# EDGAR Filing Document

**Accession Number:** 0001854795
**File Stem:** 0001213900-25-089626
**Filing Date:** 2025-9
**Character Count:** 35229
**Document Hash:** 244490a4740c5e50d7c800893d2fce93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-089626.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001213900-25-089626

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTEGRATED RAIL & RESOURCES ACQUISITION CORP
- **CENTRAL INDEX KEY:** 0001854795
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 862581754
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41048
- **FILM NUMBER:** 251327594

**BUSINESS ADDRESS:**
- **STREET 1:** 400 W. MORSE BLVD., SUITE 220
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** (817) 737-5885

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTEGRATED RAIL & RESOURCES ACQUISITION CORP
- **CENTRAL INDEX KEY:** 0001854795
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 862581754
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 400 W. MORSE BLVD., SUITE 220
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** (817) 737-5885

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

**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):September 19, 2025 (September 15, 2025)

**INTEGRATED RAIL AND RESOURCES ACQUISITION CORP.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41048** | **86-2581754** |
| (State or other jurisdiction<br> of Incorporation) | (Commission File No.) | (IRS Employer<br> Identification No.) |

---

**400 W. Morse Boulevard, Suite 220**

**Winter Park, FL 32789**

(Address of principal executive offices and Zip Code)

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

**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:

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of each exchange on which registered** |
| Units, each consisting of one share of Class A common stock, par value $0.0001 per share, and one-half of one redeemable warrant | OTC Pink: IRRXU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Class A common stock, par value $0.0001 | OTC Pink: IRRX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| Warrants | OTC Pink: IRRXW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

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

Emerging growth company ☒

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

**Item 1.01 Entry Into a Material Definitive Agreement**

**Fifth Amendment to Merger Agreement**

On September 15, 2025, Integrated Rail and Resources Acquisition Corp., a Delaware corporation ("***SPAC***") entered into that certain Fifth Amendment to Agreement and Plan of Merger (the "***Amendment***") to that certain Agreement and Plan of Merger dated November 8, 2024 (as amended by that certain that certain Amendment to and Waiver of Agreement and Plan of Merger dated November 8, 2024, that certain Second Amendment to Agreement and Plan of Merger dated December 31, 2024, that certain Waiver to Agreement and Plan of Merger dated April 30, 2025, that certain Third Amendment to Agreement and Plan of Merger dated May 14, 2025, that certain Fourth Amendment to Agreement and Plan of Merger dated July 14, 2025, the Amendment, and as further amended or modified from time to time, the "***Merger Agreement***"), by and among SPAC, Uinta Integrated Infrastructure Inc., a Delaware corporation ("***Holdings***"), Uinta Infrastructure Group Corp., a Delaware corporation (the "***Company***"), Tar Sands Holdings II, LLC, a Utah limited liability company ("***Tar Sands***"), and the other parties thereto.

Pursuant to the Amendment, the parties to the Merger Agreement agreed to extend the Termination Date of the Merger Agreement to December 1, 2025.

All terms used in this Item 1.01 and not defined herein shall have the meanings set forth in the Merger Agreement. The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 2.1 and is incorporated by reference herein.

**Seventh Amended and Restated Lender Note**

As previously disclosed, (a) on January 12, 2023, SPAC issued an unsecured promissory note (the "***Lender Note***") to Trident Point 2, LLC, a Delaware limited liability company (the "***Lender***"), pursuant to which SPAC was entitled to borrow up to an aggregate principal amount of $600,000 in order to fund working capital deficiencies or finance transaction costs in connection with an intended business combination; (b) on February 8, 2024, SPAC issued an unsecured promissory note to the Lender Note, pursuant to which SPAC is entitled to borrow up to an aggregate principal amount of $750,000 from the Lender; (c) on January 10, 2025, SPAC amended and restated the Lender Note to amend the Maturity Date (as defined in the Lender Note) to the earlier of (i) May 15, 2025, or (ii) the date on which SPAC consummates an initial business combination; (d) on February 10, 2025, SPAC amended and restated the Lender Note to entitle SPAC to borrow up to an aggregate principal amount of $1,350,000 from the Lender in order to fund costs reasonably related to an initial business combination; (e) on May 15, 2025, SPAC amended and restated the Lender Note to entitle SPAC to borrow up to an aggregate principal amount of $1,400,000 from the Lender and to amend the Maturity Date to the earlier of (i) July 15, 2025, or (ii) the date on which SPAC consummates an initial business combination; and (f) on July 14, 2025, SPAC amended and restated the Lender Note to amend the Maturity Date to the earlier of (i) September 15, 2025, or (ii) the date on which SPAC consummates an initial business combination.

On September 15, 2025, SPAC amended and restated the Lender Note to amend the Maturity Date to the earlier of (i) December 1, 2025, or (ii) the date on which SPAC consummates an initial business combination.

The foregoing description of the Lender Note is qualified in its entirety by reference to the full text of the Lender Note, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Additional Information about the Business Combination and Where to Find It**

This document relates to a proposed transaction between SPAC, the Company and the other parties to the Merger Agreement. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The parties intend to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a proxy statement of SPAC and a prospectus for Holdings' securities, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all SPAC stockholders. The parties will file other documents relating to the proposed transaction with the SEC. Before making any voting decision, investors and security holders of SPAC are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Stockholders will also be able to obtain copies of the preliminary proxy statements, the definitive proxy statements and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to SPAC at 400 W. Morse Boulevard, Suite 220, Winter Park, Florida 32789, Attention: Mark Michel, Chief Executive Officer, (347) 627-0058.

**Participants in the Solicitation**

SPAC and the Company and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from SPAC stockholders in connection with the proposed transaction. A list of the names of the directors and executive officers of SPAC and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

**Forward-Looking Statements**

The information in this current report on Form 8-K includes "forward-looking statements" within the meaning of the federal securities laws with respect to the proposed transaction between the Company and SPAC. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts regarding the Company's business, net proceeds from the proposed transaction, potential benefits of the proposed transaction and the potential success of the Company's market and growth strategies, and expectations related to the terms and timing of the proposed transaction. These statements are based on various assumptions and on the current expectations of SPAC and the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of SPAC and the Company. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the risk that the proposed transaction may not be completed by SPAC's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SPAC; (iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the approval of the proposed transaction by the stockholders of SPAC and the receipt of certain governmental and regulatory approvals; (iv) the failure to realize the anticipated benefits of the proposed transaction; (v) the effect of the announcement or pendency of the proposed transaction on the Company's business relationships, performance, and business generally; (vi) the outcome of any legal proceedings that may be instituted against SPAC or the Company related to the business combination agreement or the proposed transaction; (vii) the ability to address the market opportunity for the Company's products and services; (viii) the risk that the proposed transaction may not generate the expected net proceeds for the combined company; (ix) the ability to implement business plans and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (x) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (xi) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which the Company operates; and (xii) those factors discussed in SPAC's filings with the SEC under the headings "Risk Factors," and other documents of SPAC filed, or to be filed, with the SEC. If any of these risks materialize or the Company's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither SPAC nor the Company presently know or that SPAC and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SPAC's and the Company's expectations, plans or forecasts of future events and views as of the date of this report. While SPAC and the Company may elect to update these forward-looking statements at some point in the future, each specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SPAC's and the Company's assessments as of any date subsequent to the date of this press report. Accordingly, undue reliance should not be placed upon the forward-looking statements.

**Item 9.01 Financial Statements and Exhibits.**

(d) *Exhibits*

 

The following exhibit is attached to this Current Report on Form 8-K:

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| | |
|:---|:---|
| **Exhibit No** | **Exhibit Title or Description** |
| 2.1 | [Fifth Amendment to Agreement and Plan of Merger, dated as of September 15, 2025](ea025438001ex2-1_integrated.htm) |
| 10.1 | [Seventh Amended and Restated Lender Note, dated as of September 15, 2025](ea025438001ex10-1_integrated.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**<u>SIGNATURE</u>**

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

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| | | |
|:---|:---|:---|
|  | **INTEGRATED RAIL AND RESOURCES ACQUISITION CORP.** | **INTEGRATED RAIL AND RESOURCES ACQUISITION CORP.** |
| Dated: September 19, 2025 | By: | /s/ Mark A. Michel |
|  | Name: | Mark A. Michel |
|  | Title: | Chief Executive Officer |

---

## Exhibit 2.1

**Exhibit 2.1**

FIFTH AMENDMENT TO AGREEMENT AND PLAN OF MERGER, DATED AS OF SEPTEMBER 15, 2025

This FIFTH AMENDMENT TO AGREEMENT AND PLAN OF MERGER (this "***Amendment***") is made and entered into as of September 15, 2025, by and among **INTEGRATED RAIL AND RESOURCES ACQUISITION CORP.**, a Delaware corporation ("***SPAC***"), **UINTA INFRASTRUCTURE GROUP CORP.**, a Delaware corporation ("***Holdings***"), **UINTA LOWER HOLDINGS, INC.**, a Delaware corporation ("***Lower Holdings***"), **UINTA INTEGRATION MERGER CO.**, a Delaware corporation ("***SPAC Merger Sub***"), **UINTA MERGER LLC**, a Delaware limited liability company ("***Company Merger Sub***"), **TAR SANDS HOLDINGS II, LLC**, a Utah limited liability company (the "***Company***"), and **ENDEAVOR CAPITAL GROUP, LLC**, a Utah limited liability company ("***Company Member Representative***" and, collectively with SPAC, Holdings, Lower Holdings, SPAC Merger Sub, Company Merger Sub, and the Company, the "***Parties***" and each a "***Party***"). Unless otherwise specifically defined herein, all capitalized terms used but not defined herein shall have the meanings ascribed to them under the Merger Agreement.

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

WHEREAS, the Parties intend to modify the Termination Date;

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

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

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

1. Amendment to Merger Agreement Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Article IX: Termination/Effectiveness</u>. Each of the Parties hereby agrees that Section 9.01(b) of the Merger Agreement is amended and restated in its entirety as follows:

"9.01(b) by either SPAC or the Company if the Effective Time shall not have occurred prior to December 1, 2025, by giving the Company written notice on or prior to September 15, 2025 (such date, as may be extended in accordance with this Section 9.01(b), the "Termination Date"); further provided, however, that this Agreement may not be terminated under this Section 9.01(b) by or on behalf of any Party that either directly or indirectly through its Affiliates is in breach or violation of any representation, warranty, covenant, agreement or obligation contained herein and such breach or violation is the principal cause of the failure of a condition set forth in Article VIII on or prior to the Termination Date;"

2. Miscellaneous.

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

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

[*Signature Pages Follow*]

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

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

---

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

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| | | |
|:---|:---|:---|
| **TAR SANDS HOLDINGS II, LLC** | **TAR SANDS HOLDINGS II, LLC** | **TAR SANDS HOLDINGS II, LLC** |
| By: | /s/ Kevin Baugh | /s/ Kevin Baugh |
|  | Name: | Kevin Baugh |
|  | Title: | Manager |
| **ENDEAVOR CAPITAL GROUP, LLC** | **ENDEAVOR CAPITAL GROUP, LLC** | **ENDEAVOR CAPITAL GROUP, LLC** |
| By: | /s/ Joseph Sorenson | /s/ Joseph Sorenson |
|  | Name: | Joseph Sorenson |
|  | Title: | President, Owner |

---

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

## Exhibit 10.1

**Exhibit 10.1**

THE OFFER AND SALE OF THIS SEVENTH AMENDED AND RESTATED PROMISSORY NOTE (THIS "**NOTE**") HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

**SEVENTH AMENDED AND RESTATED PROMISSORY NOTE**

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| | |
|:---|:---|
| Principal Amount: Up to $1,400,000 | Dated as of September 15, 2025 |
|  | Winter Park, Florida |

---

Integrated Rail and Resources Acquisition Corp., a Delaware corporation and blank check company ("**Maker**"), promises to pay to the order of Trident Point 2, LLC, a Delaware limited liability company or its registered assigns or successors in interest (together, "**Payee**"), the principal sum of up to One Million Four Hundred Thousand Dollars ($1,400,000) (the "**Maximum Amount**"), in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds, or as otherwise determined by Maker, to such account as Payee may from time to time designate by Notice (as defined in <u>Section 9</u>) to Maker in accordance with the provisions of this Note.

**1. Principal.** The principal balance of this Note shall be payable by Maker on the earlier of: (i) December 1, 2025, or (ii) the date on which Maker consummates an initial business combination (the "**Maturity Date**"). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.

**2. Interest.** No interest shall accrue on the unpaid principal balance of this Note.

**3. Drawdown Requests.** Maker and Payee agree that Maker may request from Payee or its affiliates up to the Maximum Amount for costs reasonably related to the initial business combination, including without limitation both the daily operations of Maker prior to an initial business combination and potential monthly extensions to the time period for Maker to enter into and complete an initial business combination. The principal of this Note may be drawn down from time to time prior to the date upon which Maker consummates the initial business combination, upon written request from Maker to Payee (each, a "**Drawdown Request**"). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000), unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; *provided, however*, that the maximum amount of drawdowns collectively under this Note shall not exceed the Maximum Amount. Once an amount is drawn down under this Note, such amount shall not be available for future Drawdown Requests, even if such amount is prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing, all payments shall be applied, *first,* to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorneys' fees, and *second*, to the reduction of the unpaid principal balance of this Note.

**4. Application of Payments.** All payments shall be applied, *first*, to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney's fees, *second*, to the payment in full of any late charges, and *third*, to the reduction of the unpaid principal balance of this Note.

**5. Events of Default.** The following events shall constitute an event of default ("**Event of Default**"):

5.1 <u>Failure to Make Required Payments</u>. The failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the Maturity Date.

5.2 <u>Voluntary Bankruptcy, Etc</u>. The: (a) commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law; (b) consent by Maker to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker for any substantial part of its property, (c) making by Maker of any assignment for the benefit of creditors; (d) the failure of Maker generally to pay its debts as such debts become due; or (e) taking of any corporate action by Maker in furtherance of any of the foregoing events described in <u>Section 5.2(a)</u> – <u>Section 5.2(d)</u>.

5.3 <u>Involuntary Bankruptcy</u>, <u>Etc</u>. The: (a)(i) entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, (ii) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or (iii) the ordering of the winding-up or liquidation of Maker's affairs; and (b) continuance of any such decree, appointment, or order unstayed and in effect for a period of sixty (60) consecutive days.

6. Remedies.

6.1 Upon the occurrence of an Event of Default specified in <u>Section 5.1</u>, Payee may, by Notice to Maker, declare this Note to be due immediately and payable by Maker, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, notwithstanding anything contained herein or in the documents evidencing the same to the contrary.

6.2 Upon the occurrence of an Event of Default specified in <u>Section 5.2</u> and <u>Section 5.3</u>, the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable by Maker, in all cases without any action on the part of Payee.

**7. Waivers.** Maker and all endorsers and guarantors of, and sureties for, this Note waive: (a) presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note; (b) all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note; and (c) all benefits that might accrue to Maker by virtue of any present or future laws (i) exempting any property, real or personal, or any part of the proceeds arising from any sale of any such real or personal property, from attachment, levy or sale under execution, or (ii) providing for any stay of execution, exemption from civil process, or extension of time for payment. Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

**8. Unconditional Liability.** Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that Maker's liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee. Maker consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note. Maker agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without either any Notice to Maker or any bearing on Maker's liability hereunder.

**9. Notices.** All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a "**Notice**") shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address that may be designated by the receiving party from time to time in accordance with this <u>Section 9</u>). A Notice shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or email (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third (3rd) day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid).

**10. Construction.** THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

**11. Severability.** Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

**12. Trust Waiver.** Notwithstanding anything herein to the contrary, Payee hereby waives any and all right, title, interest or claim of any kind (each, a "**Claim**") in or to any distribution of or from the trust account established in relation to the IPO (the "**Trust Account**"), in which the proceeds of both the (a) IPO (including the deferred underwriters discounts and commissions) and (b) sale of the warrants issued in a private placement occurring at the closing of the IPO were deposited, as described in greater detail in the Registration Statement on Form S-1 and prospectus to filed with the Securities and Exchange Commission in connection with the IPO. Payee hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

**13. Amendment; Waiver.** Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of both Maker and Payee.

**14. Assignment.** No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto. Any attempted assignment without the required consent shall be void.

*[Signature Page Follows]*

 

 

**IN WITNESS WHEREOF,** Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.

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

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*[Signature Page to Promissory Note]*