SEC Contract Filing

Filing Date: 2025-03-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>14
<FILENAME>ea023473701ex10-32_usarare.htm
<DESCRIPTION>ASSIGNMENT AND ASSUMPTION OF EMPLOYMENT AGREEMENT, DATED AS OF MARCH 12, 2025, BY AND BETWEEN USA RARE EARTH, INC. (F/K/A INFLECTION POINT ACQUISITION CORP. II), USA RARE EARTH, LLC AND JOSHUA BALLARD
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.32</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ASSIGNMENT AND ASSUMPTION OF EMPLOYMENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This ASSIGNMENT AND ASSUMPTION
OF EMPLOYMENT AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of March 12, 2025 (the &ldquo;<U>Effective Date</U>&rdquo;),
by and among Inflection Point Acquisition Corp. II, a Cayman Islands exempted company (which shall domesticate as a Delaware corporation
prior to Closing and be renamed USA Rare Earth, Inc.) (the &ldquo;<U>Purchaser</U>&rdquo;), USA Rare Earth, LLC, a Delaware limited liability
company (the &ldquo;<U>Company</U>&rdquo;), and Joshua Ballard (the &ldquo;<U>Employee</U>&rdquo;). Company and Purchaser are referred
to herein, collectively, as the &ldquo;<U>Parties</U>,&rdquo; and individually, as a &ldquo;<U>Party</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RECITALS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">Pursuant to that certain Business Combination Agreement, dated as of August 21, 2024, by and among Purchaser,
Company, and IPXX Merger Sub, LLC, a Delaware limited liability company and a direct wholly owned subsidiary of the Purchaser (&ldquo;<U>Merger
Sub</U>&rdquo;), as amended by that certain Amendment No. 1 to Business Combination Agreement, dated as of November 12, 2024, and as further
amended by that certain Amendment No. 2 to Business Combination Agreement, dated as of January 30, 2025 (as amended, and as may be further
amended from time to time, the &ldquo;<U>Business Combination Agreement</U>&rdquo;), Merger Sub will merge with and into Company, with
Company surviving as a wholly-owned subsidiary of Purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">Prior to the Closing, Company and Employee entered into that certain Employment Agreement dated as of
December 16, 2024 (the &ldquo;<U>Employment Agreement</U>&rdquo;), whereby Company employs Employee to serve as the Chief Executive Officer
of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">C.</TD><TD STYLE="text-align: justify">In connection with, effective as of and contingent upon, the Closing, Company desires to assign all of
its rights, title, and interest in and to the Employment Agreement to Purchaser, and Purchaser desires to accept and assume the same,
subject to the terms and conditions set forth in this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">D.</TD><TD STYLE="text-align: justify">Capitalized terms used and not otherwise defined in this Agreement shall have the meanings given to them
in the Employment Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, for and in consideration of the
premises, and the agreements, mutual covenants, representations, and warranties hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75i