[sheet: Cover & Legend]

Field	Value
Transaction	Section 363 Sale — Substantially All Assets of Meridian Precision Components, Inc.
Bankruptcy Case	In re Meridian Precision Components, Inc., Case No. 22-50318-JLG, U.S. Bankruptcy Court, Northern District of Ohio
Judge	Hon. Janet L. Grasso
Seller / Debtor	Meridian Precision Components, Inc. (Ohio corporation), 4500 Industrial Parkway, Elyria, OH 44035
Debtor EIN	34-1987625
Buyer / Stalking-Horse Bidder	Vantage Mobility Systems Corp. (Delaware corporation), 1800 Butterworth Avenue SW, Grand Rapids, MI 49534
Buyer EIN	38-4012789
Sponsor	Ridgepoint Capital Partners, LP, 200 South Wacker Drive, Suite 3100, Chicago, IL 60606
Purchase Price	$63,500,000 ($58,500,000 cash at closing + ~$5,000,000 estimated cure costs)
Good-Faith Deposit	$3,175,000 (5.0% of Purchase Price) — held by Granite Trust & Escrow Co.
APA Execution Date	March 30, 2022
APA Termination Outside Date	December 31, 2022
Break-Up Fee	$1,905,000 (3.0% of Purchase Price)
Expense Reimbursement Cap	$750,000
Total Bid Protections	$2,655,000 (4.18% of Purchase Price)
Buyer's Counsel	Calderwood & Harkness LLP — Nathaniel Bower (Responsible Partner), Colette Whitman (Billing Partner), Amy Chesterton (Lead Associate), Nathan Ikeda (Working Associate); 600 Lexington Avenue, 38th Floor, New York, NY 10022
Debtor's Counsel	Hargrove Tillinghast LLP — Marcus Tillinghast (Partner), Priya Venkatesh (Sr. Associate); 127 Public Square, Suite 2400, Cleveland, OH 44114
Debtor's Financial Advisor	Calloway Strauss Advisory, LLC — Elliot Calloway (Managing Director); 399 Park Avenue, 10th Floor, New York, NY 10022
Pre-Petition / DIP Lender	Great Lakes Industrial Credit Corp. — Kenneth Doran (Workout Officer); 140 Broadway, 18th Floor, New York, NY 10005
Lender's Counsel	Whitfield & Chambers LLP — Adrienne Whitfield (Partner); 1251 Avenue of the Americas, 30th Floor, New York, NY 10020
Committee Counsel	Pendergast McCabe & Lowe LLP — Hon. Franklin Lowe (ret.) (Partner), Sandra Okoro (Associate); 311 South Wacker Drive, Suite 5400, Chicago, IL 60606
Committee Financial Advisor	Dunbar Phelps Group, LLC — Janet Hirsch (Managing Director); 1345 Avenue of the Americas, 33rd Floor, New York, NY 10105
Escrow Agent	Granite Trust & Escrow Co., 201 Superior Avenue, Suite 600, Cleveland, OH 44114
Title Company	Commonwealth Abstract & Title Services, LLC, 50 South Main Street, Suite 800, Akron, OH 44308

Environmental Consultant (Buyer)	Pinehurst Environmental Sciences, Inc., 6300 Rockside Road, Suite 200, Independence, OH 44131
Buyer's Lender	Lakeshore Commercial Lending, Inc. — Christine Farber (Relationship Manager); 500 Woodward Avenue, Suite 2800, Detroit, MI 48226
Prepared By	Nathan Ikeda and Amy Chesterton, Calderwood & Harkness LLP
Last Updated	July 15, 2022
Version	Draft v4
CURRENT STATUS	ALL ITEMS PENDING — AUCTION POSTPONED INDEFINITELY per Court Order dated July 18, 2022 (Dkt. 309)

[sheet: Status Legend]

Status Code	Definition
Complete	Deliverable has been fully executed/received
In Progress	Deliverable is being prepared or under review
Pending — Auction Postponed Indefinitely	Deliverable on hold per Court Order Dkt. 309 (July 18, 2022)
Not Yet Started	Deliverable not yet initiated
N/A	Not applicable at this stage

[sheet: I. Pre-Closing Court Orders]

Item No.	Deliverable Description	Responsible Party	Applicable Agreement / Section	Target Date	Status	Docket No.	Notes / Comments
1.1	Order Approving Bid Procedures (Bid Procedures Order)	Debtor / Hargrove Tillinghast LLP	APA §6.01(a)	April 22, 2022	Complete	Dkt. 198	Entered April 22, 2022; Court approved bid procedures but reserved ruling on break-up fee
1.2	Order Approving Break-Up Fee ($1,905,000) and Expense Reimbursement Cap ($750,000)	Debtor / Hargrove Tillinghast LLP; supported by Calderwood & Harkness LLP	APA §9.03	May 13, 2022	Complete	Dkt. 234	Committee's objection to 3.0% break-up fee overruled; approved at $1,905,000 + $750,000 expense cap
1.3	Interim DIP Financing Order	Debtor / Hargrove Tillinghast LLP; GLICC / Whitfield & Chambers LLP	DIP Credit Agreement	February 22, 2022	Complete	Dkt. 47	Interim order — $15.0M DIP revolving facility from GLICC
1.4	Final DIP Financing Order	Debtor / Hargrove Tillinghast LLP; GLICC / Whitfield & Chambers LLP	DIP Credit Agreement	March 18, 2022	Complete	Dkt. 112	Final order — DIP facility approved
1.5	Order Extending DIP Maturity to October 31, 2022	Debtor / Hargrove Tillinghast LLP	DIP Credit Agreement	July 18, 2022	Complete	Dkt. 309	DIP maturity extended in connection with indefinite auction postponement
1.6	Auction — Conduct and completion	Debtor / Calloway Strauss Advisory, LLC	Bid Procedures Order (Dkt. 198)	Originally May 25, 2022; rescheduled July 15, 2022	Pending — Auction Postponed Indefinitely	Dkt. 271 (adjournment); Dkt. 309 (indefinite postponement)	First adjournment (June 10, Dkt. 271) to July 15; second postponement (July 18, Dkt. 309) indefinite. Only qualified bid (Axton at $64.75M) withdrawn May 25 due to unresolved environmental and labor contingencies
1.7	Sale Order (Order Approving Sale of Assets Free and Clear of Liens, Claims, Encumbrances, and Interests under 11 U.S.C. §363(f))	Debtor / Hargrove Tillinghast LLP	APA §6.01(b)	TBD (post-auction)	Pending — Auction Postponed Indefinitely	—	Cannot be entered until auction is conducted and winning bidder determined; must include findings re: good faith purchaser under §363(m)
1.8	Order Approving Assumption and Assignment of Executory Contracts and Unexpired Leases (with Cure Amounts)	Debtor / Hargrove Tillinghast LLP	APA §2.04; 11 U.S.C. §365	TBD (post-auction)	Pending — Auction Postponed Indefinitely	—	Cure costs estimated at $5,000,000; cure cost notices to be served on all non-debtor counterparties; objection deadline to be set in Sale Order
1.9	Findings of Fact and Conclusions of Law re: Sale (if required by Court)	Debtor / Hargrove Tillinghast LLP	Fed. R. Bankr. P. 7052	TBD	Pending — Auction Postponed Indefinitely	—	May be incorporated in Sale Order

[sheet: II. Debtor Deliverables]

Item No.	Deliverable Description	Responsible Party	Applicable Agreement / Section	Target Date	Status	Notes / Comments
2.1	Certified copy of Sale Order (entered and effective)	Hargrove Tillinghast LLP	APA §6.01(b)	Closing	Pending — Auction Postponed Indefinitely	Condition precedent to Buyer's obligation to close
2.2	Bill of Sale — transfer of all Acquired Assets	Hargrove Tillinghast LLP / Debtor	APA §2.01	Closing	Pending — Auction Postponed Indefinitely	Covers all tangible personal property, inventory, equipment at Elyria, Mansfield, and Sandusky facilities
2.3	Assignment and Assumption Agreement — Assumed Contracts and Leases	Hargrove Tillinghast LLP / Debtor	APA §2.04	Closing	Pending — Auction Postponed Indefinitely	Schedules of assumed contracts to be finalized; cure costs estimated at $5,000,000
2.4	Special Warranty Deeds — Elyria Facility (4500 Industrial Parkway, Elyria, OH 44035; ~285,000 sq. ft.)	Hargrove Tillinghast LLP / Debtor	APA §2.01(a)	Closing	Pending — Auction Postponed Indefinitely	Owned in fee; title commitment to be provided by Commonwealth Abstract & Title Services, LLC
2.5	Special Warranty Deeds — Mansfield Plant (780 Longview Avenue, Mansfield, OH 44903; ~140,000 sq. ft.)	Hargrove Tillinghast LLP / Debtor	APA §2.01(a)	Closing	Pending — Auction Postponed Indefinitely	Owned in fee
2.6	Special Warranty Deeds — Sandusky Facility (215 Camp Street, Sandusky, OH 44870; ~68,000 sq. ft.)	Hargrove Tillinghast LLP / Debtor	APA §2.01(a)	Closing	Pending — Auction Postponed Indefinitely	Owned in fee
2.7	Assignment of intellectual Property and Trade Name ('Meridian')	Hargrove Tillinghast LLP / Debtor	APA §2.01(d)	Closing	Pending — Auction Postponed Indefinitely	Includes all patents, trademarks, and the 'Meridian' trade name
2.8	Ohio EPA Environmental Permit Transfer — Elyria Facility	Debtor (Brenda Wisnicki) / Hargrove Tillinghast LLP	APA §6.01(e)	Closing (or promptly thereafter)	Pending — Auction Postponed Indefinitely	Required notification to Ohio EPA for permit transfer; ongoing remediation scope negotiations with Ohio EPA remain unresolved
2.9	Cure Cost Notices to Counterparties of Assumed Contracts	Hargrove Tillinghast LLP / Debtor	APA §2.04; 11 U.S.C. §365(b)	Post-Auction	Pending — Auction Postponed Indefinitely	Aggregate estimated cure costs: $5,000,000; individual notices to be served with objection deadline
2.10	Officer's Certificate of Debtor (bring-down of representations and warranties)	Debtor CEO (Brenda Wisnicki)	APA §6.02(c)	Closing	Pending — Auction Postponed Indefinitely
2.11	Evidence of good standing — Ohio Secretary of State	Hargrove Tillinghast LLP	APA §6.02(a)	Closing	Pending — Auction Postponed Indefinitely
2.12	FIRPTA Certificate (non-foreign person affidavit under IRC §1445)	Debtor	APA §6.02(d)	Closing	Pending — Auction Postponed Indefinitely
2.13	Release and discharge of GLICC liens on Acquired Assets (as provided in Sale Order)	Whitfield & Chambers LLP (on behalf of GLICC) / Hargrove Tillinghast LLP	APA §6.01(b); 11 U.S.C. §363(f)	Closing	Pending — Auction Postponed Indefinitely	Sale free and clear of all liens; GLICC pre-petition secured claim: $72,400,000
2.14	Schedule of Employees — Final headcount and employment records for transitioning employees	Debtor HR / Hargrove Tillinghast LLP	APA §5.09	Pre-Closing	Pending — Auction Postponed Indefinitely	VMS to offer employment to at least 480 of approximately 620 pre-petition employees; CBA with UAW Local 2287 (~195 production workers, Elyria) NOT being assumed; VMS to negotiate new agreement post-closing
2.15	Payoff Letter — DIP Facility (Great Lakes Industrial Credit Corp.)	GLICC (Kenneth Doran) / Whitfield & Chambers LLP	DIP Credit Agreement	Pre-Closing	Pending — Auction Postponed Indefinitely	DIP drawn: $9,800,000 as of July 18, 2022; 2.0% exit fee applies; DIP maturity extended to October 31, 2022
2.16	Payoff Letter — Pre-Petition Credit Facility (Great Lakes Industrial Credit Corp.)	GLICC (Kenneth Doran) / Whitfield & Chambers LLP	Pre-Petition Credit Agreement (dated September 12, 2019)	Pre-Closing	Pending — Auction Postponed Indefinitely	Pre-petition revolving: $28,000,000; pre-petition term loan: $44,400,000; total: $72,400,000; estimated recovery 71.4%
2.17	UCC-3 Termination Statements for GLICC liens	Whitfield & Chambers LLP	APA §6.02(e)	Closing	Pending — Auction Postponed Indefinitely	To be filed in Ohio and all other applicable jurisdictions
2.18	Transfer of accounts receivable records and aging schedules	Debtor / Calloway Strauss Advisory, LLC	APA §2.01(c)	Closing	Pending — Auction Postponed Indefinitely
2.19	Inventory certificate and count	Debtor	APA §2.01(b)	Pre-Closing	Pending — Auction Postponed Indefinitely	Physical inventory count to be conducted at all three facilities

[sheet: III. Buyer Deliverables]

Item No.	Deliverable Description	Responsible Party	Applicable Agreement / Section	Target Date	Status	Notes / Comments
3.1	Purchase Price Wire — Cash at Closing ($58,500,000)	VMS (Diana Rozhenko, CFO) / Calderwood & Harkness LLP	APA §2.05(a)	Closing	Pending — Auction Postponed Indefinitely	Wire to Debtor's designated account; funded via $30,000,000 incremental term loan from Lakeshore Commercial Lending, Inc. + $33,500,000 Ridgepoint Capital Partners equity contribution (total sources cover $63,500,000 purchase price; $58,500,000 cash portion at closing); remaining $5,000,000 = cure costs paid separately
3.2	Evidence of Financing — Lakeshore Commercial Lending, Inc. credit committee approval of $30,000,000 incremental term loan (accordion feature under existing VMS credit facility)	VMS / Lakeshore Commercial Lending, Inc. (Christine Farber)	APA §6.01(c)	Pre-Closing	Pending — Auction Postponed Indefinitely	Subject to Lakeshore credit committee approval
3.3	Evidence of Financing — Ridgepoint Capital Partners, LP equity commitment letter ($33,500,000)	Ridgepoint Capital Partners, LP (Tobias Kessler / Mariana Solano)	APA §6.01(c)	Pre-Closing	Pending — Auction Postponed Indefinitely	Equity contribution from Ridgepoint Capital Fund II, LP ($1.1B vintage 2017)
3.4	Officer's Certificate of Buyer (bring-down of representations and warranties)	VMS CEO (Gerald Hartsfield)	APA §6.03(c)	Closing	Pending — Auction Postponed Indefinitely
3.5	Secretary's Certificate — Buyer corporate resolutions authorizing acquisition	VMS Corporate Secretary	APA §6.03(b)	Closing	Pending — Auction Postponed Indefinitely	Board resolutions of Vantage Mobility Systems Corp. (Delaware corporation)
3.6	Evidence of good standing — Delaware Secretary of State	Calderwood & Harkness LLP	APA §6.03(a)	Closing	Pending — Auction Postponed Indefinitely
3.7	Assumption Agreement — Buyer's assumption of Assumed Liabilities	Calderwood & Harkness LLP	APA §2.03	Closing	Pending — Auction Postponed Indefinitely	Assumed Liabilities include: (i) cure costs (~$5,000,000), (ii) accrued employee wages/benefits (~$2,100,000), (iii) Elyria environmental remediation (~$1,400,000 per Phase II ESA by Pinehurst Environmental Sciences, Inc.), (iv) post-closing obligations under assumed contracts. EXCLUDES: pre-petition unsecured claims, pre-petition secured debt, DIP obligations, pension/OPEB withdrawal liabilities (~$14,700,000 Northern Basin Employee Benefits Trust), intercompany claims, professional fee claims. NOTE: Committee (Pendergast McCabe & Lowe LLP) challenges inclusion of $1,400,000 environmental remediation in assumed liabilities; dispute unresolved
3.8	HSR Act Compliance Confirmation	Calderwood & Harkness LLP	APA §6.01(d)	Pre-Closing	Pending — Auction Postponed Indefinitely	HSR filing NOT required — purchase price of $63,500,000 below 2022 size-of-transaction threshold of $101,000,000
3.9	Cure Cost Payment Wire(s) — estimated $5,000,000	VMS / Calderwood & Harkness LLP	APA §2.04	Closing (or per cure schedule)	Pending — Auction Postponed Indefinitely	Individual cure amounts subject to finalization and counterparty objection process
3.10	Employment Offer Letters — at least 480 of Meridian's approximately 620 employees	VMS HR (coordinated by Gerald Hartsfield)	APA §5.09	Pre-Closing / At Closing	Pending — Auction Postponed Indefinitely	VMS will NOT assume CBA with UAW Local 2287 (~195 production workers, Elyria plant); VMS to negotiate new agreement post-closing

[sheet: IV. Joint Deliverables]

Item No.	Deliverable Description	Responsible Party	Applicable Agreement / Section	Target Date	Status	Notes / Comments
4.1	Escrow Release Instructions to Granite Trust & Escrow Co. — Release of $3,175,000 good-faith deposit	Calderwood & Harkness LLP / Hargrove Tillinghast LLP / Granite Trust & Escrow Co.	Escrow Agreement (dated March 30, 2022); APA §2.05(b)	Closing	Pending — Auction Postponed Indefinitely	Deposit of $3,175,000 (5.0% × $63,500,000) released to Debtor upon closing and credited against Purchase Price; if APA terminated, deposit returned to VMS (subject to break-up fee/expense reimbursement provisions)
4.2	Transition Services Agreement (TSA)	Calderwood & Harkness LLP / Hargrove Tillinghast LLP	APA §5.11	Closing	Pending — Auction Postponed Indefinitely	To cover post-closing IT, payroll, and administrative transition for agreed period
4.3	Closing Statement / Purchase Price Allocation	VMS (Diana Rozhenko) / Debtor / Calloway Strauss Advisory, LLC	APA §2.06	Pre-Closing	Pending — Auction Postponed Indefinitely	Allocation among Elyria, Mansfield, and Sandusky facility assets for tax reporting
4.4	Bill of Sale and Assignment — Execution and Delivery	Calderwood & Harkness LLP / Hargrove Tillinghast LLP	APA §2.01	Closing	Pending — Auction Postponed Indefinitely	Covers all tangible and intangible Acquired Assets
4.5	Joint Notice to Customers and Vendors re: Change of Ownership	VMS / Debtor	APA §5.06	At or promptly after Closing	Pending — Auction Postponed Indefinitely
4.6	Proration Certificate — Prorated taxes, utilities, and similar items	VMS (Diana Rozhenko) / Debtor	APA §2.07	Closing	Pending — Auction Postponed Indefinitely	Ohio real property taxes and utility accounts for all three facilities
4.7	Ohio real estate transfer tax declarations — Elyria, Mansfield, Sandusky	Calderwood & Harkness LLP / Hargrove Tillinghast LLP	Ohio R.C. §319.202	Closing	Pending — Auction Postponed Indefinitely	Transfer tax included in estimated transaction costs of $4,200,000

[sheet: Cover & Legend]
Field | Value
Transaction | Section 363 Sale — Substantially All Assets of Meridian Precision Components, Inc.
Bankruptcy Case | In re Meridian Precision Components, Inc., Case No. 22-50318-JLG, U.S. Bankruptcy Court, Northern District of Ohio
Judge | Hon. Janet L. Grasso
Seller / Debtor | Meridian Precision Components, Inc. (Ohio corporation), 4500 Industrial Parkway, Elyria, OH 44035
Debtor EIN | 34-1987625
Buyer / Stalking-Horse Bidder | Vantage Mobility Systems Corp. (Delaware corporation), 1800 Butterworth Avenue SW, Grand Rapids, MI 49534
Buyer EIN | 38-4012789
Sponsor | Ridgepoint Capital Partners, LP, 200 South Wacker Drive, Suite 3100, Chicago, IL 60606
Purchase Price | $63,500,000 ($58,500,000 cash at closing + ~$5,000,000 estimated cure costs)
Good-Faith Deposit | $3,175,000 (5.0% of Purchase Price) — held by Granite Trust & Escrow Co.
APA Execution Date | March 30, 2022
APA Termination Outside Date | December 31, 2022
Break-Up Fee | $1,905,000 (3.0% of Purchase Price)
Expense Reimbursement Cap | $750,000
Total Bid Protections | $2,655,000 (4.18% of Purchase Price)
Buyer's Counsel | Calderwood & Harkness LLP — Nathaniel Bower (Responsible Partner), Colette Whitman (Billing Partner), Amy Chesterton (Lead Associate), Nathan Ikeda (Working Associate); 600 Lexington Avenue, 38th Floor, New York, NY 10022
Debtor's Counsel | Hargrove Tillinghast LLP — Marcus Tillinghast (Partner), Priya Venkatesh (Sr. Associate); 127 Public Square, Suite 2400, Cleveland, OH 44114
Debtor's Financial Advisor | Calloway Strauss Advisory, LLC — Elliot Calloway (Managing Director); 399 Park Avenue, 10th Floor, New York, NY 10022
Pre-Petition / DIP Lender | Great Lakes Industrial Credit Corp. — Kenneth Doran (Workout Officer); 140 Broadway, 18th Floor, New York, NY 10005
Lender's Counsel | Whitfield & Chambers LLP — Adrienne Whitfield (Partner); 1251 Avenue of the Americas, 30th Floor, New York, NY 10020
Committee Counsel | Pendergast McCabe & Lowe LLP — Hon. Franklin Lowe (ret.) (Partner), Sandra Okoro (Associate); 311 South Wacker Drive, Suite 5400, Chicago, IL 60606
Committee Financial Advisor | Dunbar Phelps Group, LLC — Janet Hirsch (Managing Director); 1345 Avenue of the Americas, 33rd Floor, New York, NY 10105
Escrow Agent | Granite Trust & Escrow Co., 201 Superior Avenue, Suite 600, Cleveland, OH 44114
Title Company | Commonwealth Abstract & Title Services, LLC, 50 South Main Street, Suite 800, Akron, OH 44308
Environmental Consultant (Buyer) | Pinehurst Environmental Sciences, Inc., 6300 Rockside Road, Suite 200, Independence, OH 44131
Buyer's Lender | Lakeshore Commercial Lending, Inc. — Christine Farber (Relationship Manager); 500 Woodward Avenue, Suite 2800, Detroit, MI 48226
Prepared By | Nathan Ikeda and Amy Chesterton, Calderwood & Harkness LLP
Last Updated | July 15, 2022
Version | Draft v4
CURRENT STATUS | ALL ITEMS PENDING — AUCTION POSTPONED INDEFINITELY per Court Order dated July 18, 2022 (Dkt. 309)
[sheet: Status Legend]
Status Code | Definition
Complete | Deliverable has been fully executed/received
In Progress | Deliverable is being prepared or under review
Pending — Auction Postponed Indefinitely | Deliverable on hold per Court Order Dkt. 309 (July 18, 2022)
Not Yet Started | Deliverable not yet initiated
N/A | Not applicable at this stage
[sheet: I. Pre-Closing Court Orders]
Item No. | Deliverable Description | Responsible Party | Applicable Agreement / Section | Target Date | Status | Docket No. | Notes / Comments
1.1 | Order Approving Bid Procedures (Bid Procedures Order) | Debtor / Hargrove Tillinghast LLP | APA §6.01(a) | April 22, 2022 | Complete | Dkt. 198 | Entered April 22, 2022; Court approved bid procedures but reserved ruling on break-up fee
1.2 | Order Approving Break-Up Fee ($1,905,000) and Expense Reimbursement Cap ($750,000) | Debtor / Hargrove Tillinghast LLP; supported by Calderwood & Harkness LLP | APA §9.03 | May 13, 2022 | Complete | Dkt. 234 | Committee's objection to 3.0% break-up fee overruled; approved at $1,905,000 + $750,000 expense cap
1.3 | Interim DIP Financing Order | Debtor / Hargrove Tillinghast LLP; GLICC / Whitfield & Chambers LLP | DIP Credit Agreement | February 22, 2022 | Complete | Dkt. 47 | Interim order — $15.0M DIP revolving facility from GLICC
1.4 | Final DIP Financing Order | Debtor / Hargrove Tillinghast LLP; GLICC / Whitfield & Chambers LLP | DIP Credit Agreement | March 18, 2022 | Complete | Dkt. 112 | Final order — DIP facility approved
1.5 | Order Extending DIP Maturity to October 31, 2022 | Debtor / Hargrove Tillinghast LLP | DIP Credit Agreement | July 18, 2022 | Complete | Dkt. 309 | DIP maturity extended in connection with indefinite auction postponement
1.6 | Auction — Conduct and completion | Debtor / Calloway Strauss Advisory, LLC | Bid Procedures Order (Dkt. 198) | Originally May 25, 2022; rescheduled July 15, 2022 | Pending — Auction Postponed Indefinitely | Dkt. 271 (adjournment); Dkt. 309 (indefinite postponement) | First adjournment (June 10, Dkt. 271) to July 15; second postponement (July 18, Dkt. 309) indefinite. Only qualified bid (Axton at $64.75M) withdrawn May 25 due to unresolved environmental and labor contingencies
1.7 | Sale Order (Order Approving Sale of Assets Free and Clear of Liens, Claims, Encumbrances, and Interests under 11 U.S.C. §363(f)) | Debtor / Hargrove Tillinghast LLP | APA §6.01(b) | TBD (post-auction) | Pending — Auction Postponed Indefinitely | — | Cannot be entered until auction is conducted and winning bidder determined; must include findings re: good faith purchaser under §363(m)
1.8 | Order Approving Assumption and Assignment of Executory Contracts and Unexpired Leases (with Cure Amounts) | Debtor / Hargrove Tillinghast LLP | APA §2.04; 11 U.S.C. §365 | TBD (post-auction) | Pending — Auction Postponed Indefinitely | — | Cure costs estimated at $5,000,000; cure cost notices to be served on all non-debtor counterparties; objection deadline to be set in Sale Order
1.9 | Findings of Fact and Conclusions of Law re: Sale (if required by Court) | Debtor / Hargrove Tillinghast LLP | Fed. R. Bankr. P. 7052 | TBD | Pending — Auction Postponed Indefinitely | — | May be incorporated in Sale Order
[sheet: II. Debtor Deliverables]
Item No. | Deliverable Description | Responsible Party | Applicable Agreement / Section | Target Date | Status | Notes / Comments
2.1 | Certified copy of Sale Order (entered and effective) | Hargrove Tillinghast LLP | APA §6.01(b) | Closing | Pending — Auction Postponed Indefinitely | Condition precedent to Buyer's obligation to close
2.2 | Bill of Sale — transfer of all Acquired Assets | Hargrove Tillinghast LLP / Debtor | APA §2.01 | Closing | Pending — Auction Postponed Indefinitely | Covers all tangible personal property, inventory, equipment at Elyria, Mansfield, and Sandusky facilities
2.3 | Assignment and Assumption Agreement — Assumed Contracts and Leases | Hargrove Tillinghast LLP / Debtor | APA §2.04 | Closing | Pending — Auction Postponed Indefinitely | Schedules of assumed contracts to be finalized; cure costs estimated at $5,000,000
2.4 | Special Warranty Deeds — Elyria Facility (4500 Industrial Parkway, Elyria, OH 44035; ~285,000 sq. ft.) | Hargrove Tillinghast LLP / Debtor | APA §2.01(a) | Closing | Pending — Auction Postponed Indefinitely | Owned in fee; title commitment to be provided by Commonwealth Abstract & Title Services, LLC
2.5 | Special Warranty Deeds — Mansfield Plant (780 Longview Avenue, Mansfield, OH 44903; ~140,000 sq. ft.) | Hargrove Tillinghast LLP / Debtor | APA §2.01(a) | Closing | Pending — Auction Postponed Indefinitely | Owned in fee
2.6 | Special Warranty Deeds — Sandusky Facility (215 Camp Street, Sandusky, OH 44870; ~68,000 sq. ft.) | Hargrove Tillinghast LLP / Debtor | APA §2.01(a) | Closing | Pending — Auction Postponed Indefinitely | Owned in fee
2.7 | Assignment of intellectual Property and Trade Name ('Meridian') | Hargrove Tillinghast LLP / Debtor | APA §2.01(d) | Closing | Pending — Auction Postponed Indefinitely | Includes all patents, trademarks, and the 'Meridian' trade name
2.8 | Ohio EPA Environmental Permit Transfer — Elyria Facility | Debtor (Brenda Wisnicki) / Hargrove Tillinghast LLP | APA §6.01(e) | Closing (or promptly thereafter) | Pending — Auction Postponed Indefinitely | Required notification to Ohio EPA for permit transfer; ongoing remediation scope negotiations with Ohio EPA remain unresolved
2.9 | Cure Cost Notices to Counterparties of Assumed Contracts | Hargrove Tillinghast LLP / Debtor | APA §2.04; 11 U.S.C. §365(b) | Post-Auction | Pending — Auction Postponed Indefinitely | Aggregate estimated cure costs: $5,000,000; individual notices to be served with objection deadline
2.10 | Officer's Certificate of Debtor (bring-down of representations and warranties) | Debtor CEO (Brenda Wisnicki) | APA §6.02(c) | Closing | Pending — Auction Postponed Indefinitely
2.11 | Evidence of good standing — Ohio Secretary of State | Hargrove Tillinghast LLP | APA §6.02(a) | Closing | Pending — Auction Postponed Indefinitely
2.12 | FIRPTA Certificate (non-foreign person affidavit under IRC §1445) | Debtor | APA §6.02(d) | Closing | Pending — Auction Postponed Indefinitely
2.13 | Release and discharge of GLICC liens on Acquired Assets (as provided in Sale Order) | Whitfield & Chambers LLP (on behalf of GLICC) / Hargrove Tillinghast LLP | APA §6.01(b); 11 U.S.C. §363(f) | Closing | Pending — Auction Postponed Indefinitely | Sale free and clear of all liens; GLICC pre-petition secured claim: $72,400,000
2.14 | Schedule of Employees — Final headcount and employment records for transitioning employees | Debtor HR / Hargrove Tillinghast LLP | APA §5.09 | Pre-Closing | Pending — Auction Postponed Indefinitely | VMS to offer employment to at least 480 of approximately 620 pre-petition employees; CBA with UAW Local 2287 (~195 production workers, Elyria) NOT being assumed; VMS to negotiate new agreement post-closing
2.15 | Payoff Letter — DIP Facility (Great Lakes Industrial Credit Corp.) | GLICC (Kenneth Doran) / Whitfield & Chambers LLP | DIP Credit Agreement | Pre-Closing | Pending — Auction Postponed Indefinitely | DIP drawn: $9,800,000 as of July 18, 2022; 2.0% exit fee applies; DIP maturity extended to October 31, 2022
2.16 | Payoff Letter — Pre-Petition Credit Facility (Great Lakes Industrial Credit Corp.) | GLICC (Kenneth Doran) / Whitfield & Chambers LLP | Pre-Petition Credit Agreement (dated September 12, 2019) | Pre-Closing | Pending — Auction Postponed Indefinitely | Pre-petition revolving: $28,000,000; pre-petition term loan: $44,400,000; total: $72,400,000; estimated recovery 71.4%
2.17 | UCC-3 Termination Statements for GLICC liens | Whitfield & Chambers LLP | APA §6.02(e) | Closing | Pending — Auction Postponed Indefinitely | To be filed in Ohio and all other applicable jurisdictions
2.18 | Transfer of accounts receivable records and aging schedules | Debtor / Calloway Strauss Advisory, LLC | APA §2.01(c) | Closing | Pending — Auction Postponed Indefinitely
2.19 | Inventory certificate and count | Debtor | APA §2.01(b) | Pre-Closing | Pending — Auction Postponed Indefinitely | Physical inventory count to be conducted at all three facilities
[sheet: III. Buyer Deliverables]
Item No. | Deliverable Description | Responsible Party | Applicable Agreement / Section | Target Date | Status | Notes / Comments
3.1 | Purchase Price Wire — Cash at Closing ($58,500,000) | VMS (Diana Rozhenko, CFO) / Calderwood & Harkness LLP | APA §2.05(a) | Closing | Pending — Auction Postponed Indefinitely | Wire to Debtor's designated account; funded via $30,000,000 incremental term loan from Lakeshore Commercial Lending, Inc. + $33,500,000 Ridgepoint Capital Partners equity contribution (total sources cover $63,500,000 purchase price; $58,500,000 cash portion at closing); remaining $5,000,000 = cure costs paid separately
3.2 | Evidence of Financing — Lakeshore Commercial Lending, Inc. credit committee approval of $30,000,000 incremental term loan (accordion feature under existing VMS credit facility) | VMS / Lakeshore Commercial Lending, Inc. (Christine Farber) | APA §6.01(c) | Pre-Closing | Pending — Auction Postponed Indefinitely | Subject to Lakeshore credit committee approval
3.3 | Evidence of Financing — Ridgepoint Capital Partners, LP equity commitment letter ($33,500,000) | Ridgepoint Capital Partners, LP (Tobias Kessler / Mariana Solano) | APA §6.01(c) | Pre-Closing | Pending — Auction Postponed Indefinitely | Equity contribution from Ridgepoint Capital Fund II, LP ($1.1B vintage 2017)
3.4 | Officer's Certificate of Buyer (bring-down of representations and warranties) | VMS CEO (Gerald Hartsfield) | APA §6.03(c) | Closing | Pending — Auction Postponed Indefinitely
3.5 | Secretary's Certificate — Buyer corporate resolutions authorizing acquisition | VMS Corporate Secretary | APA §6.03(b) | Closing | Pending — Auction Postponed Indefinitely | Board resolutions of Vantage Mobility Systems Corp. (Delaware corporation)
3.6 | Evidence of good standing — Delaware Secretary of State | Calderwood & Harkness LLP | APA §6.03(a) | Closing | Pending — Auction Postponed Indefinitely
3.7 | Assumption Agreement — Buyer's assumption of Assumed Liabilities | Calderwood & Harkness LLP | APA §2.03 | Closing | Pending — Auction Postponed Indefinitely | Assumed Liabilities include: (i) cure costs (~$5,000,000), (ii) accrued employee wages/benefits (~$2,100,000), (iii) Elyria environmental remediation (~$1,400,000 per Phase II ESA by Pinehurst Environmental Sciences, Inc.), (iv) post-closing obligations under assumed contracts. EXCLUDES: pre-petition unsecured claims, pre-petition secured debt, DIP obligations, pension/OPEB withdrawal liabilities (~$14,700,000 Northern Basin Employee Benefits Trust), intercompany claims, professional fee claims. NOTE: Committee (Pendergast McCabe & Lowe LLP) challenges inclusion of $1,400,000 environmental remediation in assumed liabilities; dispute unresolved
3.8 | HSR Act Compliance Confirmation | Calderwood & Harkness LLP | APA §6.01(d) | Pre-Closing | Pending — Auction Postponed Indefinitely | HSR filing NOT required — purchase price of $63,500,000 below 2022 size-of-transaction threshold of $101,000,000
3.9 | Cure Cost Payment Wire(s) — estimated $5,000,000 | VMS / Calderwood & Harkness LLP | APA §2.04 | Closing (or per cure schedule) | Pending — Auction Postponed Indefinitely | Individual cure amounts subject to finalization and counterparty objection process
3.10 | Employment Offer Letters — at least 480 of Meridian's approximately 620 employees | VMS HR (coordinated by Gerald Hartsfield) | APA §5.09 | Pre-Closing / At Closing | Pending — Auction Postponed Indefinitely | VMS will NOT assume CBA with UAW Local 2287 (~195 production workers, Elyria plant); VMS to negotiate new agreement post-closing
[sheet: IV. Joint Deliverables]
Item No. | Deliverable Description | Responsible Party | Applicable Agreement / Section | Target Date | Status | Notes / Comments
4.1 | Escrow Release Instructions to Granite Trust & Escrow Co. — Release of $3,175,000 good-faith deposit | Calderwood & Harkness LLP / Hargrove Tillinghast LLP / Granite Trust & Escrow Co. | Escrow Agreement (dated March 30, 2022); APA §2.05(b) | Closing | Pending — Auction Postponed Indefinitely | Deposit of $3,175,000 (5.0% × $63,500,000) released to Debtor upon closing and credited against Purchase Price; if APA terminated, deposit returned to VMS (subject to break-up fee/expense reimbursement provisions)
4.2 | Transition Services Agreement (TSA) | Calderwood & Harkness LLP / Hargrove Tillinghast LLP | APA §5.11 | Closing | Pending — Auction Postponed Indefinitely | To cover post-closing IT, payroll, and administrative transition for agreed period
4.3 | Closing Statement / Purchase Price Allocation | VMS (Diana Rozhenko) / Debtor / Calloway Strauss Advisory, LLC | APA §2.06 | Pre-Closing | Pending — Auction Postponed Indefinitely | Allocation among Elyria, Mansfield, and Sandusky facility assets for tax reporting
4.4 | Bill of Sale and Assignment — Execution and Delivery | Calderwood & Harkness LLP / Hargrove Tillinghast LLP | APA §2.01 | Closing | Pending — Auction Postponed Indefinitely | Covers all tangible and intangible Acquired Assets
4.5 | Joint Notice to Customers and Vendors re: Change of Ownership | VMS / Debtor | APA §5.06 | At or promptly after Closing | Pending — Auction Postponed Indefinitely
4.6 | Proration Certificate — Prorated taxes, utilities, and similar items | VMS (Diana Rozhenko) / Debtor | APA §2.07 | Closing | Pending — Auction Postponed Indefinitely | Ohio real property taxes and utility accounts for all three facilities
4.7 | Ohio real estate transfer tax declarations — Elyria, Mansfield, Sandusky | Calderwood & Harkness LLP / Hargrove Tillinghast LLP | Ohio R.C. §319.202 | Closing | Pending — Auction Postponed Indefinitely | Transfer tax included in estimated transaction costs of $4,200,000

[sheet: Cover & Legend]

Record

Parties

Dates

Amounts