SPAC Inflection Point II secures $2.5M convertible note from CEO, cuts services fee

USA Rare Earth, Inc.

Issued convertible promissory note to CEO Michael Blitzer for up to $2.5M, non-interest bearing, due Nov 30, 2024.
Up to $1.5M of note principal convertible into warrants at $1.00/warrant; each warrant exercisable at $11.50/share.
Second Amendment reduces monthly services fee from $24,091 to $18,882.02, effective retroactively Apr 1, 2024.

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