Document:

EX-10.2

 Exhibit 10.2 

Integrated Rail and Resources Acquisition Corp. 

6100 Southwest Boulevard, Suite 320 

Fort Worth, TX 76109 

March 12, 2021 
 DHIP Natural Resources
Investments, LLC 
 400 W. Morse Boulevard Suite 220 
 Winter
Park, FL 32789 
 RE: Securities Subscription Agreement  

Ladies and Gentlemen: 
 This agreement (the
“Agreement”) is entered into on March 12, 2021 by and between DHIP Natural Resources Investments, LLC, a Delaware limited liability company (the “Subscriber” or “you”), and Integrated Rail and
Resources Acquisition Corp., a Delaware corporation (the “Company”, “we” or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 7,906,250
shares (the “Shares”) of Class B common stock, $0.0001 par value per share (the “Class B Common Stock”) up to 1,031,250 of which are subject to forfeiture by you if the underwriters of the
initial public offering (“IPO”) of units of the Company (the “Units”), do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the Subscriber’s
agreements regarding such Shares are as follows: 
 1. Purchase of Shares. For the sum of $25,000, which the Company acknowledges receiving in
cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the
Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the Shares (the “Original Certificate”), or effect such
delivery in book-entry form. 
 2. Representations, Warranties, and Agreements. 

2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 
 2.1.1 No Government Recommendation or
Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Shares. 

2.1.2 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the formation and governing documents of the Subscriber, (b) any agreement, indenture or instrument to which the Subscriber is a party, or (c) any
law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject. 

2.1.3 Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good standing under
the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of Subscriber,
enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and
subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

 2.1.4 Experience, Financial Capability and Suitability. 

(a) Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares
and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and
therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity to
protect its own interests. 
 (b) Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to:
(i) an effective registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares and to afford a
complete loss of Subscriber’s investment in the Shares. 
 2.1.5 Access to Information; Independent Investigation. Prior to the
execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of
the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and
understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or
to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral, relating
to the Company, its operations and/or its prospects. 
 2.1.6 Regulation D Offering. Subscriber represents that it is an
“accredited investor” as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited
investors” within the meaning of Section 501(a) of Regulation D promulgated under the Securities Act or similar exemptions under state law. 

2.1.7 Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D promulgated under the Securities Act. 
 2.1.8 Restrictions on Transfer; Shell
Company. Subscriber understands the Shares are being offered in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the
meaning of section (a)(3) of Rule 144 promulgated under the Securities Act (“Rule 144”), and Subscriber understands that the Certificates (as defined in Section 3.3) or book-entries representing the Shares
will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to
(a) registration under the Securities Act covering such offer, resale, pledge or other transaction or (b) an 

  
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available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer,
Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is
a shell company, Subscriber may not be able to rely on Rule 144 promulgated under the Securities Act with respect to the resale of the Shares until one year following consummation of the initial business combination of the Company, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. 
 2.1.9 No Governmental
Consents. No governmental, administrative or other third-party consents or approvals are required, necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement. 

2.2 Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby
represents and warrants to the Subscriber and agrees with the Subscriber as follows: 
 2.2.1 Organization and Corporate Power. The
Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement. 

2.2.2 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the certificate of incorporation or by-laws of the Company, (b) any agreement, indenture or instrument to which the
Company is a party, or (c) any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject. 

2.2.3 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and
validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any
kind, other than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and
(c) liens, claims or encumbrances imposed due to the actions of the Subscriber. 
 2.2.4 No Adverse Actions. There are no
actions, suits, investigations or proceedings pending, threatened against or affecting the Company that: (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or
(b) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions. 

3. Forfeiture of Shares. 
 3.1
Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it
and any transferees of the Shares (such transferees, the “Initial Stockholders”)) shall forfeit any and all rights to such number of Shares (up to an aggregate of 1,031,250 Shares, pro rata based upon the percentage of the
Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other Initial Stockholders prior to the IPO, if any) will 

  
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own an aggregate number of Shares (not including any Shares issuable upon exercise of any warrants or any shares of Class A common stock, par value $0.0001 per share (the
“Class A Common Stock”, together with the Class B Common Stock, the “Common Stock”) purchased by Subscriber or any other Initial Stockholder in the IPO or in the aftermarket) equal to 20% of
the issued and outstanding Shares immediately following the IPO. 
 3.2 Termination of Rights as Stockholder. If any of the Shares are
forfeited in accordance with this Section 3, then after such time the Subscriber (or Initial Stockholder or other successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company
shall take such action as is appropriate to cancel such forfeited Shares. 
 3.3 Share Certificates. In the event an adjustment to the
original certificates representing the Shares (the “Original Certificates”), if any, is required pursuant to this Section 3, then the Subscriber shall return such Original Certificates to the Company or its
designated agent as soon as practicable upon its receipt of Notice (as defined in Section 6.2) from the Company advising Subscriber of such adjustment, following which a new certificate representing the Shares (the
“New Certificate” and together with the Original Certificates, the “Certificates”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if
any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any uncertificated securities held by the Subscriber shall be made in book-entry form. 

4. Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber
hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account, which will be established for the benefit of the Company’s public stockholders and into which substantially
all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes of clarity, in the
event the Subscriber purchases Units in the IPO or shares of Class A Common Stock in the aftermarket, any additional shares of Class A Common Stock included in the Units or shares of Class A Common Stock so purchased shall be
eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem any Shares into funds held in the Trust Account upon the successful completion of an initial business combination.

 5. Restrictions on Transfer. 

5.1 Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly known as an
“Insider Letter”) by and between Subscriber and the Company to be dated as of the closing of the IPO, Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior
thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the offer and sale of the Shares proposed to be transferred shall then be effective or (b) the
Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration (i) under the Securities Act and the rules promulgated thereunder
by the Securities and Exchange Commission and (ii) with respect to all applicable state securities laws.
 5.2 Lock-up. Subscriber acknowledges that the Shares will be subject to lock-up provisions (the “Lock-up”) contained
in the Insider Letter. 

  
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 5.3 Restrictive Legends. Any Certificates shall have endorsed thereon legends
substantially as follows: 
 “THE OFFER AND SALE OF THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH OFFER, SALE, TRANSFER,
PLEDGE OR OTHER DISPOSAL UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.” 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING
THE TERM OF THE LOCKUP.” 
 5.4 Additional Shares or Substituted Securities. In the event of the declaration of a share dividend,
the declaration of an extraordinary dividend payable in a form other than Common Stock, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the
Company’s outstanding shares of Common Stock without receipt of consideration, any new, substituted or additional securities or other property, which are by reason of such transaction distributed with respect to any Shares subject to this
Section 5 or into which such Shares thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the
distribution of such securities or property shall be made to the number or class of Shares subject to this Section 5 and Section 3. 

5.5 Registration Rights. Subscriber acknowledges that the Shares are being purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become freely-tradable only after certain conditions are met or the offer and sale of the Shares is registered under the Securities Act pursuant to that certain registration rights agreement to be dated as
of the closing of the IPO by and between Subscriber, the Company, and the other parties thereto (the “Registration Rights Agreement”) prior to the closing of the IPO. 

6. Other Agreements. 
 6.1 Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 

6.2 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 Section 6.2). 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 day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid). 

6.3 Entire Agreement. This Agreement, together with the Insider Letter and the Registration Rights Agreement, each substantially in the
form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and understanding between the Subscriber and the Company with
respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in
this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

  
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 6.4 Modifications and Amendments. The terms and provisions of this Agreement may be
modified or amended only by written agreement executed by all parties hereto. 
 6.5 Assignment. The rights and obligations under this
Agreement may not be assigned by either party hereto without the prior written consent of the other party. 
 6.6 Successors and Assigns;
No Third-Party Beneficiaries. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns. This Agreement is for the sole benefit of the parties hereto
and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason
of this Agreement. 
 6.7 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in
accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. 

6.8 Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and
effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect. 

6.9 Waivers and Consents. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. No Notice on a party not expressly required under this Agreement shall
entitle the party receiving such Notice to any other or further Notice in similar or other circumstances or constitute a waiver of the rights of the party giving such Notice to any other or further action in any circumstances without such Notice.

 6.10 Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties. 

6.11 No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any
claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any
such claim. 

  
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 6.12 Headings and Captions. The headings and captions of the various subdivisions of
this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

6.13 Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
signature page were an original thereof. 
 6.14 Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by “without
limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to
any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will
not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 
 6.15
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against
any party hereto. 
 7. Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that
the Company negotiates and submits for approval to the Company’s stockholders and the Subscriber shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender
offer presented to the Company’s stockholders in connection with an initial business combination negotiated by the Company. 
 8.
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant
or agreement in this Agreement. 
 [Signature Page Follows] 

  
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 If the foregoing accurately sets forth our understanding and agreement, please sign the
enclosed copy of this Agreement and return it to us. 
  

			
	Very truly yours,
	
	Integrated Rail and Resources Acquisition Corp.

 
			
		
	By:	 	  

 
			
	Name: Richard Bertel
	Title: Chief Executive Officer

  

			
	Accepted and agreed as of the date first written above.
	
	DHIP Natural Resources Investments, LLC
		
	 By:
	 	  

		 	 Name: Mark Michel

		 	 Title: Managing Partner

 [Signature Page to Subscription Agreement]EX-10.3

 Exhibit 10.3 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

THIS INVESTMENT MANAGEMENT TRUST AGREEMENT (this “Agreement”), dated as of , 2021 (the “Effective
Date”), is entered into by and between INTEGRATED RAIL AND RESOURCES ACQUISITION CORP., a Delaware corporation (the “Company”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, a New York limited liability trust
company (“AST”; together with the Company, the “Parties”; each, the “Party”). 
 1.
Appointment of AST as Transfer Agent and Registrar.  
 (a) The Company hereby appoints AST, and AST hereby accepts such
appointment, to act as sole transfer agent and registrar (the “Transfer Agent”) for the ordinary shares of the Company and for any other securities of the Company as requested in writing by the Company from time to time (the
“Shares”). AST shall perform only those duties and obligations that are specifically set forth in this Agreement, and no implied duties and obligations shall be read into this Agreement against AST. 

(b) On or immediately after the Effective Date, the Company shall deliver to AST the following: (i) forms of outstanding share
certificates of the Company (the “Share Certificates”) approved and authorized by the board of directors of the Company (the “Board”) and certified by the corporate secretary or similar authorized officers of the
Company; (ii) incumbency certificates of the officers of the Company who are authorized to (x) execute Share Certificates and/or (y) deliver written instructions and requests on behalf of the Company to AST; (iii) copies of the
organizational documents of the Company, certified by the corporate secretary or similar authorized officers of the Company; (iv) a sufficient supply of blank Share Certificates executed by (or bearing the facsimile signature of) the officers
of the Company who are authorized to execute Share Certificates and, if required, bearing the Company’s corporate seal; (v) a schedule that lists the class of the Shares, the par value of the Shares, and the number of authorized Shares;
and (vi) all documentation or information reasonably requested by AST that is required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation
the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended. The Company authorizes AST to use Share Certificates bearing the signature of an authorized officer of the
Company who at the time of use is no longer an officer. 
 (c) The Company shall promptly advise AST in writing of any change in the capital
structure of the Company, and the Company shall promptly provide AST with resolutions of the Board authorizing any recapitalization of the Shares or change in the number of issued or authorized Shares. Further, the Company shall advise AST
reasonably promptly of any amendment or supplement to any information or materials provided by the Company to AST and shall provide such amendment or supplement to AST as soon as practicable. 

(d) The Company hereby authorizes AST to establish a program (the “DRS Sale Program”), through which a holder of one or more
Shares (each, a “Shareholder”) may elect to sell any Shares held in book-entry form through the Direct Registration System. The Company shall not be charged by AST for establishing or administering the DRS Sale Program, and AST
shall be entitled to charge a transaction fee as set forth on Schedule 2 to any Shareholder that elects to sell Shares through the DRS Sale Program. The Company hereby appoints AST, and AST hereby accepts such appointment to act as the
administrator of the DRS Sale Program. 
 2. Term. The initial term of this Agreement shall be two (2) years from the date
hereof, and this Agreement shall automatically renew for additional one-year successive terms (each, a “Term”) without further action of the Parties, unless written notice is provided by
either Party at least ninety (90) days prior to the end of the initial two-year or any subsequent one-year period. The Term shall be governed by this
Section, notwithstanding the cessation of active trading of the Shares. 

 3. Fees; Expenses.  

(a) As consideration for the services listed on Schedule 1 (the “Services”), the Company shall pay to AST the fees set
forth on Schedule 2 (the “Fees”). If the Company requests that AST provide additional services not contemplated hereby, the Company shall pay to AST fees for such services at AST’s reasonable and customary rates, such
fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the Parties at such time (the “Additional Service Fee”; together with the Fees, the “Service Fees”). 

(b) The Company shall reimburse AST for all reasonable and documented expenses incurred by AST (including, without limitation, reasonable and
documented fees and disbursements of counsel) in connection with the Services (the “Expenses”); provided, however, that AST reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay all Service Fees and Expenses within thirty (30) days following receipt of an invoice from AST. 

(c) Upon termination of this Agreement for any reason, AST shall assist the Company with the transfer of records of the Company held by AST.
AST shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such records to the successor agent or to the Company, and for maintaining records and/or Share Certificates that are
received after the termination of this Agreement (the “Record Transfer Services”). 
 4. Representations and
Warranties. 
 (a) The Company represents and warrants to AST that (i) it is duly organized and validly existing and in good
standing under the laws of the state of its organization; (ii) it has all requisite power and authority to enter into this Agreement and to perform the transactions contemplated hereby; (iii) the execution, delivery and performance of this
Agreement and the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company; and (iv) this Agreement has been duly executed and delivered and is the legally valid and binding obligation of the
Company, enforceable against the Company in accordance with the Agreement’s terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by
equitable principles (whether enforcement is sought by proceeding in equity or at law). 
 (b) All Shares issued and outstanding as of the
date hereof, or to be issued during the Term, are or shall be duly authorized, validly issued, fully paid and non-assessable. All such Shares are or shall be duly registered under the Securities Act of 1933,
as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 

(c) Any Shares that are not registered under the Securities Act and the Exchange Act are or shall be issued or transferred in a transaction
that is, or a series of transactions that are, exempt from the registration provisions under the Securities Act and the Exchange Act, and such Shares bear or shall bear the applicable restrictive legends. Upon any issuance or transfer of such
Shares, the Company shall deliver to AST a legal opinion in form and substance reasonably satisfactory to AST. 

  
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 5. Reliance.  

(a) AST shall be entitled to assume the validity of the issuance, presentation or transfer of a Share Certificate, the genuineness of any
endorsement(s), the authority of its presenter(s), or the collection or payment of charges or taxes incident to the issuance or transfer of such Share Certificate; provided, however, that AST may delay or decline to issue or transfer a
Share Certificate if it determines in good faith and in its sole discretion that it is in the Company’s and/or AST’s best interests to receive evidence or written assurance of the validity of the issuance, presentation or transfer of the
Share Certificate, the authority of its presenter(s) or the collection or payment of any charges or taxes relating to the issuance or transfer. 

(b) For the avoidance of doubt, AST shall not be responsible for any transfer or issuance of Shares that has not been effected by AST. 

(c) AST may rely on, and shall be protected and incur no liability in acting or refraining from acting in reliance upon: (i) any writing
or other instruction, including, but not limited to, oral instruction, certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security, received from any Person (as defined below) it believes in good faith to
be an authorized officer, agent or employee of the Company, unless the Company has advised AST in writing that AST must act and rely only on written instructions of certain authorized officers of the Company; (ii) any statement of fact
contained in any such writing or instruction which AST in good faith believes to be accurate; (iii) other authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited to,
any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (iv) the conformity to original of any copy. AST may act and rely on the advice, opinions or instructions received from the
Company’s legal counsel. In the event that the Company or its legal counsel is unavailable or does not respond to AST’s requests for legal advice, AST may seek the advice of AST’s own legal counsel (including its internal legal
counsel), and AST shall be entitled to act and rely on the advice, opinion or instruction of such counsel, which shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by AST pursuant to such
advice, opinion or instruction. Without limiting the foregoing, AST shall be entitled to use and rely upon any instructions of the Company without responsibility for independent verification thereof and shall not assume responsibility for the
accuracy or completeness of such instructions. 
 (d) AST may rely on, and shall be protected and incur no liability in acting or refraining
from acting in reliance upon: (i) any writing or other instruction believed by AST in good faith to have been furnished by or on behalf of a Shareholder, including, but not limited to, any oral instruction, certificate, instrument, opinion,
notice, letter, stock power, affidavit or other document or security; (ii) any statement of fact contained in any such writing or instruction which AST in good faith believes to be accurate; (iii) the apparent authority of any Person to
act on behalf of a Shareholder as having actual authority to the extent of such apparent authority; (iv) the authenticity and genuineness of any signature (manual, facsimile or electronic) appearing on any writing, including, but not limited
to, any certificate, instrument, opinion, notice, letter, stock power, affidavit or other document or security; and (v) on the conformity to original of any copy. AST is authorized to reject any transfer request that fails to satisfy AST’s
internal procedures relating to the transfer of Shares. Without limiting the foregoing, AST shall be entitled to use and rely upon any instructions of a Shareholder or its representatives without responsibility for independent verification thereof
and shall not assume responsibility for the accuracy or completeness of such instructions. 
 (e) AST may rely on, and shall be protected and
incur no liability in acting or refraining from acting in reliance upon: (i) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other
comparable signature guarantee program or insurance program; or (ii) any instructions received through the Depository Trust Company’s Direct Registration System/Profile service. 

  
 -3- 

 (f) AST shall promptly notify the Company upon receipt of a Share Certificate that is not
reflected in AST’s records. If the Company and AST are unable to account for such Share Certificate, within sixty (60) days of such determination, the Company shall in its sole discretion (a) increase the number of issued Shares or
(b) acquire and cancel a number of Shares to account for such Share Certificate. 
 6. Lost, Stolen or Destroyed Certificates.
AST shall not be obligated to issue a replacement certificate for any Share Certificate reported to have been lost, stolen or destroyed, unless AST shall have received from the applicable Shareholder: (a) an affidavit of loss; (b) an
indemnity bond in form and substance reasonably satisfactory to AST; and (c) payment of all applicable processing fees; provided that, upon the Company’s written request, AST may, in its sole discretion, accept an
indemnification letter from the Company in lieu of an indemnity bond. 
 7. Unclaimed Property. 

(a) To the extent required by applicable unclaimed property laws or if requested by the Company, AST will provide, or cause to be provided,
unclaimed property reporting services for unclaimed property that may be deemed abandoned or otherwise subject to unclaimed property law. Such services may include (without limitation) (i) identification of unclaimed or abandoned property,
(ii) preparation of unclaimed or abandoned property reports, (iii) delivery of unclaimed or abandoned property to the applicable state unclaimed property departments, (iv) completion of required due diligence notifications,
(v) responses to inquiries from Shareholders relating to unclaimed or abandoned property, and (vi) such other services as may reasonably be necessary to comply with unclaimed property laws or regulations. The Company shall assist and
cooperate with AST as reasonably necessary in connection with the performance of the services described in this Section. AST shall assist the Company in responding to (x) inquiries from state unclaimed property departments regarding
reports filed by or on behalf of the Company or (y) requests for the confirmation of names of owners of unclaimed or abandoned property. 

(b) The Company acknowledges and agrees that AST may use a shareholder locating service provider (the “Locating Service
Provider”) to locate and contact Shareholders (or their surviving relatives, joint tenants or heirs, as applicable) to assist them in preventing the escheatment of applicable Shares and related unclaimed or abandoned property. The Company
shall not be charged by AST or the Locating Service Provider for such services. The Locating Service Provider shall inform the Shareholders that they may elect (x) to contact AST at no charge other than at AST’s applicable fees or
(y) to utilize the services of the Locating Service Provider for a fee, which shall not exceed the maximum fee allowed under the applicable state’s unclaimed property rules. 

8. Confidentiality. 
 (a)
“Confidential Information” means, as to the Disclosing Party (as defined below) and, if applicable, its Affiliates: (i) information concerning the business of the Disclosing Party and, if applicable, its Affiliates (including,
without limitation, business, financial, technical, and other information marked or designated by such Party as “confidential” or “proprietary”, historical financial statements, financial projections and budgets, audits, tax
returns and accountants’ materials, historical, current and projected sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans, publications, and customer agreements); (ii) information that, by
the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential; (iii) information, including account information, relating to the shareholders of the Disclosing Party; and (iv) all notes,
analyses, compilations, studies, summaries and other material prepared by the Receiving Party (as defined below), its Affiliates, employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing;
provided that Confidential Information shall not include any information that (x) is or becomes (through no improper action or inaction of the Receiving Party) generally available to the public; (y) was rightfully disclosed to the
Receiving Party by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently developed by the Receiving Party without reference to or use of any Confidential Information. 

  
 -4- 

 (b) “Affiliates” means, as to a specified Person, another Person that
directly, or indirectly, controls or is controlled or is under common control with the specified Person; “Person” means any corporation, limited liability company, partnership or other legal entity; and “control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“controlled” shall have corresponding meanings. 
 (c) Each Party (the “Receiving Party”) acknowledges that
it may acquire or have access to Confidential Information of the other Party (the “Disclosing Party”) in connection with the Services or this Agreement. The Receiving Party shall not disclose Confidential Information to any other
Person, and shall not use Confidential Information for any purposes other than in connection with the performance of its obligations under this Agreement; provided that the Receiving Party shall be permitted to disclose Confidential
Information (i) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel
(in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure; provided, however, that this clause shall not
require AST to notify the Company of its receipt of any subpoena, summons, or other legal process relating to wage garnishment, tax levy or domestic matter proceedings filed against or by a Shareholder); or (ii) upon the request or demand of
any regulatory authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure).
The Receiving Party shall safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature and in any event with not less than a reasonable degree of care. 

(d) Upon the termination of this Agreement or upon the Disclosing Party’s written request, the Receiving Party shall, at the Disclosing
Party’s option, either destroy or return to the Disclosing Party any and all of the Confidential Information, written or other materials derived from the Confidential Information, and copies thereof, and shall delete and purge permanently all
copies and traces of the same from any storage location and/or media to the extent reasonably or technically possible. The Receiving Party shall, within fifteen (15) days from the termination of this Agreement or such request, provide the
Disclosing Party with a certificate signed by an authorized officer of the Receiving Party confirming that the Receiving Party has fulfilled its obligations under this clause. Notwithstanding the foregoing, upon notice to the Disclosing
Party, the Receiving Party may keep a copy of the Confidential Information after termination of this Agreement to the extent necessary for audit and/or regulatory purposes or to the extent required under applicable law. 

9. Termination. 
 (a)
Either Party may terminate this Agreement if the other Party breaches any material provision herein and either the breach cannot be cured or, if the breach can be cured, it is not cured by the breaching Party within 45 days after the breaching
Party’s receipt of written notice of such breach (the “Cure Period”). If the Company is the breaching Party, then, during the Cure Period, upon written notice to the Company, AST may suspend the Services without terminating the
Agreement. During the period of suspension of Services, AST shall have no obligation to act as Transfer Agent, it being understood that such suspension shall not affect AST’s rights and remedies hereunder. 

  
 -5- 

 (b) Either Party may terminate this Agreement, effective upon written notice to the other
Party, if the other Party (i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or
insolvency law, which is not fully stayed within seven (7) business days or is not dismissed or vacated within forty-five (45) business days after filing; (iii) is dissolved or liquidated or takes any corporate action for such
purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of
its property or business. 
 (c) The expiration or termination of this Agreement, for any reason, shall not release either Party from any
obligation or liability to the other Party, including any payment and delivery obligation, that (i) has already accrued hereunder; (ii) comes into effect due to the expiration or termination of the Agreement; or (iii) otherwise
survives the expiration or termination of this Agreement. Following the termination of this Agreement, AST shall promptly invoice the Company for any outstanding Service Fees and Expenses due and owing under this Agreement, and the Company shall pay
all such Service Fees and Expenses to AST in accordance with the payment terms set forth in this Agreement. 
 (d) If the Company terminates
this Agreement pursuant to Sections 2 or 9(a), then the Company shall pay to AST (i) all amounts outstanding under this Agreement as of the date of such termination and (ii) AST’s then-customary fees for Record Transfer
Services. If the Company terminates this Agreement for any reason other than pursuant to Sections 2 or 9(a), then the Company shall pay to AST (x) all outstanding Service Fees and Expenses as of the date of such termination,
(y) the Service Fees that would otherwise have accrued during the remainder of the then-current Term, and (z) AST’s then-customary fees for Record Transfer Services. 

10. Limitations on Liability.  

(a) To the fullest extent permitted by applicable law, no Party shall be liable to any other Party on any theory of liability for any special,
indirect, consequential or punitive damages (including, without limitation, any loss of profits, business or anticipated savings). 
 (b)
AST shall have no liability to any Party except for liability arising out of its own gross negligence, fraud or willful misconduct (as determined by a court of competent jurisdiction in a final and
non-appealable decision). 
 (c) AST’s liability arising out of or in connection with the
Services shall not exceed the aggregate amount of all Service Fees paid under this Agreement during the twelve-month period immediately prior to the date of occurrence of the circumstances giving rise to such liability. 

11. Indemnity. 
 (a) The
Company hereby agrees to indemnify and hold harmless AST and its Affiliates and its and their officers, directors, employees, advisors, agents, other representatives and controlling persons (each, an “Indemnified Person”) from and
against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Agreement and the Services or any claim, litigation,
investigation or proceeding relating to any of the foregoing (each, a “Proceeding”), regardless of whether any such Indemnified Person is a party thereto or whether a Proceeding is brought by a third party or by the Company or any
of its Affiliates, and to reimburse each such Indemnified Person upon demand for any reasonable, documented legal or other out-of-pocket expenses incurred in connection
with investigating or defending any of the foregoing by one counsel to the Indemnified Persons taken as a whole and, in the case of a conflict of interest, one additional counsel to the affected Indemnified Persons taken as a whole;
provided that the foregoing indemnity shall not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses to the extent they have resulted from the willful misconduct, bad faith or gross
negligence of such Indemnified Person (as determined by a court of competent jurisdiction in a final and non-appealable decision). 

  
 -6- 

 (b) AST agrees to notify the Company promptly of the assertion of any Proceeding against any
Indemnified Person; and the Company agrees to notify AST promptly of the assertion of any Proceeding against the Company, or any of its officers, directors, employees, advisors, agents, other representatives and controlling persons in connection
with the Services, in which event AST agrees to assume sole responsibility of promptly notifying any of the relevant Indemnified Persons of any such assertion. At the Company’s election, unless there is a conflict of interest, the defense of
the Indemnified Persons shall be conducted by the Company’s counsel. Notwithstanding the foregoing, AST may employ separate counsel to represent it or defend AST or an Indemnified Person in such Proceeding, and the Company will pay any
reasonable, documented legal or other out-of-pocket expenses of counsel if AST or such Indemnified Person reasonably determines, based on the advice of its legal
counsel, that there are defenses available to AST or such Indemnified Person that are different from, or in addition to, those available to the Company, or if an actual or potential conflict of interest between AST or the Indemnified Person and the
Company makes representation by the Company’s counsel not advisable; provided that, unless there is an actual or potential conflict of interest, the Company will not be required to pay the fees and expenses of more than one separate
counsel for all Indemnified Persons in any jurisdiction in any single Proceeding. In any Proceeding the defense of which the Company assumes, the Indemnified Persons shall be entitled to participate in such Proceeding and retain its own counsel at
such Indemnified Person’s own expense. 
 (c) The Company shall not be liable for any settlement of any Proceedings effected without its
consent (which consent shall not be unreasonably withheld, conditioned or delayed), but if settled with the Company’s written consent or if there is a final judgment for the plaintiff in any such Proceedings, the Company agrees to indemnify and
hold harmless each Indemnified Person from and against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with clause (a) above. The Company shall not, without the prior
written consent of an Indemnified Person (which consent shall not be unreasonably withheld, conditioned or delayed), effect any settlement or consent to the entry of any judgment of any pending or threatened Proceedings in respect of which indemnity
could have been sought hereunder by such Indemnified Person, unless (i) such settlement includes an unconditional release of such Indemnified Person in form and substance satisfactory to such Indemnified Person from all liability on claims that
are the subject matter of such Proceedings and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

12. Force Majeure. AST shall not be liable for failure or delay in the performance of the Services if such failure or delay is
due to causes beyond its reasonable control, including but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), pandemic, epidemic, state of emergency, war, invasion, act of foreign enemies,
hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalization, government sanction, blockage, embargo, labor dispute, strike,
lockout or interruption or failure of electricity or telephone service or any other force majeure event. 
 13. Notices. Any notice,
report or payment required or permitted to be given or made under this Agreement by one Party to the other shall be in writing and addressed to the other Party at the following address (or at such other address as shall be given in writing by one
Party to the other): 
 If to the Company: 

Integrated Rail and Resources Acquisition Corp. 

  
 -7- 

 Attention: Chris Bertel; Tim Fisher 

Email: cabertel@rgpc.com; tfisher@dhipgroup.com 

With a copy to: 
 Reed Smith LLP

 Attention: Ari Edelman, Esq. 

Email: aedelman@reedsmith.com 

If to AST: 
 American Stock
Transfer & Trust Company, LLC 
 6201 15th Avenue 

Brooklyn, NY 11219 
 Attention:
Relationship Management 
 With a copy to: 

American Stock Transfer & Trust Company, LLC 

48 Wall Street, 22nd Floor 

New York, New York 10005 

Attention: Legal Department 

Email: legalteamAST@astfinancial.com 

14. Miscellaneous. 
 (a)
The Company acknowledges and agrees that (i) nothing herein shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the Parties, and (ii) the
Company waives, to the fullest extent permitted by law, any claims that it may have against AST for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that AST shall have no liability (whether direct or indirect) to the Company
in respect of such a fiduciary duty claim. 
 (b) This Agreement shall be construed and enforced in accordance with the laws of the State of
New York, without reference to its conflicts of law rules. It is agreed that any action, suit or proceeding arising out of or based upon this Agreement shall be brought in the United States District Court for the Southern District of New York or any
court of the State of New York of competent jurisdiction located in such District. Service of any process by registered mail addressed to each party at the respective address above shall be effective service of process against such party for any
suit, action or proceeding brought in any such court. Each Party (i) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement or the Services in any New York State court or in any such Federal court; (ii) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
suit, action or proceeding in any such court; and (iii) agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.

  
 -8- 

 (c) The compensation, reimbursement, confidentiality, indemnification, jurisdiction,
governing law, and waiver of jury trial provisions contained herein shall remain in full force and effect regardless of the termination of this Agreement. No amendment or waiver of any provision hereof shall be effective unless in writing and signed
by the Parties and then only in the specific instance and for the specific purpose for which given. This Agreement is the only agreement between the Parties with respect to the matters contemplated hereby and sets forth the entire understanding of
the Parties with respect thereto. This Agreement and the obligations hereunder of each Party shall not be assignable by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, delayed or
conditioned); provided that AST may assign this Agreement or any rights granted hereunder, in whole or in part, to (i) its Affiliates in connection with a reorganization or (ii) a Person that acquires all or substantially all of the
business or assets of AST whether by merger, acquisition, or otherwise. 
 (d) This Agreement may be executed in any number of counterparts
and by different Parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile transmission or in “.pdf” or “.tif” form shall be effective as delivery of a manually executed counterpart of this Agreement. If any provision of this Agreement shall be held illegal
or invalid by any court, this Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement between the Parties to the fullest extent permitted by law. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 -9- 

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

									
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	  	                	  	INTEGRATED RAIL AND RESOURCES ACQUISITION CORP.
					
	By:	 	  
	  		  	By:	 	  

		 	Name:	  		  		 	Name: Chris Bertel
		 	Title:	  		  		 	Title: Chief Financial Officer

  
 -10- 

 Schedule 1 

Services 

Capitalized terms used herein and not defined have the meaning ascribed to such terms in the Agreement. Unless otherwise noted, AST will
provide the following services: 
 ACCOUNT MAINTENANCE AND RECORDKEEPING 

 

	 	•	 	 Open new accounts, consolidate and close Shareholder accounts 

 

	 	•	 	 Annual record storage services (subject to an additional fee) 

 

	 	•	 	 Maintain all Shareholder accounts 

 

	 	•	 	 Process address changes, including seasonal addresses 

 

	 	•	 	 Place, maintain and remove stop transfers 

 

	 	•	 	 Post all debit and credit certificate transactions 

 

	 	•	 	 Perform social security solicitation 

 

	 	•	 	 Handle shareholder and broker inquiries, including internet correspondence 

 

	 	•	 	 Respond to requests for audit confirmations 

 

	 	•	 	 Monthly report for all classes of securities in Microsoft Word and HTML formats (Excel format is subject to an
additional fee) 

 STOCK AUDIT / CONTROL BOOK FUNCTIONS 

 

	 	•	 	 Maintain accurate records of outstanding Shares 

 

	 	•	 	 Respond to requests for audit confirmations 

 

	 	•	 	 Provide web access to the total outstanding Share balances 

CERTIFICATE AND SECURITY ISSUANCE FUNCTIONS 
  

	 	•	 	 Process all routine transfers 

 

	 	•	 	 Post all debit and credit certificate transactions 

 

	 	•	 	 Issue Share Certificates 

 

	 	•	 	 Create book entry Direct Registration System (“DRS”) positions 

 

	 	•	 	 Participate in the DRS profile system, allowing broker “sweeps” of registered positions

  

	 	•	 	 Interface electronically with DTC/CEDE & CO. 

 

	 	•	 	 Mail newly-issued certificates/DRS advices to Shareholders 

 

	 	•	 	 Replace lost or stolen Share Certificates upon Shareholder request 

 

	 	•	 	 Issue and register all Share Certificates 

 

	 	•	 	 Process legal transfers and transactions requiring special handling 

 

	 	•	 	 Provide, upon request, access to daily reports of processed transfers 

REPORTING 
  

	 	•	 	 Furnish, upon request, unlimited Shareholder list, sorted by Company-designated criteria 

LISTS AND MAILINGS 
  

	 	•	 	 Enclose multiple proxy cards to same household in one envelope, if applicable (subject to additional fees)

  

	 	•	 	 Monitor and suppress undeliverable mail until correct address is located 

 

	 	•	 	 Furnish shareholder lists, in any sequence 

 

	 	•	 	 Provide geographical detail reports of all stocks issued/surrendered over a specific period

  

	 	•	 	 Provide mailing labels 

  
 -11- 

 WEB-BASED ORIGINAL ISSUANCE (OI) / DWAC SYSTEM 1 
  

	 	•	 	 Facilitate Deposit/Withdrawal At Custodian (“DWAC”) and original issuances initiated from the
Company’s desktop via Internet 

  

	 	•	 	 Accept files for original issuances 

 

	 	•	 	 Allow multiple requests to be submitted on the same form at the same time 

 

	 	•	 	 Notify the Company via email when matching broker instructions have not been received 

 

	 	•	 	 Provide designated brokers the ability for brokers to log into the system and track the status of
Company-submitted items 

  

	 	•	 	 Report daily and monthly transactions via e-mail 

 

	 	•	 	 Enforce built-in security procedures 

TECHNOLOGY AND INTERNET ACCESS 
  

	 	•	 	 Retrieve account information (including outstanding Share Certificates and checks) 24 hours a day, 7 days per
week 

  

	 	•	 	 Review frequently asked questions, including transfer requirements and corporate actions data

  

	 	•	 	 Download forms (e.g., affidavit of domicile, form
W-8/W-9, letters of transmittal and stock power) 

  

	 	•	 	 Change account addresses 

 

	 	•	 	 Replace lost, stolen or uncashed checks 

 

	 	•	 	 Replace lost, stolen or non-received Share Certificates

  

	 	•	 	 Obtain a duplicate Form 1099 

 

	 	•	 	 Sign up for electronic delivery (e.g., for proxy materials) 

 

	 	•	 	 Request a certificate for shares held in book-entry or plan form 

 

	 	•	 	 Enroll to have dividends directed toward purchase of additional Shares 

 

	 	•	 	 Send e-mail inquiries concerning Shareholder’s account, or conduct
an online chat session with one of AST’s customer service representatives 

 SHAREHOLDERS VIA THE INTERACTIVE VOICE RESPONSE
(“IVR”) 
  

	 	•	 	 Obtain account-specific information, including account balance 

 

	 	•	 	 Execute plan transactions, including sales and certification requests 

 

	 	•	 	 Request a duplicate Form 1099, with delivery via mail or fax 

 

	 	•	 	 Request a transfer package via mail or fax 

 

	 	•	 	 Request forms to effect address changes, check replacements, Share Certificate replacements and direct deposit
enrollments 

  

	 	•	 	 Obtain information pertaining to current corporate actions or other significant Company events

 SHAREHOLDER (INQUIRIES) 
  

	 	•	 	 Distribute “welcome” material to new Shareholders (may incur reimbursable expenses)

  

	 	•	 	 Provide assistance to Shareholders related to their securities holdings as they initiate account inquiries or
perform transactions, including guidance through common transactions and explanations for transaction rejections and the corrective steps required to complete their request 

 

	 	•	 	 Provide 24/7 account access via the internet and IVR telephonic system 

 

	 	•	 	 Provide toll-free number for Shareholder-initiated telephone inquiries to AST’s call center

  

	 	•	 	 Oversee the fulfillment process for potential investors (if applicable) 

 

	1 	 Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred
from receipt of Shares. 

  
 -12- 

 CLIENT-DESIGNATED PERSONNEL VIA THE INTERNET 

 

	 	•	 	 View and download detailed Shareholder data, including name, address of record, account number(s), number of
Shares held in certificate and book-entry form, historical dividend-related information and cost basis reporting information 

  

	 	•	 	 Obtain total outstanding Share balances 

 

	 	•	 	 Utilize AST’s reporting tool to generate comprehensive reports in a real-time environment, with immediate e-mail delivery 

  

	 	•	 	 Issue stock options and effect delivery through the DWAC system 

 

	 	•	 	 Update company profile and corporate information 

CONTROL BOOKS TRACKING 
  

	 	•	 	 Receive daily emails of control books information 

 

	 	•	 	 Review current transactions affecting the number of outstanding Shares in a Company-specified date range

 PROXY CENTRAL 
  

	 	•	 	 Proxy reports (either summarized or detailed) by proposal 

 

	 	•	 	 Voting status on the 50 largest accounts 

 

	 	•	 	 Shareholders attending the Company annual meeting 

 

	 	•	 	 DTC position listing 

  

	 	•	 	 Broker voting detail 

ANNUAL SHAREHOLDER MEETING 
  

	 	•	 	 Process proxy votes for routine/non-routine meetings of the Company

  

	 	•	 	 Imprint Shareholders’ name on proxy cards 

 

	 	•	 	 2Mail material to Shareholders 

 

	 	•	 	 Prepare and transmit daily proxy tabulation reports to the Company by email 

 

	 	•	 	 Provide certified Shareholder list in hard copy if requested 

 

	 	•	 	 Facilitate proxy distribution mailing 

DIVIDEND DISBURSEMENT 
  

	 	•	 	 Confirm in writing that the dividend notice was received 

 

	 	•	 	 Prepare and calculate dividend payments 

 

	 	•	 	 Coordinate dividend checks and enclosures (if applicable) mailing to the Shareholders 

 

	 	•	 	 Furnish one copy of the dividend register, hard copy or CD-ROM (if
requested) 

  

	 	•	 	 Place stop payment orders on reported lost dividend checks 

 

	 	•	 	 Issue replacement dividend checks/sales checks 

 

	 	•	 	 Provide copies of paid dividend checks upon request (subject to additional fee) 

 

	 	•	 	 Report annual dividend income to Shareholders on applicable Form 1099 

 

	 	•	 	 File annual tax information electronically to the Internal Revenue Service 

 

	 	•	 	 Withhold and remit backup withholding taxes as required by the Internal Revenue Service 

 

	 	•	 	 Withhold foreign tax and file foreign tax reports as required by the Internal Revenue Service

  

	 	•	 	 Maintain custody and control of all undeliverable checks and forward returned items to Shareholders upon
confirmation of a current address 

  

	 	•	 	 Mail year-end tax information to plan participants and the Internal
Revenue Service 

  

	2 	 Please note that postage and processing fees will apply. 

  
 -13- 

 UNCLAIMED PROPERTY 
  

	 	•	 	 Analyze and identify unclaimed or abandoned property across each class of security (if applicable)

  

	 	•	 	 Prepare and distribute due diligence notices (may incur reimbursable expenses) 

 

	 	•	 	 Prepare unclaimed or abandoned property reports (including null or negative reports, if applicable)

  

	 	•	 	 Deliver all unclaimed property and reports to the applicable jurisdictions 

 

	 	•	 	 Respond to shareholder and state inquiries relating to unclaimed property filings 

  
 -14- 

 Schedule 2 

Fees 
  

					
	IPO AND CONVERSION	  			
	 One-Time Fee
	  	$	8,500	 
	 Trustee Services Fee
	  	$	7,500	 
	 Warrant Agent Acceptance Fee
	  	$	5,500	 
	 Conversion of existing Shareholder Data
	  	 	Included	 
	 Coordination of working group as part of the offering
	  	 	Included	 
	 Attendance at closing by telephone as requested
	  	 	Included	 
	 Electronic delivery of Shares at time of closing
	  	 	Included	 
	 Coordination of over-allotment of Shares (as needed)
	  	 	Included	 
		
	 EXCHANGE OF PREFERRED SHARES AND WARRANTS INTO NEW COMMON SHARES
	  	 	Available	 
	 Prepare and mail Letter of Transmittal to pre-IPO
Shareholders
 *Exchange processing fees may apply based on the size of Shareholder base
	  	 	Included	 
	 Cancellation of old Share Certificates and issuance of new Share Certificates
	  	 	Included	 
	 Preparation and mailing of cash in lieu checks
	  	 	Included	 
		
	 CUSTODIAN AND PAYING AGENT ADMINISTRATION (per selling Shareholder)
	  	 	N/A	 
	 ONGOING ADMINISTRATION OF TRANSFER AGENT AND REGISTRAR SERVICES 
	  			
	 *Monthly Administration Fee

*Upon Implementation of Quarterly Dividend
	  	$
 $
	1,150
 1,500
	 
  

	 Unclaimed Property Reporting (no charge for the first two years of the initial term)
	  	$	 	 
	 *Up to 750 registered shareholders (each additional class of security shall be $250 per
month)
	  			
		
	 TRANSFER AGENT SERVICES
	  			
	 Account Maintenance per Account
	  	 	Included	 
	 Issuance and Registration of Share Certificates
	  	 	Included	 
	 Each Share Certificate cancelled
	  	 	Included	 
	 Restricted/Preferred Accounts
	  	 	Included	 
	 General Written Correspondence
	  	 	Included	 
	 Shareholder Address Changes
	  	 	Included	 
	 Customer Service – Telephone
	  	 	Included	 
	 Research and Responding to Shareholder Inquiries
	  	 	Included	 
	 Issuance of Restricted Transfers
	  	 	Included	 
	 Issuance of Stock Option
	  	 	Included	 
	 3DWAC Transfers (broker fees may
apply)
	  	 	Included	 

  

	3 	 Please note that AST does not charge a fee for DWAC processing but that the broker may charge fees incurred
from receipt of Shares. 

  
 -15- 

					
	 Non-Routine Transfers (including removal of legends and
transfer of applicable Shares)
	  	 	Included	 
	 Shareholder Internet Access
	  	 	Included	 
	 Company Internet Access
	  	 	Included	 
	 DRS Sale Program – Transaction Fee (to be paid by the Shareholder)
	  	 
	Per
transaction	 
 
		
	 ANNUAL MEETING ADMINISTRATION SERVICES 
	  			
	 Prepare Full Shareholder List as of Record Date
	  	 	Included	 
	 Complete Reporting for Proxy Program
	  	 	Included	 
	 Enclose and Mail Proxy Materials (mailing costs applied as out-of-pocket)
	  	 	Included	 
	 Receive and Scan Returned Proxies
	  	 	Included	 
	 Tabulate Proxies (Registered and Beneficial Holders – per vote fee applicable)
	  	 	Included	 
	 Prepare and Verify Final Vote List
	  	 	Included	 
	 Online access for Company to monitor voting
	  	 	Included	 
	 Omnibus Download of Proxy from DTC
	  	 	Included	 
	 Inspector of Election (travel fees will be applied as out-of-pocket)
	  	 	Available	 
	 Online & Telephonic Voting for Registered Shareholders
	  	 	Available	 
		
	 MANAGEMENT REPORTING
	  			
	 Standard Reporting Suite
	  	 	Included	 
	 Online Access to Management Reports
	  	 	Included	 
	 Report Requirements determined at Conversion
	  	 	Included	 

 SPECIAL SERVICES 

Services not included herein (including, without limitation, trustee and custodial services, exchange/tender offer services, stock dividend disbursement
services, voluntary disclosure agreements and audit administration services relating to abandoned or unclaimed property) but requested by the Company may be subject to additional charges. 

OUT-OF-POCKET EXPENSES 

All customary out-of-pocket expenses will be billed in addition to the
foregoing fees. These charges include, but are not limited to items such as: 
  

	 	•	 	 Printing, stationary, postage and handling for all activities such as: 

 

	 	•	 	 Dividend payments & statement mailings 

 

	 	•	 	 Proxy mailings 

  

	 	•	 	 Advices and confirmations 

 

	 	•	 	 Tax form mailings 

  

	 	•	 	 W8/W9 solicitations 

  

	 	•	 	 Freight and materials delivery 

 

	 	•	 	 Due diligence activities associated with escheatment 

The foregoing fees apply to services ordinarily rendered by AST and are subject to reasonable adjustment based on final review of documents. 

  
 -16-

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