Contract analysis

1. Summary of the Court's Holding 1.1 Declaratory Judgment — Territory Limited to New England The central issue in this action was the scope of the "Territory" as defined in the EDA and its attached Exhibit A. Penterra sought a declaratory judgment that the Territory is limited to six states; Vantage contended that the Territory had been expanded, either expressly or impliedly, to include New York, New Jersey, and Pe

2. Procedural Status and Appeal Period 2.1 Entry of Final Judgment While the Memorandum of Decision and Order was issued by the court on July 15, 2022, we note that as of the date of this letter — July 18, 2022 — Final Judgment has not yet been entered on the docket. This is not unusual; there is typically a short administrative interval between the issuance of a decision on dispositive motions and the formal entry o

3. Practical Implications and Recommended Next Steps The Decision has several significant practical implications for Penterra's commercial strategy and legal posture. We address each in turn below and offer our recommendations. 3.1 Proceed with the Meridian Distribution Arrangement With the court's unequivocal declaration that the Territory under the EDA is limited to the six New England States, Penterra is now free

4. Fees and Budget Update We wish to provide a brief update on fees and costs in connection with this engagement. As you will recall, the engagement terms provide for hourly billing at Calderwood & Harkness's standard rates, subject to a seven percent (7%) discount, with an estimated budget range of $750,000 to $1,200,000 through trial. Because the matter resolved on summary judgment without the need for trial — incl