Exhibit 10.2
Execution Version
COMPANY SUPPORT AGREEMENT
This COMPANY SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of August 12, 2024, by and among Integrated Rail and Resources Acquisition Corp., a Delaware corporation (“SPAC”), Tar Sands Holdings II, LLC, a Utah limited liability company (the “Company”), and the undersigned members of the Company who hold Subject Interests (as defined below) (each a “Member” and collectively, the “Members”).
WHEREAS, SPAC, the Company, and the other parties thereto, are concurrently herewith entering into an Agreement and Plan of Merger (as the same may be amended, restated or supplemented, the “Merger Agreement”; capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Merger Agreement) pursuant to which, among other things, Company Merger Sub will be merged with and into Company, with the Company being the surviving entity and becoming a wholly owned subsidiary of Holdings; and
WHEREAS, each Member is, as of the date of this Agreement, the sole legal owner of the number of the membership interests in the Company set forth opposite such Member’s name on Schedule A hereto, and such Member does not own any other outstanding equity interests of the Company or other securities convertible into or exercisable or exchangeable for any equity interests of the Company, (such Company membership interests owned by the Member, together with any additional equity interests in the Company or other Company equity interests (including any securities convertible into or exercisable or for any membership interests or other equity interests in the Company), whether by purchase, as a result of a dividend, split, recapitalization, combination, reclassification, exchange or change of such interests, or upon the exercise or conversion of any securities, acquired by such Member after the date hereof and prior to the Termination Date being collectively referred to herein as the “Subject Interest”); and
WHEREAS, as a condition to their willingness to enter into the Merger Agreement, SPAC and the Company have requested that each Member enter into this Agreement.
NOW, THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and the representations, warranties, covenants and agreements contained in this Agreement and the Merger Agreement, and intending to be legally bound hereby, the parties hereto agree as follows:
ARTICLE I
Representations and Warranties of Each Member
Each Member hereby represents and warrants as of the date hereof, severally and not jointly, to the Company and SPAC as follows:
1.1 Organization and Standing; Authorization. Such Member, (a) if a natural person, is of legal age to execute this Agreement and is legally competent to do so, and (b) if the Member is not a natural person, (i) has been duly organized and is validly existing and in good standing under the Laws of the state of its formation, (ii) has all requisite corporate or limited liability company power and authority, as applicable, to own, lease and operate its properties and to carry on its business as now being conducted, (iii) has all requisite power and authority to execute and deliver