereof, may be taken without a meeting if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission; and (b) a consent may be documented, signed and delivered in any manner permitted by Section 116 of the DGCL. Any person (whether or not then a director) may provide, whether through instruction to an agent or otherwise, that a consent to action will be effective at a future time (including a time determined upon the happening of an event), no later than 60 days after such instruction is given or such provision is made and such consent shall be deemed to have been given for purposes of this Section 3.9 at such effective time so long as such person is then a director and did not revoke the consent prior to such time. Any such consent shall be revocable prior to its becoming effective. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors, or the committee or subcommittee thereof, in the same paper or electronic form as the minutes are maintained.

3.10 FEES AND COMPENSATION OF DIRECTORS

Unless otherwise restricted by the certificate of incorporation or these bylaws, the Board of Directors shall have the authority to fix the compensation of directors.

3.11 REMOVAL OF DIRECTORS

Any director or the entire Board of Directors may be removed from office by stockholders of the Corporation in the manner specified in the certificate of incorporation and applicable law. No reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director's term of office.

3.12 BOARD MINUTES

The Board of Directors shall keep (or direct the secretary or assistant secretary of the Corporation or another person to keep) regular minutes of its meetings.

**Article IV - COMMITTEES**

4.1 COMMITTEES OF DIRECTORS

The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors or in these bylaws, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority to (a) approve or adopt, or recommend to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to stockholders for approval, or (b) adopt, amend or repeal any bylaw of the Corporation.

4.2 SUBCOMMITTEES

Unless otherwise provided in the certificate of incorporation, these bylaws or the resolutions of the Board of Directors designating the committee, a committee may create one or more subcommittees, each subcommittee to consist of one or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.

4.3 COMMITTEE MINUTES

Each committee and subcommittee shall keep (or direct the secretary or assistant secretary of the Corporation or another person to keep) regular minutes of its meetings.

4.4 MEETINGS AND ACTION OF COMMITTEES

Meetings and actions of committees and subcommittees shall be governed by, and held and taken in accordance with, the provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 3.5 (Place of meetings; Meetings by telephone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 3.6 (Regular meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 3.7 (Special meetings; Notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 3.8 (Quorum; Voting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 3.9 (Board action by consent without a meeting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Section 7.4 (Waiver of notice),

with such changes in the context of those bylaws as are necessary to substitute the committee or subcommittee and its members for the Board of Directors and its members; *provided*, *however*, (i) the time and place of regular meetings of committees or subcommittees may be determined either by resolution of the Board of Directors or by resolution of the committee or subcommittee; (ii) special meetings of committees or subcommittees may also be called by resolution of the Board of Directors or the committee or the subcommittee; and (iii) notice of special meetings of committees and subcommittees shall also be given to all alternate members who shall have the right to attend all meetings of the committee or subcommittee. The Board of Directors, or in the absence of any such action by the Board of Directors, the applicable committee or subcommittee, may adopt rules for the government of any committee or subcommittee not inconsistent with the provisions of these bylaws.

**Article V - OFFICERS**

5.1 OFFICERS

The officers of the Corporation shall include a president, a treasurer and a secretary. The Corporation may also have, at the discretion of the Board of Directors, a chairperson of the Board of Directors, a vice chairperson of the Board of Directors, a chief executive officer, a chief financial officer or treasurer, one or more vice presidents, one or more assistant vice presidents, one or more assistant treasurers, one or more assistant secretaries and any such other officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person.

5.2 APPOINTMENT OF OFFICERS

The Board of Directors shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws, subject to the rights, if any, of an officer under any contract of employment.

5.3 SUBORDINATE OFFICERS

The Board of Directors may appoint, or empower the chief executive officer or, in the absence of a chief executive officer, the president, to appoint, such other officers as the business of the Corporation may require. Each of such officers shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the Board of Directors may from time to time determine.

5.4 REMOVAL AND RESIGNATION OF OFFICERS

Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board of Directors or, for the avoidance of doubt, any duly authorized committee or subcommittee thereof or by any officer who has been conferred such power of removal.

Any officer may resign at any time by giving notice, in writing or by electronic transmission, to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party.

5.5 VACANCIES IN OFFICES

Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors or as provided in Section 5.3.

5.6 REPRESENTATION OF SECURITIES OF OTHER ENTITIES

The chairperson of the Board of Directors, the chief executive officer, the president, any vice president, the treasurer, the secretary or assistant secretary of the Corporation or any other person authorized by the Board of Directors or the chief executive officer, the president or a vice president, is authorized to vote, represent and exercise on behalf of the Corporation all rights incident to any and all shares or other securities of any other entity or entities, and all rights incident to any management authority conferred on the Corporation in accordance with the governing documents of any entity or entities, standing in the name of the Corporation, including the right to act by written consent. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

5.7 AUTHORITY AND DUTIES OF OFFICERS

All officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be designated from time to time by the Board of Directors and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board of Directors.

**Article VI - STOCK**

6.1 STOCK CERTIFICATES; PARTLY PAID SHARES

The shares of the Corporation shall be represented by certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Unless otherwise provided by resolution of the Board of Directors, every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of, the Corporation by any two officers of the Corporation representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly-paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly-paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

6.2 SPECIAL DESIGNATION ON CERTIFICATES

If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock; *provided*, *however*, that, except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock, a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Within a reasonable time after the issuance or transfer of uncertificated stock, the registered owner thereof shall be given a notice, in writing or by electronic transmission, containing the information required to be set forth or stated on certificates pursuant to this Section 6.2 or Sections 156, 202(a), 218(a) or 364 of the DGCL or with respect to this Section 6.2 a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights. Except as otherwise expressly provided by law, the rights and obligations of the holders of uncertificated stock and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

6.3 LOST CERTIFICATES

Except as provided in this Section 6.3, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

6.4 DIVIDENDS

The Board of Directors, subject to any restrictions contained in the certificate of incorporation or applicable law, may declare and pay dividends upon the shares of the Corporation's capital stock. Dividends may be paid in cash, in property, or in shares of the Corporation's capital stock, subject to the provisions of the certificate of incorporation. The Board of Directors may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.

6.5 TRANSFER OF STOCK

Transfers of record of shares of stock of the Corporation shall be made only upon its books by the holders thereof, in person or by an attorney duly authorized, and, if such stock is certificated, upon the surrender of a certificate or certificates for a like number of shares, properly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer.

6.6 STOCK TRANSFER AGREEMENTS

The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL.

6.7 CERTAIN RESTRICTIONS ON TRANSFER

If the Corporation issues any shares that are not registered under the Securities Act of 1933, as amended (the "Securities Act"), and registered or qualified under the applicable state securities laws, such shares may not be transferred without the consent of the Corporation and the certificates evidencing such shares or the notice required by Delaware law, as the case may be, shall contain substantially the following legend (or such other legend adopted by resolution or resolutions of the Board of Directors):

THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY SET FORTH IN THE CORPORATION'S BYLAWS (AS THE SAME MAY BE AMENDED OR AMENDED AND RESTATED) AND MAY NOT BE TRANSFERRED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM, WITHOUT THE CONSENT OF THE CORPORATION.

6.8 REGISTERED STOCKHOLDERS

The Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and notices and to vote as such owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

**Article VII - MANNER OF GIVING NOTICE AND WAIVER**

7.1 NOTICE OF STOCKHOLDERS' MEETINGS

Notice of any meeting of stockholders shall be given in the manner set forth in the DGCL and these bylaws.

7.2 NOTICE TO STOCKHOLDERS SHARING AN ADDRESS

Except as otherwise prohibited under the DGCL, without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under the provisions of the DGCL, the certificate of incorporation or these bylaws shall be effective if given by a single written notice to stockholders who share an address if consented to by the stockholders at that address to whom such notice is given. Any such consent shall be revocable by the stockholder by written notice to the Corporation. Any stockholder who fails to object in writing to the Corporation, within 60 days of having been given written notice by the Corporation of its intention to send the single notice, shall be deemed to have consented to receiving such single written notice. This Section 7.2 shall not apply to Sections 164, 296, 311, 312 or 324 of the DGCL.

7.3 NOTICE TO PERSON WITH WHOM COMMUNICATION IS UNLAWFUL

Whenever notice is required to be given, under the DGCL, the certificate of incorporation or these bylaws, to any person with whom communication is unlawful, the giving of such notice to such person shall not be required and there shall be no duty to apply to any governmental authority or agency for a license or permit to give such notice to such person. Any action or meeting which shall be taken or held without notice to any such person with whom communication is unlawful shall have the same force and effect as if such notice had been duly given. In the event that the action taken by the Corporation is such as to require the filing of a certificate under the DGCL, the certificate shall state, if such is the fact and if notice is required, that notice was given to all persons entitled to receive notice except such persons with whom communication is unlawful.

7.4 WAIVER OF NOTICE

Whenever notice is required to be given under any provision of the DGCL, the certificate of incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the certificate of incorporation or these bylaws.

**Article VIII - INDEMNIFICATION**

8.1 INDEMNIFICATION OF DIRECTORS AND OFFICERS IN THIRD PARTY PROCEEDINGS

Subject to the other provisions of this Article VIII, the Corporation shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a "**Proceeding**") (other than an action by or in the right of the Corporation) by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person's conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person's conduct was unlawful.

8.2 INDEMNIFICATION OF DIRECTORS AND OFFICERS IN ACTIONS BY OR IN THE RIGHT OF THE CORPORATION

Subject to the other provisions of this Article VIII, the Corporation shall indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, any person who was or is a party or is threatened to be made a party to any threatened, pending or completed Proceeding by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the Corporation, or is or was a director or officer of the Corporation serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such Proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation; except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

8.3 SUCCESSFUL DEFENSE

To the extent that a present or former director or officer (for purposes of this Section 8.3 only, as such term is defined in Section 145(c)(1) of the DGCL) of the Corporation has been successful on the merits or otherwise in defense of any Proceeding described in Section 8.1 or Section 8.2, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith. The Corporation may indemnify any other person who is not a present or former director or officer (as such term is defined in Section 145(c)(1) of the DGCL) of the Corporation against expenses (including attorneys' fees) actually and reasonably incurred by such person to the extent he or she has been successful on the merits or otherwise in defense of any Proceeding described in Section 8.1 or Section 8.2, or in defense of any claim, issue or matter therein.

8.4 INDEMNIFICATION OF OTHERS

Subject to the other provisions of this Article VIII, the Corporation shall have power to indemnify its employees and agents, or any other persons, to the extent not prohibited by the DGCL or other applicable law. The Board of Directors shall have the power to delegate to any person or persons identified in subsections (1) through (4) of Section 145(d) of the DGCL the determination of whether employees or agents shall be indemnified.

8.5 ADVANCED PAYMENT OF EXPENSES

Expenses (including attorneys' fees) actually and reasonably incurred by an officer or director of the Corporation in defending any Proceeding shall, to the fullest extent permitted by law, be paid by the Corporation in advance of the final disposition of such Proceeding upon receipt of a written request therefor (together with documentation reasonably evidencing such expenses) and an undertaking by or on behalf of the person to repay such amounts if it shall ultimately be determined that the person is not entitled to be indemnified under this Article VIII or the DGCL. Such expenses (including attorneys' fees) actually and reasonably incurred by current or former directors and officers or other current or former employees and agents of the Corporation or by persons currently or formerly serving at the request of the Corporation as directors, officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the Corporation deems appropriate. The right to advancement of expenses shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is excluded pursuant to these bylaws, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 8.6(b) or 8.6(c) prior to a determination that the person is not entitled to be indemnified by the Corporation.

8.6 LIMITATION ON INDEMNIFICATION

Subject to the requirements in Section 8.3 and the DGCL, the Corporation shall not be obligated to indemnify any person pursuant to this Article VIII in connection with any Proceeding (or any part of any Proceeding):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been received by or on behalf of such person under any statute, insurance policy, contract, agreement or other indemnity or advancement provision, vote or otherwise, except with respect to any excess beyond the amount actually received under any statute, insurance policy, contract, agreement, other indemnity or advancement provision, vote or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting or disgorgement of profits pursuant to Section 16(b) of the 1934 Act, or similar provisions of federal, state or local statutory law or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any reimbursement of the Corporation by such person of any bonus or other incentive-based or equity-based compensation or of any profits realized by such person from the sale of securities of the Corporation, as required in each case under the 1934 Act (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "**Sarbanes-Oxley Act**"), or the payment to the Corporation of profits arising from the purchase and sale by such person of securities in violation of Section 306 of the Sarbanes-Oxley Act), if such person is held liable therefor (including pursuant to any settlement arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) initiated by such person, including any Proceeding (or any part of any Proceeding) initiated by such person against the Corporation or its directors, officers, employees, agents or other indemnitees, unless (i) the Board of Directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Corporation provides the indemnification, in its sole discretion, pursuant to the powers vested in the Corporation under applicable law, (iii) otherwise required to be made under Section 8.7 or (iv) otherwise required by applicable law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if prohibited by applicable law.

8.7 DETERMINATION; CLAIM

If a claim for indemnification or advancement of expenses under this Article VIII is not paid in full within 30 days after receipt by the Corporation of the written request therefor, the claimant shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of expenses. The Corporation shall indemnify such person against any and all expenses that are actually and reasonably incurred by such person in connection with any action brought in accordance with this Section 8.7 for indemnification or advancement of expenses from the Corporation under this Article VIII to the extent such person is successful in such action, and to the extent not prohibited by law. In any such suit, the Corporation shall, to the fullest extent not prohibited by law, have the burden of proving that the claimant is not entitled to the requested indemnification or advancement of expenses.

8.8 NON-EXCLUSIVITY OF RIGHTS

The indemnification and advancement of expenses provided by, or granted pursuant to, this Article VIII shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the certificate of incorporation or any statute, bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office. The Corporation is specifically authorized to enter into individual contracts with any or all of its directors, officers, employees or agents respecting indemnification and advancement of expenses, to the fullest extent not prohibited by the DGCL or other applicable law.

8.9 INSURANCE

The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of the DGCL.

8.10 SURVIVAL

The rights to indemnification and advancement of expenses conferred by this Article VIII shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

8.11 EFFECT OF REPEAL OR MODIFICATION

A right to indemnification or to advancement of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to or repeal or elimination of the certificate of incorporation or these bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.

8.12 CERTAIN DEFINITIONS

For purposes of this Article VIII, references to the "**Corporation**" shall include, in addition to the resulting company, any constituent company (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent company, or is or was serving at the request of such constituent company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving company as such person would have with respect to such constituent company if its separate existence had continued. For purposes of this Article VIII, references to "**other enterprises**" shall include employee benefit plans; references to "**fines**" shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "**serving at the request of the Corporation**" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "**not opposed to the best interests of the Corporation**" as referred to in this Article VIII.

**Article IX - GENERAL MATTERS**

9.1 EXECUTION OF CORPORATE CONTRACTS AND INSTRUMENTS

Except as otherwise provided by law, the certificate of incorporation or these bylaws, the Board of Directors may authorize any officer or officers, or agent or agents, to enter into any contract or execute any document or instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances.

9.2 FISCAL YEAR

The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors and may be changed by the Board of Directors.

9.3 SEAL

The Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board of Directors. The Corporation may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

9.4 CONSTRUCTION; DEFINITIONS

Unless the context requires otherwise, the general provisions, rules of construction, and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural, the plural number includes the singular, and the term "**person**" includes a corporation, partnership, limited liability company, joint venture, trust or other enterprise, and a natural person. Any reference in these bylaws to a section of the DGCL shall be deemed to refer to such section as amended from time to time and any successor provisions thereto.

**Article X - AMENDMENTS**

These bylaws may be adopted, amended or repealed by the stockholders entitled to vote; provided, however, that the affirmative vote of the holders of at least two-thirds of the total voting power of outstanding voting securities, voting together as a single class, shall be required for the stockholders of the Corporation to alter, amend or repeal, or adopt any bylaw inconsistent with, the following provisions of these bylaws: Article II, Section 3.1, Section 3.2, Section 3.4, Section 3.11, Article VIII or this Article X (including, without limitation, any such Article or Section as renumbered as a result of any amendment, alteration, change, repeal, or adoption of any other bylaw). The Board of Directors shall also have the power to adopt, amend or repeal bylaws.

## Exhibit 4.2

**Exhibit 4.2**

***Execution Version***

**AMENDMENT OF WARRANT AGREEMENT**

This Amendment of Warrant Agreement (this "***Agreement***") is made as of December 12, 2025, by and between Integrated Rail and Resources Acquisition Corp., a Delaware corporation (the "***Company***"), and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), a New York limited liability trust company (the "***Warrant Agent***").

**WHEREAS**, the Company and the Warrant Agent are parties to that certain Warrant Agreement, dated as of November 11, 2021 and filed by the Company with the United States Securities and Exchange Commission on November 16, 2021 (the "***Existing Warrant Agreement***");

**WHEREAS**, the terms of the Warrants (as defined in the Existing Warrant Agreement) are governed by the Existing Warrant Agreement and capitalized terms used herein, but not otherwise defined, shall have the meanings given to such terms in the Existing Warrant Agreement;

**WHEREAS**, on August 12, 2024, the Company, Uinta Integrated Infrastructure Inc., a Delaware corporation, Uinta Integrated Infrastructure Holdings, Inc., a Delaware corporation, RR Integration Merger Co., a Delaware corporation, RRG Merger LLC, a Delaware limited liability company, Tar Sands Holdings II, LLC, a Utah limited liability company, and Endeavor Capital Group, LLC, entered into an agreement and plan of merger (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger dated December 12, 2025, the "***Merger Agreement***");

**WHEREAS**, effective as of the Effective Time (as defined in the Merger Agreement), as provided in Section 4.5 of the Existing Warrant Agreement, the Warrants are no longer exercisable for SPAC Class A Common Stock (as defined in the Merger Agreement), but instead are exercisable (subject to the terms and conditions of the Existing Warrant Agreement as amended hereby) for a like number of shares of Holdings Class A Common Stock (as defined in the Merger Agreement);

**WHEREAS**, the consummation of the transactions contemplated by the Merger Agreement constitute a Business Combination (as defined in the Existing Warrant Agreement); and

**WHEREAS**, Section 9.8 of the Existing Warrant Agreement provides that the Company and the Warrant Agent may amend the Existing Warrant Agreement without the consent of any registered holder (as defined in the Existing Warrant Agreement) for the purpose of, among other things, adding or changing any other provisions with respect to matters or questions arising under the Existing Warrant Agreement as the Company and the Warrant Agent may deem necessary or desirable and that the Company and the Warrant Agent deem shall not adversely affect the interest of the registered holders.

**NOW, THEREFORE,** in consideration of the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of Existin</u>g <u>Warrant Agreement</u>. The Company and the Warrant Agent hereby amend the Existing Warrant Agreement as provided in this <u>Section 1</u>, effective as of the Effective Time (as defined in the Merger Agreement), and acknowledge and agree that the amendments to the Existing Warrant Agreement set forth in this <u>Section 1</u> are necessary or desirable and that such amendments do not adversely affect the interests of the registered holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Preamble; References to the "Company"</u>. The preamble to the Existing Warrant Agreement is hereby amended by deleting "Integrated Rail and Resources Acquisition Corp., a Delaware corporation" and replacing it with "Uinta Infrastructure Group Corp., a Delaware corporation". As a result thereof, all references to the "Company" in the Existing Warrant Agreement shall be references to Uinta Infrastructure Group Corp. rather than Integrated Rail and Resources Acquisition Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>References to "Ordinary Shares"</u>. All references to "Common Stock" in the Existing Warrant Agreement (including all Exhibits thereto) shall be references to Holdings Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>References to "Business Combination"</u>. All references to the "Business Combination" in the Existing Warrant Agreement (including all Exhibits thereto) shall be references to the transactions contemplated by the Merger Agreement, and references to "the closing of the Business Combination" and all variations thereof in the Existing Warrant Agreement (including all Exhibits thereto) shall be references to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.4 <u>Removal of Cashless Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 3.3.1 of the Existing Warrant Agreement is hereby amended by deleting clauses (b) and (c) in their entirety and replacing the introductory paragraph and clause (iii) with the following:

"Subject to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the 'Book-Entry Warrants') on the records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant Agent to the Depositary from time to time, (ii) an election to purchase ('Election to Purchase') shares of Common Stock pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary's procedures, and (iii) payment in full of the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the shares of Common Stock and the issuance of such shares of Common Stock by certified check payable to the order of the Warrant Agent or by wire transfer."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 6.3 of the Existing Warrant Agreement is hereby amended by deleting the parenthetical "(or on a 'cashless basis' in accordance with subsection 3.3.1(b) of this Agreement)" and by deleting the second sentence of Section 6.3 in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 7.4 of the Existing Warrant Agreement (including Sections 7.4.1 and 7.4.2) is hereby deleted in its entirety and marked "[Intentionally Omitted]."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All references in the Existing Warrant Agreement (including Exhibits) to "cashless" or "cashless exercise," to "Fair Market Value" solely as used in connection with cashless exercise mechanics, and any cross-references to subsections 3.3.1(b), 3.3.1(c), or Section 7.4 are hereby deleted. For the avoidance of doubt, the deletion of "Fair Market Value" references pursuant to this Section 1.5(d) shall not affect the definition or use of "Fair Market Value" in Section 4 (Adjustments) or any other provision unrelated to cashless exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Form of Warrant (Exhibit A). The Form of Warrant attached as Exhibit A to the Existing Warrant Agreement is hereby amended by: (i) deleting each reference to "or through 'cashless exercise' as provided for in the Warrant Agreement"; (ii) deleting each paragraph or parenthetical describing or permitting any cashless exercise; and (iii) deleting, in the "Election to Purchase," all language relating to cashless exercise calculations and mechanics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Company Calculation and Requisition for Any Non-Cash Issuances</u>. Notwithstanding anything to the contrary in the Existing Warrant Agreement, the Warrant Agent shall have no duty, responsibility or obligation to calculate, verify or determine the number of shares of Common Stock issuable upon any exercise of Warrants other than upon receipt of the Warrant Price in immediately available funds pursuant to Section 3.3.1(a) of the Existing Warrant Agreement. If at any time the Company determines to effect any issuance of shares of Common Stock upon exercise of Warrants without contemporary receipt of the Warrant Price in cash (including any net share settlement or other non-cash issuance permitted by law and directed by the Company), the Company shall, prior to any such issuance, deliver to the Warrant Agent a written requisition signed by an authorized officer of the Company setting forth (a) the number of Warrants being exercised, (b) the calculation of the number of shares of Common Stock to be issued, and (c) instructions to issue such shares to the applicable holder(s). The Warrant Agent shall be entitled to conclusively rely upon any such requisition, calculation and instructions from the Company without further inquiry, shall have no liability for any actions taken in reliance thereon, and shall be indemnified by the Company for any actions taken or omitted in accordance with this Section 1.5, except in the case of the Warrant Agent's gross negligence, willful misconduct or bad faith

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Notices</u>. Section 9.2 of the Existing Warrant Agreement is hereby deleted and replaced with the following:

Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

---

| |
|:---|
| Uinta Infrastructure Group Corp. |
| 400 Morse Boulevard, Suite 220 |
| Winter Park, FL 32789 |
| Attention: Mark Michel, Chief Executive Officer |
| Email: mmichel@dhipgroup.com |

---

Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

---

| |
|:---|
| Equiniti Trust Company, LLC |
| 28 Liberty Street, Floor 53 |
| New York, NY 10005 |
| Attention: Reorg Department |
| Email: ReorgWarrants@equiniti.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Successors</u>. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their permitted respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Severability</u>. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Applicable Law</u>. The validity, interpretation and performance of this Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to conflict of laws. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, and by facsimile or portable document format (pdf) transmission, and each of such counterparts shall for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Effect of Headings; Interpretation.</u> The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof. All references to "dollars" or "$" refer to currency of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Entire A</u>g<u>reement.</u> The Existing Warrant Agreement, as modified by this Agreement, constitutes the entire understanding of the parties and supersedes all prior agreements, understandings, arrangements, promises and commitments, whether written or oral, express or implied, relating to the subject matter hereof, and all such prior agreements, understandings, arrangements, promises and commitments are hereby canceled and terminated.

*[Remainder of page intentionally left blank.]*

 

**IN WITNESS WHEREOF,** each of the parties has caused this Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **INTEGRATED RAIL AND RESOURCES ACQUISTION CORP.** | **INTEGRATED RAIL AND RESOURCES ACQUISTION CORP.** |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **EQUINITI TRUST COMPANY, LLC** |
| By: |
| Name: |
| Title: |

---

*[Signature Page to Amendment of Warrant Agreement]*

## Exhibit 10.1

**Exhibit 10.1**

 ****

***Execution Version***

**REGISTRATION RIGHTS AGREEMENT**

This Registration Rights Agreement (this "<u>Agreement</u>") is made as of December 12, 2025, by and among Uinta Infrastructure Group Corp, a Delaware corporation (the "<u>Company</u>"), and those persons that are holders of Registrable Securities (as defined in <u>Section 1</u> below) on the date of this Agreement and have become parties to this Agreement by executing and delivering a counterpart signature page to this Agreement (collectively, the "<u>Holders</u>"). Unless otherwise defined herein, capitalized terms used in this Agreement have the respective meanings ascribed to them in <u>Section 1</u>.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to, and in accordance with, Agreement and Plan of Merger, dated as of August 12, 2024, by and among Integrated Rail and Resources Acquisition Corp., a Delaware corporation, Uinta Integrated Infrastructure Inc., a Delaware corporation, Uinta Integrated Infrastructure Holdings, Inc., a Delaware corporation, RR Integration Merger Co., a Delaware corporation, RRG Merger LLC, a Delaware limited liability company, Tar Sands Holdings II, LLC, a Utah limited liability company (the "<u>Company</u>"), and Endeavor Capital Group, LLC (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024), that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger dated December 12, 2025 (the "<u>Merger Agreement</u>"), the Company will issue shares of Common Stock of the Company to the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Holders are stockholders of the Company that, in connection with consummation of the transactions contemplated by the Merger Agreement, shall become entitled to receive shares of Common Stock pursuant to, and in accordance with, the terms and conditions of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The shares of Common Stock that the Holders are entitled to receive pursuant to the Merger Agreement are Registrable Securities as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Company and the Holders wish to enter into this Agreement in order to provide for the grant by the Company to the Holders of certain registration rights subject to, and in accordance with, the terms and conditions set forth in this Agreement.

Now, therefore, in consideration of the mutual representations, warranties and covenants contained herein and intending to be legally bound, the Parties hereby agree as follows:

**Section 1.<br> Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Certain Definitions</u>. In addition to the terms defined elsewhere in this Agreement, as used in this Agreement, the following terms have the respective meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Board</u>" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Commission</u>" shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Common Stock</u>" shall mean the Class A common stock of the Company, par value $0.0001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Governmental Entity</u>" shall mean any federal, state, local or foreign government, or any department, agency, or instrumentality of any government; any public international organization; any transnational governmental organization; any court of competent jurisdiction, arbitral, administrative agency, commission, or other governmental regulatory authority or quasi-governmental authority; any political party; and any national securities exchange or national quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Other Securities</u>" shall mean securities of the Company, other than Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Person</u>" shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Registrable Securities</u>" shall mean (i) shares of Common Stock issued pursuant to, and in accordance with, the Merger Agreement and (ii) any and all shares of Common Stock issued or issuable as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, any shares of Common Stock referred to in any of the foregoing clause (i), including, without limitation, by way of stock splits, stock dividends, stock combinations, recapitalizations or like occurrences. Registrable Securities shall cease to be Registrable Securities upon the earliest to occur of the following events: (1) such Registrable Securities have been sold pursuant to an effective Registration Statement; (2) such Registrable Securities have been sold by the Holders pursuant to Rule 144 (or other similar rule); (3) such Registrable Securities may be resold by the Holder without restriction as to volume or manner of sale pursuant to Rule 144; or (4) three (3) years after the date of this Agreement; provided, that the foregoing clause (4) shall not apply to Registrable Securities of any Holder that is an affiliate of the Company if, at such time, the Company is not current in its Exchange Act reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The terms "<u>register</u>," "<u>registered</u>" and "<u>registration</u>" shall refer to a registration effected by preparing and filing a Registration Statement in compliance with the Securities Act, and such Registration Statement becoming effective under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Registration Expenses</u>" shall mean all expenses incurred by the Company in effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, and fees and disbursements of counsel for the Company, but shall not include Selling Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Registration Statement</u>" means any registration statement of the Company filed with, or to be filed with, the Commission under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement as may be necessary to comply with applicable securities laws, other than a registration statement (and related prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Rule 144</u>" shall mean Rule 144 as promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission having substantially the same effect as such rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Selling Expenses</u>" shall mean all underwriting discounts and selling commissions applicable to the sale of Registrable Securities, the fees and expenses of any legal counsel and any other advisors any of the Holders engage and all similar fees and commissions relating to the Holders' disposition of the Registrable Securities.

**Section 2.<br> Resale Registration Rights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Resale Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the 90<sup>th</sup> day following the Closing Date (as defined in the Merger Agreement), the Company shall prepare and file with the Commission a Registration Statement on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3 (or if not eligible, Form S-1) covering the resale of the Registrable Securities by the Holders (the "<u>Resale Registration Shelf</u>"). If the Company fails to file the Resale Registration Shelf on or prior to the 90th day following the Closing Date (as defined in the Merger Agreement) (the "<u>Filing Outside Date</u>"), the Company shall pay to each Holder liquidated damages equal to 0.75% of the aggregate value of such Holder's Registrable Securities for each 30-day period (or pro rata for any portion thereof) following the Filing Outside Date until the Resale Registration Shelf is filed, up to an aggregate maximum of 5%. For purposes of the foregoing, "value" shall mean the product of (x) the number of such Holder's Registrable Securities and (y) the 10-trading day VWAP ending on (and including) the Filing Outside Date. No liquidated damages shall accrue (A) during any permitted suspension or deferral period pursuant to <u>Section 2.1(c)</u>, (B) to the extent the Company's failure to timely file results from any act or omission of any Holding, including failure to timely provide required information pursuant to <u>Section 2.6</u>, or (C) during any period of force majeure or events outside the Company's reasonable control, including Commission closures or disruptions. The liquidated damages provided in this <u>Section 2.1(a)</u> shall be the Holder's sole and exclusive monetary remedy for the Company's failure to meet the Filing Outside Date. The Resale Registration Shelf shall include a "final" prospectus, including the information required by Item 507 of Regulation S-K of the Securities Act, as provided by the Holders in accordance with <u>Section 2.6</u>. The Company's obligation pursuant to this <u>Section 2.1(a)</u> is conditioned upon the Holders providing the information contemplated in <u>Section 2.6</u>. If the staff of the Commission (the "<u>Staff</u>") or the Commission seeks to characterize any offering pursuant to the Resale Registration Shelf as constituting an offering of securities that does not permit such Resale Registration Shelf to become effective and be used for resales by the Holders under Rule 415, or if after the filing of the Resale Registration Shelf with the Commission pursuant to this <u>Section 2.1(a)</u>, the Company is otherwise required by the Staff or the Commission to reduce the number of Registrable Securities included in the Resale Registration Shelf, then the Company shall reduce the number of Registrable Securities to be included in the Resale Registration Shelf until the Staff and the Commission shall so permit the Resale Registration Shelf to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to the immediately preceding sentence, the Company shall file, as soon as permitted by the Staff or the Commission, one or more additional Registration Statements on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance with the Securities Act) covering the resale of Registrable Securities by the Holders that have not previously been registered under the Securities Act for resale by the Holders pursuant to Rule 415 until such time as all Registrable Securities have been included in such additional Registration Statement (or in one of such additional Registration Statements) that has or have been declared effective and the prospectus contained therein is available for use by the Holders. The provisions of this Agreement that are applicable to the Resale Registration Shelf shall also be applicable to such additional Registration Statement or each of such additional Registration Statements to the same extent as if such additional Registration Statement were the Resale Registration Shelf. Notwithstanding any provision in this Agreement to the contrary, the Company's obligations to register Registrable Securities (and any related conditions to the Holder's obligations) pursuant to this Agreement shall be qualified as necessary to comport with any requirement of the Commission or the Staff as addressed above in this <u>Section 2.1(a)</u>. Any reduction in Registrable Securities or delay in effectiveness required by the Staff or the Commission shall not give rise to liquidated damages or any other monetary remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall cause the Resale Registration Shelf to become effective within 120 days of the Closing Date (provided that such 120-day period shall be automatically extended on for any period of review by the Commission). If not effective within such period, the Company shall pay liquidated damages of 1% per 30-day period until effectiveness is achieved. The Company shall use commercially reasonable efforts to keep the Resale Registration Shelf effective under the Securities Act until the earlier of the date (i) all Registrable Securities covered by the Resale Registration Shelf have been sold or may be sold freely without limitations or restrictions as to volume or manner of sale pursuant to Rule 144 or (ii) all Registrable Securities covered by the Resale Registration Shelf otherwise cease to be Registrable Securities pursuant to the definition of "Registrable Securities". The Company shall promptly, and within two (2) Business Days after the Company confirms effectiveness of the Resale Registration Shelf with the Commission, notify the Holders of the effectiveness of the Resale Registration Shelf. The Company shall cause the Resale Registration Shelf to remain effective under the Securities Act until the earlier of the date (i) all Registrable Securities covered by the Resale Registration Shelf have been sold or may be sold freely without limitations or restrictions as to volume or manner of sale pursuant to Rule 144 or (ii) all Registrable Securities covered by the Resale Registration Shelf otherwise cease to be Registrable Securities pursuant to the definition of "Registrable Securities". The Company shall promptly, and within two (2) business days after the Company confirms effectiveness of the Resale Registration Shelf with the Commission, notify the Holders of the effectiveness of the Resale Registration Shelf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Deferral and Suspension</u>. At any time after being obligated to file, or after the Resale Registration Shelf has become effective, the Company may defer the filing of or suspend the use of the Resale Registration Shelf upon written notice to the Holders if, in the good faith judgement of the Board, the filing or continued use of the Resale Registration Shelf would be materially detrimental to the Company or its stockholders, including due to the existence of material non-public information. Any such deferral or suspension shall not exceed 45 days per instance and no more than two (2) such instances, and no more than 90 aggregate days, in any rolling twelve (12) month period. During any suspension, the Holders shall immediately discontinue sales pursuant to the prospectus until receipt of notice that sales may resume. For the avoidance of doubt, no liquidated damages shall accrue during any suspension or deferral permitted by this <u>Section 2.1(c)</u>. During any suspension period, Holders may demand (and the Company shall pay) cash settlement of their Registrable Securities at fair market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Securities</u>. The Resale Registration Shelf may include Other Securities; <u>provided</u> such Other Securities are excluded first from the Resale Registration Shelf in order to comply with any applicable laws or request from any Governmental Entity, the New York Stock Exchange or any applicable listing agency. If the number of securities that may be included in the Resale Registration Shelf is limited, Other Securities shall be excluded prior to any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Fees and Expenses</u>. All Registration Expenses incurred in connection with registrations pursuant to this Agreement shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Registration Procedures</u>. In the case of each registration of Registrable Securities effected by the Company pursuant to <u>Section 2.1</u> hereof, the Company shall keep the Holders advised as to the initiation of each such registration and as to the status thereof, and the Company shall use commercially reasonable efforts, within the limits set forth in this <u>Section 2.3</u> to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and file with the Commission such amendments and supplements to the applicable Registration Statement and the prospectuses used in connection with such Registration Statement, as may be necessary to keep such Registration Statement effective and current and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish to the Holders such numbers of copies of a prospectus, including preliminary prospectuses, in conformity with the requirements of the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate the disposition of Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) register and qualify (or file an exemption from such registration or qualification) the Registrable Securities covered by the applicable Registration Statement under such other securities or blue sky laws of such jurisdictions in the United States as shall be reasonably requested by the Holders; <u>provided</u> that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify the Holders at any time when a prospectus relating to the applicable Registration Statement covering any Registrable Securities is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company shall use commercially reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and, as promptly as practicable, prepare and file with the Commission a supplement or amendment so that such prospectus shall not contain any untrue statement or omission as described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provide a transfer agent and registrar for all Registrable Securities registered pursuant to the applicable Registration Statement and, if required, a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) cause all such Registrable Securities included in the applicable Registration Statement pursuant to this Agreement to be listed on each securities exchange or other securities trading markets on which Common Stock is then listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Obligations of the Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Discontinuance of Distribution</u>. The Holders agree that, upon receipt of any notice from the Company of the occurrence of any event of the kind described in <u>Section 2.3(d)</u> hereof, the Holders shall immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the Holders' receipt of the copies of the supplemented or amended prospectus contemplated by <u>Section 2.3(d)</u> hereof or receipt of notice that no supplement or amendment is required and that the Holders' disposition of the Registrable Securities may be resumed. The Company may provide appropriate stop orders to enforce the provisions of this <u>Section 2.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Prospectus Delivery Requirements</u>. The Holders covenant and agree that they shall comply with the prospectus delivery requirements of the Securities Act as applicable to them or an exemption therefrom in connection with sales of Registrable Securities pursuant to any Registration Statement filed by the Company pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notification of Sale of Registrable Securities</u>. The Holders agree to promptly notify the Company of any sale of Registrable Securities to a third party and, upon request, provide customary sale information to facilitate prospectus updates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent permitted by law, the Company shall indemnify the Holders, and, as applicable, their officers, directors and constituent partners, legal counsel for each Holder and each Person controlling the Holders, with respect to which registration, related qualification, or related compliance of Registrable Securities has been effected pursuant to this Agreement, and each underwriter, if any, and each Person who controls any underwriter within the meaning of the Securities Act, against all claims, losses, damages, or liabilities (or actions in respect thereof) to the extent such claims, losses, damages, or liabilities arise out of or are based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any prospectus or other document (including any related Registration Statement) incident to any such registration, qualification, or compliance, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification, or compliance; and the Company shall pay as incurred to the Holders, each such underwriter, and each Person who controls the Holders or underwriter, any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action; <u>provided</u>, <u>however</u>, that the indemnity contained in this <u>Section 2.5(a)</u> shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent of the Company (which consent shall not unreasonably be withheld); and <u>provided</u>, <u>further</u>, that the Company shall not be liable in any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based upon any violation by such Holder of the obligations set forth in <u>Section 2.4</u> hereof or any untrue statement or omission contained in such prospectus or other document based upon written information furnished to the Company by the Holders, such underwriter, or such controlling Person and stated to be for use therein. The Company shall advance reasonable attorneys' fees and expenses to any indemnified party hereunder in connection with the investigation or defense of any such claim, subject to such indemnified party's undertaking to repay such amounts if it is finally judicially determined that such party is not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent permitted by law, each Holder (severally and not jointly) shall, if Registrable Securities held by such Holder are included for sale in the registration and related qualification and compliance effected pursuant to this Agreement, indemnify the Company, each of its directors, each officer of the Company who signs the applicable Registration Statement, each legal counsel and each underwriter of the Company's securities covered by any such Registration Statement, and each Person who controls the Company or such underwriter within the meaning of the Securities Act, against all claims, losses, damages, and liabilities (or actions in respect thereof) arising out of or based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, or related document, or (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by such Holder of <u>Section 2.4</u> hereof, the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law applicable to such Holder and relating to action or inaction required of such Holder in connection with any such registration and related qualification and compliance, and shall pay as incurred to such persons, any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case only to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in (and such violation pertains to) such Registration Statement or related document in reliance upon and in conformity with written information furnished to the Company by such Holder and stated to be specifically for use therein; <u>provided</u>, <u>however</u>, that the indemnity contained in this <u>Section 2.5(b)</u> shall not apply to amounts paid in settlement of any such claim, loss, damage, liability, or action if settlement is effected without the consent of such Holder (which consent shall not unreasonably be withheld); <u>provided</u>, <u>further</u>, that such Holder's liability under this <u>Section 2.5(b)</u> (when combined with any amounts such Holder is liable for under <u>Section 2.5(d)</u>) shall not exceed such Holder's net proceeds from the offering of securities made in connection with such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under this <u>Section 2.5</u> of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 2.5</u>, notify the indemnifying party in writing of the commencement thereof and generally summarize such action. The indemnifying party shall have the right to participate in and to assume the defense of such claim; <u>provided</u>, <u>however</u>, that the indemnifying party shall be entitled to select counsel for the defense of such claim with the approval of any parties entitled to indemnification (which approval shall not be unreasonably withheld); <u>provided</u>, <u>further</u>, however, that if either party reasonably determines that there may be a conflict between the position of the Company and the Holders in conducting the defense of such action, suit, or proceeding by reason of recognized claims for indemnity under this <u>Section 2.5</u>, then counsel for such party shall be entitled to conduct the defense to the extent reasonably determined by such counsel to be necessary to protect the interest of such party. The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to the ability of the indemnifying party to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to the indemnified party under this <u>Section 2.5</u>, but the omission so to notify the indemnifying party shall not relive such party of any liability that such party may have to any indemnified party otherwise than under this <u>Section 2.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this <u>Section 2.5</u> is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage, or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. In no event, however, shall (i) any amount due for contribution hereunder be in excess of the amount that would otherwise be due under <u>Section 2.5(a)</u> or <u>Section 2.5(b)</u>, as applicable, based on the limitations of such provisions and (ii) a Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) be entitled to contribution from a Person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Company and the Holders under this <u>Section 2.5</u> shall survive the completion of any offering of Registrable Securities in a Registration Statement under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Information</u>. The Holders shall furnish to the Company such information regarding the Holders and the distribution proposed by the Holders as the Company may reasonably request and as shall be reasonably required in connection with any registration referred to in this Agreement. The Holders agree to, as promptly as practicable (and in any event prior to any sales made pursuant to a prospectus), furnish to the Company all information required to be disclosed in order to make the information previously furnished to the Company by the Holders not misleading; provided that such information requests shall be reasonable and customary for registration statements of similar size and scope. The Holders agree to keep confidential the receipt of any notice received pursuant to <u>Section 2.3(d)</u> and the contents thereof, except as required pursuant to applicable law. Notwithstanding anything to the contrary herein, the Company shall be under no obligation to name a Holder in any Registration Statement if such Holders has not provided the information required by this <u>Section 2.6</u> with respect to such Holder as a selling securityholder in such Registration Statement or any related prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Rule 144 Requirements</u>. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the Commission that may at any time permit the Holders to sell Registrable Securities to the public without registration, the Company agrees to use commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make and keep public information available, as those terms are understood and defined in Rule 144 at all times after the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior to the filing of the Registration Statement or any amendment thereto (whether pre-effective or post-effective), and prior to the filing of any prospectus or prospectus supplement related thereto, to provide the Holders with copies of all of the pages thereof (if any) that reference the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested by an Holder in availing itself of any rule or regulation of the Commission which permits an Holder to sell any such securities without registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall maintain a transfer agent and registrar capable of effecting transfers and removals of restrictive legends in accordance with applicable law, including in connection with sales under Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Specific Performance.</u> Holders shall be entitled to seek specific performance of the Company's obligations hereunder, including mandamus or other equitable relief to compel registration, without the need to post bond or prove inadequacy of monetary damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <u>Information Rights</u>. For the avoidance of doubt, the Company's obligations with respect to information are set forth in <u>Section 2.6</u>, <u>Section 2.7</u> and the Exchange Act.

**Section 3.<br> Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Amendment</u>. The terms and provisions of this Agreement may be modified, amended or terminated, and any of the provisions hereof may be waived, temporarily or permanently, pursuant to a writing executed by a duly authorized representative of the Company and Holders holding a majority of the then outstanding Registrable Securities; <u>provided</u> that this Agreement may not be modified or amended, and no provision hereof may be waived, in any way that would adversely affect the rights of any Holder(s) hereunder in a manner disproportionate to any adverse effect such modification, amendment or waiver would have on the rights of all Holders as a whole, without also the prior written consent of such Holders that are so disproportionately adversely affected. Notwithstanding the foregoing, any amendment that would (i) extend the Filing Outside Date by more than thirty (30) days, (ii) reduce the liquidated damages payable hereunder, or (iii) limit Holders' enforcement rights shall require the consent of Holders holding at least 66 2/3% of the then-outstanding Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Injunctive Relief</u>. It is hereby agreed and acknowledged that it shall be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that in the event of any such failure, an aggrieved Person shall be irreparably damaged and shall not have an adequate remedy at law. Any such Person shall, therefore, be entitled (in addition to any other remedy to which it may be entitled in law or in equity) to injunctive relief, including, without limitation, specific performance, to enforce such obligations, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Notices</u>. All notices required or permitted under this Agreement must be in writing and sent to the address or facsimile number identified below. Notices must be given: (a) by personal delivery, with receipt acknowledged; (b) by electronic mail followed by hard copy delivered by the methods under <u>clause (a)</u>, <u>(c)</u> or <u>(d)</u>; (c) by prepaid certified or registered mail, return receipt requested; or (d) by prepaid reputable overnight delivery service. Notices shall be effective upon receipt. Either party may change its notice address by providing the other party written notice of such change. Notices shall be delivered as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Holders: | At such Holder's address or email address as set forth on such Holder's counterpart signature page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> If to the Company: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Uinta Infrastructure Group Corp<br> 400 Morse Boulevard, Suite 220<br> Winter Park, FL 32789<br> Attn: Mark Michel, Chief Executive Officer<br> Email: <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to: | Winston & Strawn LLP<br> 800 Capitol Street, Suite 2400<br> Houston, TX 77002<br> Attn: Michael J. Blankenship<br> Email: mblankenship@winston.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Governing Law; Jurisdiction; Venue; Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Company and the Holders irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, to the extent such court does not have subject matter jurisdiction, the United States District Court for the District of Delaware or, to the extent that neither of the foregoing courts has jurisdiction, the Superior Court of the State of Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and the transactions contemplated herein, or for recognition or enforcement of any judgment, and each of the Company and the Holders irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such courts. Each of the Company and the Holders hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Company and the Holders irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement and the transactions contemplated herein in any court referred to in <u>Section 3.4(b)</u> hereof. Each of the Company and the Holders hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) EACH OF THE COMPANY AND THE HOLDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE COMPANY AND THE HOLDERS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH OF THE COMPANY AND THE HOLDERS HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Successors, Assigns and Transferees</u>. Any and all rights, duties and obligations hereunder shall not be assigned, transferred, delegated or sublicensed by any party hereto without the prior written consent of the other party; <u>provided</u>, <u>however</u>, that the Holders shall be entitled to transfer Registrable Securities to one or more of their affiliates and, solely in connection therewith, may assign their rights hereunder in respect of such transferred Registrable Securities, in each case, without the prior consent of the Company so long as such Holder is not relieved of any liability or obligations hereunder. Any transfer or assignment made other than as provided in the first sentence of this <u>Section 3.5</u> shall be null and void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Entire Agreement</u>. This Agreement, together with any exhibits hereto, constitute the entire agreement between the parties relating to the subject matter hereof and all previous agreements or arrangements between the parties, written or oral, relating to the subject matter hereof are superseded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Waiver</u>. No failure on the part of either party hereto to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of either party hereto in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver thereof; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Severability</u>. If any part of this Agreement is declared invalid or unenforceable by any court of competent jurisdiction, such declaration shall not affect the remainder of the Agreement and the invalidated provision shall be revised in a manner that shall render such provision valid while preserving the parties' original intent to the maximum extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties that execute such counterparts (including by facsimile or other electronic means), and all of which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>Term and Termination</u>. The Holders' rights to demand the registration of the Registrable Securities under this Agreement, as well as the obligations hereunder of the Company and the Holders other than pursuant to <u>Section 2.5</u> hereof, shall terminate automatically once all Registrable Securities cease to be Registrable Securities pursuant to the terms of this Agreement.

[*Remainder of Page Intentionally Left Blank; Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the date first above written.

---

| | |
|:---|:---|
| **UINTA INFRASTRUCTURE GROUP CORP** | **UINTA INFRASTRUCTURE GROUP CORP** |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Director |

---

[*Signature Page to Registration Rights Agreement*]

---

| | |
|:---|:---|
| **HOLDER:** | **HOLDER:** |
| ENDEAVOR CAPITAL, LLC | ENDEAVOR CAPITAL, LLC |
| By: | /s/ Joseph Sorenson |
| Name: | Joseph Sorenson |
| Title: | its Manager |

---

---

| | |
|:---|:---|
| Address: | 6440 S Wasatch Boulevard, <br> Suite 105 |
|  | Salt Lake City, UT 84121 |
|  | Attn: Joseph Sorenson |
| Email: | [_____________] |

---

[*Signature Page to Registration Rights Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

***Execution Version***

**Rollover Agreement**

This ROLLOVER AGREEMENT (this "<u>Agreement</u>") is made and entered into as of December 12, 2025, by and among Uinta Infrastructure Group Corp., a Delaware corporation ("<u>Holdings</u>"), and the undersigned individual ("<u>Rollover Seller</u>"). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Merger Agreement (as defined below).

<u>RECITALS</u>

WHEREAS, reference is hereby made to that certain Agreement and Plan of Merger, dated as of August 12, 2024, by and among Integrated Rail and Resources Acquisition Corp., a Delaware corporation, Uinta Integrated Infrastructure Inc., a Delaware corporation, Uinta Integrated Infrastructure Holdings, Inc., a Delaware corporation, RR Integration Merger Co., a Delaware corporation, RRG Merger LLC, a Delaware limited liability company, Tar Sands Holdings II, LLC, a Utah limited liability company (the "<u>Company</u>"), and Endeavor Capital Group, LLC (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger dated December 12, 2025 (the "<u>Merger Agreement</u>"), pursuant to which, among other things, it is contemplated that Rollover Seller will contribute the Rollover Interests to Holdings in exchange for the Company Common Stock Consideration; and

WHEREAS, Rollover Seller desires to acquire, and Holdings desires to issue to Rollover Seller, the Company Common Stock Consideration, on the terms and subject to the conditions set forth in this Agreement (such contribution, the "<u>Rollover Contribution</u>").

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and conditions set forth herein, the receipt and sufficiency of which is hereby acknowledged, Rollover Seller and Holdings hereby agree as follows:

Section 1. <u>Rollover Contribution</u>. On the Closing Date immediately prior to the Closing, Rollover Seller shall, and by execution of this Agreement does hereby contribute, assign, transfer, convey and deliver to Holdings the Rollover Interests as set forth on <u>Annex I</u> (the "<u>Contributed Interests</u>"), free and clear of any and all Liens and restrictions on transfer (other than restrictions on transfer under applicable securities Laws and any restrictions arising under the organizational documents of the Company), in exchange for the Company Common Stock Consideration.

Section 2. <u>Representations and Warranties of Rollover Seller</u>. Rollover Seller hereby represents and warrants to Holdings that the following statements are true and correct as of immediately prior to the transactions contemplated hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Rollover Seller has the legal capacity to execute and deliver this Agreement and to consummate the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Agreement (i) does not and will not conflict with, violate or cause a breach of any Contract to which Rollover Seller is a party or any Order to which Rollover Seller is subject and (ii) assuming that this Agreement constitutes a valid and binding obligation of the other parties hereto and thereto, constitutes the valid and binding obligation of Rollover Seller, enforceable against Rollover Seller in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Rollover Seller has good and valid title to the Rollover Interests, free and clear of all Liens (other than restrictions on transfer under applicable securities Laws and any restrictions arising under the organizational documents of the Company), and is the record and beneficial owner thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Company Common Stock Consideration to be issued to Rollover Seller pursuant to this Agreement will be received for Rollover Seller's own account and not with a view to, or a present intention of, distribution thereof in violation of the Securities Act of 1933 or any applicable state securities Laws, and the Company Common Stock Consideration will not be disposed of in contravention of such Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Rollover Seller has had an opportunity to ask questions and receive sufficient answers concerning the terms of the Company Common Stock Consideration and has had access to such other information concerning Holdings as Rollover Seller has reasonably requested in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Rollover Seller has had the opportunity to consult with independent tax, legal, accounting and other advisors and counsel regarding Rollover Seller's rights and obligations under this Agreement, the Merger Agreement, the organizational documents of Holdings.

Section 3. <u>Representations and Warranties of Holdings</u>. Holdings hereby represents to Rollover Seller that the following statements are true and correct as of immediately prior to the transactions contemplated hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Holdings is duly organized and validly existing under the Laws of the state of Delaware and has all requisite corporate power and authority necessary to carry on its business as now conducted, to execute and deliver this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Agreement and the transactions contemplated hereby have been duly authorized by Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly executed and delivered by Holdings and, assuming this Agreement constitutes a valid and binding obligation of the other parties, constitutes the legal, valid and binding obligation of Holdings, enforceable against each of them in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the execution, delivery and performance of this Agreement does not conflict with, violate or cause a breach of any Contract to which Holdings is a party or any judgment, Order, decree, statute, rule, regulation or other Law to which it is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon issuance by Holdings of the Company Common Stock Consideration, such stock will be duly authorized, validly issued and fully paid and will have been issued in accordance with the organizational documents of Holdings, and, assuming the accuracy of the representations and warranties set forth in <u>Section 2</u> above, in compliance with applicable state and federal securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Holdings has not experienced a material adverse effect since the initial date of the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Holdings is in compliance with all applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No litigation is pending that would materially affect Holdings' ability to perform this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holdings has sufficient authorized but unissued shares to fulfill its obligations hereunder.

Section 4. <u>Conditions Precedent</u>. Rollover Seller's obligation to contribute the Rollover Interests is conditioned upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Completion of both the Company Merger and SPAC Merger pursuant to the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No material adverse change in Holdings since the date of the Merger Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Receipt of all required regulatory approvals for the Transactions.

Section 5. <u>Termination</u>. This Agreement shall automatically terminate if: (a) the Merger Agreement is terminated for any reason; (b) The Transactions are not consummated by April 30, 2026; (c) A material adverse change occurs that would reasonably be expected to significantly impair the value of the Company Common Stock Consideration.

Section 6. <u>Registration Rights</u>. Rollover Seller acknowledges that the Company Common Stock Consideration will be subject to the Registration Rights Agreement, dated as of the date hereof, which provides for certain registration rights with respect to such shares of Holdings Common Stock.

Section 7. <u>Tax Treatment</u>. For federal (and applicable state and local) income tax purposes, the parties hereby agree the SPAC Merger and the Rollover, together, qualify as an integrated transaction described in Section 351 of the Code, with Rollover Seller recognizing no gain or loss with respect to his receipt of the Company Common Stock Consideration from Holdings pursuant to Section 351(a) of the Code.

Section 8. <u>Governing Law; Venue; Waiver of Jury Trial</u>. All issues and questions concerning the construction, validity, interpretation and enforceability of this Agreement (or any Legal Proceeding based on any matter arising out of or in connection with this Agreement or the transactions contemplated hereby or the negotiation hereof) and the exhibits and schedules hereto will be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to any choice of Law or conflict of Law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. Any Legal Proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby will be brought and determined exclusively in the Delaware Court of Chancery of the State of Delaware; provided, if the Delaware Court of Chancery does not have jurisdiction, any such Legal Proceeding will be brought exclusively in the United States District Court for the District of Delaware or any other court of the State of Delaware, and each of the parties hereby consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such Legal Proceeding and irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such Legal Proceeding in any such court or that any such Legal Proceeding that is brought in any such court has been brought in an inconvenient forum. Each of the parties agrees that this Agreement involves at least $100,000 and that this Agreement has been entered into by the parties in express reliance upon 6 Del. C. §2708. Process in any such Legal Proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS <u>SECTION 5</u> WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY AND THAT ANY LEGAL PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

Section 9. <u>Miscellaneous</u>. This Agreement, the Merger Agreement, the organizational documents of Holdings, and the other documents referred to herein and therein contain the entire understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior agreements and understandings, oral and written, with respect thereto. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party. Reference to any agreement, statute or document herein are references to such agreement, statute and document as amended. This Agreement may be amended only by a written instrument signed by Holdings and Rollover Seller. A waiver of any term of this Agreement shall be effective only if set forth in a writing signed by the party against whom such waiver is to be enforced. No assignment, transfer or delegation by Rollover Seller of this Agreement or any rights or obligations hereunder shall be effective without the prior written consent of Holdings. Rollover Seller intends for this Agreement to bind Rollover Seller's representatives, executors, administrators, successors, heirs, distributees, devisees and legatees, as applicable. Nothing contained in this Agreement will be construed to confer on any person who is not a signatory hereto any rights or benefits, as a third party beneficiary or otherwise. All representations and warranties contained herein shall survive until the expiration of the statute of limitations. This Agreement may be executed in separate counterparts and delivered by email or other means of electronic transmission.

Section 10. <u>Legal Representation</u>. Each of the parties hereby agrees that Winston & Strawn LLP ("<u>W&S</u>") has served as counsel to Holdings and certain of their respective Affiliates (other than Rollover Seller) in connection with the negotiation, preparation, execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, and that, following consummation of the transactions contemplated hereby, W&S (or any successor) may serve as counsel to such persons or any direct or indirect manager, member, partner, equityholder, officer, employee or Affiliate of such person(s) in connection with any litigation, claim or obligation arising out of or relating to this Agreement or the transactions contemplated by this Agreement notwithstanding such representation and each of the parties hereby consents thereto, and waives any conflict of interest arising therefrom, and each such party shall cause any Affiliate thereof to consent to waive any conflict of interest arising from such representation.

Section 11. <u>Indemnification</u>. Holdings shall indemnify Rollover Seller against any losses arising from: (a) breaches of Holdings' representations, warranties, or covenants herein; (b) any misstatement or omission in any disclosure provided by Holdings; or (c) any violation of Securities Laws by Holdings in connection with this Agreement.

Section 12. <u>Specific Performance</u>. Rollover Seller shall be entitled to seek specific performance of Holdings' obligations hereunder, including the issuance of the Company Common Stock Consideration, without the need to post bond or prove inadequacy of monetary damages.

 

*[Signature pages follow.]*

The parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **<u>HOLDINGS</u>** **:** | **<u>HOLDINGS</u>** **:** |
| **UINTA INFRASTRUCTURE GROUP CORP.** | **UINTA INFRASTRUCTURE GROUP CORP.** |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Director |

---

*[Signature Page to Rollover Agreement]*

 

---

| | |
|:---|:---|
| **<u>ROLLOVER SELLER</u>** **:** | **<u>ROLLOVER SELLER</u>** **:** |
| **ENDEAVOR CAPITAL GROUP, LLC** | **ENDEAVOR CAPITAL GROUP, LLC** |
| /s/ Joseph Sorenson | /s/ Joseph Sorenson |
| Name: | Joseph Sorenson |
| Its: | Manager |

---

*[Signature Page to Rollover Agreement]*

**<u>Annex I</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Rollover Amount** | &nbsp;&nbsp;**Rollover Interests** | &nbsp;&nbsp;**Company Common <br> Stock Consideration** |
| &nbsp;&nbsp;$8000000 | &nbsp;&nbsp;100% of the issued and outstanding Membership Interests of Tar Sands Holdings, LLC, a Utah limited liability company | &nbsp;&nbsp;8000000 |

---

## Exhibit 10.3

**Exhibit 10.3**

***Execution Version***

**<u>PROMISSORY NOTE</u>**

---

| | |
|:---|:---|
| $12000000.00 | December 12, 2025 |

---

FOR VALUE RECEIVED, **UINTA INFRASTRUCTURE GROUP CORP.**, a Delaware corporation ("**Borrower**"), hereby unconditionally promises to pay to the order of **ENDEAVOR CAPITAL, LLC**, a limited liability company organized under the laws of the State of Utah (together with his successors and assigns, "**Lender**"), the principal amount of **Twelve Million and 00/100 Dollars ($12,000,000.00)**, or so much thereof as may have been advanced by Lender to Borrower in accordance with the terms and conditions of this Promissory Note (together with all amendments, modifications, supplements, renewals, consolidations and extensions thereof, this "**Note**"), together with interest thereon as set forth below, in lawful money of the United States of America, which shall at the time of payment be legal tender in payment of all debts and dues, public and private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Any capitalized terms not otherwise defined herein shall have the meanings given such terms in the Merger Agreement (as defined below). As used herein, the following terms have the meanings set forth below:

"**Default Rate**" means a rate of eighteen percent (10%) per annum, which shall not be compounded, plus a five percent (5%) penalty to be paid by Borrower for late payments.

"**Event of Default**" means each of the following: (a) the Borrower shall default in any payment of principal when and as due (whether by maturity, by reason of acceleration or otherwise); (b) the Borrower shall be in default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest or any other obligation not covered in clause (a), and such default continues for a period of three (3) days; (c) the Borrower shall default in the performance or observance of any covenant or agreement contained in this Note and such default shall continue for a period of thirty (30) days after the earlier of (i) the Lender's delivery of written notice thereof to the Borrower and (ii) an officer of the Borrower having obtained knowledge thereof; (d) the occurrence or happening of any event, condition or circumstances that has had, or with the passage of time could be reasonably be expected to have a material adverse effect on the business, assets and prospects of the Borrower or the Property; (e) the Borrower shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors; or (f) an involuntary case or other proceeding shall be commenced against the Borrower seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of forty-five (45) consecutive days.

"**Final Payment**" means the final payment due on the Maturity Date of all unpaid principal, interest, charges and other amounts due under this Note.

"**Maturity Date**" means March ___, 2026.

"**Merger Agreement**" means that certain Agreement and Plan of Merger, dated as of August 12, 2024, by and among Integrated Rail and Resources Acquisition Corp., a Delaware corporation, Uinta Integrated Infrastructure Inc., a Delaware corporation, Uinta Integrated Infrastructure Holdings, Inc., a Delaware corporation, RR Integration Merger Co., a Delaware corporation, RRG Merger LLC, a Delaware limited liability company, Tar Sands Holdings II, LLC, a Utah limited liability company, and Endeavor Capital Group, LLC (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger dated December 12, 2025.

"**Note Rate**" means a rate of zero percent (0%) per annum.

"**Payment**" means the Final Payment and/or any other payment required to be made by Borrower pursuant to this Note.

"**Term**" means the period commencing on the date hereof and ending on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Rate of Interest</u>. Interest on funds advanced hereunder shall from and after the date hereof until the Maturity Date, accrue at the Note Rate. In addition, in the event that, and for so long as, any Event of Default shall have occurred and be continuing, the outstanding principal balance of the Loan and, to the extent permitted by applicable law, overdue interest in respect of the Loan, shall each accrue interest at the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Final Payment shall be due and payable in full on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise specifically provided herein, all payments and prepayments under this Note shall be made to Lender not later than 4:00 P.M., Eastern Time, on the date when due and shall be made in lawful money of the United States of America by wire transfer of immediately available funds at Lender's office or at such other place or to such other party or parties as Lender may from time to time designate, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to an Event of Default hereunder, all payments shall be applied first to fees and other actual out-of-pocket costs due Lender, then to interest on the outstanding principal balance at the Note Rate and any remaining balance then shall be applied to reduction of principal. Subsequent to an Event of Default, Lender shall be entitled to allocate all Payment(s) received by Lender to principal, interest, fees and/or charges in such order as Lender may reasonably elect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever any Payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the interest due hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All payments made on this Note shall be made irrespective of, and without deduction for, any setoff, claim or counterclaim, reduction, deferral, abatement or rescission, free and clear of, and without deduction for, any taxes, fees or other charges of any nature whatsoever, except as otherwise expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Collection and Enforcement Costs</u>. Borrower, upon written demand, shall pay Lender for all actual out-of-pocket costs and reasonable expenses (including, without limitation, reasonable attorneys' fees) paid or incurred by Lender in connection with the collection of any sum due or the enforcement of any of Lender's rights or remedies or Borrower's obligations under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Continuing Liability</u>. The obligation of Borrower to pay the outstanding principal balance under this Note, interest and all other sums due hereunder shall continue in full force and effect and in no way be impaired until the actual payment thereof to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No provision in this Note (including, without limitation, the provisions for interest at the Default Rate) shall be construed as in any way excusing Borrower from its obligation to make each Payment under this Note promptly when due. The acceptance by Lender of any Payment under this Note after the date that such payment is due shall not constitute a waiver of the right to require prompt payment when due of future or succeeding Payment(s) or to declare a default as herein provided for any failure to so pay. The acceptance by Lender of payment hereunder that is less than payment in full of all amounts due at the time of such payment shall not, without the express written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed), (i) constitute a waiver of the right to exercise any of Lender's remedies at that time or at any subsequent time, (ii) constitute an accord and satisfaction, or (iii) nullify any prior exercise of any remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrower and any future indorsers, sureties and guarantors hereof, jointly and severally, waive diligence, presentment for payment, demand, notice of nonpayment, notice of dishonor, protest of any dishonor, notice of protest, and protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default (except notice of default or "Event of Default" as are required hereby, if any), or enforcement of the payment of this Note, and they agree that the liability of each of them shall be unconditional without regard to the liability of any other party and shall not be in any manner affected by an indulgence, extension of time, renewal, waiver or modification granted or consented to by Lender. Borrower and all future indorsers, sureties and guarantors hereof consent to any and all extensions of time, renewals, waivers or modifications that may be granted by Lender with respect to the payment or other provisions of this Note, and to the release of the collateral, or any part thereof, with or without substitution, and agree that additional makers, indorsers, guarantors or sureties may become parties hereto without notice to them or affecting their liability hereunder. The release of any party liable hereon shall not operate to release any other party liable hereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Lender shall not, by any act of omission or commission, be deemed to waive any of its rights or remedies hereunder unless such waiver be in writing and signed by Lender, and then only to the extent specifically set forth therein; a waiver on one event shall not be construed as continuing or as a bar to or waiver of such right or remedy on a subsequent event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the maximum extent permitted by applicable law, Borrower hereby waives and renounces for itself and for its heirs, successors and assigns all rights to the benefits of any statute of limitations and any moratorium, reinstatement, marshalling, forbearance, valuation, stay, extension, redemption, appraisement, right of setoff and recoupment, and exemption now provided, or that hereafter may be provided, by the Constitution and laws of the United States of America and of any state thereof, both as to itself and in and to all of its property, real and personal, against the enforcement and collection of the obligations evidenced by this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Affirmative Covenants</u>. Until all of the obligations under this Note have been fully paid and indefeasibly satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower will comply in all material respects with the requirements of all Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower will preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization or formation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower will maintain, preserve and protect all of its properties and assets, including the Property and not commit or permit any waste or deterioration of the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower shall maintain adequate insurance with respect the Property with financially sound and reputable insurance companies in an amount equal to or not materially less than what is currently in existence covering against loss or damage customarily insured against by Persons engaged in the same or similar business and owning assets and properties similar to that owned by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower will promptly after becoming aware provide the Lender notice of: (i) any Event of Default Lender or the occurrence of any fact, condition or event that with the passage of time could reasonably give rise to an Event of Default or an inability to satisfy the Note on or before the Maturity Date; (ii) the filing of any Lien; (iii) any claim, violation, investigation or litigation relating to the Borrower or the Property; and (iv) any casualty or other insured damage to the Property or commencement of any action or proceeding for the taking of any interest in the Property under power of eminent domain or by condemnation or if any material portion of the Property is damaged or destroyed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower will not create, incur, assume or suffer to existing any Indebtedness without Lender's prior written consent (not to be unreasonably withheld, conditioned or delayed), other than (i) Indebtedness under this Note, (ii) trade payables, taxes and accruals incurred in the ordinary course of business and which, individually or in the aggregate are not material or for which the Borrower has the ability to pay within 30 days; or (iii) unsecured indebtedness subordinated in writing, to the obligations under this Notes upon terms satisfactory to the Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower shall promptly provide the Lender with information about the Borrower and the Property as may be requested by the Lender from time to time and take such actions and execute such instruments as may be reasonably requested in order to further the covenants and agreements set forth herein and contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Negative Covenants</u>. Until all of the obligations under this Note have been fully paid and indefeasibly satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower will not create, incur, assume, or suffer to exist any Lien, upon or with respect to any of its properties or assets, whether now owned or hereafter acquired, or assign any right to receive income other than Liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower will not convey, transfer, license, lease (including any sale and leaseback transaction) or otherwise dispose of (whether in one transaction or in a series of transactions) any portion of its properties or assets (whether now owned or hereafter acquired) to any Person without Lender's prior written consent (not to be unreasonably withheld, conditioned or delayed), except as expressly permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower will not merge, dissolve, liquidate, consolidate with or into another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower will maintain good and marketable title to the Property and not create, incur or suffer to existing any Lien or other encumbrance, document or interest to be recorded covering, either in whole or in part, the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower will not enter into any transaction of any kind with any Affiliate of the Borrower, without the prior written consent of Lender (not to be unreasonably withheld, conditioned or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower will not enter into any contractual obligation (other than this Note) that purports to do or undertake to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Right of First Refusal</u>. Except as otherwise permitted by this Agreement, until all of the obligations under this Note have been fully paid and satisfied, if Borrower receives a bona fide third-party offer to purchase, transfer, exchange, distribute, assign or otherwise dispose in any manner the Real Property described on Exhibit A to Debtor's Deed, dated May 9, 2013 pursuant to the Order Approving the Auction Sale of the Debtors' Assets to the Highest Bidders of the United States Bankruptcy Court for the District of Utah entered April 5, 2013 (ECF #503) together with any appurtenances, gas, oil, mineral, other all other surface and subsurface rights and interests with respect to such Real Property (the "**Property**"), Borrower must provide Lender with written notice of the offer's terms. Lender shall have thirty (30) days from receipt of such notice to exercise its right to purchase the Property on substantially the same terms. If Lender fails to exercise this right, Borrower may sell the Property to the third-party offeror on terms no less favorable to Borrower than those set forth in the notice. The Borrower consents to the recordation of evidence of the ROFR in the real estate records relating to the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Unsecured Note</u>. This Note and the obligations of Borrower hereunder are secured by the Confession of Judgment, attached hereto as **<u>Exhibit A</u>** (the **"Confession"**), but otherwise unsecured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Default and Acceleration</u>. The Loan shall, without notice, become immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due (giving effect to applicable notice and grace periods provided for in the Loan Agreement) or if not paid on the Maturity Date or on the happening of any other Event of Default and the Lender shall have the right to record the Confession in addition to exercising any right, remedy, power and privilege arising under this Note, the Confession or applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. Any notice, payment, demand or other communication required or permitted to be given by any provision of this Note shall be in writing and shall be given in the manner provided in the Merger Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Entire Agreement</u>. This Note constitute the parties' entire agreement with respect to the subject matter hereof and supersedes all agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to the subject matter hereof or thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>No Oral Changes</u>. This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Interest Rate Limitation</u>. Borrower and Lender stipulate and agree that none of the terms and provisions contained herein shall ever be construed to create a contract for the use, forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws of the State of Utah. In the event Lender collects monies that are deemed to constitute interest that would have the effect of increasing the effective interest rate under this Note to a rate in excess of the maximum rate permitted to be charged by the laws of the State of Utah, the rate of interest of this Note shall be deemed to be immediately reduced to such maximum permitted rate and all sums previously collected shall, at the option of Lender, be credited to the payment of principal due hereunder or returned to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>No Assignment</u>. This Note may not be assigned by Borrower unless Lender consents, in writing, to such assignment or assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Successors and Assigns</u>. This Note shall be binding upon and shall inure to the benefit of Borrower and Lender and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Choice of Law</u>. This Note, the rights of the parties hereunder and any documents, instruments or agreements mentioned or referred to herein shall be governed by and construed in accordance with the laws of the State of Utah without reference to conflict of laws doctrines. The parties hereto acknowledge that such courts have the jurisdiction to interpret and enforce the provisions of this Note, and the parties waive any and all objections that they may have related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Note shall be prohibited by or invalid under applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Exempted Transaction</u>. Borrower agrees that (i) the payment obligations evidenced by this Note are exempted transactions under the Truth in Lending Act 15 USC § 1601, et seq.; (ii) the proceeds of the indebtedness evidenced by this Note will not be used for the purchase of registered equity securities within the purview of Regulation "U" issued by the Board of Governors of the Federal Reserve System; and (iii) on the Maturity Date, Lender shall not have any obligation to refinance the indebtedness evidenced by this Note or to extend further credit to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>WAIVER OF JURY TRIAL</u>. Borrower hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any right to a trial by jury in any legal proceeding directly or indirectly arising out of relating to this Note or the transactions contemplated hereby (whether based on contract, tort, or any other theory) and acknowledges that the lender has been induced to enter into this note by, among other things, the waiver contained in this section.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and year first above written.

---

| | |
|:---|:---|
| **BORROWER**: | **BORROWER**: |
| UINTA GROUP CORP., | UINTA GROUP CORP., |
| a Delaware corporation | a Delaware corporation |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Director |

---

[*Signature Page to Promissory Note*]

**EXHIBIT A**

## Exhibit 10.4

**Exhibit 10.4**

***Execution Version***

 ****

**<u>CONFESSION OF JUDGMENT</u>**

December 12, 2025

UINTA INFRASTRUCTURE GROUP CORP., a Delaware corporation (the "***Issuer***"), by its authorized agent, does hereby irrevocably consent to this Confession of Judgment and Power of Attorney (the "***Confession of Judgment***") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Issuer confesses and authorizes the entry of an Order of Judgment in favor of ENDEAVOR CAPITAL, LLC (the "***Holder***") against the Issuer for all amounts outstanding and owing by the Issuer to the Holder under the Promissory Note (the "***Note***") issued by the Issuer to the Holder on December __, 2025 (all such amounts, the "***Total Sum Due***"). A copy of the Note is attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Confession of Judgment is for a debt justly due, and arises from the following facts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Holder and the Issuer entered into the Note in connection with that certain Agreement and Plan of Merger, dated as of August 12, 2024, by and among Integrated Rail and Resources Acquisition Corp., a Delaware corporation, Uinta Integrated Infrastructure Inc., a Delaware corporation, Uinta Integrated Infrastructure Holdings, Inc., a Delaware corporation, RR Integration Merger Co., a Delaware corporation, RRG Merger LLC, a Delaware limited liability company, Tar Sands Holdings II, LLC, a Utah limited liability company (the "<u>Company</u>"), and Endeavor Capital Group, LLC (as amended by that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024), that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, that certain Fifth Amendment to Agreement and Plan of Merger dated September 15, 2025, and that certain Sixth Amendment to Agreement and Plan of Merger dated December 12, 2025 (the "<u>Merger Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Confession of Judgment is to be held in escrow by the Holder's counsel unless the Issuer defaults on paying the amounts owing under the Note. If, after written notice of default of the Note, the Issuer fails to pay such amounts, the Holder is then authorized, without further notice to Issuer, to immediately ask the Court to enter this Confession of Judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) This Confession of Judgment is for the purpose of securing the Holder against the contingency that the Issuer may fail to pay the Total Sum Due. However, the Holder and the Issuer agree that nothing in this Confession of Judgment prevents the Holder from first seeking to enforce the terms of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In furtherance of this Confession of Judgment, the Issuer hereby authorizes, makes and constitutes the Holder or any of its attorneys to act as its true and lawful attorney in fact, and solely with regard to obligations arising out of this Confession of Judgment, in the Issuer's name, place, and stead to: (a) appear on the Issuer's behalf in the Business and Chancery Court of the State of Utah or if the dispute does not meet the jurisdictional statute, then in a state or federal court of competent jurisdiction located in Salt Lake County , which the Issuer agrees has exclusive jurisdiction over the Confession of Judgment; (b) waive a jury trial or any other trial or any other right which the Issuer may have; (c) waive service of process and confess judgment against the Issuer with written notice and in favor of the Holder for the Total Sum Due; (d) consent to an immediate entry of judgment and the issuance of an execution thereon; and (e) waive all rights or errors that may intervene in the entering of the judgment or the issuing of the enforcement of the judgment. The power of attorney granted in this Confession of Judgment is expressly limited to those actions enumerated in this paragraph. The Issuer further agrees that it waives its right to appeal from the judgment. This Confession of Judgement shall be governed by and construed in accordance with the laws of the State of Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Within one (1) business day after receipt of the Total Sum Due, the Holder shall return this Confession of Judgment to the Issuer's attorneys at Winston & Strawn LLP, 800 Capitol Street, Suite 2400, Houston, Texas 77002.

[Signature Page Follows]

IN WITNESS WHEREOF, an authorized agent of the Issuer hereto has executed this Confession of Judgment as of the date first written above.

---

| | |
|:---|:---|
| UINTA INFRASTRUCTURE GROUP CORP. | UINTA INFRASTRUCTURE GROUP CORP. |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Director |

---

STATE OF Florida) <br> : ss. <br> COUNTY OF Orange)

This record was acknowledged before me on Dec. 12<sup>th</sup>, 2025, by Mark A. Michel, the President & CEO of Uinta Infrastructure Group Corp., a Delaware corporation.

---

| | |
|:---|:---|
| ![](ex10-4_001.jpg) | /s/ Bailey E. Anderson |
|  | Signature of notary public |

---

My commission expires: 7/2/26

[*Signature Page to Confession of Judgement*]

 

<u>**EXHIBIT A**</u>

Note

[*Signature Page to Confession of Judgement*]

## Exhibit 10.5

**Exhibit 10.5** 

***Final Version***

 ****

**INTEGRATED RAIL & RESOURCES CORP.<br> 2025 OMNIBUS INCENTIVE PLAN**

**Section 1.** **General.**

The purposes of the Integrated Rail & Resources Corp. 2025 Omnibus Incentive Plan (the "<u>Plan</u>") are to: (a) encourage the profitability and growth of the Company through short-term and long-term incentives that are consistent with the Company's objectives; (b) give Participants an incentive for excellence in individual performance; (c) promote teamwork among Participants; and (d) give the Company a significant advantage in attracting and retaining key Employees, Directors and Consultants. To accomplish such purposes, the Plan provides that the Company may grant (i) Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Restricted Stock Units, (v) Performance-Based Awards (including performance-based Restricted Stock and Restricted Stock Units), (vi) Other Share-Based Awards, (vii) Other Cash-Based Awards or (viii) any combination of the foregoing.

**Section 2.** **Definitions.**

For purposes of the Plan, the following terms shall be defined as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Administrator</u>" means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. An entity shall be deemed an Affiliate for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. For purposes of this definition, "control" (including with correlative meanings, the terms "controlling," "controlled by," or "under common control with"), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Automatic Exercise Date</u>" means, with respect to an Option or a Stock Appreciation Right, the last business day of the applicable term of the Option pursuant to Section 7(k) or the Stock Appreciation Right pursuant to Section 8(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Award</u>" means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance-Based Award, Other Share-Based Award or Other Cash-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Award Agreement</u>" means a written agreement, contract or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan. Evidence of an Award may be in written or electronic form, may be limited to notation on the books and records of the Company and, with the approval of the Administrator, need not be signed by a representative of the Company or a Participant. Any Shares that become deliverable to the Participant pursuant to the Plan may be issued in certificate form in the name of the Participant or in book-entry form in the name of the Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Beneficial Owner</u>" (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Bylaws</u>" means the bylaws of the Company, as may be amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Cause</u>" shall have the meaning assigned to such term in any Company, Subsidiary or Affiliate unexpired employment, severance, or similar agreement or Award Agreement with a Participant, or if no such agreement exists or if such agreement does not define "Cause" (or a word of like import), Cause means (i) the Participant's breach of fiduciary duty or duty of loyalty to the Company, (ii) the Participant's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (iii) the Participant's failure, refusal or neglect to perform and discharge his or her duties and responsibilities on behalf of the Company or a Subsidiary of the Company (other than by reason of Disability) or to comply with any lawful directive of the Board or its designee, (iv) the Participant's breach of any written policy of the Company or a Subsidiary or Affiliate thereof (including, without limitation, those relating to sexual harassment or the disclosure or misuse of confidential information), (v) the Participant's breach of any agreement with the Company or a Subsidiary or Affiliate thereof (including, without limitation, any confidentiality, non-competition, non-solicitation or assignment of inventions agreement), (vi) the Participant's commission of fraud, dishonesty, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or a Subsidiary or Affiliate thereof, or (vii) the Participant's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of his or her lawful duties or responsibilities, which have or may be expected to have an adverse effect on the Company, its Subsidiaries or Affiliates. A Participant's employment shall be deemed to have terminated for "Cause" if, on the date his or her employment terminates, facts and circumstances exist that would have justified a termination for Cause, to the extent that such facts and circumstances are discovered within three (3) months following such termination. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Change in Capitalization</u>" means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) extraordinary dividend (whether in the form of cash, Shares or other property), stock split or reverse stock split, (iii) combination or exchange of shares, (iv) other change in corporate structure or (v) payment of any other distribution, which, in any such case, the Administrator determines, in its sole discretion, affects the Common Stock such that an adjustment pursuant to Section 5 of the Plan is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Change in Control</u>" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any Person, other than the Company or a Subsidiary thereof, becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company's then outstanding voting securities (the "<u>Outstanding Company Voting Securities</u>"), excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below or any acquisition directly from the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the following individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board: individuals who, during any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of Directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or recommended by a vote of at least two-thirds (<sup>2</sup>/<sub>3</sub>) of the Directors then still in office who either were Directors at the beginning of the two (2) year period or whose appointment, election or nomination for election was previously so approved or recommended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the consummation of a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other than a merger or consolidation (A) that results in the Outstanding Company Voting Securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the Outstanding Company Voting Securities (or such surviving entity or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof) outstanding immediately after such merger or consolidation, and (B) immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the consummation of a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than (A) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company's assets immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

For each Award that constitutes deferred compensation under Code Section 409A, a Change in Control (where applicable) shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company also constitutes a "change in control event" under Code Section 409A.

Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of Class A Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Change in Control Price</u>" shall have the meaning set forth in Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "<u>Committee</u>" means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, if required by Rule 16b-3 under the Exchange Act or the applicable stock exchange on which the Shares are traded following an IPO, the Committee shall be composed entirely of individuals who meet the qualifications of a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Company's Articles of Incorporation or Bylaws, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee's members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "<u>Common Stock</u>" means the common stock of the Company (and any stock or other securities into which such shares of common stock may be converted or into which they may be exchanged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "<u>Company</u>" means Integrated Rail & Resources Corp., a Delaware corporation (or any successor corporation, except as the term "Company" is used in the definition of "Change in Control" above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Consultant</u>" means any current or prospective consultant or independent contractor of the Company or an Affiliate thereof, in each case, who is not an Employee, Executive Officer or Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "<u>Director</u>" means any individual who is a member of the Board on or after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "<u>Disability</u>" means, with respect to any Participant who is an Employee, a permanent and total disability as defined in Code Section 22(e)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) "<u>Effective Date</u>" shall have the meaning set forth in Section 22 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) "<u>Eligible Recipient</u>" means, with respect to an Award denominated in Common Stock issued under the Plan: (i) an Employee; (ii) a Non-Employee Director; or (iii) a Consultant, in each case, who has been selected as an eligible recipient under the Plan by the Administrator; provided, that any Awards granted prior to the date an Eligible Recipient first is employed by or performs services for the Company or an Affiliate thereof will not become vested or exercisable, and no Shares shall be issued or other payment made to such Eligible Recipient with respect to such Awards, prior to the date on which such Eligible Recipient first is employed by or performs services for the Company or an Affiliate thereof. Notwithstanding the foregoing, to the extent required to avoid the imposition of additional taxes under Code Section 409A, "Eligible Recipient" means: an (1) Employee; (2) a Non-Employee Director; or (3) a Consultant, in each case, of the Company or a Subsidiary thereof, who has been selected as an eligible recipient under the Plan by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) "<u>Employee</u>" shall mean any current or prospective employee of the Company or an Affiliate thereof, as described in Treasury Regulation Section 1.421-1(h), including an Executive Officer or Director who is also treated as an employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) "<u>Executive Officer</u>" means each Participant who is an executive officer (within the meaning of Rule 3b-7 under the Exchange Act) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) "<u>Exercise Price</u>" means, with respect to any Award under which the holder may purchase Shares, the price per share at which a holder of such Award granted hereunder may purchase Shares issuable upon exercise of such Award, as determined by the Administrator in accordance with Code Section 409A, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) "<u>Fair Market Value</u>" as of a particular date shall mean: (i) if the Shares are listed on any established stock exchange or a national market system, including, without limitation, the New York Stock Exchange or the Nasdaq Stock Market, the Fair Market Value shall be the closing price of a Share (or if no sales were reported, the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination; (ii) if the Shares are not then listed on a national securities exchange, the average of the highest reported bid and lowest reported asked prices for a Share as reported by the National Association of Securities Dealers, Inc. Automated Quotations System for the last preceding date on which there was a sale of such stock in such market; or (iii) whether or not the Shares are then listed on a national securities exchange or traded in an over-the-counter market or the value of such Shares is not otherwise determinable, such value as determined by the Administrator in good faith and in a manner not inconsistent with the regulations under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "<u>Free Standing Rights</u>" shall have the meaning set forth in Section 8(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) "<u>Good Reason</u>" means, with respect to a Participant, a resignation for "Good Reason" (or a term of similar meaning) as defined in the Participant's Award Agreement or other applicable written agreement with the Company or an Affiliate, if any; provided that if no such agreement defines "Good Reason," the term shall not apply for purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) "<u>Incentive Stock Option</u>" means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code and that meets the requirements set out in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) "<u>IPO</u>" means an initial public offering of, or direct or indirect public listing of, the securities of the Company, its successors and assigns, or any of its related corporate entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) "<u>Non-Employee Director</u>" means a Director who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) "<u>Nonqualified Stock Option</u>" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) "<u>Outstanding Shares</u>" means the then-outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of Options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) "<u>Option</u>" means an option to purchase Shares granted pursuant to Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) "<u>Other Cash-Based Award</u>" means a cash Award granted to a Participant under Section 11 of the Plan, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) "<u>Other Share-Based Award</u>" means a right or other interest granted to a Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares, including, but not limited to, unrestricted Shares or dividend equivalents, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "<u>Participant</u>" means any Eligible Recipient selected by the Administrator, pursuant to the Administrator's authority provided for in Section 3 of the Plan, to receive an Award under the Plan, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be, solely with respect to any Awards outstanding at the date of the Eligible Recipient's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) "<u>Performance-Based Award</u>" means any Award granted under the Plan that is subject to one or more Performance Goals. Any dividends or dividend equivalents payable or credited to a Participant with respect to any unvested Performance-Based Award shall be subject to the same Performance Goals as the Shares or units underlying the Performance-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) "<u>Performance Goals</u>" means performance goals based on performance criteria selected by the Administrator, which may include, but are not limited to, any of the following: (i) earnings before interest and taxes; (ii) earnings before interest, taxes, depreciation and amortization; (iii) net operating profit after tax; (iv) cash flow; (v) revenue; (vi) net revenues; (vii) sales; (viii) days sales outstanding; (ix) income; (x) net income; (xi) operating income; (xii) net operating income; (xiii) operating margin; (xiv) earnings; (xv) earnings per share; (xvi) return on equity; (xvii) return on investment; (xviii) return on capital; (xix) return on assets; (xx) return on net assets; (xxi) total shareholder return; (xxii) economic profit; (xxiii) market share; (xxiv) appreciation in the fair market value, book value or other measure of value of the Shares; (xxv) expense or cost control; (xxvi) working capital; (xxvii) customer satisfaction; (xxviii) employee retention or employee turnover; (xxix) employee satisfaction or engagement; (xxx) environmental, health or other safety goals; (xxxi) individual performance; (xxxii) strategic objective milestones; (xxxiii) any other criteria specified by the Administrator in its sole discretion; and (xxxiv) any combination of, or a specified increase or decrease in, as applicable, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or an Affiliate thereof, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Administrator. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). At the time such an Award is granted, the Administrator may specify any reasonable definition of the Performance Goals it uses. Such definitions may provide for equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or an Affiliate thereof or the financial statements of the Company or an Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be unusual in nature, infrequent in occurrence or unusual in nature and infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. If the Administrator determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Administrator may modify such Performance Goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Administrator may determine that the Performance Goals or performance period are no longer appropriate and may (x) adjust, change or eliminate the Performance Goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or (y) make a cash payment to the Participant in an amount determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) "<u>Person</u>" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, however, a Person shall not include (i) the Company or any of its Subsidiaries; (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (iii) an underwriter temporarily holding securities pursuant to an offering of such securities; or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) "<u>Plan</u>" means this Integrated Rail & Resources Corp. 2025 Omnibus Incentive Plan, as amended and/or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) "<u>Related Rights</u>" shall have the meaning set forth in Section 8(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) "<u>Restricted Stock</u>" means an Award of Shares granted pursuant to Section 9 of the Plan subject to certain restrictions that lapse at the end of a specified period or periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) "<u>Restricted Stock Unit</u>" means a notional account established pursuant to an Award granted to a Participant, as described in Section 10 of the Plan, that is (i) valued solely by reference to Shares, (ii) subject to restrictions specified in the Award Agreement, and (iii) payable in cash or in Shares (as specified in the Award Agreement). The Restricted Stock Units awarded to the Participant will vest according to the time-based criteria or Performance Goals, and vested Restricted Stock Units will be settled at the time(s), specified in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) "<u>Restricted Period</u>" means the period of time determined by the Administrator during which an Award or a portion thereof is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) "<u>Rule 16b-3</u>" shall have the meaning set forth in Section 3(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) "<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) "<u>Share</u>" means a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) "<u>Stock Appreciation Right</u>" means the right pursuant to an Award granted under Section 8 of the Plan to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) "<u>Subsidiary</u>" means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls, directly or indirectly, more than fifty percent (50%) of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. Notwithstanding the foregoing, in the case of an Incentive Stock Option or any determination relating to an Incentive Stock Option, "Subsidiary" means a corporation that is a subsidiary of the Company within the meaning of Code Section 424(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) "<u>Substitute Award</u>" shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation, or acquisition of property or stock; *provided*, *however*, that in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.

**Section 3.** **Administration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be administered by the Administrator in accordance with the requirements of Rule 16b-3 under the Exchange Act ("<u>Rule 16b-3</u>"), to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to select those Eligible Recipients who shall be Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Other Share-Based Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to determine the number of Shares to be made subject to each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder, including, but not limited to, (A) the restrictions applicable to Awards and the conditions under which restrictions applicable to such Awards shall lapse, (B) the Performance Goals and performance periods applicable to Awards, if any, (C) the Exercise Price of each Award, (D) the vesting schedule applicable to each Award, (E) any confidentiality or restrictive covenant provisions applicable to the Award, and (F) subject to the requirements of Code Section 409A (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all Award Agreements evidencing Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units or Other Share-Based Awards, Other Cash-Based Awards or any combination of the foregoing granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to determine Fair Market Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant's employment for purposes of Awards granted under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan, any Award Agreement or other instrument or agreement relating to the Plan or an Award granted under the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or traded, the Administrator may allocate all or any portion of its responsibilities and powers to any one (1) or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one (1) or more officers of the Company, the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, or any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.

**Section 4.** **Shares Reserved for Issuance Under the Plan and Limitations on Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this Section 4 and to adjustment in accordance with Section 5 of the Plan, the Administrator is authorized to deliver with respect to Awards granted under the Plan an aggregate number of shares of Common Stock equal to ten percent (10%) of the outstanding shares of Common Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, the maximum number of Shares subject to Awards granted during any fiscal year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during the fiscal year with respect to such Director's service as a Non-Employee Director, shall not exceed $115,000 (calculating the value of any such Awards based on the grant date Fair Market Value of such Awards for financial reporting purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. Any shares of Common Stock subject to an Award under the Plan that, after the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution of Shares to a Participant will thereafter be deemed to be available for Awards with respect to shares of Common Stock. In applying the immediately preceding sentence, if (i) Shares otherwise issuable or issued in respect of, or as part of, any Award are withheld to cover taxes or any applicable Exercise Price, such Shares shall be treated as having been issued under the Plan and shall not be available for issuance under the Plan, and (ii) any Share-settled Stock Appreciation Rights or Options are exercised, the aggregate number of Shares subject to such Stock Appreciation Rights or Options shall be deemed issued under the Plan and shall not be available for issuance under the Plan. In addition, Shares (x) tendered to exercise outstanding Options or other Awards, (y) withheld to cover applicable taxes on any Awards or (z) repurchased on the open market using Exercise Price proceeds shall not be available for issuance under the Plan. For the avoidance of doubt, (A) Shares underlying Awards that are subject to the achievement of performance goals shall be counted against the Share reserve based on the target value of such Awards unless and until such time as such Awards become vested and settled in Shares, and (B) Awards that, pursuant to their terms, may be settled only in cash shall not count against the Share reserve set forth in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Substitute Awards shall not reduce the Shares authorized for grant under the Plan. In the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; *provided*, that Awards using such available Shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Company or an Affiliate thereof consummates a transaction described in Code Section 424(a) (e.g., the acquisition of property or stock from an unrelated corporation), persons who become Employees or Directors in account of such transaction may be granted Substitute Awards in substitution for awards granted by their former employer, and any such substitute Options or Stock Appreciation Rights may be granted with an Exercise Price less than the Fair Market Value of a Share on the grant date thereof; provided, however, the grant of such substitute Option or Stock Appreciation Right shall not constitute a "modification" as defined in Code Section 424(h)(3) and the applicable Treasury regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of the Plan to the contrary, Awards granted under the Plan shall not vest in full earlier than the first anniversary of the applicable grant date. The foregoing restriction shall not apply to (i) Substitute Awards granted pursuant to Sections 4(d) or 4(e), (ii) Awards that result in the issuance of an aggregate of up to five percent (5%) of the Shares authorized for issuance under the Plan pursuant to Section 4(a), or (iii) the Administrator's discretion to provide for accelerated vesting in connection with a Participant's death, Disability, or a Change in Control. For the avoidance of doubt, nothing in this Section 4(f) shall limit the Administrator's authority to grant Awards with time-based vesting schedules that vest in part prior to the first anniversary of the grant date, so long as such Awards do not vest in full prior to such date and the Shares underlying such Awards are not counted against the five percent (5%) exception set forth in clause (ii).

**Section 5.** **Equitable Adjustments.**

In the event of any Change in Capitalization, including, without limitation, a Change in Control, an equitable substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (a) the aggregate number of Shares reserved for issuance under the Plan, (b) the kind, number and Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan; *provided*, *however*, that any such substitution or adjustment with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A, and (c) the kind, number and purchase price of Shares subject to outstanding Restricted Stock or Other Share-Based Awards granted under the Plan, in each case as may be determined by the Administrator, in its sole discretion; *provided*, *however*, that any fractional Shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder (i) in exchange for payment in cash or other property having an aggregate Fair Market Value of the Shares covered by such Award, reduced by the aggregate Exercise Price or purchase price thereof, if any, and (ii) with respect to any Awards for which the Exercise Price or purchase price per share of Common Stock is greater than or equal to the then current Fair Market Value per share of Common Stock, for no consideration. Notwithstanding anything contained in the Plan to the contrary, any adjustment with respect to an Incentive Stock Option due to an adjustment or substitution described in this Section 5 shall comply with the rules of Code Section 424(a), and in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder to be disqualified as an incentive stock option for purposes of Code Section 422. The Administrator's determinations pursuant to this Section 5 shall be final, binding and conclusive.

**Section 6.** **Eligibility.**

The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible Recipients.

**Section 7.** **Options.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Administrator may, in its sole discretion, grant Options to Participants. Solely with respect to Participants who are Employees, the Administrator may grant Incentive Stock Options, Nonqualified Stock Options or a combination of both. With respect to all other Participants, the Administrator may grant only Nonqualified Stock Options. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall specify whether the Option is an Incentive Stock Option or a Nonqualified Stock Option and shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement. The prospective recipient of an Option shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Limits on Incentive Stock Options*. If the Administrator grants Incentive Stock Options, then to the extent that the aggregate fair market value of Shares with respect to which Incentive Stock Options are exercisable for the first time by any individual during any calendar year (under all plans of the Company) exceeds $100,000, such Options will be treated as Nonqualified Stock Options to the extent required by Code Section 422. Subject to Section 5, the maximum number of shares that may be issued pursuant to Options intended to be Incentive Stock Options is 10% of the outstanding Shares and, for the avoidance of doubt, such share limit shall not be subject to the annual adjustment provided in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exercise Price*. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant; *provided*, *however*, that (i) in no event shall the Exercise Price of an Option be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant, and (ii) no Incentive Stock Option granted to a ten percent (10%) stockholder of the Company (within the meaning of Code Section 422(b)(6)) shall have an Exercise Price per Share less than one-hundred ten percent (110%) of the Fair Market Value of a Share on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Option Term*. The maximum term of each Option shall be fixed by the Administrator, but in no event shall (i) an Option be exercisable more than ten (10) years after the date such Option is granted, and (ii) an Incentive Stock Option granted to a ten percent (10%) stockholder of the Company (within the meaning of Code Section 422(b)(6)) be exercisable more than five (5) years after the date such Option is granted. Each Option's term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole discretion, deems appropriate. Notwithstanding any contrary provision in this Plan (including, without limitation, Section 7(h)), if, on the date an outstanding Option would expire, the exercise of the Option, including by a "net exercise" or "cashless" exercise, would violate applicable securities laws or any insider trading policy maintained by the Company from time to time, the expiration date applicable to the Option will be extended, except to the extent such extension would violate Code Section 409A, to a date that is thirty (30) calendar days after the date the exercise of the Option would no longer violate applicable securities laws or any such insider trading policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Exercisability*. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of pre-established Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Method of Exercise*. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law, or (iv) any combination of the foregoing. In determining which methods a Participant may utilize to pay the Exercise Price, the Administrator may consider such factors as it determines are appropriate; *provided*, *however*, that with respect to Incentive Stock Options, all such discretionary determinations shall be made by the Administrator at the time of grant and specified in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Rights as Stockholder*. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of Section 16 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Termination of Employment or Service*. Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company and all Affiliates thereof shall terminate, the following terms and conditions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of the termination of a Participant's employment or service by the Company without Cause or due to a resignation by the Participant for any reason, (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is ninety (90) days after such termination (with such period being extended to one (1) year after the date of such termination in the event of the Participant's death during such ninety (90) day period), on which date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of the termination of a Participant's employment or service as a result of the Participant's Disability or death, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the date that is one (1) year after such termination, on which date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event of the termination of a Participant's employment or service for Cause, all outstanding Options granted to such Participant shall expire at the commencement of business on the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For purposes of determining which Options are exercisable upon termination of employment or service for purposes of this Section 7(h), Options that are not exercisable solely due to a blackout period shall be considered exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything herein to the contrary, an Incentive Stock Option may not be exercised more than three (3) months following the date as of which a Participant ceases to be an Employee for any reason other than death or Disability. In the event that an Option is exercisable following the date that is three (3) months following the date as of which a Participant ceases to be an Employee for any reason other than death or Disability, such Option shall be deemed to be a Nonqualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Other Change in Employment Status*. An Option may be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status or service of a Participant, as evidenced in a Participant's Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Options shall be subject to Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Automatic Exercise*. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Option outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. In the sole discretion of the Administrator, payment of the exercise price of any such Option shall be made pursuant to Section 7(f)(i) or (ii), and the Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 16. Unless otherwise determined by the Administrator, this Section 7(k) shall not apply to an Option if the Participant's employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Option with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 7(k).

**Section 8.** **Stock Appreciation Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Stock Appreciation Rights may be granted either alone ("<u>Free Standing Rights</u>") or in conjunction with all or part of any Option granted under the Plan ("<u>Related Rights</u>"). Any Related Right that relates to a Nonqualified Stock Option may be granted at the same time the Option is granted or at any time thereafter, but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the price per Share, and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates and any Stock Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of a Share on the date of grant. The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Awards; Rights as Stockholder*. The prospective recipient of a Stock Appreciation Right shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Participants who are granted Stock Appreciation Rights shall have no rights as stockholders of the Company with respect to the grant or exercise of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exercisability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Payment Upon Exercise*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of Shares and cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Termination of Employment or Service*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Term*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the date such right is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Stock Appreciation Rights shall be subject to Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Automatic Exercise*. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Stock Appreciation Right outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. The Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 16. Unless otherwise determined by the Administrator, this Section 8(h) shall not apply to a Stock Appreciation Right if the Participant's employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Stock Appreciation Right with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 8(h).

**Section 9.** **Restricted Stock.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Each Award of Restricted Stock granted under the Plan shall be evidenced by an Award Agreement. Restricted Stock may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Stock; the Restricted Period, if any, applicable to Restricted Stock; the Performance Goals (if any) applicable to Restricted Stock; and all other conditions of the Restricted Stock. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock in accordance with the terms of the grant. The terms and conditions applicable to the Restricted Stock need not be the same with respect to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Awards and Certificates*. The prospective recipient of Restricted Stock shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Except as otherwise provided in herein, (i) each Participant who is granted an Award of Restricted Stock may, in the Company's sole discretion, be issued a stock certificate in respect of such Restricted Stock; and (ii) any such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award. The Company may require that the stock certificates, if any, evidencing Restricted Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the Shares covered by such Award. Notwithstanding anything in the Plan to the contrary, any Restricted Stock (whether before or after any vesting conditions have been satisfied) may, in the Company's sole discretion, be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Restrictions and Conditions*. The Restricted Stock granted pursuant to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Restricted Stock shall be subject to the restrictions on transferability set forth in the Award Agreement and in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant's termination of employment or service as Non-Employee Director or Consultant of the Company or an Affiliate thereof, or the Participant's death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to this Section 9(c)(iii), the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted Stock during the Restricted Period. In the Administrator's discretion and as provided in the applicable Award Agreement, a Participant may be entitled to dividends or dividend equivalents on an Award of Restricted Stock, which will be payable in accordance with the terms of such grant as determined by the Administrator in accordance with Section 18 of the Plan. Certificates for unrestricted Shares may, in the Company's sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Stock, except as the Administrator, in its sole discretion, shall otherwise determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The rights of Participants granted Restricted Stock upon termination of employment or service as a Non-Employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock shall be subject to Section 12 of the Plan.

**Section 10.** **Restricted Stock Units.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Restricted Stock Units may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock Units shall be made; the number of Restricted Stock Units to be awarded; the Restricted Period, if any, applicable to Restricted Stock Units; the Performance Goals (if any) applicable to Restricted Stock Units; and all other conditions of the Restricted Stock Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock Units in accordance with the terms of the grant. The provisions of Restricted Stock Units need not be the same with respect to each Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Award Agreement*. The prospective recipient of Restricted Stock Units shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Restrictions and Conditions*. The Restricted Stock Units granted pursuant to this Section 10 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Code Section 409A, thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant's termination of employment or service as a Non-Employee Director or Consultant of the Company or an Affiliate thereof, or the Participant's death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Participants holding Restricted Stock Units shall have no voting rights. A Restricted Stock Unit may, at the Administrator's discretion, carry with it a right to dividend equivalents, subject to Section 18 of the Plan. Such right would entitle the holder to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. The Administrator, in its discretion, may grant dividend equivalents from the date of grant or only after a Restricted Stock Unit is vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The rights of Participants granted Restricted Stock Units upon termination of employment or service as a Non-Employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Settlement of Restricted Stock Units*. Settlement of vested Restricted Stock Units shall be made to Participants in the form of Shares, unless the Administrator, in its sole discretion, provides for the payment of the Restricted Stock Units in cash (or partly in cash and partly in Shares) equal to the value of the Shares that would otherwise be distributed to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock Units shall be subject to Section 12 of the Plan.

**Section 11.** **Other Share-Based or Cash-Based Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Awards to Participants in the form of Other Share-Based Awards or Other Cash-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. Shares or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The prospective recipient of an Other Share-Based Award or Other Cash-Based Award shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Other Share-Based Awards and Other Cash-Based Awards shall be subject to Section 12 of the Plan.

**Section 12.** **Change in Control.**

Unless otherwise expressly provided in an Award Agreement, Awards shall not accelerate solely upon the occurrence of a Change in Control. However, if a Participant's employment or service is terminated by the Company without Cause, or the Participant resigns for Good Reason (as defined in the applicable Award Agreement or other applicable agreement), in either case within twelve (12) months following a Change in Control, then such Award shall become fully vested (or, in the case of Performance-Based Awards, shall vest based on target or actual performance, as determined in good faith by the Administrator). If the Company is a party to an agreement that is reasonably likely to result in a Change in Control, such agreement may provide for: (i) the continuation of any Award by the Company, if the Company is the surviving corporation; (ii) the assumption of any Award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent or subsidiary of equivalent awards for any Award, *provided, however*, that any such substitution with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A; or (iv) settlement of any Award for the Change in Control Price (less, to the extent applicable, the per share exercise or grant price), or, if the per share exercise or grant price equals or exceeds the Change in Control Price or if the Administrator determines that Award cannot reasonably become vested pursuant to its terms, such Award shall terminate and be canceled without consideration. To the extent that Restricted Stock, Restricted Stock Units or other Awards settle in Shares in accordance with their terms upon a Change in Control, such Shares shall be entitled to receive as a result of the Change in Control transaction the same consideration as the Shares held by stockholders of the Company as a result of the Change in Control transaction. For purposes of this Section 12, "<u>Change in Control Price</u>" shall mean (A) the price per Share paid to stockholders of the Company in the Change in Control transaction, or (B) the Fair Market Value of a Share upon a Change in Control, as determined by the Administrator. To the extent that the consideration paid in any such Change in Control transaction consists all or in part of securities or other non-cash consideration, the value of such securities or other non-cash consideration shall be determined in good faith by the Administrator.

**Section 13.** **Amendment and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board or the Committee may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would adversely alter or impair the rights of a Participant under any Award theretofore granted without such Participant's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) approval of the Company's stockholders shall be obtained for any amendment that would require such approval in order to satisfy the requirements of Code Section 422, if applicable, any rules of the stock exchange on which the Shares are traded or other applicable law, and (ii) without stockholder approval to the extent required by the rules of any applicable national securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, except as otherwise permitted under Section 5 of the Plan, (A) no amendment or modification may reduce the Exercise Price of any Option or Stock Appreciation Right, (B) the Administrator may not cancel any outstanding Option or Stock Appreciation Right and replace it with a new Option or Stock Appreciation Right, another Award or cash and (C) the Administrator may not take any other action that is considered a "repricing" for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and conditions of the Plan and Code Section 409A, the Administrator may modify, extend or renew outstanding Awards under the Plan, or accept the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in substitution of them (to the extent not already exercised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, no alteration, modification or termination of an Award will, without the prior written consent of the Participant, adversely alter or impair any rights or obligations under any Award already granted under the Plan.

**Section 14.** **Unfunded Status of Plan.**

The Plan is intended to constitute an "unfunded" plan for incentive compensation. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan. With respect to any payments not yet made or Shares not yet transferred to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Company.

**Section 15.** **Deferrals of Payment.**

To the extent permitted by applicable law, the Administrator, in its sole discretion, may determine that the delivery of Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award, shall be deferred. The Administrator may also, in its sole discretion, establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of any such consideration, including any applicable election procedures, the timing of such elections, the mechanisms for payments of amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the administration of any such deferral program. Deferrals by Participants (or deferred settlement or payment required by the Administrator) shall be made in accordance with Code Section 409A, if applicable, and any other applicable law.

**Section 16.** **Withholding Taxes.**

Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for federal, state and/or local income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any federal, state, or local taxes of any kind, domestic or foreign, required by law or regulation to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related federal, state and local taxes, domestic or foreign, to be withheld and applied to the tax obligations. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of Shares or by delivering already owned unrestricted Shares, in each case, having a value equal to the amount required to be withheld or other greater amount not exceeding the maximum statutory rate required to be collected on the transaction under applicable law, as applicable to the Participant, if such other greater amount would not, as determined by the Administrator, result in adverse financial accounting treatment (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09). Such Shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an Award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award (including by a "net exercise" or broker assisted "cashless" exercise procedure approved by the Administrator).

**Section 17.** **Certain Forfeitures.** 

The Administrator may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to the applicable vesting conditions of an Award. Such events may include, without limitation, breach of any non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in an Award Agreement or that are otherwise applicable to the Participant, a termination of the Participant's employment for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and its Subsidiaries and/or its Affiliates.

**Section 18.** **Dividends; Dividend Equivalents.**

Notwithstanding anything in this Plan to the contrary, to the extent that an Award contains a right to receive dividends or dividend equivalents while such Award remains unvested, such dividends or dividend equivalents will be accumulated and paid once and to the extent that the underlying Award vests.

**Section 19.** **Non-United States Employees.** 

Without amending the Plan, the Administrator may grant Awards to eligible persons residing in non-United States jurisdictions on such terms and conditions different from those specified in the Plan, including the terms of any award agreement or plan, adopted by the Company or any Subsidiary thereof to comply with, or take advantage of favorable tax or other treatment available under, the laws of any non-United States jurisdiction, as may in the judgment of the Administrator be necessary or desirable to foster and promote achievement of the purposes of the Plan and, in furtherance of such purposes the Administrator may make such modifications, amendments, procedures, sub-plans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees.

**Section 20.** **Transfer of Awards.**

No purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a "<u>Transfer</u>") by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator, and other than by will or by the laws of descent and distribution. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void *ab initio*, and shall not create any obligation or liability of the Company, and any person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant's guardian or legal representative. Under no circumstances will a Participant be permitted to transfer an Option or Stock Appreciation Right to a third-party financial institution without prior stockholder approval.

**Section 21.** **Continued Employment.**

The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued employment or service with the Company or an Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or an Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.

**Section 22.** **Effective Date.**

The Plan was adopted by the Board on December 12, 2025 and approved by the Company's stockholders on December 12, 2025 (the "<u>Effective Date</u>"). The Plan shall remain in effect until terminated by the Board; *provided*, *however*, that no Awards may be granted under the Plan after the tenth (10<sup>th</sup>) anniversary of the earlier of (a) the date the Plan is adopted by the Board or (b) the Effective Date. Notwithstanding the foregoing, Awards granted prior to such date shall remain outstanding in accordance with their terms.

**Section 23.** **Code Section 409A.**

The intent of the parties is that payments and benefits under the Plan be either exempt from Code Section 409A or comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered consistent with such intent. Any payments described in the Plan that are due within the "short-term deferral period" as defined in Code Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided upon a "separation from service" to a Participant who is a "specified employee" shall be paid on the first business day after the date that is six (6) months following the Participant's separation from service (or upon the Participant's death, if earlier). In addition, for purposes of the Plan, each amount to be paid or benefit to be provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Code Section 409A, shall be construed as a separate identified payment for purposes of Code Section 409A. Nothing contained in the Plan or an Award Agreement shall be construed as a guarantee of any particular tax effect with respect to an Award. The Company does not guarantee that any Awards provided under the Plan will be exempt from or in compliance with the provisions of Code Section 409A, and in no event will the Company be liable for any or all portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of any Award being subject to, but not in compliance with, Code Section 409A.

**Section 24.** **Code Section 280G.**

The benefits that a Participant may be entitled to receive under the Plan and other benefits that a Participant is entitled to receive under other plans, agreements, and arrangements of the Company, may constitute "parachute payments" that are subject to Sections 280G and 4999 of the Code. Such "parachute payments" will be reduced if, and only to the extent that, a reduction will allow a Participant to receive a greater net after-tax amount than such Participant would receive absent a reduction.

**Section 25.** **Compliance with Laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Company to settle Awards in Shares or other consideration shall be subject to (i) all applicable laws, rules, and regulations, (ii) such approvals as may be required by governmental agencies or the applicable national securities exchange on which the Shares may be admitted, and (iii) policies maintained by the Company from time to time in order to comply with applicable laws, rules, regulations and corporate governance requirements, including, without limitation, with respect to insider trading restrictions. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Shares pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Shares to be offered or sold under the Plan. The Administrator shall have the authority to provide that all Shares or other securities of the Company issued under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted and any other applicable federal, state, local or non-U.S. laws, rules, regulations and other requirements, and the Administrator may cause a legend or legends to be put on certificates representing Shares or other securities of the Company issued under the Plan to make appropriate reference to such restrictions or may cause such Shares or other securities of the Company issued under the Plan in book-entry form to be held subject to the Company's instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it, in its sole discretion, deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of Shares from the public markets, the Company's issuance of Shares to the Participant, the Participant's acquisition of Shares from the Company and/or the Participant's sale of Shares to the public markets, illegal, impracticable or inadvisable. If the Administrator determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Code Section 409A, (i) pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the Shares would have been vested or issued, as applicable), over (B) the aggregate Exercise Price (in the case of an Option or Stock Appreciation Right) or any amount payable as a condition of issuance of Shares (in the case of any other Award), and such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof, or (ii) in the case of Restricted Stock, Restricted Stock Units or Other Share-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Share-Based Awards, or the underlying Shares in respect thereof.

**Section 26.** **Erroneously Awarded Compensation.**

The Plan and all Awards issued hereunder shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act or the Exchange Act, or to comport with good corporate governance practices, as such policies may be amended from time to time.

**Section 27.** **Electronic Delivery of Plan Information and Electronic Signatures**

To the extent permitted by applicable law, the Company may deliver by email or other electronic means (including posting on a website maintained by the Company or by a third party under contract with the Company) all documents relating to the Plan or any Award thereunder (including without limitation, prospectuses required by applicable securities law) and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports and proxy statements). To the extent permitted by applicable law, the Participant's execution of an Award Agreement may be made by electronic facsimile or other method of recording of the Participant's signature in a manner that is acceptable to the Administrator.

**Section 28.** **Governing Law.**

The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.

**Section 29.** **Plan Document Controls.**

The Plan and each Award Agreement together constitute the entire agreement with respect to the subject matter hereof and thereof; *provided*, that in the event of any inconsistency between the Plan and such Award Agreement, the terms and conditions of the Plan shall control.

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of the Registrant**

Set forth below is a list of subsidiaries of Integrated Rail & Resources Inc. (the "Registrant") Other than as set forth below, all of the subsidiaries listed below are wholly-owned subsidiaries of the Registrant and are owned directly by the Registrant.

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Jurisdiction of Formation** | **Percentage of Ownership** |
| Integrated Rail and Resources Acquisition Corp | Delaware | 100% |
| Tar Sands Holdings II, LLC | Utah | 100% |

---

## Exhibit 99.2

**Exhibit 99.2**

**TAR SANDS HOLDINGS II, LLC**

**FINANCIAL STATEMENTS**

Nine Months Ended September 30, 2025 and 2024

**TAR SANDS HOLDINGS II, LLC**

**BALANCE SHEETS**

September 30, 2025 and December 31, 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **<u>ASSETS</u>** |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3511 | $3961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT ASSETS | 3511 | 3961 |
| Right of use asset | 38930 | 39962 |
| Restricted cash and cash equivalents | 811084 | 807084 |
| Land | 7500000 | 7500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $8353525 | $8351007 |
| **<u>LIABILITIES</u>** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $36000 | $40000 |
| &nbsp;&nbsp;&nbsp;Lease liability, current | 3530 | 3530 |
| &nbsp;&nbsp;&nbsp;Note payable, related party | 2980068 | 2711834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT LIABILITIES | 3019598 | 2755364 |
| &nbsp;&nbsp;&nbsp;Surety reclamation deposit | 308848 | 308848 |
| &nbsp;&nbsp;&nbsp;Asset retirement obligations | 547220 | 518225 |
| &nbsp;&nbsp;&nbsp;Lease liability | 35727 | 36774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 3911393 | 3619211 |
| Commitments and contingencies (Note 7) |  |  |
| **<u>MEMBERS' EQUITY</u>** |  |  |
| MEMBERS' EQUITY | 4442132 | 4731796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL MEMBERS' EQUITY | 4442132 | 4731796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND MEMBERS' EQUITY | $8353525 | $8351007 |

---

See Accompanying Notes to Financial Statements

**TAR SANDS HOLDINGS II, LLC**

**STATEMENTS OF OPERATIONS**

Nine Months Ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| RENTAL REVENUE | $20000 | $18000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL REVENUE | 20000 | 18000 |
| OPERATING EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;Salary and wages | 61744 | 54177 |
| &nbsp;&nbsp;&nbsp;Property tax | 43580 | 30000 |
| &nbsp;&nbsp;&nbsp;Accretion expense | 28995 | 26982 |
| &nbsp;&nbsp;&nbsp;Professional fees | 145728 | 71955 |
| &nbsp;&nbsp;&nbsp;Other expenses | 29617 | 80143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OPERATING EXPENSES | 309664 | 263257 |
| LOSS FROM OPERATIONS | (289664) | (245257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET LOSS | $(289664) | $(245257) |
| Net loss per member unit |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted | (28966.40) | (24525.70) |
| Weighted average number of member units outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 10 | 10 |

---

See Accompanying Notes to Financial Statements

**TAR SANDS HOLDINGS II, LLC**

**STATEMENT OF MEMBERS' EQUITY**

Nine Months Ended September 30, 2025 and 2024

---

| | |
|:---|:---|
|  | **Total Members' <br> Equity** |
| Balance, December 31, 2023 | $5214422 |
| Member contributions | 1475000 |
| Member distributions | (1550000) |
| Net loss | (245257) |
| Balance, September 30, 2024 | $4894165 |
| Balance, December 31, 2024 | $4731796 |
| Net loss | (289664) |
| Balance, September 30, 2025 | $4442132 |

---

See Accompanying Notes to Financial Statements

**TAR SANDS HOLDINGS II, LLC**

**STATEMENTS OF CASH FLOWS**

Nine Months Ended September 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(289664) | $(245257) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash flows used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right of use asset | 1032 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | 28995 | 26982 |
| &nbsp;&nbsp;&nbsp;Increase / decrease in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (4000) | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability | (1047) | (1318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH FLOWS USED IN OPERATING ACTIVITIES | (264684) | (187848) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings on note payable, related party | 268234 | 201426 |
| &nbsp;&nbsp;&nbsp;Capital Contributions |  | 1475000 |
| &nbsp;&nbsp;&nbsp;Capital Distributions | - | (1550000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 268234 | 126426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 3550 | (61422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD | 811045 | 874006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD | $814595 | $812584 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for income taxes | $- | $- |
| &nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $- | $- |

---

See Accompanying Notes to Financial Statements

**TAR SANDS HOLDINGS II, LLC**

**NOTES TO FINANCIAL STATEMENTS**

(1) <u>Summary of significant accounting policies</u>

**Organization and description of business** – Tar Sands Holdings II, LLC (the "Company") was formed in 2013 and operated as an open pit tar sands mine, mining bitumen from the tar sands on the property. Mining operations were in the Vernal, Utah area. The operations were ceased in December 2015, due to the economics of the tar sands mining industry. The Company leases unimproved land to certain lessees as a means of utilizing the land.

**Use of estimates** – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

**Cash and cash equivalents** – The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

Restricted cash and cash equivalents are amounts that are reserved to satisfy surety requirements from the Utah Department of Natural Resources, Division of Oil Gas and Mining. The Company does not have a surety bond in place, these funds are reserved to satisfy the bond requirements. Due to the long term nature of the surety obligation, these funds have been classified as a non-current asset.

---

| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31, <br> 2024** |
| Unrestricted cash and cash equivalents | $3511 | $3961 |
| Restricted cash and cash equivalents | 811084 | 807084 |
| Total cash and cash equivalents | $814595 | $811045 |

---

**Property and equipment** – Property and equipment are recorded at cost less accumulated depreciation and amortization. Costs of maintenance, repairs and minor replacements are charged to expense as incurred. Significant renewals and betterments that are more than $5,000 and extend the useful lives of the assets are capitalized. The cost and related accumulated depreciation applicable to assets retired or sold are removed upon disposal and any resulting gain or loss is recognized in operations.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends, and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment, there was no impairment amount for the nine months ended September 30, 2025 and 2024.

Depreciation of property and equipment are computed using the straight-line method for all assets over their estimated useful lives.

**TAR SANDS HOLDINGS II, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**Revenue recognition** – Revenue primarily consists of fees related to the Company leasing unimproved land to certain lessees. There are no costs associated with the operating leases, the Company does not provide services, facilities, or improvements for the land leases. The Company recognizes rental revenue over the respective lease period (measured on a monthly basis) in accordance with Topic 842. The collectability of these payments are considered probable as lease payments are generally received the same month of the lease term. The terms of the rental revenue amount received are defined in the lease agreement with the lessee.

**Fair value of financial instruments** – The carrying values of cash and cash equivalents, and accounts payable approximate their estimated fair values due to the short maturities of these instruments.

**Note payable** – Notes payable are classified as a current liability if they mature within one year of the balance sheet date or if they are due upon demand. Portions of the note that mature in more than one year are classified as long term liabilities. The Company accrues interest in accordance with the terms of the note agreement.

**Other expenses** – Other expenses include miscellaneous operating expenses related to maintaining the property for items such as utilities and insurance. Such expenses are accrued as incurred.

**Professional expenses** – Professional expenses include fees paid for accounting, legal, and financial consulting services. These expenses are related to the acquisition of the Company by potential buyers. Such expenses are accrued as incurred.

**Income taxes** – The Company is a limited liability company under provisions of the Internal Revenue Code and elected to be treated as a partnership for income tax purposes. As such, the payment and recognition of income taxes are the responsibility of the members of the Company.

The Company files income tax returns in the U.S. federal and state jurisdictions as required. A tax benefit from an uncertain tax position may only be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions for any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold upon recognition. Interest and penalties, if any, would be reflected in income tax expense as incurred. The Company evaluates their uncertain tax positions, if any, on a continual basis through review of their policies and procedures, review of their regular tax filings, and discussions with outside experts. The Company does not believe they have any uncertain tax positions that are material to the Company's financial statements as of September 30, 2025. The Company's previous three years of income tax returns generally remain subject to examination by the IRS for U.S. federal income tax purposes.

**Going concern** – The Company follows the guidance in ASC Topic 205-40, *Presentation of Financial Statements – Going Concern*, which requires management to assess an entity's ability to continue as a going concern and to provide related disclosure in certain circumstances. See note 2 for further consideration regarding the Company's ability to continue as a going concern.

**Recently adopted accounting pronouncements, taxes** - In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which will require the company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023- 09 will become effective for Annual periods beginning after December 15, 2024. The company is still reviewing the impact of ASU 2023-09.

**TAR SANDS HOLDINGS II, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**Recently adopted accounting pronouncements, segments –** In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which requires specific disclosures related to the title and position of the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements.

(2) <u>Going concern</u>

The Company incurred a net loss from operations of $289,664 and $245,257 for the nine months ended September 30, 2025 and 2024, respectively, and has had no substantial revenue generating operations during these periods. As of September 30, 2025, the Company had net current liabilities of $3,019,598 and current assets of $3,511. As of September 30, 2025, loans from the owner of the Company totaled $2,980,068. These loans have been used to fund ongoing operations of the Company.

The Company is forecasting that it will continue to incur negative operating cash flows and rely on notes payable from a related party to meet all of its obligations. As such, the ability of the Company to continue as a going concern is principally dependent on one of more of the following: (1) successful completion of the Business Combination as described below; (2) the ability of the Company to increase cash flows from current operating activities and new operating activities; and (3) the ability of the Company to raise fundings as and when necessary from the owner of the Company.

As a result of the above, there is material uncertainty related to events or conditions that cause significant doubt on the Company's ability to continue as a going concern, and therefore, that the Company is unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

In August 2024, the Company announced entering into a Business Combination Agreement with Integrated Rail and Resources Acquisition Corp. (IRRX). The transaction would lead to a merger and subsequent NASDAQ listing. The Company is currently in negotiations with IRRX to be an anchor feedstock supplier and product off-taker. The transaction is subject to regulatory approvals, IRRX shareholder approval, and other closing conditions.

**TAR SANDS HOLDINGS II, LLC**

**NOTES TO FINANCIAL STATEMENTS**

If this Business Combination Agreement with IRRX is not executed, then the Company would remain reliant on the current owners to continue to finance the operations of the Company as management works on a plan to increase cash flows from current operating activities and determines whether there are new operating activities that would be profitable for the Company to pursue.

(3) <u>Asset retirement obligations</u>

The Company has an asset retirement obligation for the estimated environmental remediation costs required in the retirement of the mine. The obligation arises from a legal requirement to fill in and restore the quarry after extraction operations have stopped. The obligation to perform the asset retirement activity is unconditional even though there may be uncertainty about whether and how the obligation will ultimately be settled. The obligation is determined through obtaining an independent environmental study to assess the costs associated with the retirement of the mine.

---

| | |
|:---|:---|
| **Asset Retirement Obligations** | |
| December 31, 2023 | $482248 |
| Accretion | 26982 |
| September 30, 2024 | $509230 |
| December 31, 2024 | $518225 |
| Accretion | 28995 |
| September 30, 2025 | $547220 |

---

The Company recorded an initial liability for the expected retirement costs of the tangible long-lived asset. The future estimated reclamation costs was determined to be $796,000. This balance was discounted over an estimated life of 10 years using a credit adjusted risk free rate of 7.46%. Additional expense for the asset retirement obligation is accreted over the life of the obligation.

(4) <u>Note payable</u>

The Company has a note payable to the majority owner of the Company. The note payable has an agreed upon interest rate of 0% and does not have formal repayment terms and required monthly payments. The note is repaid on a periodic basis using any excess cash obtained through rental operations of the entity. During the nine months ended September 30, 2025 the Company borrowed $268,234 on the note payable. During the nine months ended September 30, 2024 the Company borrowed $201,426 on the note payable. As of September 30, 2025 and December 31, 2024 the Company had an outstanding balance of $2,980,068 and $2,711,834, respectively, on the note payable. The note is classified as a demand note for financial reporting purposes and is classified in current liabilities.

(5) <u>Operating leases</u>

The Company has entered into certain operating lease agreements to operate a flare stack and pipeline on certain Trust Lands located in Uintah County, Utah. The terms of the lease agreement has a maturity date of 20 years.

**TAR SANDS HOLDINGS II, LLC**

**NOTES TO FINANCIAL STATEMENTS**

On January 1, 2022, the Company adopted ASC 842 for their operating leases. The Company has evaluated their lease and determined they are not reasonably certain to exercise any option to extend their lease. Therefore, no options to extend are included in the calculation of the right-of-use asset and lease liability. The Company's lease does not contain any material residual value guarantees or material restrictive covenants.

On January 1, 2022, the Company recorded $46,192 right-of-use assets in exchange for operating lease obligations in the same amount. The Company's estimated incremental borrowing cost of 5.30% was used as the discount rate in calculating the right-of-use assets and lease liabilities on January 1, 2022. As of September 30, 2025 and 2024, the remaining weighted average lease term is 16.25 and 17.25 years for operating leases.

The Company makes one payment per year on the lease. Future payments under leases, as of September 30, 2025 are as follows:

---

| | |
|:---|:---|
| **Fiscal Year** |  |
| &nbsp;&nbsp;&nbsp;2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;2026 | 3530 |
| &nbsp;&nbsp;&nbsp;2027 | 3530 |
| &nbsp;&nbsp;&nbsp;2028 | 3530 |
| &nbsp;&nbsp;&nbsp;2029 | 3530 |
| &nbsp;&nbsp;&nbsp;Thereafter | 45890 |
| Total | 60010 |
| Less imputed interest | (20753) |
| Total lease liability at September 30, 2025 | $39257 |

---

(6) <u>Surety reclamation deposit</u>

The Company received an initial cash deposit of $308,848 from the Utah Department of Natural Resources at the time the current owners took over the Company in 2013. The management team believes the Utah Department of Natural Resources has recourse on this deposit upon a corporate transaction event resulting in a change in ownership. The surety claim deposit is classified as a long-term liability for financial statement purposes.

(7) <u>Contingencies</u>

The Company may be involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's financial position or results of operations.

The Company is subject to various environmental regulations and operating requirements. In the opinion of management, there are no violations of these legal requirements that would have a material adverse effect on the Company's financial position or results of operations.

(8) <u>Concentration</u>

The Company has a concentration of customers in their lease activities. During 2025 and 2024, all leasing revenue was obtained from one customer.

**TAR SANDS HOLDINGS II, LLC**

**NOTES TO FINANCIAL STATEMENTS**

(9) <u>Member Transaction</u>

In September 2024, the Company finalized a transaction in which the majority owner of the Company acquired 100% of the outstanding equity interests of the Company. Effective September 30, 2024, the Company is wholly owned by Endeavor Capital Group. As the majority owner of the Company already had control of the Company, there is no change in basis for financial statement reporting purposes.

(10) <u>Litigation</u>

On September 6, 2024, Tyr Energy Utah Logistics, LLC ("Tyr Energy") filed suit in the County Court at Law, Number 1, Nueces County, Texas against IRRX, the Sponsor and certain affiliates of the Sponsor, asserting claims for breach of and tortious interference with a non-disclosure and non-circumvention agreement in connection with the public announcement of the proposed Business Combination, for which Tyr Energy seeks a temporary restraining order and temporary injunction. The Sponsor and its affiliates have specially appeared to dispute specific personal jurisdiction, and all defendants, including IRRX, vehemently dispute liability and intend to vigorously defend against Tyr Energy's claims.

(11) <u>Segment</u>

In accordance with ASC Topic 280 – "Segment Reporting (ASC 280)," the Company has determined that it has a single operating and reporting segment. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

The Company operates through a single operating and reporting segment with an investment objective to generate current income. The CODM is the Company's chief executive officer and assesses the performance and makes operating decisions of the Company on a basis primarily based on the Company's net increase in shareholder's equity resulting from operations ("net income"). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the future operating needs of the Company. As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying balance sheets as "total assets" and the significant segment expenses are listed on the accompanying statements of operations.

(12) <u>Subsequent events</u>

The Company has evaluated subsequent events through December 18, 2025 the date the financial statements were available to be issued. There were no additional events that were required to be disclosed in the financial statements.

## Exhibit 99.3

**Exhibit 99.3**

**UNAUDITED PRO FORMA CONDENSED Financial statements**

 

*Defined terms included below have the same meaning as terms defined and included elsewhere in this Form 8-K, unless defined below.*

**Introduction**

The following unaudited pro forma condensed financial information of Integrated Rail presents the historical financial information of Integrated Rail, adjusted to give effect for the Asset Purchase from TSII. The following unaudited pro forma condensed financial information has been prepared in accordance with Article 11 of Regulation S-X.

The unaudited pro forma condensed balance sheet as of September 30, 2025 presents the historical balance sheet of Integrated Rail, adjusted to give effect to the purchase of the TSII assets as of September 30, 2025, on a pro forma basis as if the Transaction had been completed on September 30, 2025.

The unaudited pro forma statements of operations for the year ended December 31, 2024 and the nine months ended September 30, 2025 present the historical statement of operations of Integrated Rail for such period on a pro forma basis as if the Transaction had been consummated on January 1, 2024, the beginning of the annual period presented.

The unaudited pro forma condensed financial information has been derived from and should be read in conjunction with:

● the accompanying notes to the unaudited pro forma condensed financial information;

● the historical audited financial statements of Integrated Rail as of and for the year ended December 31, 2024 and the related notes thereto, included elsewhere in this Form 8-K;

● the historical audited financial statements of TSII as of and for the year ended December 31, 2024 and the related notes thereto, included elsewhere in this Form 8-K; and

● the historical audited financial statements of Holdings as of December 31, 2024 and for the period from November 6, 2024 (inception) through December 31, 2024 and the related notes thereto, included elsewhere in this Form 8-K; and

● the historical unaudited financial statements of Integrated Rail as of and for the nine months ended September 30, 2025 and the related notes thereto, included elsewhere in this Form 8-K; and

● the historical unaudited financial statements of TSII as of and for the nine months ended September 30, 2025 and the related notes thereto, included elsewhere in this Form 8-K; and

● the historical audited financial statements of Holdings as of and for the nine months ended September 30, 2025 and the related notes thereto, included elsewhere in this Form 8-K; and

● the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Integrated Rail*" and other financial information relating to Integrated Rail and TSII included elsewhere in this Form 8-K, including the Agreement and Plan of Merger.

The unaudited pro forma condensed financial information has been presented for illustrative purposes only and does not necessarily reflect what Integrated Rail's financial condition or results of operations would have been had the Transaction occurred on the dates indicated.

Further, the unaudited pro forma condensed financial information also may not be useful in predicting the future financial condition and results of operations of Integrated Rail. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. The unaudited transaction accounting adjustments represent management's estimates based on information available as of the date of this unaudited pro forma condensed combined financial information and are subject to change as additional information becomes available and analyses are performed. Assumptions and estimates underlying the unaudited pro forma adjustments set forth in the unaudited pro forma condensed financial information are described in the accompanying notes. Integrated Rail believes that the assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Transaction based on information available to management at this time and that the transaction accounting adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed financial information.

 ****

***The Merger Agreement***

On August 12, 2024, Integrated Rail entered into the Merger Agreement with Holdings, Lower Holdings, SPAC Merger Sub, Company Merger Sub, the Company and the Company Member Representative. Pursuant to the Merger Agreement, among other things, (i) SPAC Merger Sub will merge with and into SPAC, with SPAC continuing as the surviving entity and a wholly owned subsidiary of Holdings and (ii) Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity and a wholly owned subsidiary of Lower Holdings.

Further, at the Effective Time, by virtue of the Company Merger, and without any action on the part of any Party or any action on the part of the holders of securities of any Party: (i) each issued and outstanding Company Membership Interest (other than the Rollover Interests) shall be converted automatically into, and thereafter represent, the right to receive, and the holder of such Company Membership Interest shall be entitled to receive the Company Merger Consideration and (ii) all of the limited liability company interests of Company Merger Sub that are issued and outstanding immediately prior to the Effective Time shall thereupon be converted into and become one Surviving Company Unit.

By virtue of the SPAC Merger and without any action on the part of any Party or any action on the part of the holders of securities of any Party: (i) immediately prior to the Effective Time, (a) every issued and outstanding SPAC Unit shall be automatically separated into one share of SPAC Class A Common Stock and one-half of one SPAC Public Warrant, in accordance with the terms of the applicable SPAC Unit; (b) each share of SPAC Common Stock issued and outstanding as of the Effective Time shall, at the Effective Time, be converted automatically into and thereafter represent the right to receive one share of Holdings Common Stock, following which all shares of SPAC Common Stock shall cease to be outstanding and shall automatically be canceled and shall cease to exist; and (ii) at the Effective Time, (a) and pursuant to the SPAC Warrant Agreement, as amended by the Warrant Amendment, each issued and outstanding SPAC Public Warrant and SPAC Private Warrant shall be converted into one Holdings Public Warrant and one Holdings Private Warrant, respectively and such Holdings Warrants shall have and be subject to substantially the same terms and conditions set forth in the SPAC Warrant Agreement (and in the SPAC Private Warrants Purchase Agreement, in the case of the Holdings Private Warrants), except as set forth in the Warrant Amendment; (b) if there are any shares of capital stock of SPAC that are owned by SPAC as treasury shares, such shares shall be canceled and extinguished without any conversion thereof or consideration therefor; and (c) each share of common stock of SPAC Merger Sub outstanding immediately prior to the Effective Time shall be converted into an equal number of shares of common stock of SPAC Surviving Subsidiary, with the same rights, powers and privileges as the shares so converted, and such shares shall constitute the only outstanding shares of capital stock of SPAC Surviving Subsidiary.

Additionally, at the Effective Time, by virtue of the Mergers and without any action on the part of any Party or any action on the part of the holders of securities of any Party, all of the shares of Holdings issued and outstanding immediately prior to the Effective Time (other than the Company Common Stock Consideration) shall be canceled and extinguished without any conversion thereof or consideration therefor.

The Merger Agreement provides that immediately prior to the Closing, and pursuant to the Rollover Agreement to be entered into the Company Members and Holdings, the Company Members will contribute the Rollover Interests to Holdings in exchange for the Company Common Stock Consideration. At the Effective Time, each issued and outstanding Company Membership Interest (other than Rollover Interests) will be converted into the right to receive the Company Merger Consideration, which is the Promissory Note in the original principal amount of $12,000,000 issued by Holdings to the sole member of the Company.

Under the Merger Agreement, as amended, the parties may pursue financing prior to Closing on mutually agreeable terms, and each of the Company, SPAC and Holdings will use their commercially reasonable best efforts in that regard and a cashless Closing is permitted. If any 'Available Closing Date Cash' is present at Closing, Holdings and Lower Holdings will use a portion of such cash, if any, to pay Outstanding Company Expenses and Outstanding SPAC Expenses as provided in the Merger Agreement. Upon the consummation of the Business Combination, Holdings will become the public reporting company and will be renamed Integrated Rail & Resources Inc.

 ****

 ****

***Anticipated Accounting Treatment***

The transaction between Integrated Rail and TSII is expected to be accounted for as an asset acquisition, in accordance with the accounting requirements under ASC 805-10-55, substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, as such the transaction is not considered an acquisition of a business. In accordance with ASC 805-50-30-3, the Company concluded that it would allocate the cost associated with the asset acquisition to the individual assets acquired and/or liabilities assumed, based on their relative fair values. The acquired property includes 760 acres of land, multiple oil tanks and storage facilities, and an asphalt processing facility that while they are not currently being used, these facilities remain functional. The historical financial statements have impaired these assets due to management's intention to no longer operate the facility. The purchase price allocation was first allocated to tangible assets acquired, primarily using a replacement cost allocation methodology for property, plant, and equipment acquired. Under this methodology there was no residual purchase price to allocate to intangible assets that may be associated with the asset acquisition. The Company measured the fair value in accordance with ASC 820.

 ****

***Basis of Pro Forma Presentation***

The unaudited pro forma financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." The adjustments in the unaudited pro forma financial information have been identified and presented to provide relevant information necessary for an illustrative understanding of Integrated Rail upon consummation of the Transaction and the other events contemplated by the Merger Agreement in accordance with U.S. GAAP.

The unaudited pro forma condensed financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results and financial position that would have been achieved had the Transaction occurred on the dates indicated, and does not reflect adjustments for any anticipated synergies, operating efficiencies, tax savings or cost savings. Any cash proceeds remaining after the consummation of the Transaction and the other events contemplated by the Purchase Agreement are expected to be used for general corporate purposes. Further, the unaudited pro forma condensed financial information does not purport to project the future operating results or financial position of Integrated Rail following the consummation of the Transaction. The unaudited pro forma adjustments represent management's estimates based on information available as of the date of the unaudited pro forma condensed financial information and are subject to change as additional information becomes available and analyses are performed.

For illustrative purposes, the unaudited pro forma condensed financial information reflect the actual redemption resulting in 25,561 SPAC Public Stockholders did not redeem their share.

The following table sets out share ownership of SPAC Common Stock on a Pro Forma basis assuming the No Additional Redemptions Scenario and the Maximum Redemptions Scenario and the assumption that the Anticipated Financing will be funded assuming 100% in equity:

---

| | | |
|:---|:---|:---|
|  | **No Additional <br> Redemption <br> Scenario** | **% <br> holding** |
| TSII shareholders | 800000 | 12.2% |
| SPAC shareholders<sup>(1)(3)</sup> | 25561 | 0.4% |
| Sponsor and underwriter<sup>(1)</sup> | 5750000 | 87.4% |
| Total shares outstanding<sup>(2)</sup> | 6575561 | 100% |

---

(1) This amount excludes 9,400,000 private warrants and 11,500,000
public warrants outstanding of SPAC.

(2) This amount excludes the shares issuable under the exchange
for the October 2024 convertible note of 355,000 and the October 2025 convertible note of 60,000 shares.

(3) This amount excludes the 224,098 shares redeemed by the SPAC
Public shareholders on May 13, 2025, June 13, 2025 and September 13, 2025.

**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET** 

**AS OF SEPTEMBER 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Actual<br> Redemption** | **Actual<br> Redemption** |
|  |<br>**Holdings<br> (Historical)** |<br>**TSII<br> (Historical)** |<br>**IRRX<br> (Historical)** | **Transaction<br> Accounting<br> Adjustments** | **Pro Forma<br> Combined** |
| **ASSETS** | | | | | |
| **Current assets** | | | | | |
| Cash and cash equivalents | $— | $3511 | $4458 | $395745 **A** | $703714 |
|  |  |  |  | 300000 **L** |  |
| &nbsp;&nbsp;&nbsp;**Total current assets** | **—** | **3511** | **4458** | **695745** | **703714** |
| **Non-current assets** |  |  |  |  |  |
| Right of use asset |  | 38930 |  |  | 38930 |
| Restricted cash and cash equivalents |  | 811084 |  |  | 811084 |
| Property plant and equipment |  |  |  | 16437804 **C** | 16437804 |
| Land |  | 7500000 |  | 662196 **C** | 8162196 |
| Investments held in Trust Account |  |  | 673027 | (395746) **A** |  |
|  |  |  |  | (279509) **M** |  |
|  |  |  |  | 1 **G** |  |
|  |  |  |  | 2227 **H** |  |
| &nbsp;&nbsp;&nbsp;**Total non-current assets** |  | 8350014 | 673027 | **16426973** | 25450014 |
| **Total assets** | $**—** | $**8353525** | $**677485** | $**17122718** | $**26153728** |
| **LIABILITIES** |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |
| Trade and other payables | $3382 | $36000 | $3451272 | (77800) **C** | $8314483 |
|  |  |  |  | 4901629 **B** |  |
| Lease liabilities |  | 3530 |  |  | 3530 |
| Notes payable – related party |  | 2980068 |  | (2980068) **C** |  |
| Accrued franchise tax |  |  | 6088 |  | 6088 |
| Redemption payable |  |  | 233794 | (233794) **M** |  |
| Accrued excise tax |  |  | 3145785 |  | 3145785 |
| Income tax payable |  |  | 289815 | (45715) **M** | 244100 |
| Advance from related party | 9500 |  | 100770 |  | 110270 |
| Promissory note – sponsor |  |  | 5393225 |  | 5393225 |
| Promissory note – related party |  |  | 2054710 |  | 2054710 |
| Company Merger consideration |  |  |  | 12000000 **C** | 12000000 |
| Convertible note |  |  | 1490459 | 600000 **L** | 2090459 |
| Conversion event liability |  |  | 688414 | 198393 **L** | 886807 |
| Working Capital Loan – related party |  |  | 17935 |  | 17935 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | **12882** | **3019598** | **16872267** | **14362645** | **34267392** |
| **Non-current liabilities** |  |  |  |  |  |
| Surety reclamation deposit |  | 308848 |  |  | 308848 |
| Asset retirement obligation |  | 547220 |  |  | 547220 |
| Lease liabilities |  | 35727 |  |  | 35727 |
| Deferred underwriting commissions |  |  | 8050000 | (8050000) **B** |  |
| Warrant liabilities |  |  | 6688000 | (3680000) **K** | 3008000 |
| &nbsp;&nbsp;&nbsp;**Total non-current liabilities** |  | 891795 | 14738000 | **(11730000)** | 3899795 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **12882** | **3911393** | **31610267** | **2632645** | **38167187** |
| Class A common stock subject to possible redemption |  |  | 395746 | (395746) **D** |  |
| **EQUITY** |  |  |  |  |  |
| TSII membership |  | 4442132 |  | (4442132) **C** |  |
| Holdings Class A common stock |  |  | 575 | 50 **C** | 657 |
|  |  |  |  | 2 **D** |  |
| Additional paid-in capital |  |  |  | 4792186 **B** | 16867850 |
|  |  |  |  | 7999920 **C** |  |
|  |  |  |  | 395744 **D** |  |
|  |  |  |  | 3680000 **K** |  |
| Accumulated deficit | (12882) |  | (31329103) | (1643815) **B** | (28881966) |
|  |  |  |  | 4600000 **C** |  |
|  |  |  |  | 2227 **H** |  |
|  |  |  |  | (498393) **L** |  |
| &nbsp;&nbsp;&nbsp;**Total equity** | **(12882)** | **4442132** | **(31328528** | **14885819** | **(12013459)** |
| **Total equity and liabilities** | $**—** | $**8353525** | $**677485** | $**17122718** | $**26153728** |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS<br> FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Actual <br> Redemption** | **Actual <br> Redemption** |
|  |<br>**Holdings <br> (Historical)** |<br>**TSII <br> (Historical)** |<br>**IRRX <br> (Historical)** | **Transaction<br> Accounting<br> Adjustments** | **Pro Forma <br> Combined** |
| Revenue | $— | $20000 | $— | $— | $20000 |
| Total revenue |  | 20000 |  |  | 20000 |
| Salary and wages |  | 61744 |  |  | 61744 |
| Property tax |  | 43580 |  |  | 43580 |
| Accretion expense |  | 28995 |  |  | 28995 |
| Depreciation and amortization |  |  |  | 1574686 **CC** | 1574686 |
| Professional fees |  | 145728 |  |  | 145728 |
| Other expenses |  | 29617 |  |  | 29617 |
| General and administrative | 2000 |  | 2401679 | 120000 **BB** | 2523679 |
| Operating loss | (2000) | (289664) | (2401679) | (1694686) | (4388029) |
| Other income (expense) |  |  |  |  |  |
| Interest expense |  |  | (235397) |  | (235397) |
| Change in fair value of warrant liability |  |  | (2508000) | 1380000 **DD** | (1128000) |
| Change in fair value of promissory note conversion option |  |  | (3527) |  | (3527) |
| Excise tax interest and penalties |  |  | (466319) |  | (466319) |
| Interest income on marketable securities held in Trust Account |  |  | 63598 | (63598) **AA** |  |
| (Loss) income before income tax expense | (2000) | (289664) | (5551324) | (378284) | (6221272) |
| Income tax expense |  |  | (11297) |  | (11297) |
| **Net (loss) income** | $**(2000)** | $**(289664)** | $**(5562621)** | $**(378284)** | $**(6232569)** |
| Net income (loss) per member unit | $(2000.00) | $(2896640) |  |  |  |
| Basic and diluted net loss per share, Class A common stock subject to possible redemption |  |  | $(0.94) |  |  |
| Basic and diluted net loss per share, Class B common stock |  |  | $(0.94) |  |  |
| Pro forma weighted average number of shares outstanding – basic and diluted |  |  |  |  | 6575561 |
| Pro forma earnings per share – basic and diluted |  |  |  |  | $(0.95) |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED Statement of operations<br> for the year ended december 31, 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | **Actual<br> Redemption** | **Actual<br> Redemption** |
|  |<br>**Holdings <br> (Historical)** |<br>**TSII <br> (Historical)** |<br>**IRRX <br> (Historical)** | **Transaction <br> Accounting <br> Adjustments** | **Pro Forma <br> Combined** |
| Revenue | $— | $24000 | $— | $— | $24000 |
| Total revenue |  | 24000 |  |  | 24000 |
| Salary and wages |  | 73541 |  |  | 73541 |
| Property tax |  | 40000 |  |  | 40000 |
| Accretion expense |  | 35977 |  |  | 35977 |
| Depreciation and amortization |  |  |  | 2099582 **CC** | 2099582 |
| Other expenses |  | 85118 |  |  | 85118 |
| General and administrative | 10882 | 196990 | 3054750 | (120000) **BB** | 3142622 |
| Operating loss | (10882) | (407626) | (3054750) | (1979582) | (5452840) |
| Other income (expense) |  |  |  |  |  |
| Interest expense |  |  | (422128) | (498393) **FF** | (920521) |
| Change in fair value of warrant liability |  |  | (2090000) | 1150000 **DD** | (940000) |
| Change in fair value of promissory note conversion option |  |  | (17821) |  | (17821) |
| Excise tax interest and penalties |  |  | (214457) |  | (214457) |
| Interest income on marketable securities held in Trust Account |  |  | 1438346 | (1438346) **AA** |  |
| (Loss) income before income tax expense | (10882) | (407626) | (4360810) | (2766321) | (7545639) |
| Income tax expense |  |  | (462092) |  | (462092) |
| **Net (loss) income** | $**(10882)** | $**(407626)** | $**(4822902)** | $**(2766321)** | $**(8007731)** |
| Net income (loss) per member unit | $(10882) | $(40762.60) |  |  |  |
| Basic and diluted net loss per share, Class A common stock subject to possible redemption |  |  | $(0.61) |  |  |
| Basic and diluted net loss per share, Class B common stock |  |  | $(0.61) |  |  |
| Pro forma weighted average number of shares outstanding – basic and diluted |  |  |  |  | 6575561 |
| Pro forma earnings per share – basic and diluted |  |  |  |  | $(1.22) |

---

**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED<br> FINANCIAL INFORMATION**

**Note 1 — Description of the Transaction**

On August 12, 2024, Integrated Rail entered into the Merger Agreement with Holdings, Lower Holdings, SPAC Merger Sub, Company Merger Sub, the Company and the Company Member Representative. Pursuant to the Merger Agreement, among other things, (i) SPAC Merger Sub will merge with and into SPAC, with SPAC continuing as the surviving entity and a wholly owned subsidiary of Holdings and (ii) Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity and a wholly owned subsidiary of Lower Holdings.

Further, at the Effective Time, by virtue of the Company Merger, and without any action on the part of any Party or any action on the part of the holders of securities of any Party: (i) each issued and outstanding Company Membership Interest (other than the Rollover Interests) shall be converted automatically into, and thereafter represent, the right to receive, and the holder of such Company Membership Interest shall be entitled to receive the Company Merger Consideration and (ii) all of the limited liability company interests of Company Merger Sub that are issued and outstanding immediately prior to the Effective Time shall thereupon be converted into and become one Surviving Company Unit.

By virtue of the SPAC Merger and without any action on the part of any Party or any action on the part of the holders of securities of any Party: (i) immediately prior to the Effective Time, (a) every issued and outstanding SPAC Unit shall be automatically separated into one share of SPAC Class A Common Stock and one-half of one SPAC Public Warrant, in accordance with the terms of the applicable SPAC Unit; (b) each share of SPAC Common Stock issued and outstanding as of the Effective Time shall, at the Effective Time, be converted automatically into and thereafter represent the right to receive one share of Holdings Common Stock, following which all shares of SPAC Common Stock shall cease to be outstanding and shall automatically be canceled and shall cease to exist; and (ii) at the Effective Time, (a) and pursuant to the SPAC Warrant Agreement, as amended by the Warrant Amendment, each issued and outstanding SPAC Public Warrant and SPAC Private Warrant shall be converted into one Holdings Public Warrant and one Holdings Private Warrant, respectively and such Holdings Warrants shall have and be subject to substantially the same terms and conditions set forth in the SPAC Warrant Agreement (and in the SPAC Private Warrants Purchase Agreement, in the case of the Holdings Private Warrants), except as set forth in the Warrant Amendment; (b) if there are any shares of capital stock of SPAC that are owned by SPAC as treasury shares, such shares shall be canceled and extinguished without any conversion thereof or consideration therefor; and (c) each share of common stock of SPAC Merger Sub outstanding immediately prior to the Effective Time shall be converted into an equal number of shares of common stock of SPAC Surviving Subsidiary, with the same rights, powers and privileges as the shares so converted, and such shares shall constitute the only outstanding shares of capital stock of SPAC Surviving Subsidiary.

Additionally, at the Effective Time, by virtue of the Mergers and without any action on the part of any Party or any action on the part of the holders of securities of any Party, all of the shares of Holdings that are issued and outstanding immediately prior to the Effective Time (other than the Company Common Stock Consideration) shall be canceled and extinguished without any conversion thereof or consideration therefor.

The Merger Agreement provides that immediately prior to the Closing, and pursuant to the Rollover Agreement to be entered into the Company Members and Holdings, the Company Members will contribute the Rollover Interests to Holdings in exchange for the Company Common Stock Consideration. At the Effective Time, each issued and outstanding Company Membership Interest (other than Rollover Interests) will be converted into the right to receive the Company Merger Consideration, which is the unsecured promissory note in the original principal amount of $12,000,000 issued by Holdings to the sole member of the Company.

Under the Merger Agreement, as amended, the parties may pursue financing prior to Closing on mutually agreeable terms, and each of the Company, SPAC and Holdings will use their commercially reasonable best efforts in that regard and a cashless Closing is permitted. If any 'Available Closing Date Cash' is present at Closing, Holdings and Lower Holdings will use a portion of such cash, if any, to pay Outstanding Company Expenses and Outstanding SPAC Expenses as provided in the Merger Agreement. Upon the consummation of the Business Combination, Holdings will become the public reporting company.

**Note 2 — Basis of the Presentation**

The unaudited pro forma financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." The adjustments in the unaudited pro forma financial information have been identified and presented to provide relevant information necessary for an illustrative understanding of Integrated Rail upon consummation of the Transaction and the other events contemplated by the Merger Agreement in accordance with U.S. GAAP.

The unaudited pro forma condensed financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results and financial position that would have been achieved had the Transaction occurred on the dates indicated, and does not reflect adjustments for any anticipated synergies, operating efficiencies, tax savings or cost savings. Any cash proceeds remaining after the consummation of the Transaction and the other events contemplated by the Purchase Agreement are expected to be used for general corporate purposes. Further, the unaudited pro forma condensed financial information does not purport to project the future operating results or financial position of Integrated Rail following the consummation of the Transaction. The unaudited pro forma adjustments represent management's estimates based on information available as of the date of the unaudited pro forma condensed financial information and are subject to change as additional information becomes available and analyses are performed.

The unaudited pro forma condensed financial information reflects actual redemptions of Class A Common Stock in connection with the Transaction.

**Anticipated Accounting Treatment**

The transaction between Integrated Rail and TSII is expected to be accounted for as an asset acquisition, in accordance with the accounting requirements under ASC 805-10-55, substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, as such the transaction is not considered an acquisition of a business. In accordance with ASC 805-50-30-3, the Company concluded that it would allocate the cost associated with the asset acquisition to the individual assets acquired and/or liabilities assumed, based on their relative fair values. The Company measured the fair value in accordance with ASC 820.

**Note 3 — Transaction Accounting Adjustments to the Integrated Rail Unaudited Pro Forma Condensed Balance Sheet as of September 30, 2025:**

The transaction accounting adjustments included in the unaudited pro forma condensed balance sheet as of September 30, 2025 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;A. Reflects the liquidation and reclassification of $0.40 million
of funds held in the Trust Account to cash that becomes available following the closing of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;B. Represents estimated transaction costs expected to be incurred
by Integrated Rail and TSII of approximately $7.6 million for legal, accounting and printing fees incurred as part of the Business Combination.
For the Integrated Rail transaction costs, $6.00 million of these fees including $1.75 million of the deferred underwriting fee will
be deferred until future financing is closed and $4.60 million are transaction costs to be capitalized (see adjustment C below). The
remaining $6.30 million of the deferred underwriting fee is being waived and allocated proportionally to the historical allocation of
transaction costs in SPAC's IPO, resulting in $6.04 million being applied to additional paid in capital and $0.05 million being
applied to accumulated deficit and $1.29 as a reduction to accrued expenses. TSII transaction costs of $1.25 million are expected to
be paid following the closing of the business combination and are reflected as an adjustment to additional paid-in capital. SPAC negotiated
with Stifel for a reduction of their underwriting fee from the original amount of $8 million to $1.75 million due to a correlated reduction
of the amount of cash in trust from the original IPO size of $230 million to the current cash in trust size of $0.68 million. This reduction
of the backend IPO underwriting fee is commensurate and pro rata with the redemptions of cash in trust that has occurred over the last
36 months.

&nbsp;&nbsp;&nbsp;&nbsp;C. Reflects the acquisition of TSII acquired in the transaction
under the terms of the Merger Agreement for (a) an Enterprise Value of $20 million, minus the Company Common Stock Consideration
Amount of $8 million, minus (b) the Closing Company Indebtedness which was $0, minus (c) Company Merger Consideration in the
original principal amount of $12 million. In addition, as noted above $4.60 million in transaction costs incurred by SPAC were capitalized
for total consideration of $24.01 million. The Company Merger Consideration Note is an no interest note with a maturity date of March
2026. ---

| | | |
|:---|:---|:---|
| **Category Description** | **Fair Value** | **Shares** |
| Common Stock | 8.00 | 800000 |
| Company Merger Consideration | 12.00 |  |
| Transaction costs | 4.60 |  |
| Total Consideration | $24.60 |  |

---

Below is the summary and allocation against the preliminary estimated of the purchase price to the assets acquired and liabilities assumed (in millions) as follows:

---

| | | |
|:---|:---|:---|
| **Category Description** | **Fair Value** | **Estimated <br> Remaining <br> Useful Life** |
| Buildings | $0.64 | 16 |
| Centrifuges | 1.28 | 4 |
| Columns | 3.91 | 16 |
| Conveyors | 0.28 | 4 |
| Crushers | 0.46 | 4 |
| Heat Exchangers | 1.59 | 5 |
| Pumps | 0.72 | 2 |
| Site Improvements | 0.07 | 4 |
| Tanks | 6.70 | 16 |
| Washers | 0.80 | 4 |
| &nbsp;&nbsp;&nbsp;**Plant and Equipment** | 16.44 |  |
| Land | 8.16 |  |
| &nbsp;&nbsp;&nbsp;**Total** | $24.60<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;**Net assets acquired** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Company applied a replacement cost approach in determining the fair value of the acquired property, plant, and equipment (PP&E). This methodology involved estimating the cost to replace each asset with a new asset of equivalent utility, adjusted for physical depreciation, functional obsolescence, and economic factors.

&nbsp;&nbsp;&nbsp;&nbsp;In accordance with ASC 805-50-30-3, the total purchase price was allocated based on the relative fair values of the acquired assets. The Company determined that all consideration was fully absorbed by the fair value of PP&E, with no residual amount available for allocation to identifiable intangible assets. This conclusion was based on the following factors: The allocation of fair value for the acquired assets has been performed on a pro rata basis, utilizing preliminary fair value estimates derived from the cost and market approaches. The total fair value of the identified assets reconciles to the purchase price, ensuring that the allocation accurately reflects the underlying value of the assets acquired. The Company assessed whether any identifiable intangible assets (such as trademarks, customer relationships, or proprietary technology) were separately recognizable under ASC 805 but concluded that none met the criteria for separate recognition.

<sup>1</sup> NOTE TO CALABRESE: Unsure how to reconcile.

&nbsp;&nbsp;&nbsp;&nbsp;D. Reflect the reclassification of $0.40 million to permanent
equity as the 25,561 SPAC Public Stockholders did not redeem their share.

&nbsp;&nbsp;&nbsp;&nbsp;E. No longer applicable

&nbsp;&nbsp;&nbsp;&nbsp;F. The repayment of all Integrated Rail debt obligations is
deferred and will be repaid at closing of a financing post business combination.

&nbsp;&nbsp;&nbsp;&nbsp;G. Reflects the borrowing from Sponsor in order to fund extension
payment into the Trust Account through October 15, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;H. Reflects interest earned in the Trust Account subsequent
to September 30, 2025 and through November 15, 2025 closing date.

I No longer applicable

&nbsp;&nbsp;&nbsp;&nbsp;J. No longer applicable

&nbsp;&nbsp;&nbsp;&nbsp;K. Reflects the reclassification of Integrated Rail's
public warrants from liability treated to equity treated.

&nbsp;&nbsp;&nbsp;&nbsp;L. Reflects the issuance the October 2025 convertible promissory
note at its face value of $600,000 and is reported net of a debt discount representing the initial fair value of the conversion
event liability. In accordance with ASC 835, Interest ("ASC 835"), the Company capitalized the debt discount of $498,066 and
is amortizing the debt discount ratably to interest expense on the consolidated statements of operations. Amortization of the debt discount
is recognized over the shorter life of a) funded extension life of the Trust Account as of December 31, 2025 or b) the expected date
of the consummation of the proposed Business Combination. The Company's October 2025 convertible promissory note contains a conversion
feature whereby, upon consummation of the proposed Business Combination with TSH Company, the note shall convert into 60,000 shares
of UIGC's common stock. The Company treats this conversion feature as an embedded derivative in accordance with ASC 815 and bifurcates
the embedded derivative from the host contract. The fair value of the derivative was determined to be $198,393 using the valuation was
approach used a probability weighted average. Included in the model are assumptions related to the Company's stock price, discount
rate, probability of closing on its proposed Business Combination, expected time until closing of its proposed Business Combination,
and a market adjustment for the implied probability of closing on its proposed Business Combination..

&nbsp;&nbsp;&nbsp;&nbsp;M. Reflects the redemption of SPAC Class A common stock on June
13, 2025 and September 13, 2025 of 16,528 and 11, respectively, resulting in the redemption payment of $0.23 million to redeeming shareholders.

**Note 4 — Transaction Accounting Adjustments to the Integrated Rail Unaudited Pro Forma Condensed Statement of Operations for the nine months ended September 30, 2025 and for the year ended December 31, 2024:**

The transaction accounting adjustments included in the unaudited pro forma condensed statement of operation for the nine months September 30, 2025 and for the year ended December 31, 2024 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(AA) Reflects the reduction of interest income generated by the
Company on funds held in the trust account that were utilized for the redemption of Class A common stock by investors as part of
the transaction or reclassified to unrestricted cash.

&nbsp;&nbsp;&nbsp;&nbsp;(BB) Reflects the elimination of administrative service fees that
will cease to be paid upon closing of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(CC) Reflects depreciation expense based on estimated useful life
of the property and equipment acquired. Annual depreciation is expected to be $1.28 million for the nine months ended September 30, 2025
and $1.71 million for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(DD) Reflects the change in fair value associated with the public
warrants which would be equity classified post closing of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(EE) No longer applicable

&nbsp;&nbsp;&nbsp;&nbsp;(FF) Reflects the in interest expense related to the amortization
of the debt discount of $498,393. Assuming the funding would have occurred on January 1, 2024 the first period presented, as further
described in adjustment L above.

**Note 5 — Net (Loss) Income per Share**

The following table shows the net (loss) income per share calculated using the historical weighted average shares of Common Stock outstanding for the nine months ended September 30, 2025.

---

| | |
|:---|:---|
| **Three Months Ended September 30, 2025** | **Assuming <br> No <br> Redemptions** |
| Pro forma net income (loss) | $(6232569) |
| Pro forma weighted average shares outstanding – basic and diluted | 6575561 |
| Net income (loss) per share – basic and diluted | $(0.95) |
| **Pro Forma Weighted Average Shares** |  |
| &nbsp;&nbsp;&nbsp;TSII shareholders | 800000 |
| &nbsp;&nbsp;&nbsp;SPAC shareholders<sup>(1)</sup> | 25561 |
| &nbsp;&nbsp;&nbsp;Sponsor and underwriter<sup>(1)</sup> | 5750000 |
| &nbsp;&nbsp;&nbsp;Pro forma weighted average shares outstanding, basic and diluted<sup>(2)</sup> | 6575561 |

---

(1) This amount excludes 9,400,000 private warrants and 11,500,000
public warrants outstanding of SPAC.

(2) This amount excludes the shares issuable under the exchange
for the October 2024 convertible note of 355,000 and the October 2025 convertible note of 60,000 shares The following table shows the
net (loss) income per share calculated using the historical weighted average shares of Common Stock outstanding for the three months
ended December 31, 2024.

---

| | |
|:---|:---|
| **Year Ended December 31, 2024** | **Assuming <br> No <br> Redemptions** |
| Pro forma net income (loss) | $(8007731) |
| Pro forma weighted average shares outstanding – basic and diluted | 6575561 |
| Net income (loss) per share – basic and diluted | $(1.22) |
| **Pro Forma Weighted Average Shares** |  |
| &nbsp;&nbsp;&nbsp;TSII shareholders | 800000 |
| &nbsp;&nbsp;&nbsp;SPAC shareholders<sup>(1)</sup> | 25561 |
| &nbsp;&nbsp;&nbsp;Sponsor and underwriter<sup>(1)</sup> | 5750000 |
| &nbsp;&nbsp;&nbsp;Pro forma weighted average shares outstanding, basic and diluted<sup>(2)</sup> | 6930561 |

---

(1) This amount excludes 9,400,000 private warrants and 11,500,000
public warrants outstanding of SPAC.

(2) This amount excludes the shares issuable under the exchange
for the October 2024 convertible note of 355,000 and the October 2025 convertible note of 60,000 shares

## Exhibit 99.4

**Exhibit 99.4**

**FOR IMMEDIATE RELEASE**

**Integrated Rail and Resources Acquisition Corp. Announces Closing of Business Combination with Tar Sands Holdings II, LLC and Future of Uinta Infrastructure Group Corp.**

**December 12, 2025**

Integrated Rail and Resources Acquisition Corp., a Delaware corporation ("IRRX") today announced the completion of its previously announced business combination with Tar Sands Holdings II, LLC, a Utah limited liability company ("TSII"). Upon closing, the combined company will operate under a new parent entity, Uinta Infrastructure Group Corp.**,** a Delaware corporation **("UIGC"),** marking the next step in advancing a long-planned infrastructure platform in the Uinta Basin.

With the completion of the transaction, IRRX public shareholders who chose not to redeem their shares will become shareholders of UIGC. Outstanding IRRX warrants will be exchanged for UIGC warrants at a one-to one ratio under the terms of the parties' Agreement and Plan of Merger. The business combination was approved at a special meeting of IRRX's stockholders on June 30, 2025. Upon the closing of the business combination, trading of IRRX's Class A common stock, warrants, and units will cease.

UIGC, which will be led by Brian Feldott as Chief Executive Officer, is preparing to file an **S-1** registration statement with the U.S. Securities and Exchange Commission to enable UIGC's shares and warrants to list on a national stock exchange. The company intends to move through the filing and review process as efficiently as possible. In the period between closing and the effectiveness of the S-1, UIGC's shares and warrants may not be eligible for trading on the OTC markets or any other exchange. UIGC is working to complete all necessary steps to list on a national stock exchange as soon as practicable.

"We are pleased to reach this milestone and look forward to building on the platform established through this transaction," said Mark Michel, Chairman of the Board of Directors. "Our focus now shifts to finalizing the registration statement and positioning the company for a new public listing."

Additional information will be provided by UIGC as the registration and listing process progresses.

**Advisors**

Stifel served as the exclusive financial advisor to IRRX on the business combination. Winston & Strawn LLP served as legal counsel to IRRX in connection with the transactions and Holland & Hart LLP served as legal counsel to TSII.

**No Offer or Solicitation**

This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

 **Forward-Looking Statements**

This press release contains, and certain oral statements made by representatives of IRRX, TSII, and UIGC and their respective affiliates, from time to time may contain, certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to UIGC's business, strategy and future plans, as well as the anticipated trading of the UIGC common stock on a national stock exchange. These forward-looking statements generally are identified by the words "will," "intends," "expect," "anticipate," "estimate," "future," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: changes in business, market, financial, political and regulatory conditions; risks relating to UIGC's anticipated operations and business; risks related to increased competition in the industry in which UIGC will operate; risks relating to legal, commercial, regulatory and technical uncertainties; risks that UIGC experiences difficulties managing its growth and expanding operations; challenges in implementing UIGC's business plan; and those factors discussed in the final prospectus/proxy statement (File No. 333-283188) filed by UIGC with the Securities and Exchange Commission (the "SEC") on June 6, 2025, and in subsequent filings and reports made by UIGC and IRRX with the SEC from time to time. While UIGC may elect to update these forward-looking statements at some point in the future, UIGC specifically disclaims any obligation to do so.

For investor and media inquiries, please contact:

William Savery

wsavery@dhipgroup.com

## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

Private and Confidential Strictly Private and Confidential August 24, 2021 INVESTOR PRESENTATION WINTER 2025

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Private and Confidential Disclaimer This presentation (together with oral statements made in connection herewith, this "Presentation") is provided for informatio nal purposes only and has been prepared to assist interested parties in making their own evaluation with respect to an investment in Integrated Rail & Resources Inc. (f/k/a Uinta Infrastructure Group Corp.) (the "C omp any") and for no other purpose. No representations or warranties, express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or or al) that has been or will be provided to you. You are also being advised that the United States securities laws restrict persons with material non - public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to pur chase or sell such securities on the basis of such information. To the fullest extent permitted by law, in no circumstances will the Company or any of its subsidiaries, equity holders, affiliates, representatives, partner s, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on t he information contained within it, or on opinions and or other information communicated in relation thereto or otherwise arising in connection therewith. In addition, this Presentation does not purport to be all inclusive or to contain all of the information that may be required to make a full analysis of the Company. Viewers of this Presentation should each make their own evaluation of the Company, and of the relevance and adequacy of the i nfo rmation and should make such other investigations as they deem necessary. Nothing herein should be construed as legal, financial, tax or other advice. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning the opportunity described herein. The general explanations included in this Presentation cannot address, and are not intended to address, your specific investm ent objectives, financial situations or financial needs. The Company is required to file certain documents with the Securities and Exchange Commission ("SEC"). Equity holders and oth er interested persons are urged to read the relevant documents filed with the SEC when they become available because they will contain important information the Company. Equity holders will be able to obtain a fr ee copy of filings containing information about the Company, without charge, at the SEC's website located at www.sec.gov. The Company and its directors and executive officers and other persons may be deemed to be pa rti cipants in the solicitations of proxies from the Company's equity holders NO OFFER OR SOLICITATION This Presentation shall not constitute a "solicitation" as defined in Section 14 of the Securities Exchange Act of 1934, as a men ded (the "Exchange Act"). This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or o the r specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlaw ful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering of securities (the "Securities") will not be registered under the Securities Act of 1933, as amended (the "Securitie s A ct"), and will be offered as a private placement to a limited number of institutional "accredited investors" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and "Institutional Accounts" as defined in FIN RA Rule 4512(c). Accordingly, the Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. Investors should consult with their counsel a s t o the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under which they a re to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. The Company is not making an offer of the Securities in any state where th e o ffer is not permitted. NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESE NTA TION IS TRUTHFUL OR COMPLETE. 2

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Private and Confidential Disclaimer (cont'd) INDUSTRY AND MARKET DATA Although all information and opinions and or other information expressed in this Presentation, including market data, statist ica l information, estimates and forecasts, were obtained from sources believed to be reliable and are included in good faith, the Company has not independently verified the information and makes no representation or war ran ty, express or implied, as to its accuracy or completeness. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. Some data is also based on the good faith estimates of the Company, which are derived from reviews of internal sources as well as the independent sources described above. This Presentation contains preliminary information only, is subje ct to change at any time and is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with the Company. FORWARD - LOOKING STATEMENTS This Presentation includes "forward - looking statements" within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, each as amended. Forward - looking statements may be identified by the use of words such as "estima te," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The se forward - looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. These statem ent s are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of the Company's management and are not predictions of actual performance. These forward - looking sta tements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or pr oba bility. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward - looking statements a re subject to a number of risks and uncertainties, including commodity price volatility; low prices for oil and natural gas; inflation; increased operating costs; lack of availability of drilling and pr odu ction equipment and personnel; environmental risks; weather risks; security risks; drilling and operating risks; regulatory changes; uncertainty in estimating oil and gas reserves and in projecting future rates of product ion ; changes in domestic and foreign business, market, financial, political and legal conditions; the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that cou ld adversely affect the Company; risks relating to the uncertainty of the projected financial information; risks related to the Company's business and the timing of expected business milestones; supply shortages in the mat erials necessary for the production of the Company's products; risks related to original equipment manufacturers and other partners being unable or unwilling to initiate or continue business partnerships on favorab le terms; the termination or reduction of government clean energy and electric vehicle incentives; delays in the construction and operation of production facilities; the ability of the Company to issue equity or equ ity - linked securities in the future; and those factors discussed below in slide four and other documents of the Company filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove inco rre ct, actual results could differ materially from the results implied by these forward - looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial tha t could also cause actual results to differ from those contained in the forward - looking statements. In addition, forward - looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this Presentation. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward - lo oking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward - looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward - looking statements. 3

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Private and Confidential Disclaimer (cont'd) USE OF PROJECTIONS This Presentation contains projected financial, production and operating information with respect to the Company, as applicab le. Such projected information constitutes forward - looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates und erlying such projected information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to d iff er materially from those contained in the projected information. See "Forward - Looking Statements" section above as well as the risk factors described above. Actual results may differ materially from the results con templated by the projected information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in suc h information will be achieved. The Company's auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, an d accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. INFORMATION; NON - GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S - X promulgate d under the Securities Act. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus to be filed by the Company with the SE C. Some of the financial information and data contained in this Presentation, such as EBITDA, EBITDA Margin, Free Cash Flow, and PV - 10 have not been prepared in accordance with United States generally accepted acco unting principles ("GAAP"). The Company believes that these non - GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to t he Company's financial condition and results of operations. The Company believes that the use of these non - GAAP financial measures provides an additional tool for investors to use in evaluating projected operating resu lts and trends and in comparing the Company's financial measures with other similar companies, many of which present similar non - GAAP financial measures to investors. Management does not consider these non - GAAP m easures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non - GAAP financial measures is that they exclude significant expenses an d income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which exp ens es and income are excluded or included in determining these non - GAAP financial measures. TRADEMARKS AND TRADE NAMES The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the opera tio n of its business. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, s erv ice marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with the Company, or an endorsement or sponsorship of the Company. Solely for convenience, the trademarks, ser vic e marks and trade names referred to in this Presentation may appear with the®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest ex ten t under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. 4

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Private and Confidential **Table of Contents** I. Transaction Summary II. Tar Sands Holdings II Acquisition III. Uinta Basin Overview IV. Appendix 5

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Private and Confidential I. Transaction Summary 6

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Private and Confidential Experienced Management Team and Board with significant experience in the Uinta Basin Transaction Summary 7 Investment Highlights Long - term offtake and tolling arrangement with Shell including meaningful upside through refining margin participation Built - in growth plan expected to more than triple EBITDA in a short period of time The Company will be able to leverage significant existing permits required for the restart and repurposing of the Plant Rising oil production in the Uinta Basin with supportive macro and political environment Low leverage and strong pro forma balance sheet Commenced 3rd Party Engineering Report to confirm $64.0 million cost to repurpose the Plant Source: Company. 1 2 3 5 7 6 4

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Private and Confidential Transaction Summary Overview Integrated Rail and Resources Acquisition Corp. ("IRRX") has purchased Tar Sands Holdings II, LLC ("TSHII"), which owns Crown As phalt Ridge Oil Sands processing plant (the "Refinery" or the "Plant") and associated Tar Sands Resources ("Tar Sands"). The combined company, Uint a I nfrastructure Group Corp., then changed its name to Integrated Rail & Resources Inc. 100 % of TSHII acquired by IRRX for: $12 million debenture and $8 million of common stock (with seller receiving cash for debenture at follow - on equity offering) Additional capex includes: $64 million to refurbish and repurpose the Plant and $90 million to increase Plant capacity from 16,500 barrels per day (" bbl ") to 50,000 bbl Pro Forma Company name: Integrated Rail & Resources Inc. (the "Company") 8 ● TSHII located near Vernal, Utah, is as an asphalt separation and refining operation consisting of process equipment, feedstock and product storage tanks, support utilities, and facilities ‒ Construction of the Plant was completed in 2000 and became operational for a short period of time ‒ From May 1 – September 30 of that year, the Plant was used as a distribution terminal, and emulsion and Polymer Modified Asphalt (PMA) manufacturing plant during the asphalt season and summer months ‒ A major commissioning of diesel fuel was successfully attempted in 2012 ● The Plant consists of: ‒ Process equipment (atmospheric and vacuum columns, sour water stripper, heaters, heat exchangers, pumps, piping, valves, etc.) ‒ Feedstock and product storage tanks, material handling equipment (feeders, blenders, centrifuges, hoppers and conveyors) ‒ Support utilities (water, power, sewer, steam system, water softening, etc.) ‒ Facilities (office/laboratory and warehouse), controls, instrumentation and site improvements ● The Plant will be refurbished and repurposed to enable it to refine Uinta Basin waxy crude oil into high value petroleum products such as gasoline and diesel fuel ‒ Initially the Plant will have 16,500 bbl /d of refining capacity with further plans to expand to 33,250 bbl /d in 2028 and 50,000 bbl /d in 2029 ‒ The Company has entered into a long - term offtake and tolling arrangement with Shell o Capital Cost Payment (the "Capital Cost") of $11.1 million annually ($925,000 per month on average) (1) o Fixed Operating Costs of app. $8.6 million annually o Product Fee of $2.29 / bbl o 50% Gross Refining Margin Fee Source: Company. (1) Represents payments over the first 12 months. Assumes principal amortization over 101 months with 12% annual interest.

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Private and Confidential Transaction Summary Key Terms Source: Company. (1) Transaction proceeds exclude additional $90 million of capex to be spent to expand the Plant to 50,000 bbl /d. 9 Summary Transaction Terms ($ in millions) Highlights Transaction Overview Pro Forma Valuation As part of this transaction: ● IRRX acquired 100% of TSHII through a business combination ● The Pro Forma Company is named Integrated Rail & Resources Inc. ● Transaction implies fully diluted pro forma enterprise value of $165mm Plant Valuation ● 100% of TSHII was sold to IRRX for a $12.0mm debenture and $8mm of common stock (with seller receiving cash for debenture at follow - on equity offering) ‒ Represents a pre - money equity valuation equal to $20.0mm (before approximately $64.0mm of refurbishment, repurposing and growth capital to get Plant capacity to 16,500 bbl /d) (1) Sources Debt Raise $60.0 PIK Preferred $6.0 Seller Rollover Equity (Common) $8.0 Follow-On $52.5 Total Sources $126.5 (2) At closing SPAC debtholders will receive $8.4 million of convertible redeemable preferred stock (3) At closing seller will receive a $12.0 million debenture Count Price Value % PIK Preferred 0.6 $10.00 $6.0 4.8% Seller Rollover Equity (Common) 0.8 10.00 8.0 6.5% Founder Shares Outstanding (4)(5)(6) 5.8 10.00 57.5 46.4% Follow-On 5.3 10.00 52.5 42.3% Pro Forma Common Equity Value 12.4 $10.00 $124.0 100.0% (+) Debt 60.0 (–) Cash (19.1) Pro Forma Enterprise Value $164.9 Pro Forma Ownership (4) Pro Forma calculation includes 5.75 million founder shares, of which 1.65 million shares are held by IPO investors and wi ll vest immediately (5) When the plant runs 16,350 bbl /d for 3 consecutive months, 1.025 million founder shares will vest (6) When the plant runs 50,000 bbl /d for 3 consecutive months, another 3.075 million founder shares will vest

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Private and Confidential 10 Brian Feldott D irector & Audit Committee Chair, Post - Closing Chief Executive Officer Mark A. Michel C hairman & Chief Executive Officer Timothy J. Fisher V ice Chairman, President & Chief Financial Officer Integrated Rail & Resources Inc. Management Team Transaction Summary Integrated Rail & Resources Acquisition Corp. Management Team

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Private and Confidential II. Tar Sands Holdings II Acquisition 11

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Private and Confidential 4,125 16,500 33,250 50,000 50,000 2025E 2026E 2027E 2028E 2029E 2030E Daily Barrels • Approximately $64.0 million of additional capital will be spent to restart and repurpose the plant for processing of Uinta Basin crude oil — With the implementation of capital expenditures, the plant will be expanded to a consistent capacity of 16,500 bbl /d — Throughout 2028, approximately $90.0 million will be spent to increase plant capacity to 50,000 bbl /d • The Company has entered into a long - term offtake and tolling arrangement with Shell Trading U.S. Company, whose parent is an A+ / Aa2 credit - rated counterparty (1) • Shell will be the sole supplier of crude feedstock to the Facility, and the sole purchaser of refined products for the initial Nameplate Capacity, and for any expansion capacity for which Shell contracts • The Company is responsible for maintaining operational storage, line fill, tank heels, etc. necessary to operate the Facility Tar Sands Holdings II Acquisition 12 Repurposing Plan for the Plant Overview Shell is expected to market the following refined products that are processed through the facility Transaction proceeds for Plant repurposing / refurbishment directly linked to near - term production increase Source: Company. (1) A+ S&P credit rating as of 2/18/2021. Aa2 Moody's credit rating as of 8/29/2024. Shell Marketing and Trading Near - term Products LPG Naphtha Gas Oil ULSD Other Potential Products Gasoline Diesel Jet Fuel

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Private and Confidential Tar Sands Holdings II Acquisition 13 Characteristics & A dvantages of Uinta Crude Source: HDR Engineering. (1) Does not consider offload capability. Uinta Crude Oil Advantages Uinta Crude Oil Characteristics Yellow Wax Black Wax 40 – 45 Degrees 28 – 38 Degrees API Gravity 105 – 120 F 95 – 105 F Pour Point 0.01% 0.01% Sulfur <0.1 <0.1 Tan Very Low Very Low Metals Very Low Very Low Nitrogen Very Low & Mid Very Low & Mid Carbon Residue Uinta Black and Yellow Wax are characterized by their ideal API gravity, purity and high pour point Black Wax from the Uinta's Green River formation and Yellow Wax from the Uinta's deeper Wasatch formation Uinta Crude is highly prized as refinery feedstock and blending agent due to its unique combination of API gravity and purity • Uinta Crude is a light - sweet oil with nearly zero sulfur • Uinta Crude's low TAN (total acid number), very low metal contaminants levels, very low nitrogen and carbon residue make it extremely versatile as refinery and blending feedstocks • Lack of contaminants and wide range of generally light API gravity values offer wide range of blending options • For every 1 bbl of Uinta Crude refiners yield 1.2 bbls of product; effectively increasing refinery returns by 20% • Extremely low sulfur content (0.01%) - the IMO (International Marine Organization) 2020 marine shipping fuel standard will reduce the allowed sulfur percentage from 3.5% to 0.5%. • At least 64 refineries in continental US that have capability to run Uinta Crude (1)

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Private and Confidential Tar Sands Holdings II Acquisition 14 Vernal Refinery Project Summary Source: Company. Becht Eng. / the Company BHI (EPC) BHI (EPC) BHI (EPC) □ Detailed Engineering □ P&ID Drawings □ Piping Design □ Civil Design □ Material Take - off □ GA Drawings □ Process Hazard Analysis □ HAZOP Review □ Preliminary SOP's □ Quality Assurance Plan □ Bid Package Preparation □ Vendor Selection □ Risk Mitigation Plan □ Project Execution Plan □ Project Schedule □ Class 3 Cost Estimate +/ - 10% x Market Study x Asset Identification x Regulations Assessment x Industry Feedback x Project Premise x Asset Integrity x Permit Verification x Feasibility Study x Quarter Based Schedule. x Class 5 Cost Estimate 50%/+100 x Block Flow Diagrams x Basis for Design x Emissions Evaluation x Timeline to Operations □ Process Design Package □ Material Specifications □ Material Balance □ Process Descriptions □ Process Flow Diagrams □ Utility Balance □ Control Descriptions □ Prelim Instrument List □ Process Equipment list □ Tie - in List □ Equipment Datasheets □ Hydraulic Design Report □ Major Equipment Sizing □ Mechanical Eng. Package □ Preliminary PHA / HazOp □ Class 4 Schedule □ Class 4 Cost Estimate +/ - 30% F - 2 Execute EPC Agreement (BHI) December 2025 $350K $1MM $2MM $62MM □ Site Safety Plan □ Final Engineering □ Procurement □ Construction Execution Plan □ Work Breakdown Structure □ Lifting and Rigging Plans □ Structural Fabrication □ Installation Manuals □ Electrical Drawings □ QC / Inspection Procedures □ Final Heat & Material Balance □ Isometric Drawings □ Stress Analysis □ Operating Manuals □ Delivery Schedule □ FAT / SAT Acceptance Test □ Commissioning □ Initial Start - up Jan. 2025 Dec. 2025 Mar. 2025 Jun. 2027 FEL - 1 Conceptual FEL - 2 Preliminary Design FEL - 3 FEED Execution Cost: Completed:

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Private and Confidential Tar Sands Holdings II Acquisition 15 Vernal Refinery Project Timeline Source: Company. Feasibility Study Asset Integrity Report Begin FEL - 2 Execute EPC with Bonding Complete FEL - 2 Award Owners Eng. Begin Field Prep Work Select DCS Complete Demo Complete API 510 Scope Complete Civil Achieve Mechanical Completion Build Crude Inventory Commissioning Begin Operations Order Major Equipment UDAQ Permit Approval Draft Air Permit Modifications Install Major Equip. Decon Equipment Select QA Firm Q3 2025 Q2 2026 Q1 2026 Q4 2025 Q3 2026 Q4 2026 Q1 2027 Q2 2027

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Private and Confidential III. Uinta Basin Overview 16

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Private and Confidential Uinta Basin Overview 17 Refineries Refinery Positions Overview Source: Kem C. Gardner Policy Institute, Utah Geological Survey, East Daley Analytics, U.S. Energy Information Administration. • The Utah crude oil processing and refining market lags behind the production potential that resides in the Uinta Basin — Crude oil production in the Uinta Basin has had double digit annual production growth since 2021, essentially doubling output since 2019 — During this same time period, Utah Wax processing and refining capacity has remained stagnant at 83,000 bbl /d • Local refiners lack the capacity to process significant amounts of the waxy crude oil that is native to the Uinta Basin — As a result, producers in the region utilize Gulf Coast and California refineries to offset this production / capacity discrepancy Utah Crude Oil Refining Capacity With crude oil production in the Uinta Basin expected to increase to meet growing national demand, opportunities for new Utah processing facilities and refineries will be met with open arms • There are only 5 refineries currently located in the Salt Lake City area with a total Uinta Wax crude processing capacity of 83,000 bbl /d • 18 refineries are within a 1,000 mile radius of the Uinta Basin, 15 of which are capable of processing Uinta's waxy crude – but at a small scale • Half of the close proximity refineries are in California, a region especially hostile to the receipt of crude oil • Producers are actively looking for more efficient ways to process their crude without geographical and / or political constraints Demand is there for new Uinta Wax processing facilities in the Uinta Basin, which will provide producers increased operational efficiencies and transport - cost reductions Total Capacity Waxy Crude Capacity Owner Refinery '000 barrels per day '000 barrels per day Silver Eagle Woods Cross 15 10 Big West Oil North Salt Lake 32 13 HollyFrontier Woods Cross 40 18 Chevron North Salt Lake 56 16 Marathon North Salt Lake 64 26 Total 207 83

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Private and Confidential Uinta Basin Overview 18 Activity and Production Forecast Core Uinta Activity Overview Uinta Basin Oil Production ('000 bbl /d) Source: ADI Analytics. XCL Crescent Uinta Wax XCL XCL Uinta Wax Finley XCL UT • Due to strong well results and a supportive price environment, Uinta Basin operators have steadily increased their drilling cadence to as high as seven horizontal drilling rigs in recent months ― XCL (Partnership between SM Energy and Northern Oil and Gas, Inc.) has led the drilling activity with three active rigs ― Uinta Wax (partnership between CH4, a NGP sponsor - backed company and Finley Resources) has remained active with two drilling rigs ― Crescent Energy Company (NYSE: CRGY, KKR sponsored and operates under Javelin Energy Partners) currently has one drilling rig ― Other independents account for the remaining two rigs currently operating in the core of the basin ― Ovintiv (recently bought by FourPoint Resources, LLC) stood up two rigs in 2023 • Low breakeven costs insulate cash flows from volatile commodity price cycles 86.4 86.1 71.9 85.3 109.0 154.5 193.0 2018 2019 2020 2021 2022 2023 2024

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Private and Confidential Uinta Basin Overview 19 Extensive D emand from Gulf Coast Refiners Source: HDR Engineering. (1) Does not consider offload capability. Selected Gulf Coast Refineries Capable of Offloading and Processing Uinta Crude Atmospheric Catalytic Fuels Distillate Gas Oil Total Distance from Rail Steam Refiner Location Distillation Reforming Solvent Hydrocracking Hydrocracking Hydrocracking Uinta (miles) Offload Capability Motiva Port Arthur, TX 630,000 82,000 82,000 1,475 Yes Yes ExxonMobil BatonRouge, LA 523,200 27,000 27,000 1,581 Yes Yes ExxonMobil Beaumont, TX 359,200 65,500 1,435 Yes Yes Deer Park (Shell/PEMEX) Deer Park, TX 340,000 24,500 60,000 60,000 1,338 Yes Yes Shell Norco, LA 250,000 44,000 1,640 Yes Yes Valero Port Arthur, TX 415,000 123,000 123,000 1,475 Yes Yes Valero St. Charles, LA 220,000 28,000 70,000 98,000 1,640 Yes Yes Total Selected Gulf Coast Refineries 2,737,400 24,500 55,000 335,000 499,500 Selected West Coast Refineries Capable of Offloading and Processing Uinta Crude Atmospheric Catalytic Fuels Distillate Gas Oil Total Distance from Rail Steam Refiner Location Distillation Reforming Solvent Hydrocracking Hydrocracking Hydrocracking Uinta (miles) Offload Capability BP Cherry Point Blaine, WA 236,000 65,000 1,115 Yes Yes Total Selected West Coast Refineries 236,000 65,000 Salt Lake City Refineries Capable of Offloading and Processing Uinta Crude Atmospheric Catalytic Fuels Distillate Gas Oil Total Distance from Rail Steam Refiner Location Distillation Reforming Solvent Hydrocracking Hydrocracking Hydrocracking Uinta (miles) Offload Capability Big West Oil North Salt Lake, UT 32,000 8,500 124 No No Chevron Salt Lake City, UT 56,000 8,500 119 No No Tesoro Salt Lake City, UT 63,000 11,400 119 No No Holly Frontier Woods Cross, UT 26,400 8,400 6,000 9,000 9,000 126 No No Total SLC Refineries 177,400 36,800 6,000 9,000 9,000 There are at least 64 refining locations identified that are capable of processing Uinta Crude Oil (1) • The below refineries have rail and steam capabilities as well as the equipment necessary to process and offload unblended Uin ta Crude • The atmospheric distillation of the seven Gulf Coast refineries highlighted below exceeds the total atmospheric distillation of the SLC refineries by ~12x ― In addition to the below refineries, there are numerous blending facilities that are capable of receiving and blending Uinta Cru de to desirable specifications Despite extensive demand and refining capabilities, transportation capacity from the Uinta Basin to the Gulf Coast is current ly limited

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Private and Confidential Uinta Basin Overview 20 Select Upstream Operators Select Operator Positions Overview Source: Enverus and company websites. (1) Ovintiv recently divested mature waterflood assets. UT • FourPoint Resources, LLC holds a large position and has remained active drilling wells over the last few years both internally and through development partnerships • Prominent sponsor backed portfolio companies have entered the play through acquisitions and development partnerships with legacy operators ― Crescent Energy (NYSE: CRGY, KKR sponsored, operates under Javelin Energy Partners) ― FourPoint Energy (Quantum Capital Group and Kane Anderson sponsored) ― Uinta Wax (NGP sponsored company is a partner) ― XCL (Partnership between SM Energy and Northern Oil and Gas, Inc.) has led the drilling activity with three active rigs • Other operators that have entered the play and are evaluating extending the core of the play include ― Berry Petroleum (NASDAQ: BRY) ― Foothills Exploration (private) ― Greylock Energy (private) ― Koda (Quantum Capital Group sponsored) ― Vaquero Energy (private) XCL (SM/NOG) Berry Petroleum Greylock Crescent Energy (KKR) Uinta Wax Foothills Exploration Koda (Quantum) FourPoint Resources Vaquero Energy XCL (SM/NOG)

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Private and Confidential Uinta Basin Overview 21 Offtake Solutions with Significant Upside from Pending Development Projects Union Pacific and BNSF National Railway System Uinta Basin Railway Overview Winnipeg Vancouver Los Angeles Houston San Diego Memphis Seattle El Paso New Orleans Fort Worth Portland St. Louis Albuquerque Birmingham Spokane Amarillo Kansas City Denver St. Paul Helena Oklahoma City Salt Lake City Long Beach San Bernardino San Francisco Topeka Chicago Oakland Union Pacific UBRH BNSF Source: Company. (1) Assumes WTI price of $75/bbl. • The Uinta Basin Railway ("UBRH") is a proposed railway and crude oil loading terminal that will connect the Uinta Basin to the North American railway network (e.g. Gulf Coast / West Coast refineries) • Uinta Crude production is currently limited by Salt Lake City refining capacity (~80 - 100 mbopd) and Uinta Basin infrastructure capacity (~145 mbopd) • Due to the captive nature of the Salt Lake City refining market, Uinta Crude is priced at a ~$6 discount per barrel to WTI (1) in Salt Lake City compared a ~$7 premium per barrel to WTI in the Gulf Coast • Uinta Crude is desirable as a refinery feedstock; however, it cannot be transported long distance via pipelines due to its waxy physical properties • UBRH will enable operators to increase their production and take full advantage of more competitive market pricing on the U.S. Gulf Coast and West Coast • Final Environmental Impact Statement and permits have been received • Drexel Hamilton Infrastructure Partners ("DHIP") has reached agreement with the Ute Tribe for a carried interest of five percent; the Ute Tribe owns ~1/3 of the best oil acreage in the Uinta Basin; the railway crosses tribal lands • UBRH will connect into part of the Class - I rail network where Burlington North and Union Pacific have dual trackage rights • The Supreme Court heard oral arguments in December 2024 regarding the August 2023 D.C. Appeals Court decision to block construction of the Utah rail line ― The Seven County Infrastructure Coalition (SCIC) is optimistic about the Supreme Court's review ― The new Republican Administration is very supportive of the Uinta Basin Railway

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Private and Confidential IV. Appendix 22

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Private and Confidential Tar Sands Holdings II Acquisition 23 Property and Facility, Resources and Permitting Source: Company. (1) Administered by the Utah Department of Environmental Quality (DEQ) under its Division of Air Quality Program (DAQ) and the gr oun dwater discharge program under the Division of Water Quality (DWQ). • The Company has assessed the current and new permitting requirements for phased operation of the Plant, with Phase 1 expected to operate under existing permits / covered by Permit by Rule ("PBR") — Phased output expansion of the refinery is expected to be issued under the existing minor source permit or PBR in accordance with Utah Air Quality jurisdiction (1) • Utah contains the largest known U.S. oil sand deposit, and Asphalt Ridge is one of Utah's largest and most accessible oil sands deposit — Located in the Uinta Basin in eastern Utah near the town of Vernal • The combined land holding consists of 760 acres of which the Company has full rights to bituminous sands on 600 acres, and with surface rights on the remaining 160 acres • The Company's extraction facility located on the property contains significant oil processing infrastructure — $62 million has been spent on the facility and existing equipment over the last 25 years, with the primary purpose being to enhance and expand oil sand separation technologies — Major areas of the facility have been successfully tested and commissioned with oil sands, demonstrating that oil extraction is commercially feasible • The Company's plan is to utilize the majority of existing equipment associated with the refining process to produce commercial products for Shell — Existing tar sand handling facilities will be properly decommissioned, retrofitted or removed from the location to improve environmental conditions and make room for anticipated refining expansions • The Property also includes a transload truck facility and terminal, which will be expanded as required to allow for efficient terminaling and transportation crude feedstock and refined products — Shell will be responsible for delivery of feedstock and refined products • There are three well - defined priority "pit" areas of Asphalt Ridge where the surface mineable reserves are principally located (known as the "A", "D", and "South" Tracts) — The extraction facility is located on the A Tract, and the Company acquired the "A" and "D" Tracts in 2013, which provides them with the most concentrated oil sands reserves at Asphalt Ridge — The South A Tract currently has a surface mine that has supplied Uintah County with natural asphalt material used in construction and maintenance of the county roads Property and Facility Resources and Permitting It is not anticipated that oil sands will be developed in the near term – instead the Company will focus on processing feedstock under the Shell Offtake Agreement The UPDES storm water permit remains current and all environmental and other commercial occupancy permits will be updated for new ownership Significant Existing Infrastructure Resources in Place

![](ex99-5_024.jpg)

Private and Confidential Risk Factors All references below to the "Company," "we," "us" or "our" refer to the business of the Company. The risks presented below a re certain of the general risks related to TSHII's business, industry and operations are not exhaustive. The list below is qualified in its entirety by disclosures contained in future filings by the Company (or by thi rd parties) with respect to the Company with the SEC. These risks speak only as of the date of this Presentation, and we make no commitment to update such disclosure. The risks highlighted in future filings with the SEC may dif fer significantly from, and will be more exhaustive, than those presented below. Risks Related to the Company's Business, Industry and Operations ● A substantial or extended decline in oil and natural gas prices may adversely affect our business, financial condition or res ult s of operations and our ability to meet our capital expenditure obligations, our debt repayment and service obligations, and our financial commitments. ● The assumptions underlying the Company's financial and production projections may prove inaccurate and are subject to signifi can t risks and uncertainties that could cause actual results to differ materially from forecasted results. ● Transportation capacity for crude oil, natural gas and water and, in the case of produced and flowback water, disposal and/or re cycling capacity, must continue to grow in conjunction with the anticipated growth in drilling activity in and production from the Uinta basin for Uinta Basin forecasts to be realized. The Uinta basin is current ly approaching capacity limits in each of these areas. While Uinta basin operators are diligently pursuing all avenues to permit, finance and construct these capacity expansions, there can be no assurance that su ch expansions will be completed in a timely manner, if at all. ● The Facility is located in the Uinta Basin in Utah, making us vulnerable to risks associated with operating in a single geogr aph ic area. ● Competitive industry conditions, including competitors with significantly greater resources, may negatively affect our abilit y t o conduct operations. ● We will be required to fund significant amounts of capital expenditures to execute our business plan, including anticipated c api tal expenditures to restart the Facility and further increase refining capacity. ● Our ability to execute our business plan will be dependent upon the successful refurbishment / repurposing, commencement of o per ations and continuing operation of the Plant. ● There can be no assurance that the Facility will be restarted and/or repurposed on - time, on budget or at all. ● Any derivative transactions we enter into may limit our gains and expose us to other risks such as taxes and royalties. ● Legislation and regulations related to derivative contracts could have an adverse impact on our ability to hedge risks associ ate d with our business. ● Compliance with environmental and occupational safety and health laws and other government regulations could be costly and co uld negatively impact our operations. ● Inflation could adversely impact our ability to control costs, including our operating expenses and capital costs. Risks Related to the Company's Business Combination ● The Company will incur higher costs post - business combination as a result of being a public company. Risks Relating to the Organizational Structure and Tax Risks after the Business Combination ● Our Amended and Restated Certificate of Incorporation includes an exclusive forum provision that identifies the Court of Chan cer y of the State of Delaware as the exclusive forum for certain litigation, including any derivative actions, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us, ou r d irectors, officers or employees. 24

![](ex99-5_025.jpg)

Private and Confidential Risk Factors (cont'd) ● Provisions in our Amended and Restated Certificate of Incorporation and Delaware law may inhibit a takeover of us, which coul d l imit the price investors might be willing to pay in the future for our common stock and could entrench management. ● We are an emerging growth company, and the reduced reporting requirements applicable to emerging growth companies may make o ur common stock less attractive to investors. ● Future sales of our common stock by our existing stockholders may cause our stock price to fall. ● A market for our securities may not develop, which would adversely affect the liquidity and price of our securities. ● Once listed, our securities may be delisted from trading on the NYSE or Nasdaq exchange, which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions. ● Our level of indebtedness could adversely affect our ability to meet our obligations under our indebtedness, react to changes in the economy or our industry and to raise additional capital to fund operations. ● We could issue additional preferred stock without stockholder approval with the effect of diluting then current stockholder i nte rests, impairing their voting rights and potentially discouraging a takeover that stockholders may consider favorable. ● Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax return s c ould adversely affect our financial condition and results of operations. 25

## Exhibit 99.6

**Exhibit 99.6**

![](ex99-6_001.jpg)

**<u>Indicative Term Sheet</u>**

This indicative term sheet summarizes the principal terms of the proposed Convertible Preferred financing (the "Investment") of Integrated Rail and Resources ("IRRX" or the "Company"). This term sheet is a legally binding agreement to use good faith efforts to negotiate definitive agreements consistent with the terms set forth herein, but subject in all respects to the satisfaction of the CPs set forth herein, and a subsequent binding definitive agreement will arise upon the execution by the applicable parties of mutually acceptable agreements. It is intended for illustrative purposes in advancing discussions for an investment through a Creto Capital Management managed entity. All numbers and terms in brackets ("[ ]") are subject to change pending confirmation. Other legal rights or provisions may be implemented upon review by legal counsel and expected to be in line with market terms.

**I.**  **<u>Summary of Proposed Investment</u>** 

---

| | |
|:---|:---|
| **Term / Topic** | **Detail** |
| Issuer: | Uinta Infrastructure Group Corp ("UIGC") and subsequently Integrated Rail and Resources ("IRRX"), a publicly traded company. |
| Type of Security: | Convertible Preferred Stock (the "Preferred Stock"). |
| Investors: | Creto IRRX PIPE Investment, LLC ("Creto" or "Investor"), investors of which may include affiliates of Andina Advisors. |
| Total Investment: | At least $5,000,000, but potentially up to $8,000,000 (the "Financing Amount") from Creto. |
| Purchase Price: | $100 per share of Preferred Stock. |
| Investment & Transaction Detail: | Investors will commit to the Investment on terms substantially consistent with those outlined herein in connection with the de-SPAC cashless close (the "Acquisition Transaction"). <br>IRRX will use proceeds from the Investment to enable it to continue operations as it uses reasonable best efforts to raise a sufficient amount of debt and equity financing through the approval for listing and the commencement of trading of the Company's Common Stock on the Nasdaq Stock Market or the New York Stock Exchange (including NYSE American or one of its affiliates), together with the effectiveness of a resale registration statement covering the shares of Common Stock issuable upon conversion of the Preferred Stock (the "Uplist") to execute the business plan (the "IPO"). The "Minimum Equity" requirement at the Uplist will ultimately be determined by the foregoing debt provider.  |
| SPAC Debt: | On or around the time of the closing of the Acquisition Transaction, the [$8.4 million] in SPAC debt of the Company will be exchanged for "Redeemable Preferred Equity" shares of the Company, which such Redeemable Preferred Equity shall not be entitled to dividends; provided that from and after the Uplist, and so long as (i) the Company is in material compliance with all covenants and there exists no Event of Default, and (ii) the Convertible Preferred remains outstanding and the Company is in compliance with all dividend, redemption and other payment provisions with respect to the Convertible Preferred, the Redeemable Preferred Equity may accrue dividends, paid-in-kind, at a rate of 12% per annum. Specifics are below. For the avoidance of doubt, it will be the Company's priority to re-pay any SPAC debt before redeeming any Preferred Stock. |

---

![](ex99-6_001.jpg)

● $12 million of unsecured debt held by the seller in the Acquisition Transaction (the "Seller").

● The Preferred Stock, which will be the most senior class of equity until the consummation of the IPO, at which time it will be junior to the Redeemable Preferred Equity, but otherwise the most senior class of equity.

● Redeemable Preferred Equity, which will be senior to the Common Stock but junior to the Preferred Stock until such time as the consummation of the IPO, at which time the Redeemable Preferred Equity shall become the most senior class of equity of the Company.

● Common Stock, having a post-money value of $11.9 million, $8 million of which will be held by the Seller in the Acquisition Transaction, and $3.9 million of which will be held by BHI upon conversion of its promissory note into such Common Stock.

● Sponsor Shares, which shall represent approximately 34% of the fully diluted capital stock of the Company (reflects a fully-converted Preferred Stock and a $52.75 million equity issuance to Uplist).

● The Acquisition Transaction must be consummated on substantially the terms represented to the Investor as of the date hereof;

● The Department of Commerce of the Utah Division of Securities must have confirmed that the no-action relief previously granted to Creto will continue to apply notwithstanding the change in structure of the Acquisition Transaction and the underlying investment Creto will make in the Company (the "No-Action Confirmation");

● Receipt and agreement to definitive documentation relating to the Investment, including a stock purchase agreement containing customary representations, warranties, covenants and indemnities; and

● Receipt and satisfaction of any required customary consents and other customary conditions, including receipt of the Company's shareholders' approval and the filing and mailing of any information statement as may be required.

![](ex99-6_001.jpg)

**II.**  **<u>Terms of Convertible Preferred Stock</u>** 

100% of the Investment is awarded Convertible Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Economic Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Liquidation Preference:** The greater of (a) $100.00 per share of Preferred Stock, *plus* any
increase in the stated value as a result of payments of dividends in kind, *plus* accrued and unpaid dividends (the "Preference
Amount"), and (b) the amount a holder thereof would be entitled to receive if the Preferred Stock were converted into Common Stock
as of such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Dividends:** The Preferred Stock will earn an interest rate of 12% per annum of the stated value,
payable quarterly in arrears, in cash, in kind (by accreting to and increasing the stated value of the Preferred Stock) or combination
thereof at the issuer's option. In the event the preferred debt provider (MUFG) is not chosen, or their rate (SOFR + 300-325 bps)
materially changes, the Company and Investors will in good faith agree on a higher interest to properly compensate the Preferred Stock
for its subordinated position behind the first lien debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Initial Conversion Price:** $10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Investor Conversion:** The Investors shall have the right at any time, at their option, to convert
any or all of its shares of Preferred Stock at a rate equal to the quotient of the Liquidation Preference, divided by the Initial Conversion
Price (the "Conversion Price"), which may be adjusted pursuant to the anti-dilution provisions described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Company Conversion**: The Company shall have the right to convert any or all of the shares of Preferred
Stock upon the earlier of: (a) after the second anniversary of the issue date the Company's common stock price trades at $15 per
share or higher for any 20 of 30 consecutive trading days at the Conversion Price plus the then present value (discounted at a rate equal
to the applicable treasury rate) of the dividends that would have otherwise accrued through the third anniversary of the Issuance Date,
or (b) at any time after the fifth anniversary of the issue date, at the Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Maturity:** If (x) a change of control occurs at any time, or (y) at any time after 7 years from
the issue date if the Company is not then listed on the Nasdaq Stock Market or the New York Stock Exchange, in each case the Investors
shall have the right, at their option, to require the Company to redeem any or all of the then-outstanding shares of Preferred Stock for
cash consideration equal to the greater of the Preference Amount or the fair market value of the Preferred Stock if it were converted
into Common Stock as of such time, as determined by an independent, third party valuation firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Conversion Rate Adjustments:** The Conversion Price will be subject to proportional adjustment for
any stock split, cash or stock dividend, merger, recapitalization or similar event. In the event that the Company issues additional equity
securities at a purchase price less than the Preferred Stock conversion price in effect at such time, such conversion price shall be adjusted
on a broad-based weighted average basis, subject to customary carve-outs.

![](ex99-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;B. **Voting Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General:** On all matters, the holders of Preferred Stock shall vote on an as-converted basis, together
with the holders of Common Stock as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Observer**: The Investors will have the right to nominate one non-voting board observer until the
earlier of: (a) the Company satisfies the Base Capacity Condition, or (b) the Investor's Preferred Stock is converted for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Consent Rights**: During the period in which any shares of Preferred Stock remain outstanding, the
consent of the holders of a majority of the Preferred Stock shall be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. alter or change the rights, preferences or privileges of the Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. increase or decrease the authorized number of shares of Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. issue any additional shares of Preferred Stock or any other security senior in right of preference to
the Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. create (by reclassification or otherwise, except with respect to the Redeemable Preferred Equity) any
new class or series of shares having rights, preferences or privileges senior to or on parity with the Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. amend the Company's certificate of incorporation, any certificate of designations, stockholders'
agreements or bylaws in a manner that adversely affects the Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. enter into a material transaction with an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. enter into any agreement that restricts the payment of any dividend on, or the redemption or repurchase
of, Preferred Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. provide for the payment of any dividend on, or the redemption or repurchase of any junior equity security;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. enter into any indebtedness other than the indebtedness required to consummate the Uplist on a first lien
basis and finance the expansion of the business operations on a first or second lien basis.

Notwithstanding the foregoing, the consent rights set forth in clauses (i-ix) shall automatically terminate when the aggregate Stated Value of Preferred Stock outstanding is less than $1,000,000.

![](ex99-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;C. **Registration Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General:** Investors will receive (i) customary transferable shelf registration rights pertaining
to the Preferred Stock and any shares of Company common stock issued upon the conversion thereof and (ii) customary piggyback and demand
rights in respect of any Company common stock issued upon the conversion of any Preferred Stock. The Company will use its reasonable best
efforts to make the Preferred Stock and Company common stock issuable upon conversion of the Preferred Stock eligible for resale under
Rule 144 of the Securities Act. In exercising its registration rights, the Investors may specify any plan of distribution. All reasonable
expenses of such registrations, including the fees and expenses of one counsel on behalf of the Investors, will be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;D. **Information Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General:** The Company will furnish customary public company information (including quarterly financial)
to the Investors; provided that in the event the Company is not subject to public company reporting obligations, the Company will still
furnish such information to the Investors as the Company would be required to provide if the Company were subject to such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;E. **Default Remedies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General:** The Investors will be entitled to customary default remedies for transactions of this
nature.

&nbsp;&nbsp;&nbsp;&nbsp;F. **Uses of Financing Amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Financing Amount may not be used to pay the Seller prior to a successful IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issuer to use Financing Amount to fund interim operations of the Company, pursuant to the attached operating
budget (other than in respect of accrued and future payments to BHI, and deposits for long lead items (the "Specified Budget Items"))
mutually agreed upon by the issuer and Creto; provided that the Specified Budget Items shall be agreed upon by the Issuer and Creto at
the earlier of: (a) December 19, 2025, or (b) the time of the closing of the Investment.

**III.**  **<u>Sponsor/Founder Share Vesting Terms</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;A. **Hurdle One:** 25% of Sponsor/Founder Shares vest once plant has processed 16,170 barrels per day
("bpd") ("Base Capacity Condition") for three consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;B. **Hurdle Two:** The remaining 75% of Sponsor/Founder Shares vest once plant has processed 49,000 bpd
for three consecutive months.

![](ex99-6_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;C. **Share price hurdle:** If, prior to commencing operation to meet Hurdle One above, the Company's
common stock price trades at $18 or higher for any 20 of 30 consecutive trading days, the Sponsor/Founder shares reserved in Hurdle One
shall immediately be vested (and will be subject to all appropriate trading restrictions, etc).

For the avoidance of doubt, the percentages in clauses (A), (B) and (C) apply to an aggregate of 4.1 million Sponsor/Founder Shares (and not 5.75 million Sponsor/Founder Shares).

**IV.**  **<u>SPAC Debt</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;A. If the IPO equity raise is insufficient to execute the business plan, pay off the Seller's promissory
note, and pay off the Redeemable Preferred Equity, the Redeemable Preferred Equity will maintain its seniority and will earn a dividend,
paid-in-kind, at a rate of 12% until paid in full, subject to the Anti-Dilution/Make-Whole Provision below.

**V.**  **<u>Anti-Dilution/Make-Whole Provision</u>** 

In the event the IPO fails to raise the Minimum Equity within 3 months after closing of the Investment, 100% of the Financing Amount will be given anti-dilution treatment if a private deal (or any other structure not currently contemplated) is negotiated and closes (i.e. an amount of ownership equal to the aggregate Preference Amount is given to the Investors in the new business) or the entire aggregate Preference Amount is 100% repaid (including accrued and unpaid dividends) before any other shareholders receive consideration, including the [$8.4 million] worth of Redeemable Preferred Equity related to the SPAC debt.

**VI.**  **<u>Other/Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;A. Most Favored Nation on market terms for future investments.

&nbsp;&nbsp;&nbsp;&nbsp;B. Preemptive Rights and rights of first refusal for future equity raises on a pro-rata, as-converted basis.

![](ex99-6_001.jpg)

IN WITNESS WHEREOF, the undersigned have executed this Term Sheet as of December 16, 2025.

---

| | |
|:---|:---|
| CRETO IRRX PIPE INVESTMENT, LLC | CRETO IRRX PIPE INVESTMENT, LLC |
| By: | Creto Capital Management, LLC |
| Its: | Manager |
| By: | /s/ Zane Beadles |
| Name: | Zane Beadles |
| Title: | Authorized Signatory |
| UINTA INFRASTRUCTURE GROUP CORP. | UINTA INFRASTRUCTURE GROUP CORP. |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Chairman & CEO |

---

![](ex99-6_001.jpg)

<u>ANNEX A</u>

Operating Budget

**IRRX**

Pre-uplist sources/uses

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Nov** | **Dec** | **Jan** | **Feb** | **Mar** |
| Sources: |  |  |  |  |  |  |
| Trust Account | 395746 |  |  |  |  |  |
| PIPE investment (estimated) | 5000000 |  |  |  |  |  |
| Total Sources | 5395746 |  |  |  |  |  |
| Less: funding outstanding A/P |  |  |  |  |  |  |
| Edgar Agents | 111435 |  | 111435 |  |  |  |
| Equiniti | 71897 |  | 71897 |  |  |  |
| DFIN | 40053 |  | 40053 |  |  |  |
| Stout (fairness opinion) | 29041 |  | 29041 |  |  |  |
| Laurel Hill (proxy solicitation) | 20500 |  | 20500 |  |  |  |
| Jorge Rangel (TYR litigation local counsel) | 22575 |  | 22575 |  |  |  |
| Calabrese (acctg) | 2000 |  | 2000 |  |  |  |
| Total Outstanding A/P | 297501 |  | 297501 |  |  |  |
| Go Forward Uses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;D&O Insurance | 120000 | 24000 | 24000 | 24000 | 24000 | 24000 |
| &nbsp;&nbsp;&nbsp;Hylant broker fees | 30000 |  | 15000 |  |  | 15000 |
| &nbsp;&nbsp;&nbsp;Calabrese acctg | 22500 |  | 15000 |  |  | 7500 |
| &nbsp;&nbsp;&nbsp;HL&B acctg | 45000 |  | 30000 |  |  | 15000 |
| &nbsp;&nbsp;&nbsp;Interim COO (incl travel) | 160000 |  | 115000 | 15000 | 15000 | 15000 |
| &nbsp;&nbsp;&nbsp;Becht | 200000 |  | 50000 | 50000 | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;Management team (1) | 1610000 |  | 1302500 | 102500 | 102500 | 102500 |
| &nbsp;&nbsp;&nbsp;Taxes / benefits on Mgmt team (20%) | 322000 |  | 260500 | 20500 | 20500 | 20500 |
| &nbsp;&nbsp;&nbsp;Travel | 30000 |  | 7500 | 7500 | 7500 | 7500 |
| &nbsp;&nbsp;&nbsp;General Business Insurance | 20000 |  | 5000 | 5000 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;HR/IT outsourcing | 16000 |  | 4000 | 4000 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;Opportune (financial reporting) | 120000 |  | 30000 | 30000 | 30000 | 30000 |
| &nbsp;&nbsp;&nbsp;Bank Debt Due Diligence | 275000 |  | 240000 | 35000 |  |  |
| &nbsp;&nbsp;&nbsp;Misc | 80000 |  | 20000 | 20000 | 20000 | 20000 |
| Known Uses | 3050500 | 24000 | 2118500 | 313500 | 278500 | 316000 |
| Net Surplus / (Deficit) Pre BHI & Long Lead | 2047745 |  |  |  |  |  |
| Estimated Construction Related Costs: (2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BHI Accrued | 765129 |  | 765129 |  |  |  |
| &nbsp;&nbsp;&nbsp;BHI Go Forward | 1000000 |  | 250000 | 250000 | 250000 | 250000 |
| &nbsp;&nbsp;&nbsp;Deposits for long lead-time items | 1250000 |  | 1250000 | - | - | - |
| Estimated Construction Uses (3) | 3015129 |  | 2265129 | 250000 | 250000 | 250000 |
| Total Uses | 6363130 | 24000 | 4383629 | 563500 | 528500 | 566000 |

---

(1) Includes $1.2m In In back pay and employee compensation payable at closing

(2) to be confirmed by BHI by Dec. 15

(3) BHI to determine % of payment to thelr accrued, go forward, and
long lead If Insufficlent funds ralsed in PIPE to cover full costs

## Exhibit 99.7

**Exhibit 99.7**

<u>EQUITY COMMITMENT LETTER</u>

December 15, 2025

TO: Uinta Infrastructure Group Corp. (the "<u>Company</u>")

400 W. Morse Boulevard, Suite 220

Winter Park, FL

Attention: Mark Michel, Chief Executive Officer

Ladies and Gentlemen:

In connection with that certain transaction, pursuant to which, among other things, Integrated Rail and Resources Acquisition Corp., and Tar Sands Holdings II, LLC will be acquired by the Company (the "<u>Acquisition Transaction</u>"), the undersigned investment fund (the "<u>Investor</u>") is pleased to offer this commitment to purchase, directly or indirectly, securities of the Company subject to the terms and conditions herein and in that certain Indicative Term Sheet, dated as of the date hereof, between the undersigned and the Company (the "<u>Term Sheet</u>"), for an aggregate purchase price equal to at least $5,000,000 (the "<u>Commitment</u>"). Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Term Sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Commitment</u>. Subject to the terms and conditions of this letter and the Term Sheet, the Investor hereby commits and agrees to acquire, directly or indirectly, the Preferred Stock for an aggregate purchase price in cash equal to at least $5,000,000. The Investor's obligations under this letter are binding and enforceable in accordance with their terms and the Investor shall fund the Commitment if, and only if, the conditions set forth in Section 2 are satisfied (or waived in writing by the Investor to the extent permitted hereby) on the Closing Date and this letter has not been terminated pursuant to Section 4. In no event shall the Investor be obligated to fund in excess of the Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Conditions Precedent</u>. The Investor's obligation to fund the Commitment shall be expressly subject to and conditioned upon the satisfaction (or, to the extent permitted, written waiver by the Investor) of the following conditions on or prior to the date of the consummation of the transactions contemplated by the Term Sheet (the "<u>Closing Date</u>"): (a) the CPs (as set forth in the Term Sheet); (b) no governmental entity of competent jurisdiction shall have enacted, issued or entered any law, order or injunction that is in effect and that enjoins or otherwise prohibits the consummation of the Acquisition Transaction or the Investment; (c) the representations and warranties of the Company in the definitive documentation governing the Investment shall be true and correct as of the Closing Date, subject to the standard of materiality set forth therein, and the Company shall have performed in all material respects its covenants thereunder; and (d) the Company shall have executed and delivered the definitive documentation for the Investment in the form attached reasonably satisfactory to the parties hereto (the "<u>Investment Documents</u>"). For the avoidance of doubt, no condition to funding shall be based on the availability of financing to the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>No Recourse</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Notwithstanding anything that may be expressed or implied in this letter to the contrary, by its acceptance hereof, the Company acknowledges, covenants and agrees, on behalf of itself, its affiliates, and any person or entity ("<u>Person</u>") claiming by, through or on behalf of any of them, that all claims, obligations, liabilities, causes of action, or proceedings (in each case, whether at law or in equity, and whether sounding in contract, tort, statute or otherwise) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to this letter, or the negotiation, execution, performance, or breach (whether willful, intentional, unintentional or otherwise) of this letter, including, without limitation, any representation or warranty made or alleged to be made in, in connection with, or as an inducement to, this letter (each of such above-described legal or equitable theories or sources of liability, a "<u>Claim</u>") may be made only against (and are expressly limited to) the Investor as expressly identified in the signature pages of this letter. No Person who is not an Investor (including, without limitation, (i) any past present or future director, officer, employee, incorporator, member, partner, manager, direct or indirect equityholder, management company, affiliate, agent, attorney, or representative of, and any financial advisor or lender to (all above-described Persons in this subclause (i), collectively, "<u>Affiliated Persons</u>") the Investor or any affiliate of Investor, and (ii) any Affiliated Persons of such Affiliated Persons (the Persons in subclauses (i) and (ii), together with their respective successors, assigns, heirs, executors or administrators, collectively, "<u>Non-Parties</u>" and each, individually, a "<u>Non-Party</u>")) shall have any liability or obligation whatsoever in respect of, based upon or arising out of any Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Without limiting the generality of the foregoing, to the maximum extent explicitly permitted or otherwise conceivable under applicable law, (i) the Company hereby waives, releases and disclaims any and all Claims against all Non-Parties, including, without limitation, any Claims to avoid or disregard the entity form of an Investor or otherwise seek to impose any liability arising out of, relating to or in connection with a Claim on any Non-Parties, whether a Claim granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization, or otherwise, and (ii) the Company disclaims any reliance upon any Non-Parties with respect to the performance of this letter or any representation or warranty made in, in connection with, or as an inducement to this letter. This <u>Section 3</u> shall survive the termination of this letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything to the contrary in this <u>Section 3</u> or otherwise, (i) nothing herein shall limit the Company's right to seek specific performance, solely against the Investor, of the obligation to fund the Commitment in accordance with <u>Sections 1</u>, <u>2</u> and <u>13</u>, subject in all cases to the terms, conditions and limitations set forth herein, and (ii) if, and only to the extent, the Acquisition Agreement expressly contemplates that the seller thereunder (the "<u>Seller</u>") may stand in the place of the Company and directly enforce the Investor's obligation (to the extent of the Company's rights to do so hereunder) to fund all or a portion of the Commitment for the purpose of consummating the Acquisition Transaction, the Seller shall be an express third-party beneficiary of <u>Sections 1</u>, <u>2</u>, <u>3(c)</u> and <u>13</u> with a right to seek specific performance solely against the Investor, in each case subject to (x) the cap in the definition of Commitment, (y) all other terms and conditions hereof, and (z) the satisfaction (or waiver, to the extent permitted) of the conditions set forth in <u>Section 2</u>. Except as provided in the foregoing sentence, no Person other than the Company shall have any rights as a third-party beneficiary hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Termination</u>. All obligations of the Investor relating to, arising out of or in connection with this letter shall terminate automatically and immediately upon the earliest to occur of: (a) any indication by any proposed party to the Acquisition Transaction that the Acquisition Transaction will not be consummated on the terms represented to the Investor; (b) the valid termination of the Acquisition Agreement in accordance with its terms; (c) 5:00 p.m. New York City time on the date that is 3 months following the date hereof (the "<u>Outside Date</u>"), if the closing of the Acquisition Transaction has not occurred by such time; (d) the assertion by the Company, the Seller or any other of their respective affiliates, directly or indirectly, of any Claim against any Non-Party; or (e) mutual written agreement of the Investor and the Company. <u>Sections 3</u>, <u>7</u>, <u>8</u>, <u>9</u>, <u>10</u>, <u>11</u>, <u>12</u> and <u>13</u> shall survive any termination of this letter, and no termination shall relieve any party of liability for its fraud or willful and material breach prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Assignment</u>. The Commitment evidenced by this letter shall not be assignable by the Company, on the one hand, or the Investor, on the other hand, without the prior written consent of the other of them, and such consent, if granted, shall not constitute a waiver of this requirement as to any subsequent assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment</u>. This letter may not be amended except pursuant to a written document duly executed by each of the Investor and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Third Party Beneficiary</u>. Except for Non-Parties (pursuant to <u>Section 3</u> hereof), (i) no Person other than the Company shall be entitled to rely upon this letter, (ii) this letter shall be binding upon and inure solely to the benefit of each party hereto, (iii) nothing herein or in any other agreement, express or implied, is intended to or shall confer upon any other Person any rights, benefits or remedies whatsoever under or by reason of this letter and (iv) no creditor of the Company or any of its Affiliates shall have any right to enforce this letter or to cause the Company to enforce this letter. Notwithstanding the foregoing, the Seller shall be an intended third-party beneficiary of <u>Sections 1</u>, <u>2</u>, <u>3(c)</u> and <u>13</u> solely to the limited extent, and for the limited purpose, set forth in <u>Section 3(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law, Jurisdiction</u>. This letter (including, without limitation, the validity, construction, effect or performance hereof and any remedies hereunder or related hereto), and all Claims, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Each of the parties hereto irrevocably agrees that any permitted Claim shall be brought and determined exclusively in a state or federal court located in the State of Florida. Each party agrees that irreparable damage may occur if any provision of this letter were not performed in accordance with its specific terms. Accordingly, the parties shall be entitled to seek an injunction or injunctions, specific performance and other equitable relief to prevent or cure any breach or threatened breach of this letter, in addition to any other remedy to which they are entitled at law, subject in all cases to the limitations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS LETTER IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Severability</u>. Any term or provision of this letter that is invalid or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction; <u>provided</u>, <u>however</u>, that this letter may not be enforced without giving effect to the provisions in <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Miscellaneous</u>. This letter may be executed in any number of counterparts (including by electronic mail portable document format (\*.pdf) (or similar electronic means) or facsimile signature), and each such counterpart when delivered shall be deemed to be an original instrument, but all such counterparts together shall constitute one agreement. The provisions of this letter contain the entire agreement of the parties hereto with respect to the subject matter hereof and supersede any prior oral or written agreements, undertakings, understandings, discussions, negotiations or proposals relating to the subject matter hereof. The headings contained in this letter are for convenience purposes only and will not in any way affect the meaning or interpretation hereof. All parties hereto acknowledge that each party and its counsel have participated in the drafting and negotiation of this letter and that any rules of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Confidentiality</u>. This letter shall be treated as strictly confidential and is being provided to the Company solely in connection with the Acquisition Transaction. This letter may not be used, circulated, quoted or otherwise referred to in any document except with the written consent of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Specific Performance; Limitation of Liability; Exclusive Remedies</u>. The parties acknowledge and agree that monetary damages may not be an adequate remedy for breaches of this letter and that, subject to the terms and conditions of this letter (including <u>Sections 1</u>, <u>2</u>, <u>3</u> and <u>4</u>), the Company shall be entitled to seek an order of specific performance requiring the Investor to fund the Commitment in accordance with this letter if, and only if, (i) all of the conditions set forth in <u>Section 2</u> have been satisfied (other than those conditions that by their terms are to be satisfied at the Closing, but subject to such conditions being satisfied at the closing), and (ii) this letter has not been terminated pursuant to <u>Section 4</u>. In no event shall the Investor be required to fund, nor shall any party be entitled to recover, in the aggregate, amounts in excess of the Commitment. Except for the equitable relief expressly contemplated by this <u>Section 13</u> and <u>Section 3(c)</u>, the sole and exclusive remedy of the Company and, if applicable, the Seller for any failure of the Investment to close or any breach of this letter shall be to seek specific performance as provided herein; provided that nothing herein shall limit any party's remedies for fraud or willful and material breach prior to termination, subject to the limitations of <u>Section 3</u>. Notwithstanding anything to the contrary, under no circumstances shall any Non-Party (as defined in <u>Section 3</u>) have any liability for any Claim, and recourse for any Claim shall be limited to the Investor solely to the extent expressly provided herein.

[*Remainder of Page Intentionally Blank*]

If the foregoing is acceptable to you, please sign and return a copy of this letter.

Very truly yours,

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| CRETO IRRX PIPE INVESTMENT, LLC | CRETO IRRX PIPE INVESTMENT, LLC |
| By: | Creto Capital Management, LLC |
| Its: | Manager |

---

---

| | |
|:---|:---|
| By: | */s/ Zane Beadles* |
| Name: | Zane Beadles |
| Title: | Authorized Signatory |
| Accepted and Acknowledged: | Accepted and Acknowledged: |
| **COMPANY:** | **COMPANY:** |
| UINTA INFRASTRUCTURE GROUP CORP. | UINTA INFRASTRUCTURE GROUP CORP. |
| By: | /s/ Mark A. Michel |
| Name: | Mark A. Michel |
| Title: | Chairman & CEO |

---

*Signature Page to Equity Commitment Letter*

## Exhibit 99.8

**Exhibit 99.8**

**Uinta Infrastructure Group Corp. Announces Binding Equity Commitment for PIPE Financing**

Winter Park, FL, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Uinta Infrastructure Group Corp. ("UIGC" or the "Company"), the post-business-combination operating company of Integrated Rail and Resources Acquisition Corp. ("IRRX") and Tar Sands Holdings II, LLC ("TSII"), today announced that it has entered into a binding equity commitment with a Creto Capital Management, LLC managed entity in connection with a proposed private investment in public equity ("PIPE") financing pursuant to Regulation D under the Securities Act of 1933, as amended.

The PIPE financing contemplates a minimum investment of $5 million and up to $8 million, subject to the negotiation and execution of final definitive documentation and the satisfaction of customary closing conditions. The securities will be offered to investors who meet the qualifications as both accredited investors and qualified clients.

Once completed, the Company intends to use the proceeds for general corporate purposes, including funding development and interim project-related costs, and other initiatives in advance of an anticipated uplisting to a national securities exchange.

The securities to be issued in the proposed PIPE financing have not been registered under the Securities Act or any state securities laws and will be offered and sold in reliance on the exemption from registration provided by Regulation D. Any securities issued will be subject to customary transfer restrictions.

**Advisors**

Stifel served as the exclusive financial advisor to the Company on the financing and Winston & Strawn LLP served as legal counsel to the Company.

**No Offer or Solicitation**

This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

**Forward-Looking Statements**

This press release contains, and certain oral statements made by representatives of UIGC and its affiliates, from time to time may contain, certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to UIGC's business, strategy and future plans, as well as the anticipated trading of the UIGC common stock on a national stock exchange. These forward-looking statements generally are identified by the words "will," "intends," "expect," "anticipate," "estimate," "future," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: changes in business, market, financial, political and regulatory conditions; risks relating to UIGC's anticipated operations and business; risks related to increased competition in the industry in which UIGC will operate; risks relating to legal, commercial, regulatory and technical uncertainties; risks that UIGC experiences difficulties managing its growth and expanding operations; challenges in implementing UIGC's business plan; and those factors discussed in the final prospectus/proxy statement (File No. 333-283188) filed by UIGC with the Securities and Exchange Commission (the "SEC") on June 6, 2025, and in subsequent filings and reports made by UIGC and IRRX with the SEC from time to time. While UIGC may elect to update these forward-looking statements at some point in the future, UIGC specifically disclaims any obligation to do so.