# EDGAR Filing Document

**Accession Number:** 0001970622
**File Stem:** 0001970622-25-000081
**Filing Date:** 2025-11
**Character Count:** 103404
**Document Hash:** a004756c89e90270f5541dd968de2ef5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001970622-25-000081.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001970622-25-000081

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251118

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

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USA Rare Earth, Inc.
- **CENTRAL INDEX KEY:** 0001970622
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981720278
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41711
- **FILM NUMBER:** 251492738

**BUSINESS ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075
- **BUSINESS PHONE:** 813-867-6155

**MAIL ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inflection Point Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20230322

?xml version='1.0' encoding='ASCII'? usar-20251118

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): November 18, 2025**

![USA Rare Earth Logo.jpg](usar-20251118_g1.jpg)

**USA Rare Earth, Inc.**

*(Exact Name of Registrant as Specified in its Charter)*

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41711** | **98-1720278** |
| *(State or Other Jurisdiction of Incorporation)* | *(Commission File Number)* | *(I.R.S. Employer Identification No.)* |

---

**100 W. Airport Road, Stillwater, OK 74075**

*(Address of Principal Executive Offices) (Zip Code)*

**(813) 867-6155**

*(Registrant's telephone number, including area code)*

**Not applicable**

*(Former Name or Former Address, if Changed Since Last Report)*

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:

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

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

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

☐&nbsp;&nbsp;&nbsp;&nbsp;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 |
| Common Stock, par value $0.0001 | USAR | The Nasdaq Stock Market LLC |
| Warrants, each whole warrant exercisable for one share of Common Stock, at an exercise price of $11.50 per share | USARW | The Nasdaq Stock Market LLC |

---

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. ☐

------

**Item 2.01&nbsp;&nbsp;&nbsp;&nbsp;Completion of Acquisition or Disposition of Assets**

As previously disclosed, on September 26, 2025, USA Rare Earth, Inc. (the "Company") and Laconia Acquisition Sub Limited ("Buyer"), a wholly owned indirect subsidiary of the Company, entered into a Share Purchase Agreement (the "Acquisition Agreement") with Indian Ocean Rare Metals Pte Ltd, a Singapore private limited company (the "Target"), the Target's shareholders (the "Sellers") and Grant Smith, solely in his capacity as the Sellers' representative (the "Seller Representative"), providing that Buyer would purchase, acquire and accept from the Sellers all rights, title and interest in and to all of the shares of the Target held by the Sellers, amounting to all of the outstanding and issued shares in the Target (the "Acquisition"). On November 18, 2025, the Company and Buyer completed the acquisition of the Target from the Sellers. The Target's operating subsidiary is Less Common Metals Ltd. ("LCM"), a United Kingdom (U.K.)-based manufacturer of specialized rare earth metals and both cast and strip-cast alloys. LCM produces both light and heavy rare earth permanent magnet metals and alloys at scale in its facility in Cheshire, U.K. Pursuant to the Acquisition Agreement, the purchase price paid by Buyer was $100,000,000 in cash and 6.54 million shares of the Company's common stock (the "Acquisition Shares"), subject to the deposit of 1,010,782 shares of the Company's common stock into escrow and customary deductions for debt, and transaction expenses, as well as customary post-closing adjustments.

The Acquisition Shares were issued in reliance on the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act") and in reliance on similar exemptions under applicable state laws. Each Seller represented that it is an accredited investor within the meaning of Rule 501(a) of Regulation D and acquired the Acquisition Shares as principal for its or their own account and not with a view to or for distributing or reselling the Acquisition Shares. The Acquisition Shares were offered and sold without any general solicitation by the Company, Buyer or their respective representatives. The Acquisition Shares have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

In connection with the closing of the Acquisition, the Company, Buyer and the Sellers and the Seller Representative entered into a registration rights agreement (the Registration Rights Agreement"), pursuant to which the Company agreed to use its reasonable best efforts to file a registration statement with the Securities and Exchange Commission on or prior to December 31, 2025 (subject to certain exceptions) for purposes of registering the resale or distribution of the Acquisition Shares by the Sellers (the "Registration Statement"), to use reasonable best efforts to have such Registration Statement declared effective within the time period set forth in the Registration Rights Agreement, and to keep the Registration Statement effective until the date that all registrable securities covered by the Registration Statement (i) have been disposed of in accordance with an effective Registration Statement relating thereto, (ii) have been sold, thereunder or pursuant to Rule 144 under the Securities Act and without such registrable securities bearing any of the legends set forth in the Acquisition Agreement or (iii) may be resold without volume or manner-of-sale restrictions pursuant to Rule 144.

The foregoing descriptions of the Acquisition Agreement and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by reference to the Acquisition Agreement and the Registration Rights Agreement filed as Exhibits 2.1 and 10.1, respectively, to this Current Report on Form 8-K and incorporated herein by reference. Such exhibits have been included to provide investors with information regarding their respective terms and are not intended to provide any factual information about the Company or the Target.

**Item 3.02&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities**

The information under Item 2.01 of this Current Report on Form 8-K related to the Acquisition Shares is incorporated herein by reference.

This Current Report on Form 8-K does not constitute an offer to sell any securities or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

------

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure**

On November 18, 2025, the Company issued a press release announcing the closing of the Acquisition, a copy of which is furnished herewith as Exhibit 99.1.

The information provided under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is "furnished" and shall not be deemed "filed" with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(a) Financial Statements of Business Acquired. The financial statements required by Item 9.01(a) of Form 8-K will be filed by amendment to this Current Report on Form 8-K no later than 71 days after the date this Current Report on Form 8-K is required to be filed.

(b) Pro forma financial information. The pro forma financial information required by Item 9.01(b) of Form 8-K will be filed by amendment to this Current Report on Form 8-K no later than 71 days after the date this Current Report on Form 8-K is required to be filed.

(d) Exhibits

The following exhibits are attached with this current report on Form 8-K.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [2.1](https://www.sec.gov/Archives/edgar/data/1970622/000121390025092611/ea025909801ex2-1_usarare.htm)† | [Share Purchase Agreement, dated as of September 26, 2025, by and among Buyer, the Company, the Target, the Sellers and the Seller Representative (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on September 29, 2025)](https://www.sec.gov/Archives/edgar/data/1970622/000121390025092611/ea025909801ex2-1_usarare.htm). |
| [10.1](ex101registrationrightsagr.htm)\* | [Registration Rights Agreement, by and among the Company, Buyer, the Sellers and the Seller Representative.](ex101registrationrightsagr.htm) |
| [99.1](ex991pressrelease2025-1118.htm)\* | [Press Release, dated](ex991pressrelease2025-1118.htm)November 18, 2025. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

†&nbsp;&nbsp;&nbsp;&nbsp;The annexes schedules, and certain exhibits to this Exhibit have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant hereby agrees to furnish supplementally a copy of any omitted annex, schedule or exhibit to the SEC upon request.

------

**Cautionary Note Regarding Forward-Looking Statements**

Certain matters discussed in this Current Report on Form 8-K, including Exhibit 99.1, are or contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements, which involve risks and uncertainties include statements relating to the benefits of the Acquisition, including, without limitation expectations for future development, operations, business strategies, financial performance, sales and customers. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "strive", "target", "will", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: (1) the risk that the businesses will not be integrated successfully or that the integration will be more costly or difficult than expected; (2) the risk that the synergies from the Acquisition may not be fully realized or may take longer to realize than expected; (3) the risk that any announcement relating to the Acquisition could have an adverse effect on the market price of the Company's common stock; (4) the risk of litigation related to the Acquisition; (5) the diversion of management time from ongoing business operations and opportunities as a result of the Acquisition; (6) the risk of adverse reactions or changes to business or employee relationships, including those resulting from the Acquisition; (7) the Target's ability to retain its customers and suppliers and the combined company's ability to build or maintain relationships with customers and suppliers; (8) the Company's development of its magnet production facility and the timing of expected production milestones; (9) the development of the Round Top project, which may not result into a producing mine, may be delayed, or may not result in the commercial extraction of minerals; (10) uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions; (11) the Company's ability to successfully commence swarf processing; (12) competition in the magnet manufacturing industry; (13) the ability to grow and manage growth profitably; (14) the ability to build or maintain relationships with customers and suppliers; (15) the ability to attract and retain management and key employees; (16) the overall supply and demand for rare earth minerals; (17) the timing and amount of future production; (18) the costs of production, capital expenditures and requirements for additional capital, including the need to raise additional capital to implement the Company's strategic plan; (19) substantial doubt regarding the Company's ability to continue as a going concern for the twelve months following the issuance of its third quarter 2025 Condensed Consolidated Financial Statements; (20) the timing of future cash flow provided by operating activities, if any; and (21) fluctuations in transportation costs or disruptions in transportation services or damage or loss during transport. Detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's periodic filings with the SEC, including the Company's Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company's latest Quarterly Reports on Form 10-Q filed with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this report speak only as of their date, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after their date or to reflect the occurrence of unanticipated events.

------

**SIGNATURE**

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 thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **USA Rare Earth, Inc.** | **USA Rare Earth, Inc.** |
| Date: | November 18, 2025 | By: | /s/ DAVID KRONENFELD |
|  |  |  | David Kronenfeld |
|  |  |  | Chief Legal Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**REGISTRATION RIGHTS AGREEMENT**

**BY AND AMONG**

**USA RARE EARTH, INC.,**

**LACONIA ACQUISITION SUB LIMITED,**

**THE STOCKHOLDERS PARTY HERETO**

**AND**

**GRANT SMITH,**

**AS THE STOCKHOLDER REPRESENTATIVE**

**Dated as of November 18, 2025**

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| [Article I Resale Registration](#i3d790e30aea0460781d2e7c15df72ee6_549755814020) | [Article I Resale Registration](#i3d790e30aea0460781d2e7c15df72ee6_549755814020) | [1](#i3d790e30aea0460781d2e7c15df72ee6_549755814020) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 1.1](#i3d790e30aea0460781d2e7c15df72ee6_142) | [Resale Registration Statement](#i3d790e30aea0460781d2e7c15df72ee6_142) | [1](#i3d790e30aea0460781d2e7c15df72ee6_142) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 1.2](#i3d790e30aea0460781d2e7c15df72ee6_150) | [Effectiveness Period](#i3d790e30aea0460781d2e7c15df72ee6_150) | [1](#i3d790e30aea0460781d2e7c15df72ee6_150) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 1.3](#i3d790e30aea0460781d2e7c15df72ee6_157) | [Subsequent Shelf Registration](#i3d790e30aea0460781d2e7c15df72ee6_157) | [2](#i3d790e30aea0460781d2e7c15df72ee6_157) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 1.4](#i3d790e30aea0460781d2e7c15df72ee6_163) | [Supplements and Amendments](#i3d790e30aea0460781d2e7c15df72ee6_163) | [2](#i3d790e30aea0460781d2e7c15df72ee6_163) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 1.5](#i3d790e30aea0460781d2e7c15df72ee6_169) | [Subsequent Holder Notice](#i3d790e30aea0460781d2e7c15df72ee6_169) | [2](#i3d790e30aea0460781d2e7c15df72ee6_169) |
| [Article II Company Registration](#i3d790e30aea0460781d2e7c15df72ee6_549755813972) | [Article II Company Registration](#i3d790e30aea0460781d2e7c15df72ee6_549755813972) | [2](#i3d790e30aea0460781d2e7c15df72ee6_549755813972) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 2.1](#i3d790e30aea0460781d2e7c15df72ee6_176) | [Notice of Registration](#i3d790e30aea0460781d2e7c15df72ee6_176) | [2](#i3d790e30aea0460781d2e7c15df72ee6_176) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 2.2](#i3d790e30aea0460781d2e7c15df72ee6_183) | [Underwriting](#i3d790e30aea0460781d2e7c15df72ee6_183) | [3](#i3d790e30aea0460781d2e7c15df72ee6_183) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 2.3](#i3d790e30aea0460781d2e7c15df72ee6_189) | [Right to Terminate Registration](#i3d790e30aea0460781d2e7c15df72ee6_189) | [3](#i3d790e30aea0460781d2e7c15df72ee6_189) |
| [Article III Additional Provisions Regarding Registration Rights](#i3d790e30aea0460781d2e7c15df72ee6_549755813980) | [Article III Additional Provisions Regarding Registration Rights](#i3d790e30aea0460781d2e7c15df72ee6_549755813980) | [3](#i3d790e30aea0460781d2e7c15df72ee6_549755813980) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.1](#i3d790e30aea0460781d2e7c15df72ee6_195) | [Registration Procedures](#i3d790e30aea0460781d2e7c15df72ee6_195) | [3](#i3d790e30aea0460781d2e7c15df72ee6_195) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.2](#i3d790e30aea0460781d2e7c15df72ee6_203) | [Limitation on Subsequent Registration Rights](#i3d790e30aea0460781d2e7c15df72ee6_203) | [5](#i3d790e30aea0460781d2e7c15df72ee6_203) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.3](#i3d790e30aea0460781d2e7c15df72ee6_209) | [Expenses of Registration](#i3d790e30aea0460781d2e7c15df72ee6_209) | [5](#i3d790e30aea0460781d2e7c15df72ee6_209) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.4](#i3d790e30aea0460781d2e7c15df72ee6_215) | [Information by Holders](#i3d790e30aea0460781d2e7c15df72ee6_215) | [5](#i3d790e30aea0460781d2e7c15df72ee6_215) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.5](#i3d790e30aea0460781d2e7c15df72ee6_221) | [Rule 144 Reporting](#i3d790e30aea0460781d2e7c15df72ee6_221) | [6](#i3d790e30aea0460781d2e7c15df72ee6_221) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.6](#i3d790e30aea0460781d2e7c15df72ee6_227) | ["Market Stand-Off" Agreement](#i3d790e30aea0460781d2e7c15df72ee6_227) | [6](#i3d790e30aea0460781d2e7c15df72ee6_227) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.7](#i3d790e30aea0460781d2e7c15df72ee6_233) | [Insider Trading Policy](#i3d790e30aea0460781d2e7c15df72ee6_233) | [6](#i3d790e30aea0460781d2e7c15df72ee6_233) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 3.8](#i3d790e30aea0460781d2e7c15df72ee6_239) | [Removal of Legends](#i3d790e30aea0460781d2e7c15df72ee6_239) | [7](#i3d790e30aea0460781d2e7c15df72ee6_239) |
| [Article IV Indemnification](#i3d790e30aea0460781d2e7c15df72ee6_549755813988) | [Article IV Indemnification](#i3d790e30aea0460781d2e7c15df72ee6_549755813988) | [7](#i3d790e30aea0460781d2e7c15df72ee6_549755813988) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 4.1](#i3d790e30aea0460781d2e7c15df72ee6_246) | [Indemnification by Company](#i3d790e30aea0460781d2e7c15df72ee6_246) | [7](#i3d790e30aea0460781d2e7c15df72ee6_246) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 4.2](#i3d790e30aea0460781d2e7c15df72ee6_252) | [Indemnification by Holders](#i3d790e30aea0460781d2e7c15df72ee6_252) | [7](#i3d790e30aea0460781d2e7c15df72ee6_252) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 4.3](#i3d790e30aea0460781d2e7c15df72ee6_258) | [Notification](#i3d790e30aea0460781d2e7c15df72ee6_258) | [8](#i3d790e30aea0460781d2e7c15df72ee6_258) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 4.4](#i3d790e30aea0460781d2e7c15df72ee6_264) | [Contribution](#i3d790e30aea0460781d2e7c15df72ee6_264) | [9](#i3d790e30aea0460781d2e7c15df72ee6_264) |
| [Article V Termination of Registration Rights](#i3d790e30aea0460781d2e7c15df72ee6_549755813996) | [Article V Termination of Registration Rights](#i3d790e30aea0460781d2e7c15df72ee6_549755813996) | [9](#i3d790e30aea0460781d2e7c15df72ee6_549755813996) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 5.1](#i3d790e30aea0460781d2e7c15df72ee6_271) | [Termination of Registration Rights](#i3d790e30aea0460781d2e7c15df72ee6_271) | [9](#i3d790e30aea0460781d2e7c15df72ee6_271) |
| [Article VI Miscellaneous](#i3d790e30aea0460781d2e7c15df72ee6_549755814004) | [Article VI Miscellaneous](#i3d790e30aea0460781d2e7c15df72ee6_549755814004) | [9](#i3d790e30aea0460781d2e7c15df72ee6_549755814004) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.1](#i3d790e30aea0460781d2e7c15df72ee6_278) | [Counterparts](#i3d790e30aea0460781d2e7c15df72ee6_278) | [9](#i3d790e30aea0460781d2e7c15df72ee6_278) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.2](#i3d790e30aea0460781d2e7c15df72ee6_284) | [Governing Law; Waiver of Jury Trial.](#i3d790e30aea0460781d2e7c15df72ee6_284) | [9](#i3d790e30aea0460781d2e7c15df72ee6_284) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.3](#i3d790e30aea0460781d2e7c15df72ee6_290) | [Entire Agreement; No Third Party Beneficiary](#i3d790e30aea0460781d2e7c15df72ee6_290) | [10](#i3d790e30aea0460781d2e7c15df72ee6_290) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.4](#i3d790e30aea0460781d2e7c15df72ee6_296) | [Expenses](#i3d790e30aea0460781d2e7c15df72ee6_296) | [10](#i3d790e30aea0460781d2e7c15df72ee6_296) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.5](#i3d790e30aea0460781d2e7c15df72ee6_302) | [Notices](#i3d790e30aea0460781d2e7c15df72ee6_302) | [10](#i3d790e30aea0460781d2e7c15df72ee6_302) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.6](#i3d790e30aea0460781d2e7c15df72ee6_308) | [Successors and Assigns](#i3d790e30aea0460781d2e7c15df72ee6_308) | [11](#i3d790e30aea0460781d2e7c15df72ee6_308) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.7](#i3d790e30aea0460781d2e7c15df72ee6_314) | [Headings](#i3d790e30aea0460781d2e7c15df72ee6_314) | [11](#i3d790e30aea0460781d2e7c15df72ee6_314) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.8](#i3d790e30aea0460781d2e7c15df72ee6_320) | [Amendments and Waivers](#i3d790e30aea0460781d2e7c15df72ee6_320) | [11](#i3d790e30aea0460781d2e7c15df72ee6_320) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.9](#i3d790e30aea0460781d2e7c15df72ee6_326) | [Interpretation; Absence of Presumption](#i3d790e30aea0460781d2e7c15df72ee6_326) | [12](#i3d790e30aea0460781d2e7c15df72ee6_326) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.10](#i3d790e30aea0460781d2e7c15df72ee6_332) | [Severability](#i3d790e30aea0460781d2e7c15df72ee6_332) | [12](#i3d790e30aea0460781d2e7c15df72ee6_332) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Section 6.11](#i3d790e30aea0460781d2e7c15df72ee6_338) | [Stockholder Representative](#i3d790e30aea0460781d2e7c15df72ee6_338) | [12](#i3d790e30aea0460781d2e7c15df72ee6_338) |

---

i

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**<u>REGISTRATION RIGHTS AGREEMENT</u>**

This REGISTRATION RIGHTS AGREEMENT (this <u>"Agreement</u>") is entered into as of November 18, 2025, by and among USA Rare Earth, Inc., a Delaware corporation ("<u>Company</u>"), Laconia Acquisition Sub Limited, a United Kingdom private limited company ("<u>Buyer</u>"), the stockholders listed on Schedule A hereto (collectively, the "<u>Stockholders</u>" and each individually, a "<u>Stockholder</u>") and Grant Smith (the "<u>Stockholder Representative</u>"). Capitalized terms used but not defined elsewhere herein are defined in <u>[Exhibit A](#i3d790e30aea0460781d2e7c15df72ee6_421)</u>.

WHEREAS, the Company is a party to that certain Share Purchase Agreement, by and among the Company, Buyer, Indian Ocean Rare Metals Pte Ltd, a Singapore private limited company ("<u>IORM</u>"), the Stockholders and the Stockholder Representative, dated as of September 26, 2025 (the "<u>Stock Purchase Agreement</u>"), pursuant to which Buyer has purchased from the Stockholders, and the Stockholders have sold to Buyer, all of the Stockholders' right, title and interest in and to the issued and outstanding capital stock of IORM, after which IORM became a wholly owned subsidiary of Buyer as of the date hereof (the <u>"Transactions</u>");

WHEREAS, the Holders are receiving Common Stock (the "<u>Transaction Shares</u>") on or about the Effective Date (as defined in the Stock Purchase Agreement), pursuant to the Stock Purchase Agreement; and

WHEREAS, in connection with the consummation of the Transactions and as a condition to each of the parties' obligations under the Stock Purchase Agreement, the parties hereto desire to enter into this Agreement for the purpose of granting certain registration and other rights to the Holders on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

**ARTICLE I**

**<u>RESALE REGISTRATION</u>**

Section 1.1 <u>Resale Registration Statement</u>. The Company shall use its reasonable best efforts to file by December 31, 2025 (the "<u>Filing Deadline</u>") a Registration Statement covering the sale or distribution from time to time by the Holders, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act of all of the Registrable Securities on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, then such registration shall be on Form S-1 or another appropriate form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Holders) (the "<u>Resale Registration Statement</u>" and, such registration, the "<u>Resale Registration</u>"), and if the Company is a WKSI as of the filing date, the Resale Registration Statement shall be an Automatic Shelf Registration Statement. If the Resale Registration Statement is not an Automatic Shelf Registration Statement, the Company shall use its reasonable best efforts to cause such Resale Registration Statement to be declared effective by the Commission as promptly as reasonably practicable after the filing thereof, but in any event no later than the earlier of (a) the date that is seventy-five (75) days after the filing of such Resale Registration Statement if the Commission notifies the Company that it will "review" the Resale Registration Statement and (b) the fifth (5th) business day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be "reviewed" or will not be subject to further review.

Section 1.2 <u>Effectiveness Period</u>. Once declared effective, the Company shall, subject to the other applicable provisions of this Agreement, use its reasonable best efforts to cause the Resale Registration Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the "Effectiveness Period").

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Section 1.3 Subsequent Shelf Registration. If any Shelf Registration ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its reasonable best efforts to promptly cause such Shelf Registration to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration), and in any event shall within thirty (30) days of such cessation of effectiveness, amend such Shelf Registration in a manner reasonably expected to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration or, file an additional registration statement (a "<u>Subsequent Shelf Registration</u>") for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders thereof of all securities that are Registrable Securities as of the time of such filing. If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to (a) cause such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after such filing, but in no event later than the date that is seventy-five (75) days after such Subsequent Shelf Registration is filed and (b) keep such Subsequent Shelf Registration (or another Subsequent Shelf Registration) continuously effective until the end of the Effectiveness Period. Any such Subsequent Shelf Registration shall be a Registration Statement on Form S-3 to the extent that the Company is eligible to use such form, and otherwise on Form S-1, and if the Company is a WKSI as of the filing date, such Registration Statement shall be an Automatic Shelf Registration Statement. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by such Holders in accordance with any reasonable method of distribution elected by the Stockholder Representative.

Section 1.4 <u>Supplements and Amendments</u>. The Company shall supplement and amend any Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration if required by the Securities Act or as reasonably requested by the Stockholder Representative covered by such Shelf Registration.

Section 1.5 <u>Subsequent Holder Notice</u>. If a Person becomes a Holder of Registrable Securities after a Shelf Registration becomes effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration (a "<u>Subsequent Holder Notice</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if required and permitted by applicable law, file with the Commission a supplement to the related prospectus or a post-effective amendment to the Shelf Registration so that such Holder is named as a selling securityholder in the Shelf Registration and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if, pursuant to <u>[Section](#i4f921cfd5a014f21b11b08f257872a51_7655)[1.5(a)](#i4f921cfd5a014f21b11b08f257872a51_7655)</u>, the Company shall have filed a post-effective amendment to the Shelf Registration that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is reasonably practicable, but in any event by the date that is seventy-five (75) days after the date such post-effective amendment is required by <u>[Section 1.5(a)](#i4f921cfd5a014f21b11b08f257872a51_7655)</u> to be filed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to <u>[Section 1.5(a)](#i4f921cfd5a014f21b11b08f257872a51_7655)</u>.

**ARTICLE II**

**<u>COMPANY REGISTRATION</u>**

Section 2.1 <u>Notice of Registration</u>. If at any time or from time to time the Company shall determine to file a registration statement with respect to an offering (or to make an underwritten public offering pursuant to a previously filed registration statement) of its Common Stock, whether or not for its own account (other than a registration statement on Form S-4, Form S-8 or any successor forms), the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly give to the Stockholder Representative written notice thereof, which notice shall be given, to the extent reasonably practicable, no less than five (5) business days prior to the filing or launch date (except in the case of an offering that is an "overnight offering", in which case such notice must be given no later than one (1) business day prior to the filing or launch date); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_183)</u> <u>[2.2](#i3d790e30aea0460781d2e7c15df72ee6_183)</u>, include in such registration or underwritten offering (and any related qualification under blue sky laws or other compliance) all the Registrable Securities specified in a written request or requests made within ten (10) days after receipt of such written notice from the Company by the Stockholder Representative (on behalf of the applicable Holders).

Section 2.2 <u>Underwritin</u>g. The right of any Holder to registration pursuant to this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> <u>[II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> shall be conditioned upon such Holder's participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. Each Holder proposing to distribute its securities through such underwriting shall (together with the Company and the other holders distributing their securities through such underwriting) enter into and perform such Holder's obligations under an underwriting agreement with the managing underwriter selected for such underwriting by the Company or by the stockholders of the Company who have the right to select the underwriters (such underwriting agreement to be in the form negotiated by the Company or such stockholders, as the case may be). Notwithstanding any other provision of this <u>[Article II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u>, if the managing underwriter or underwriters of a proposed underwritten offering with respect to which Holders of Registrable Securities have exercised their piggyback registration rights advise the Board of Directors of the Company that in its or their opinion the number of Registrable Securities requested to be included in the offering thereby and all other securities proposed to be sold in the offering exceeds the number which can be sold in such underwritten offering in light of market conditions, the Registrable Securities and such other securities to be included in such underwritten offering shall be allocated, (a) first, (i) in the event such offering was initiated by the Company, up to the total number of securities that the Company has requested to be included in such registration and (ii) in the event such offering was initiated by the holders of securities (other than the Holders) who have exercised their demand registration rights, up to the total number of securities that such holders of such securities have requested to be included in such offering, (b) second, and only if all the securities referred to in <u>clause (a)</u> have been included, up to the total number of securities that the Holders and other holders of securities that have contractual rights to be included in such registration have requested to be included in such offering (pro rata based upon the number of securities that each of them shall have requested to be included in such offering) and (c) third, and only if all the securities referred to in <u>clause (b)</u> have been included, all other securities proposed to be included in such offering that, in the opinion of the managing underwriter or underwriters can be sold without having such adverse effect. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter or underwriters. Any securities excluded or withdrawn from such underwriting shall be withdrawn from such registration.

Section 2.3 <u>Right to Terminate Registration</u>. The Company or the holders of securities who have caused a registration statement to be filed as contemplated by this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> <u>[II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u>, as the case may be, shall have the right to have any registration initiated by it or them under this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> <u>[II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> terminated or withdrawn prior to the effectiveness thereof, whether or not any Holder has elected to include securities in such registration.

**ARTICLE III**

**<u>ADDITIONAL PROVISIONS REGARDING REGISTRATION RIGHTS</u>**

Section 3.1 <u>Registration Procedures</u>. In the case of each registration effected by the Company pursuant to <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755814020)</u> <u>[I](#i3d790e30aea0460781d2e7c15df72ee6_549755814020)</u> or <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> <u>[II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u>, the Company will keep each Holder participating in such registration reasonably informed as to the status thereof and, at its expense, the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and file with the Commission a registration statement with respect to such securities in accordance with the applicable provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement (including to permit the intended method of distribution thereof) and as may be necessary to keep the registration statement continuously effective for the period set forth in this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish to the Stockholder Representative and to the legal counsel of the Holders participating in such registration copies of the registration statement proposed to be filed, and provide the Stockholder Representative and such legal counsel the reasonable opportunity to review and comment on such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) furnish to the Stockholder Representative and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as such underwriters may reasonably request in order to facilitate the public offering of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) use reasonable best efforts to notify the Stockholder Representative of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the Company's knowledge 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 or incomplete in the light of the circumstances then existing, and, subject to <u>[Section](#if78ffdd4b0e24fadabe90fc39d1e8003_17851)</u> <u>[3.1(n)](#if78ffdd4b0e24fadabe90fc39d1e8003_17851)</u>, at the request of the Stockholder Representative, prepare promptly and furnish to the Stockholder Representative a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchaser of such shares, such prospectus shall not include an 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 or incomplete in the light of the circumstances then existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Stockholder Representative; <u>provided</u>, <u>however</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;(g) in the event that the Registrable Securities are being offered in an underwritten public offering, enter into and perform its obligations under an underwriting agreement on customary terms and in accordance with the applicable provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in connection with an underwritten public offering, cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by such offering (including participation in "road shows" or other similar marketing efforts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if such securities are being sold through underwriters, (i) furnish, on the date that such Registrable Securities are delivered to the underwriters, an opinion, dated as of such date, of the legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and a "negative assurance letter," dated as of such date, of the legal counsel representing the Company for purposes of such registration, in form and substance as is customarily given to underwriters and (ii) furnish, on the date of the underwriting agreement and on the date that the Registrable Securities are delivered to the underwriters, a letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) use reasonable best efforts to list the Registrable Securities covered by such registration statement with any securities exchange on which the Common Stock is then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in connection with a customary due diligence review, make available for inspection by the Stockholder Representative, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holders or underwriter (collectively, the "<u>Offering Persons</u>"), all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such registration statement, subject to customary confidentiality obligations to be agreed with the Offering Persons;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) cooperate with the Stockholder Representative and each underwriter or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) as promptly as is reasonably practicable notify the Holders (i) when the prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or other federal or state governmental authority for amendments or supplements to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company or any of its subsidiaries contained in any agreement (including any underwriting agreement contemplated by <u>Section 3.1(g)</u> above) cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) notwithstanding any other provision of this Agreement, if the Board of Directors of the Company has determined in good faith that the disclosure necessary for continued use of the prospectus and registration statement by the Holders could be materially detrimental to the Company, the Company shall have the right not to file or not to cause the effectiveness of any registration covering any Registrable Securities and to suspend the use of the prospectus and the registration statement covering any Registrable Security for such period of time as its use would be materially detrimental to the Company by delivering written notice of such suspension to the Stockholder Representative; <u>provided</u>, <u>however</u>, that in any 12-month period the Company may exercise the right to such suspension not more than once. From and after the date of a notice of suspension under this <u>[Section](#if78ffdd4b0e24fadabe90fc39d1e8003_17851)</u> <u>[3.1(n)](#if78ffdd4b0e24fadabe90fc39d1e8003_17851)</u>, each Holder agrees not to use the prospectus or registration statement until the earlier of (i) notice from the Company that such suspension has been lifted or (ii) the day following the seventy fifth (75<sup>th</sup>) day of suspension within any 12-month period.

Section 3.2 <u>Limitation on Subsequent Registration Rights</u>. From and after the date hereof, the Company shall not enter into any agreement granting any holder or prospective holder of any securities of the Company registration rights with respect to such securities that conflict with the rights granted to the Holders herein, without the prior written consent of the Stockholder Representative. It is agreed that the granting of pro rata registration rights to any other investor in the Company shall not be considered to conflict with the rights granted to the Holders herein, so long as such registration rights do not result in a lower allocation priority for Holders than set forth in <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_183)</u> <u>[2.2](#i3d790e30aea0460781d2e7c15df72ee6_183)</u> herein.

Section 3.3 <u>Expenses of Registration</u>. All Registration Expenses incurred in connection with any registration pursuant to Article I or Article II shall be borne by the Company. All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of the registered securities included in such registration.

Section 3.4 <u>Information by Holders</u>. The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them and the distribution proposed by such Holder or Holders and their Affiliates as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement. It is understood and agreed that the obligations of the Company under <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755814020)</u> <u>[I](#i3d790e30aea0460781d2e7c15df72ee6_549755814020)</u> or <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> <u>[II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> are conditioned on the timely provisions of the foregoing information by such Holder or Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in connection with the preparation of the applicable registration statement, and for so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and such other information as may be required by applicable law to enable the Company to prepare such registration statement and the related prospectus covering the applicable Registrable Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution, including Regulation M promulgated under the Exchange Act, and, to the extent required by such laws, will, and will cause their Affiliates to, among other things: (i) not engage in any stabilization activity in connection with the securities of the Company in contravention of such laws; (ii) distribute the Registrable Securities acquired by it solely in the manner described in the applicable registration statement; and (iii) if required by applicable law, cause to be furnished to each agent or broker-dealer to or through whom such Registrable Securities may be offered, or to the offeree if an offer is made directly by such Holder or Holders or their respective Affiliates, such copies of the applicable prospectus (as amended and supplemented to such date) and documents incorporated by reference therein as may be required by such agent, broker-dealer or offeree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders shall, and they shall cause their respective Affiliates to, permit the Company and its representatives and agents to examine such documents and records and will supply in a timely manner any information as they may be reasonably requested to provide in connection with the offering or other distribution of Registrable Securities by such Holder or Holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on receipt of written notice from the Company of the happening of any of the events specified in <u>[Section](#if78ffdd4b0e24fadabe90fc39d1e8003_17955)</u> <u>[3.1(m)](#if78ffdd4b0e24fadabe90fc39d1e8003_17955)</u> or <u>[Section](#if78ffdd4b0e24fadabe90fc39d1e8003_17851)</u> <u>[3.1(n)](#if78ffdd4b0e24fadabe90fc39d1e8003_17851)</u>, or that requires the suspension by such Holder or Holders and their respective Affiliates of the distribution of any of the Registrable Securities owned by such Holder or Holders, then such Holders shall, and they shall cause their respective Affiliates to, cease offering or distributing the Registrable Securities owned by such Holder or Holders until the offering and distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable law.

Section 3.5 <u>Rule 144 Reporting</u>. With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that, for so long as a Holder owns Registrable Securities, the Company will use reasonable best 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;

&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 Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) so long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act.

Section 3.6 "<u>Market Stand-Off" Agreement</u>. In connection with any underwritten offering of equity securities of the Company, each Holder that is an executive officer or director of the Company or a Holder in excess of 5.0% of the then-outstanding Common Stock or securities convertible thereinto (and for which it is customary for such a Holder to agree to a lock-up) agrees that it shall not Transfer any shares of Common Stock or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), without the prior written consent of the Company, during the 90-day period (or such shorter time agreed to by the managing underwriters) beginning on the date of pricing of such offering, except (i) to Permitted Transferees, (ii) as expressly permitted in writing by the Company or (iii) in the event the underwriters managing the offering otherwise consent in writing. Each such Holder agrees to execute a customary lock-up agreement in favor of the underwriters to such effect (in each case on substantially the same terms and conditions as all other Holders).

Section 3.7 <u>Insider Trading Policy</u>. So long as any designee or nominee of the Holders or their Affiliates sits on the Board of Directors of the Company, the Holders shall, and shall cause their Affiliates, to comply with the Company's insider trading policy, including by not trading in the Company's securities during any "black-out" or "closed window" imposed thereunder.

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Section 3.8 <u>Removal of Legends</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that following the Unrestricted Date, it will, no later than three (3) trading days following the delivery by a Holder to the Company or the transfer agent (with a copy to the Company) of certificates representing Registrable Securities with a restrictive legend, together with a written request for the removal of such legend, use reasonable best efforts to deliver or cause to be delivered to such Holder one or more certificates representing such Registrable Securities that are free from all restrictive legends. The Company shall use reasonable best efforts to cause its counsel to issue a legal opinion to the Company's transfer agent promptly after the Unrestricted Date if required by the transfer agent to effect the removal of the legend hereunder. No Holder shall be required to pay for or deliver any such legal opinion, and shall only be required to deliver a standard representation letter in connection with a sale or proposed sale under Rule 144. The Company shall be responsible for the fees of the applicable transfer agent, its legal counsel and all DTC fees associated with such issuance, including the fees for causing its counsel to deliver a legal opinion, if any, to the transfer agent and Holder shall be responsible for all other fees and expenses (including any applicable broker fees or transfer taxes). Certificates for Registrable Securities subject to legend removal hereunder shall, at the written request of the Holder, be transmitted by the transfer agent to the Holder by crediting the account of the Holder's prime broker with the Depository Trust Company System as directed by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) While any Registrable Securities are issued and outstanding, the Company shall maintain a transfer agent that participates in the DTC Fast Automated Securities Transfer Program.

**ARTICLE IV**

**<u>INDEMNIFICATION</u>**

Section 4.1 <u>Indemnification by Company</u>. To the extent permitted by applicable law, the Company will, with respect to any Registrable Securities as to which registration or qualification or compliance under applicable "blue sky" laws has been effected pursuant to this Agreement, indemnify each Holder, each Holder's current and former officers, directors, partners and members, and each Person controlling such Holder within the meaning of Section 15 of the Securities Act, and each underwriter thereof, if any, and each Person who controls any such underwriter within the meaning of Section 15 of the Securities Act (collectively, the "<u>Company Indemnified Parties</u>"), against all expenses, claims, losses, damages and liabilities, joint or several, (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities laws applicable to the Company in connection with any such registration, and the Company will reimburse each of the Company Indemnified Parties for any reasonable legal and any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred. The indemnity agreement contained in this <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_246)</u> <u>[4.1](#i3d790e30aea0460781d2e7c15df72ee6_246)</u> shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any such loss, claim, damage, liability or action (a) to the extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by or on behalf of any Holder or (b) in the case of a sale directly by a Holder of Registrable Securities (including a sale of such Registrable Securities through any underwriter retained by such Holder engaging in a distribution solely on behalf of such Holder), such untrue statement or alleged untrue statement or omission or alleged omission was corrected in a final or amended prospectus, and such Holder failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required by the Securities Act.

Section 4.2 <u>Indemnification by Holders</u>. To the extent permitted by applicable law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which such registration or qualification or compliance under applicable "blue sky" laws is being effected, indemnify, severally and not jointly, the Company, each of its directors, officers, partners and members, each underwriter, if any, of the Company's securities covered by such a registration, each Person who controls the

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Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other Holder and each of such Holder's officers, directors, partners and members and each Person controlling such Holder within the meaning of Section 15 of the Securities Act (collectively, the "<u>Holder Indemnified Parties</u>"), against all expenses, claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular or other document, or any amendment or supplement thereto incident to any such registration, qualification or compliance or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by such Holder of any rule or regulation promulgated under the Securities Act, Exchange Act or state securities law applicable to such Holder, and will reimburse each of the Holder Indemnified Parties for any reasonable legal or any other expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other 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 in no event shall any indemnity under this <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_252)</u> <u>[4.2](#i3d790e30aea0460781d2e7c15df72ee6_252)</u> payable by a Holder exceed the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. The indemnity agreement contained in this Section 4.2 shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed), nor shall the Holder be liable for any such loss, claim, damage, liability or action where such untrue statement or alleged untrue statement or omission or alleged omission was corrected in a final or amended prospectus, and the Company or the underwriters failed to deliver a copy of the final or amended prospectus at or prior to the confirmation of the sale of the Registrable Securities to the Person asserting any such loss, claim, damage or liability in any case in which such delivery is required by the Securities Act

Section 4.3 <u>Notification</u>. Each party entitled to indemnification under this <u>[Article IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> (the "<u>Indemnified Party</u>") shall give notice to the party required to provide indemnification (the "<u>Indemnifying Party</u>") promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, <u>provided</u>, <u>however</u>, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld or delayed), and the Indemnified Party may participate in such defense at such party's expense; <u>provided</u>, <u>further</u>, <u>however</u>, that an Indemnified Party (together with all other Indemnified Parties) shall have the right to retain one (1) separate counsel, with the reasonable fees and expenses to be paid by the Indemnifying Party, if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to conflicting interests between such Indemnified Party and any other party represented by such counsel in such proceeding. The failure of any Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> <u>[IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u>, only to the extent that, the failure to give such notice is materially prejudicial or harmful to an Indemnifying Party's ability to defend such action. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. The indemnity agreements contained in this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> <u>[IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> shall not apply to amounts paid in settlement of any loss, claim, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. The indemnification set forth in this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> <u>[IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have.

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Section 4.4 <u>Contribution</u>. If the indemnification provided for in this <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> <u>[IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any claim, loss, damage, liability or action referred to therein, then, subject to the limitations contained in <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u> <u>[IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u>, 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 claim, loss, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and the Indemnified Party on the other in connection with the actions that resulted in such claims, loss, damage, liability or action, 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 related 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. The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_264)</u> <u>[4.4](#i3d790e30aea0460781d2e7c15df72ee6_264)</u> were based solely upon the number of entities from whom contribution was requested or by any other method of allocation which does not take account of the equitable considerations referred to above in this <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_264)</u> <u>[4.4](#i3d790e30aea0460781d2e7c15df72ee6_264)</u>. In no event shall any Holder's contribution obligation under this <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_264)</u> <u>[4.4](#i3d790e30aea0460781d2e7c15df72ee6_264)</u> exceed the amount by which the net proceeds actually received by such Holder from the sale of Registrable Securities included in such registration exceeds the amount of any other losses, expenses, settlements, damages, claims and liabilities that such Holder has been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission or violation. No Person guilty of fraudulent misrepresentation (within the meaning of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

**ARTICLE V**

**<u>TERMINATION OF REGISTRATION RIGHTS</u>**

Section 5.1 <u>Termination of Registration Rights</u>. The rights of any particular Holder to cause the Company to register securities under <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755814020)</u> <u>[I](#i3d790e30aea0460781d2e7c15df72ee6_549755814020)</u> and <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> <u>[II](#i3d790e30aea0460781d2e7c15df72ee6_549755813972)</u> shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.

**ARTICLE VI**

**<u>MISCELLANEOUS</u>**

Section 6.1 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or other electronic transmission service shall be considered original executed counterparts for purposes of this <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_278)[6.1](#i3d790e30aea0460781d2e7c15df72ee6_278)</u>, provided that receipt of copies of such counterparts is confirmed.

Section 6.2 <u>Governing Law; Waiver of 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 laws of the state of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the state of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the state of New York.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any dispute relating hereto shall be heard first in any New York State court, or Federal court of the United States of America, sitting in New York, and if applicable, any appellate court from any thereof under the laws of the State of New York (each a "<u>Chosen Court</u>" and collectively, the "<u>Chosen Courts</u>"), and the parties agree to the exclusive jurisdiction and venue of the Chosen Courts. Such Persons further agree that any 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 or by any matters related to the foregoing (the "<u>Applicable Matters</u>") shall be brought exclusively in a Chosen Court, and that any proceeding arising out of this Agreement or any other Applicable Matter shall be deemed to have arisen from a transaction of business in the state of New York, and each of the foregoing Persons hereby irrevocably consents to the jurisdiction of such Chosen Courts in any such proceeding and irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that such Person may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such Chosen Court or that any such proceeding brought in any such Chosen Court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Such Persons further covenant not to bring a proceeding with respect to the Applicable Matters (or that could affect any Applicable Matter) other than in such Chosen Court and not to challenge or enforce in another jurisdiction a judgment of such Chosen Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Process in any such proceeding may be served on any Person with respect to such Applicable Matters anywhere in the world, whether within or without the jurisdiction of any such Chosen Court. Without limiting the foregoing, each such Person agrees that service of process on such party as provided in <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_302)[6.5](#i3d790e30aea0460781d2e7c15df72ee6_302)</u> shall be deemed effective service of process on such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Jury Trial</u>. EACH PARTY HERETO, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

Section 6.3 <u>Entire Agreement; No Third Party Beneficiary</u>. This Agreement, including the exhibits hereto and the other Transaction Documents (as defined in the Stock Purchase Agreement), contains the entire agreement by and among the parties with respect to the subject matter hereof and all prior negotiations, writings and understandings relating to the subject matter of this Agreement. Except as provided in <u>[Article](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)[IV](#i3d790e30aea0460781d2e7c15df72ee6_549755813988)</u>, this Agreement is not intended to confer upon any Person not a party hereto (or their successors and permitted assigns) any rights or remedies hereunder.

Section 6.4 <u>Expenses</u>. Except as provided in <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_209)[3.3](#i3d790e30aea0460781d2e7c15df72ee6_209)</u>, all fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby, including accounting and legal fees shall be paid by the party incurring such expenses.

Section 6.5 <u>Notices</u>. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by nationally recognized overnight air courier, one (1) business day after mailing; (c) if sent by e-mail transmission, with a copy sent on the same day in the manner provided in <u>[Section](#if1581671cb494469add8a607586b0528_2618)[6.5(a)](#if1581671cb494469add8a607586b0528_2618)</u> or <u>[(b)](#if1581671cb494469add8a607586b0528_2621)</u>, when transmitted and receipt is confirmed; and (d) if otherwise actually personally delivered, when delivered, <u>provided</u>, that such notices, requests, demands and other communications are delivered to the address set forth below, or to such other address as any party shall provide by like notice to the other parties to this Agreement:

If to the Company or Buyer, to:

USA Rare Earth, Inc.

100 W. Airport Road

Stillwater, OK 74075

Attention: David Kronenfeld

Email: legal@usare.com

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with a copy (which shall not constitute notice) to:

Latham & Watkins LLP

355 South Grand Avenue, Suite 100

Los Angeles, California 90071

Attention: Steven Stokdyk; David Zaheer

Email: steven.stokdyk@lw.com; david.zaheer@lw.com

if to the Holders or the Stockholder Representative:

Grant Smith

Australasian Minerals & Trading Pty Ltd

PO Box 1238

Subiaco 6904

Perth, Australia

Email: grant@amandt.com.au

with a copy to (which shall not constitute notice):

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY 10105

Attention: Matthew A. Gray, Esq. and Jonathan Cramer, Esq.

Email: mgray@egsllp.com; jcramer@egsllp.com

Section 6.6 <u>Successors and Assigns</u>. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. No assignment of this Agreement or of any rights or obligations hereunder may be made by any party hereto without the prior written consent of the other parties hereto; provided, however, that the Stockholder Representative may provide any such consent on behalf of the Holders. Any purported assignment or delegation in violation of this Agreement shall be null and void *ab initio*.

Section 6.7 <u>Headings</u>. The Section, Article and other headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement.

Section 6.8 <u>Amendments and Waivers</u>. This Agreement may not be modified or amended except by an instrument or instruments in writing signed by the Company, Buyer and the Stockholder Representative. Any party hereto may, only by an instrument in writing, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or parties hereto to be performed or complied with; <u>provided</u>, <u>however</u>, that the Stockholder Representative may execute such waivers on behalf of any Holder. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

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Section 6.9 <u>Interpretation; Absence of Presumption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes hereof: (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context requires; (ii) the terms "hereof," "herein," and "herewith" and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and paragraph references are to the Sections and paragraphs in this Agreement unless otherwise specified; (iii) the word "including" and words of similar import when used in this Agreement shall mean "including, without limitation," unless the context otherwise requires or unless otherwise specified; and (iv) the word "or" shall not be exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition, no consideration will be given to the issue of which party hereto actually prepared, drafted or requested any term or condition of this Agreement.

Section 6.10 <u>Severability</u>. Any provision hereof that is held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, shall be ineffective only to the extent of such invalidity, illegality or unenforceability, without affecting in any way the remaining provisions hereof, <u>provided</u>, <u>however</u>, that the parties will attempt in good faith to reform this Agreement in a manner consistent with the intent of any such ineffective provision for the purpose of carrying out such intent.

Section 6.11 <u>Stockholder Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Holder hereby consents to (i) the appointment of Grant Smith as the Stockholder Representative hereunder and as the attorney-in-fact for and on behalf of such Holder, and (ii) the taking by the Stockholder Representative of any and all actions and the making of any decisions required or permitted by, or with respect to, this Agreement and the transactions contemplated hereby, including, without limitation, (A) the exercise of the power to agree to execute any consents under this Agreement and all other documents contemplated hereby and (B) to take all actions necessary in the judgment of the Stockholder Representative for the accomplishment of the foregoing and all of the other terms, conditions and limitations of this Agreement and the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Holder shall be bound by the actions taken by the Stockholder Representative exercising the rights granted to it by this Agreement or the other documents contemplated by this Agreement, and the Company and Buyer shall be entitled to rely on any such action or decision of the Stockholder Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Stockholder Representative shall resign or otherwise be unable to fulfill its responsibilities hereunder, the Holders shall appoint a new Stockholder Representative as soon as reasonably practicable by written consent of Holders of a majority of the then outstanding Registrable Securities by sending notice and a copy of the duly executed written consent appointing such new Stockholder Representative to the Company and Buyer.

*(Signature pages follow.)*

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

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **USA RARE EARTH, INC.** | **USA RARE EARTH, INC.** |
| By: | /s/ David Kronenfeld |
|  | Name: David Kronenfeld |
|  | Title: Chief Legal Officer |
| **BUYER** | **BUYER** |
| **LACONIA ACQUISITION SUB LIMITED** | **LACONIA ACQUISITION SUB LIMITED** |
| By: | /s/ David Kronenfeld |
| Name: David Kronenfeld | Name: David Kronenfeld |
| Title: Sole Director | Title: Sole Director |
| **STOCKHOLDER REPRESENTATIVE** | **STOCKHOLDER REPRESENTATIVE** |
| /s/ Grant Smith | /s/ Grant Smith |
| Grant Smith | Grant Smith |

---

&nbsp;&nbsp;&nbsp;&nbsp;

[Signature Page to Registration Rights Agreement]

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| | |
|:---|:---|
| **<u>STOCKHOLDERS</u>** | **<u>STOCKHOLDERS</u>** |
| **AUSTRALASIAN MINERALS & TRADING (S) PTE LTD** | **AUSTRALASIAN MINERALS & TRADING (S) PTE LTD** |
| By: | /s/ Grant Smith |
|  | Name: Grant Smith |
|  | Title: Authorized Representative |
| **VELMURUGAN VAIKUNDARAJAN** | **VELMURUGAN VAIKUNDARAJAN** |
| By: | /s/ Velmurugan Vaikundarajan |
| **CHENTHIL RAJAN JEGADEESAN** | **CHENTHIL RAJAN JEGADEESAN** |
| By: | /s/ Chenthil Rajan Jegadeesan |
| **MUTHURAJAN JEGADEESAN** | **MUTHURAJAN JEGADEESAN** |
| By: | /s/ Muthurajan Jegadeesan |
| **SUBRAMANIAN VAIKUNDARAJAN** | **SUBRAMANIAN VAIKUNDARAJAN** |
| By: | /s/ Subramanian Vaikundarajan |
| **SUBBURAJAN JEGADEESAN** | **SUBBURAJAN JEGADEESAN** |
| By: | /s/ Subburajan Jegadeesan |

---

&nbsp;&nbsp;&nbsp;&nbsp;

[Signature Page to Registration Rights Agreement]

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**EXHIBIT A**

**<u>DEFINED TERMS</u>**

1. The following capitalized terms have the meanings indicated:

"Affiliate" of any Person means any Person, directly or indirectly, controlling, controlled by or under common control with such Person.

"Automatic Shelf Registration Statement" means an "automatic shelf registration statement" as defined under Rule 405.

"Commission" means the Securities and Exchange Commission.

"Common Stock" means the Company's common stock, par value $0.0001 per share.

"Exchange Act" means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect from time to time.

"Holder" means any Stockholder holding Registrable Securities.

"Permitted Transferees" means persons to whom a holder of Registrable Securities is permitted to transfer such Registrable Securities prior to the expiration of the applicable lock-up period pursuant to the applicable Lockup Agreement (as defined in the Stock Purchase Agreement).

"Person" means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, other legal entity, or any government or governmental agency or authority.

"register", "registered" and "registration" refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement.

"Registrable Securities" means (a) the Transaction Shares (including any shares of Common Stock hereafter acquired pursuant to any share holdback or similar arrangement), and (b) any Common Stock or other securities actually issued in respect of the securities described in clause (a) above or this clause (b) upon any stock split, stock dividend, recapitalization, reclassification, merger, consolidation or similar event; provided, however, that the securities described in clauses (a) and (b) above shall only be treated as Registrable Securities until the earliest of: (i) the date on which such security has been registered under the Securities Act and disposed of in accordance with an effective registration statement relating thereto; (ii) the date on which such security has been sold pursuant to Rule 144 and the security is no longer a Restricted Security; or (iii) the date on which all Registrable Securities owned by the Holder thereof may be resold without any volume or manner of sale restrictions pursuant to Rule 144.

"Registration Expenses" means all expenses incurred by the Company in complying with Article I and Article II, including, without limitation, all registration, qualification, listing and filing fees, printing expenses, escrow fees, fees and disbursements of counsel for the Company, blue sky fees and expenses, and the expense of any special audits incident to or required by any such registration.

"Registration Statement" means any registration statement of the Company under the Securities Act that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all material incorporated by reference in such Registration Statement.

"Restricted Securities" means any Common Stock required to bear any of the legends set forth in <u>[Section](#i3d790e30aea0460781d2e7c15df72ee6_314)[6.7](#i3d790e30aea0460781d2e7c15df72ee6_314)</u> of the Stock Purchase Agreement.

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"Rule 144" means Rule 144 promulgated under the Securities Act and any successor provision.

"Rule 405" means Rule 405 promulgated under the Securities Act and any successor provision.

"Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time.

"Selling Expenses" means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders.

"Shelf Registration" means the Resale Registration or a Subsequent Shelf Registration, as applicable.

"Transfer" shall mean the (i) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act with respect to, any security, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).

"Unrestricted Date" means, with respect to any Registrable Securities, the earliest of the date that (a) a Registration Statement registering the sale of such Registrable Securities has been declared effective by the SEC, (b) all of the Registrable Securities have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions or (c) following the one (1) year anniversary of the Closing Date (as defined in the Stock Purchase Agreement), provided that (i) the Holder holding such Registrable Securities is not an Affiliate of the Company, (ii) all of the Registrable Securities may be sold pursuant to an exemption from registration under Section 4(a)(1) of the 1933 Act without volume or manner-of-sale restrictions and (iii) the Company's legal counsel has delivered to such Holder a standing written unqualified opinion that resales of such Registrable Securities may then be made by such Holder pursuant to such exemption, which opinion shall be in form and substance reasonably acceptable to such Holder.

"WKSI" means a "well known seasoned issuer" as defined under Rule 405.

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The following terms are defined in the Sections of this Agreement indicated:

**INDEX OF TERMS**

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| | |
|:---|:---|
| Term | Section |
| Agreement | Preamble |
| Applicable Matters | Section 6.2(b) |
| Chosen Court | Section 6.2(b) |
| Chosen Courts | Section 6.2(b) |
| Company | Preamble |
| Company Indemnified Parties | Section 4.1 |
| Effectiveness Period | Section 1.2 |
| Holder Indemnified Parties | Section 4.2 |
| Indemnified Party | Section 4.3 |
| Indemnifying Party | Section 4.3 |
| IORM | Recitals |
| Offering Persons | Section 3.1(k) |
| Resale Registration | Section 1.1 |
| Resale Registration Statement | Section 1.1 |
| Stock Purchase Agreement | Recitals |
| Stockholder | Preamble |
| Stockholder Representative | Preamble |
| Stockholders | Preamble |
| Subsequent Holder Notice | Section 1.5 |
| Subsequent Shelf Registration | Section 1.3 |
| Transaction Shares | Recitals |
| Transactions | Recitals |

---

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**SCHEDULE A** 

**<u>STOCKHOLDERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Australasian Minerals & Trading (S) Pte Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Velmurugan Vaikundarajan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Chenthil Rajan Jegadeesan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Muthurajan Jegadeesan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Subramanian Vaikundarajan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Subburajan Jegadeesan

## Exhibit 99.1

**Exhibit 99.1**

![usarareearthlogoa.jpg](usarareearthlogoa.jpg)

**USA Rare Earth Closes Acquisition of Less Common Metals** 

STILLWATER, Okla., November 18, 2025 – USA Rare Earth, Inc. (Nasdaq: USAR) (USAR or the Company) today announced the completion of its acquisition of Less Common Metals Ltd. (LCM). LCM is the leading scaled ex-China rare earth metal and alloy manufacturer, with established leadership in Samarium, Samarium Cobalt and Neodymium Praseodymium metals and alloys.

The transaction marks a major milestone in USAR's strategy to build a fully integrated, end-to-end rare earth supply chain—from magnet-to-mine. The acquisition assures USAR's access to high-quality rare-earth metal and strip cast alloy for its global customers and supports the growth of its Stillwater, Oklahoma magnet facility.

"Closing the acquisition of LCM represents a transformative advancement of our mission to secure and strengthen the U.S. rare earth supply chain. Metal making is a crucial component of the magnet manufacturing process, and LCM brings proven expertise and world-class capabilities as the premier provider of rare earth metal, alloys, and strip casting at scale outside of China," said Barbara Humpton, CEO of USA Rare Earth.

Ms. Humpton continued, "We will move quickly to establish rare earth metal making in the United States, while simultaneously investing to expand LCM's capabilities in the UK and Europe. Strengthening this fragile link in the supply chain is key to building resilient, independent supply to serve growing demand across critical sectors including defense, semiconductors, and aerospace components."

LCM will continue to serve its global customer base with a broad portfolio of rare earth and critical metals and alloys, while supplying Neodymium Iron Boron strip cast alloy to USAR's Stillwater magnet facility.

**Transaction Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Expands Access to Strategic Relationships**: LCM brings a strong network of long-term customers, including leading defense contractors, automotive manufacturers, and global magnet manufacturers across Europe and the United States. It also maintains established government relationships with the U.S., UK, France, Australia, and Japan, as well as key partnerships across the global rare earth industry, enhancing material supply reliability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adds Critical Rare Earth Metal and Alloy Capabilities**: The acquisition secures a vital link in USAR's end-to-end rare earth supply chain, providing access to high-quality NdPr alloys and strip cast essential for magnet production. With over three decades of expertise, LCM strengthens USAR's ability to meet growing ex-China demand and supports expansion of its Oklahoma magnet facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Differentiates USAR's Platform and Creates Structural Advantages**: As the only scaled, proven rare earth alloy and metal producer outside China, LCM gives USAR a structural advantage over its peers in the magnet industry. USAR's direct control over critical inputs and ability to invest in LCM to support the growth of its magnet business, enable lower-risk, lower-cost, and more resilient supply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Advances Circular Manufacturing Capabilities**: LCM's capacity to process recycled rare earth oxides enables USAR to recover materials from end-of-life magnets and production swarf. This supports a more sustainable, cost-efficient supply chain and reduces reliance on virgin feedstock.

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**About USA Rare Earth**

USA Rare Earth, Inc. (Nasdaq: USAR) is developing a rare earth sintered neo magnet (NdFeB or neo) manufacturing plant in Stillwater, Oklahoma, and intends to establish domestic rare earth and critical minerals supply, extraction, and processing capabilities to both supply its magnet manufacturing plant and market surplus materials to third parties. Rare earth magnets are critical to various business sectors and industries, including the defense, automotive, aviation, industrial, AI Robotics, medical, and consumer electronics industries, among others. USAR is planning to take a broad approach to the industries it serves with the intention of providing high quality neo magnets to a variety of industries and customers. USAR's focus on developing domestic rare earth production aligns with national priorities, offering the potential of a sustainable and secure domestic supply of materials critical to key industries.

**Forward-looking Statements**

Certain matters discussed in this press release are or contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements, which involve risks and uncertainties include statements relating to the benefits of the transaction between USAR and LCM, including without limitation expectations for future development, operations, business strategies, financial performance, sales and customers. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate", "believe", "can", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "seek", "should", "strive", "target", "will", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. These risks and uncertainties include, but are not limited to: (1) the risk that the businesses will not be integrated successfully or that the integration will be more costly or difficult than expected; (2) the risk that the synergies from the transaction may not be fully realized or may take longer to realize than expected; (3) the risk that any announcement relating to the transaction could have an adverse effect on the market price of USAR's common stock; (4) the risk of litigation related to the transaction; (5) the diversion of management time from ongoing business operations and opportunities as a result of the transaction; (6) the risk of adverse reactions or changes to business or employee relationships; (7) LCM's ability to retain its customers and suppliers and the combined company's ability to build or maintain relationships with customers and suppliers; (8) the Company's ability to successfully develop its magnet production facility and the timing of expected production milestones; (9) competition in the magnet manufacturing industry; (10) the ability to grow and manage growth profitably; (11) the Company's ability to build or maintain relationships with customers and suppliers; (12) the ability to attract and retain management and key employees; (13) the overall supply and demand for rare earth minerals; (14) the timing and amount of future production; (15) the costs of production, capital expenditures and requirements for additional capital, including the need to raise additional capital to implement the Company's strategic plan; (16) substantial doubt regarding the Company's ability to continue as a going concern for the twelve months following the issuance of its third quarter 2025 Condensed Consolidated Financial Statements; (17) the timing of future cash flow provided by operating activities, if any; (18) the risk that the Round Top Deposit might not be able to be commercially mined and the Company's ongoing exploration programs may not result in the development of profitable commercial mining operations; (19) the uncertainty in any mineral estimates, uncertainty in any geological, metallurgical, and geotechnical studies and opinions; and (20) transportation risks. Detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's periodic filings with the SEC, including the Company's Form 10-K that the Company filed with the SEC on March 31, 2025 and the Company's latest Quarterly Reports on Form 10-Q filed with the SEC. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements speak only as of their date, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after their date or to reflect the occurrence of unanticipated events.

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***Investor Relations Contact:***

Lionel McBee

VP, Investor Relations

IR@usare.com

***Media Relations Contacts:***

Tucker Elcock

Teneo

Tucker.Elcock@teneo.com

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