Contract analysis

1. Engagement & Preliminary | Oliver Mackenzie | $1,850.00 | 30.0 | $55,500.00

1. Engagement & Preliminary | Harrison Wexford | $1,750.00 | 18.0 | $31,500.00

1. Engagement & Preliminary | Megan Chu | $985.00 | 52.0 | $51,220.00

1. Engagement & Preliminary | Derek Okonkwo | $795.00 | 75.0 | $59,625.00

1. Engagement & Preliminary | Leonard Cross | $1,650.00 | 10.0 | $16,500.00 Phase 1 Subtotal | 185.0 | $214,345.00

2. Due Diligence | Oliver Mackenzie | $1,850.00 | 85.0 | $157,250.00

2. Due Diligence | Harrison Wexford | $1,750.00 | 55.0 | $96,250.00

2. Due Diligence | Megan Chu | $985.00 | 340.0 | $334,900.00

2. Due Diligence | Derek Okonkwo | $795.00 | 440.0 | $349,800.00

2. Due Diligence | Leonard Cross | $1,650.00 | 130.0 | $214,500.00 Phase 2 Subtotal | 1,050.0 | $1,152,700.00

3. Transaction Documents | Oliver Mackenzie | $1,850.00 | 130.0 | $240,500.00

3. Transaction Documents | Harrison Wexford | $1,750.00 | 95.0 | $166,250.00

3. Transaction Documents | Megan Chu | $985.00 | 420.0 | $413,700.00

3. Transaction Documents | Derek Okonkwo | $795.00 | 490.0 | $389,550.00

3. Transaction Documents | Leonard Cross | $1,650.00 | 45.0 | $74,250.00 Phase 3 Subtotal | 1,180.0 | $1,284,250.00

4. Financing | Oliver Mackenzie | $1,850.00 | 52.0 | $96,200.00

4. Financing | Harrison Wexford | $1,750.00 | 38.0 | $66,500.00

4. Financing | Megan Chu | $985.00 | 105.0 | $103,425.00

4. Financing | Derek Okonkwo | $795.00 | 45.0 | $35,775.00

4. Financing | Leonard Cross | $1,650.00 | 5.0 | $8,250.00 Phase 4 Subtotal | 245.0 | $310,150.00

5. Regulatory / Antitrust | Oliver Mackenzie | $1,850.00 | 28.0 | $51,800.00

5. Regulatory / Antitrust | Harrison Wexford | $1,750.00 | 12.0 | $21,000.00

5. Regulatory / Antitrust | Megan Chu | $985.00 | 58.0 | $57,130.00

5. Regulatory / Antitrust | Derek Okonkwo | $795.00 | 55.0 | $43,725.00

5. Regulatory / Antitrust | Leonard Cross | $1,650.00 | 2.0 | $3,300.00 Phase 5 Subtotal | 155.0 | $176,955.00

6. Interim Period | Oliver Mackenzie | $1,850.00 | 50.0 | $92,500.00

6. Interim Period | Harrison Wexford | $1,750.00 | 25.0 | $43,750.00

6. Interim Period | Megan Chu | $985.00 | 110.0 | $108,350.00

6. Interim Period | Derek Okonkwo | $795.00 | 115.0 | $91,425.00

6. Interim Period | Leonard Cross | $1,650.00 | 10.0 | $16,500.00 Phase 6 Subtotal | 310.0 | $352,525.00

7. MAE Analysis & Termination | Oliver Mackenzie | $1,850.00 | 92.0 | $170,200.00

7. MAE Analysis & Termination | Harrison Wexford | $1,750.00 | 58.0 | $101,500.00

7. MAE Analysis & Termination | Megan Chu | $985.00 | 230.0 | $226,550.00

7. MAE Analysis & Termination | Derek Okonkwo | $795.00 | 175.0 | $139,125.00

7. MAE Analysis & Termination | Leonard Cross | $1,650.00 | 25.0 | $41,250.00 Phase 7 Subtotal | 580.0 | $678,625.00

8. Board Materials & Corporate Approvals | Oliver Mackenzie | $1,850.00 | 15.5 | $28,675.00

8. Board Materials & Corporate Approvals | Harrison Wexford | $1,750.00 | 9.0 | $15,750.00

8. Board Materials & Corporate Approvals | Megan Chu | $985.00 | 30.0 | $29,550.00

8. Board Materials & Corporate Approvals | Derek Okonkwo | $795.00 | 25.0 | $19,875.00

8. Board Materials & Corporate Approvals | Leonard Cross | $1,650.00 | -8.0 | $-13,200.00 Phase 8 Subtotal | 71.5 | $80,450.00 GRAND TOTAL | 3,776.5 | $4,250,000.00 [sheet: Billing Narrative] Phase | Period | Key Activities and Work Product | Key Documents Produced | Key Timekeepers

1. Engagement & Preliminary | Feb 14 – Mar 15, 2024 | Engagement of Calderwood & Harkness by Penterra Pharmaceuticals Corp. (Matter No. 1018-00008); conflicts clearance covering Veridian Biosciences, Crestline Ventures, Boreal Health Partners Fund III, Apex Growth Equity Fund II, and Zalcourt Archer & Cole LLP; preparation and negotiation of mutual NDA with Veridian (executed March 4, 2024); drafting of non-binding i

2. Due Diligence | Mar 11 – Jun 3, 2024 | Comprehensive due diligence review of Veridian Biosciences following data room access (March 11, 2024); corporate organization and capitalization review (Series A–D, $420M total raised); IP analysis of VeriTCE platform and VRD-4187 patents; material contracts review including CRO agreements, manufacturing supply, license agreements, and investor rights agreements; regulatory

3. Transaction Documents | Apr 15 – Jun 14, 2024 | Drafting and negotiation of Stock Purchase Agreement for $900,000,000 all-cash acquisition of 100% of Veridian capital stock; three rounds of mark-ups with Zalcourt Archer & Cole LLP (Rebecca Whitmore, Jonathan Pratt); negotiation of MAE definition (SPA § 1.1) including carveouts for pandemics, general economic conditions, industry conditions, changes in law, natural

4. Financing | Jun 7 – Jul 2, 2024 | Review and analysis of commitment letter (Ref. CL-2024-PPCA-0607, dated June 7, 2024) from Summit Ridge Capital Partners, LP and Ironclad Trust Company, N.A. for $500,000,000 term loan at SOFR + 225 bps; analysis of commitment fee (0.35% = $1,750,000/yr), ticking fee (0.175%/yr commencing September 8, 2024, i.e., 90 days post-signing), market flex provisions, conditions to funding

5. Regulatory / Antitrust | Apr 10 – May 21, 2024 | Coordination with Stonebridge HSW Antitrust Advisors LLP (Martin Prumvane) on HSR Act pre-merger notification; preparation of antitrust risk assessment concluding low risk given Veridian's clinical-stage status; drafting of HSR narrative and Item 4(c)/4(d) document compilation; transmittal letter to FTC/DOJ Premerger Notification Office with $280,500 filing fee subm

6. Interim Period / Between Signing and Closing | Jun 11 – Sep 25, 2024 | Monitoring Veridian's compliance with interim operating covenants (SPA § 5.1) from signing through termination; analysis of Veridian's notification obligations under § 5.1(b) regarding Marlowe Asset Management-2 DMC interim analysis (DMC findings August 14, 2024; Penterra notified August 16, 2024); evaluation of whether Penterra's consent was r

7. MAE Analysis & Termination | Aug 16 – Sep 30, 2024 | Comprehensive material adverse effect legal analysis following Marlowe Asset Management-2 Phase II interim data readout (Grade ≥3 CRS: 23.4% treatment vs. 4.1% control; 7 treatment-related deaths (3.6%) vs. 1 control death (0.5%); ORR: 31.4% vs. 28.9%, p=0.58 not statistically significant); supplemental MAE analysis incorporating FDA partial clinical hold; surve

8. Board Materials & Corporate Approvals | Jun 9 – Sep 27, 2024 | Preparation of Penterra Board presentation materials jointly with Garrison Zanthor & Co. (Kevin Driscoll) for June 9, 2024 board meeting; drafting board resolution authorizing SPA execution (June 10, 2024) by Dr. Anand Rajagopal and Thomas F. Holbrook; secretary's certificate certifying incumbency and authority; form of officer's closing certificate; a