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Contract analysis / closing-checklist.xlsx

closing-checklist.xlsx

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I-1 | I. Trust Formation | Trust Agreement — The Salvatore A. Pellegrino 2025 Family Trust

I-1 | I. Trust Formation | Trust Agreement — The Salvatore A. Pellegrino 2025 Family Trust: Irrevocable trust instrument executed by Salvatore A. Pellegrino (Grantor) and Cornerstone Fiduciary Services, Inc. (Helena R. Matsuda, Senior Trust Officer) as Independent Trustee; incorporates grantor-trust defect provisions under IRC § 675(4)(C); names beneficiaries Marco A. Pellegrino, Lucia Pellegrino-Vasquez, Dante R. Pe

I-2 | I. Trust Formation | Seed Gift Assignment Agreement: Irrevocable gift of $2,000,000 Medium

⚑ Assignment / subcontracting

I-2 | I. Trust Formation | Seed Gift Assignment Agreement: Irrevocable gift of $2,000,000 in cash from Salvatore A. Pellegrino to the 2025 IDGT as initial trust corpus; utilizes $2,000,000 of Grantor's remaining federal gift-tax exemption (remaining exemption pre-seed: $7,850,000; post-seed: $5,850,000) | Calderwood & Harkness LLP (Rafael Dominguez); Salvatore A. Pellegrino; Cornerstone Fiduciary Services, Inc. | 202

I-3 | I. Trust Formation | Cornerstone Fiduciary Services, Inc. — Acceptance of Trusteeshi

I-4 | I. Trust Formation | Trust Tax ID Application (IRS Form SS-4): Application for EIN f

I-5 | I. Trust Formation | Crummey Withdrawal Notice Letters: Notices to each current bene

I-5 | I. Trust Formation | Crummey Withdrawal Notice Letters: Notices to each current beneficiary (Marco A. Pellegrino, Lucia Pellegrino-Vasquez, Dante R. Pellegrino) of right to withdraw pro rata share of seed gift for 30-day withdrawal period | Calderwood & Harkness LLP (Rafael Dominguez); Cornerstone Fiduciary Services, Inc. | 2025-11-10 | Executed | Notices mailed November 10, 2025. Withdrawal period expired Dece

II-1 | II. Transaction Documents | Membership Interest Purchase Agreement (MIPA): Sale of Standard

⚑ Commercial term

II-1 | II. Transaction Documents | Membership Interest Purchase Agreement (MIPA): Sale of membership interests in Meridian Shores Hospitality LLC (92% Class A, post-discount value $17,920,000), Costa Luma Resort Holdings LLC (100%, post-discount value $14,800,000), and Azulia Beach Club LLC (88% Class A, post-discount value $7,280,000) from Salvatore A. Pellegrino (acting through PCG) to the 2025 IDGT. Aggregate purc

II-2 | II. Transaction Documents | Secured Promissory Note ($40,000,000): Issued by Corner

II-2 | II. Transaction Documents | Secured Promissory Note ($40,000,000): Issued by Cornerstone Fiduciary Services, Inc. as Trustee of the 2025 IDGT (Maker) in favor of Salvatore A. Pellegrino (Payee). Principal: $40,000,000; Interest: 4.40% per annum (September 2025 mid-term AFR, annual compounding); Term: 9 years maturing December 15, 2034; Annual interest-only payments of $1,760,000; Balloon principal at maturity.

II-3 | II. Transaction Documents | Pledge and Security Agreement: First-priority security

II-3 | II. Transaction Documents | Pledge and Security Agreement: First-priority security interest granted by the 2025 IDGT (Pledgor) to Salvatore A. Pellegrino (Secured Party) in all membership interests in Meridian Shores Hospitality LLC, Costa Luma Resort Holdings LLC, and Azulia Beach Club LLC, plus all distributions, proceeds, and cash flow attributable thereto. Secures obligations under the $40,000,000 Secured

II-4 | II. Transaction Documents | Assignment of Membership Interests — Meridian Shores Ho Medium

⚑ Assignment / subcontracting

II-4 | II. Transaction Documents | Assignment of Membership Interests — Meridian Shores Hospitality LLC: Short-form assignment of 92% Class A membership interest from Salvatore A. Pellegrino / PCG (Assignor) to the 2025 IDGT (Assignee). EIN: 59-4021867. Property: 4500 Gulf Shore Boulevard, Naples, FL 34102. | Calderwood & Harkness LLP (Cynthia Ho) | 2025-12-15 | In Preparation | To be executed at closing.

II-5 | II. Transaction Documents | Assignment of Membership Interests — Costa Luma Resort Medium

⚑ Assignment / subcontracting

II-5 | II. Transaction Documents | Assignment of Membership Interests — Costa Luma Resort Holdings LLC: Short-form assignment of 100% membership interest. EIN: 59-4173920. Property: 81700 Overseas Highway, Islamorada, FL 33036. | Calderwood & Harkness LLP (Cynthia Ho) | 2025-12-15 | In Preparation | To be executed at closing.

II-6 | II. Transaction Documents | Assignment of Membership Interests — Azulia Beach Club Medium

⚑ Assignment / subcontracting

II-6 | II. Transaction Documents | Assignment of Membership Interests — Azulia Beach Club LLC: Short-form assignment of 88% Class A membership interest. EIN: 59-4285413. Property: 22 Baymont Drive, Clearwater Beach, FL 33767. | Calderwood & Harkness LLP (Cynthia Ho) | 2025-12-15 | In Preparation | To be executed at closing.

II-7 | II. Transaction Documents | Amended and Restated Operating Agreement — Meridian Sho

II-7 | II. Transaction Documents | Amended and Restated Operating Agreement — Meridian Shores Hospitality LLC: Reflects admission of the 2025 IDGT (Cornerstone as Trustee) as holder of 92% Class A membership interest; addresses trustee voting rights, distribution waterfall, transfer restrictions consistent with Pledge and Security Agreement; Marco A. Pellegrino continues as COO. | Calderwood & Harkness LLP (Rafael Do

II-8 | II. Transaction Documents | Amended and Restated Operating Agreement — Costa Luma R

II-8 | II. Transaction Documents | Amended and Restated Operating Agreement — Costa Luma Resort Holdings LLC: Reflects admission of the 2025 IDGT as holder of 100% membership interest; addresses trustee management rights and distribution provisions. | Calderwood & Harkness LLP (Rafael Dominguez) | 2025-12-15 | In Preparation | To be executed at closing.

II-9 | II. Transaction Documents | Amended and Restated Operating Agreement — Azulia Beach

II-9 | II. Transaction Documents | Amended and Restated Operating Agreement — Azulia Beach Club LLC: Reflects admission of the 2025 IDGT as holder of 88% Class A membership interest; addresses trustee voting rights and distribution provisions. | Calderwood & Harkness LLP (Rafael Dominguez) | 2025-12-15 | In Preparation | To be executed at closing.

III-1 | III. Ancillary Deliverables | UCC-1 Financing Statement — Meridian Shores Hospital

III-2 | III. Ancillary Deliverables | UCC-1 Financing Statement — Costa Luma Resort Holdin

III-3 | III. Ancillary Deliverables | UCC-1 Financing Statement — Azulia Beach Club LLC: F

III-4 | III. Ancillary Deliverables | Consent of Existing Members — Meridian Shores Hospit

III-4 | III. Ancillary Deliverables | Consent of Existing Members — Meridian Shores Hospitality LLC: Written consent of remaining 8% members (if required under existing operating agreement) to transfer of 92% Class A interest to the Trust. | Calderwood & Harkness LLP (Cynthia Ho); Pellegrino Capital Group LLC | 2025-12-15 | In Progress | Consent forms distributed; awaiting signatures.

III-5 | III. Ancillary Deliverables | Consent of Existing Members — Azulia Beach Club LLC:

III-5 | III. Ancillary Deliverables | Consent of Existing Members — Azulia Beach Club LLC: Written consent of remaining 12% members (if required) to transfer of 88% Class A interest to the Trust. | Calderwood & Harkness LLP (Cynthia Ho); Pellegrino Capital Group LLC | 2025-12-15 | In Progress | Consent forms distributed; awaiting signatures.

III-6 | III. Ancillary Deliverables | Officer/Manager Certificate — Pellegrino Capital Gro

III-6 | III. Ancillary Deliverables | Officer/Manager Certificate — Pellegrino Capital Group LLC: Certificate of Salvatore A. Pellegrino as Managing Member of PCG (EIN 65-1238074) confirming authority to execute transaction documents, incumbency, and formation in good standing (organized 2006, FL). | Salvatore A. Pellegrino; Calderwood & Harkness LLP (Cynthia Ho) | 2025-12-15 | In Preparation | Draft to be prepared.

III-7 | III. Ancillary Deliverables | Officer Certificate — Cornerstone Fiduciary Services

III-7 | III. Ancillary Deliverables | Officer Certificate — Cornerstone Fiduciary Services, Inc.: Certificate confirming Helena R. Matsuda's authority to execute documents on behalf of the Trustee. | Cornerstone Fiduciary Services, Inc. (Helena R. Matsuda) | 2025-12-15 | Requested | Request sent to Cornerstone.

III-8 | III. Ancillary Deliverables | Good Standing Certificates — Meridian Shores Hospita

III-8 | III. Ancillary Deliverables | Good Standing Certificates — Meridian Shores Hospitality LLC, Costa Luma Resort Holdings LLC, Azulia Beach Club LLC, and PCG: Current certificates from FL Secretary of State. | Calderwood & Harkness LLP (Cynthia Ho) | 2025-12-15 | In Progress | Orders placed with FL Secretary of State.

III-9 | III. Ancillary Deliverables | Legal Opinion — Calderwood & Harkness LLP: Opinion l

III-9 | III. Ancillary Deliverables | Legal Opinion — Calderwood & Harkness LLP: Opinion letter to Cornerstone Fiduciary Services, Inc. regarding enforceability of MIPA, promissory note, and pledge agreement; arm's-length nature of the transaction. | Calderwood & Harkness LLP (George Trujillo / Leonard Cross) | 2025-12-15 | In Preparation | Draft in progress.

III-10 | III. Ancillary Deliverables | Letter to Cornerstone Fiduciary Services — Transact

III-10 | III. Ancillary Deliverables | Letter to Cornerstone Fiduciary Services — Transaction Summary and Appraisal Confirmation: Letter from George Trujillo and Leonard Cross to Helena R. Matsuda (cc: Patricia N. Callahan, Ridgeway & Callahan LLP) summarizing transaction, confirming appraisal support, enclosing draft MIPA, note, and pledge agreement. | Calderwood & Harkness LLP (George Trujillo / Leonard Cross) | 20

IV-1 | IV. Appraisal and Valuation | Qualified Appraisal Report — Hargrove & Lindquist LLP

IV-1 | IV. Appraisal and Valuation | Qualified Appraisal Report — Hargrove & Lindquist LLP: Independent business valuation of membership interests in Meridian Shores Hospitality LLC (pre-discount FMV $22,400,000; 2024 NOI $3,200,000; 7.0× multiple), Costa Luma Resort Holdings LLC (pre-discount FMV $18,500,000; 2024 NOI $2,640,000; 7.0× multiple), and Azulia Beach Club LLC (pre-discount FMV $9,100,000; 2024 NOI $1,300

IV-2 | IV. Appraisal and Valuation | Appraiser Independence Confirmation: Written confirma

IV-2 | IV. Appraisal and Valuation | Appraiser Independence Confirmation: Written confirmation from Hargrove & Lindquist LLP of appraiser independence and qualifications under IRS qualified appraisal standards. | Hargrove & Lindquist LLP (Dennis W. Hargrove) | 2025-11-03 | Received | Included with appraisal report.

V-1 | V. Banking and Funds Flow | Prescott National Bank — Trust Account Opening: Opening

V-1 | V. Banking and Funds Flow | Prescott National Bank — Trust Account Opening: Opening of depository account for The Salvatore A. Pellegrino 2025 Family Trust at Prescott National Bank (401 East Las Olas Boulevard, Fort Lauderdale, FL 33301). Contact: Thomas J. Andersen, SVP, Private Banking. | Cornerstone Fiduciary Services, Inc.; Prescott National Bank (Thomas J. Andersen) | 2025-11-10 | Complete | Account opene

V-2 | V. Banking and Funds Flow | Wire Instructions — Prescott National Bank: Wire transfe

V-2 | V. Banking and Funds Flow | Wire Instructions — Prescott National Bank: Wire transfer instructions for the Trust's depository account for receipt of seed gift and future entity distributions. | Prescott National Bank (Thomas J. Andersen) | 2025-11-10 | Received | Wire instructions received and confirmed.

V-3 | V. Banking and Funds Flow | Seed Gift Wire Confirmation: Confirmation of $2,000,000

V-3 | V. Banking and Funds Flow | Seed Gift Wire Confirmation: Confirmation of $2,000,000 wire transfer from Salvatore A. Pellegrino to the 2025 IDGT trust account at Prescott National Bank. | Prescott National Bank (Thomas J. Andersen); Baxter Whitfield CPA Group, P.A. (Sandra T. Whitfield) | 2025-11-10 | Complete | Wire confirmed November 10, 2025.

V-4 | V. Banking and Funds Flow | Funds Flow Memorandum — Closing: Summary of closing fund

V-4 | V. Banking and Funds Flow | Funds Flow Memorandum — Closing: Summary of closing funds flow for December 15, 2025 (no cash changes hands at closing; sale is via promissory note; entity distributions to flow to trust account going forward). | Calderwood & Harkness LLP (Rafael Dominguez) | 2025-12-15 | In Preparation | Draft to be circulated prior to closing.

VI-1 | VI. Post-Closing | Form 709 (United States Gift Tax Return) — 2025: Reporting $2,00

VI-1 | VI. Post-Closing | Form 709 (United States Gift Tax Return) — 2025: Reporting $2,000,000 seed gift on Salvatore A. Pellegrino's 2025 gift tax return. 2025 applicable exclusion: $13,990,000; prior usage: $6,140,000; remaining pre-seed: $7,850,000; post-seed remaining: $5,850,000. SSN last four: 8217. | Baxter Whitfield CPA Group, P.A. (Sandra T. Whitfield); Calderwood & Harkness LLP (Leonard Cross) | 2026-04-15

VI-2 | VI. Post-Closing | Record Copies — Executed Transaction Documents: Assemble and dis

VI-2 | VI. Post-Closing | Record Copies — Executed Transaction Documents: Assemble and distribute record copies of all executed closing documents to PCG, Cornerstone, Ridgeway & Callahan, Baxter Whitfield, and Prescott National Bank. | Calderwood & Harkness LLP (Cynthia Ho) | 2025-12-31 | Not Yet Due | To be compiled after closing.

VI-3 | VI. Post-Closing | UCC Filing Confirmations: Confirm receipt of filed and stamped U

VI-4 | VI. Post-Closing | Entity Record Updates — Membership Ledgers: Update internal memb

VI-4 | VI. Post-Closing | Entity Record Updates — Membership Ledgers: Update internal membership ledgers and capital account records for Meridian Shores Hospitality LLC, Costa Luma Resort Holdings LLC, and Azulia Beach Club LLC to reflect the Trust as new member. | Pellegrino Capital Group LLC (Dante R. Pellegrino); Baxter Whitfield CPA Group, P.A. | 2025-12-31 | Not Yet Due | To be completed post-closing.

VI-5 | VI. Post-Closing | Promissory Note Payment Schedule: Confirm first annual interest

VI-5 | VI. Post-Closing | Promissory Note Payment Schedule: Confirm first annual interest payment date and establish payment calendar ($1,760,000 annually through December 15, 2034; $40,000,000 balloon at maturity). | Cornerstone Fiduciary Services, Inc. (Helena R. Matsuda); Prescott National Bank | 2025-12-31 | Not Yet Due | First interest payment due December 15, 2026.

VI-6 | VI. Post-Closing | Matter File Close-Out and Archival: Close Calderwood & Harkness Medium

⚑ Forum / governing law

VI-6 | VI. Post-Closing | Matter File Close-Out and Archival: Close Calderwood & Harkness matter file 1027-00005 / billing code 78500.00014 upon completion of all post-closing items. | Calderwood & Harkness LLP (Rafael Dominguez) | 2026-05-01 | Not Yet Due | Target close-out after Form 709 filing. [sheet: Summary] Field | Detail Matter Name | Pellegrino Capital Group LLC — Intra-Family Wealth Transfer via Sale to Def