[sheet: Cover]

Field	Detail
Document Title	Closing Funds Flow Memorandum
Date	January 14, 2024
Matter No.	1009-00001
Prepared By	Calderwood & Harkness LLP, 600 Lexington Avenue, New York, NY 10022
Client	Skybridge Fintech Ltd.
Transaction	$60,000,000 Convertible Note Bridge Financing
Transaction Documents	Note Purchase Agreement dated January 15, 2024; Escrow Agreement dated January 15, 2024
Escrow Agent	Granite Trust Company, N.A., 100 Summer Street, Boston, MA 02110
Escrow Account	Granite Trust Escrow Account No. 4401-7829-SBF
Escrow Agent Contact	Angela Petrov
Company Contact (Funds)	David Lindstrom, CFO, Skybridge Fintech Ltd.
Initial Closing Date	January 15, 2024
Final Closing Date	January 26, 2024
Aggregate Principal Amount	$60,000,000
Status	CONFIDENTIAL — ATTORNEY WORK PRODUCT

[sheet: Purchaser Summary]

Purchaser Full Legal Name	Short Name	Entity Type	Principal Office Address	Deal Lead / Contact	Total Commitment ($)	% of Round	Initial Closing Amount ($)	Final Closing Amount ($)	Existing / New Investor
Ridgeline Ventures Fund IV, L.P.	Ridgeline	Delaware Limited Partnership	800 Boylston Street, 34th Floor, Boston, MA 02199	Samuel Okonkwo, Partner	30000000	50.00%	30000000	0	Existing (via Ridgeline Ventures Fund III, L.P. — Series C)
Beacon Hill Capital Partners, LLC	Beacon Hill	Delaware LLC	222 West Adams Street, Suite 3400, Chicago, IL 60606	Joanna Falkner, Managing Director	15000000	25.00%	10000000	5000000	Existing (Series C)
Northstar Innovation Fund II, L.P.	Northstar	Delaware Limited Partnership	555 California Street, Suite 4100, San Francisco, CA 94104	Wei-Lin Chang, Managing Partner	10000000	16.67%	0	10000000	New Investor
Halcyon Growth Equity, L.P.	Halcyon	Delaware Limited Partnership	1201 Third Avenue, Suite 5600, Seattle, WA 98101	Robert "Rob" Castillo, Partner	5000000	8.33%	5000000	0	Existing (Series B Lead)
TOTAL	60000000	100.00%	45000000	15000000

[sheet: Initial Closing Funds Flow]

Step No.	Description	Payor / Source	Payee / Destination	Destination Account	Amount ($)	Wire Reference	Timing / Condition	Notes
1	Inbound Wire — Ridgeline Ventures Fund IV, L.P.	Ridgeline Ventures Fund IV, L.P.	Granite Trust Company, N.A. (as Escrow Agent)	Escrow Account No. 4401-7829-SBF	30000000	SBF-IC-RV4-2024	Due on or before 10:00 AM ET, January 15, 2024	50.00% of aggregate round; largest single wire
2	Inbound Wire — Beacon Hill Capital Partners, LLC (Initial Closing portion)	Beacon Hill Capital Partners, LLC	Granite Trust Company, N.A. (as Escrow Agent)	Escrow Account No. 4401-7829-SBF	10000000	SBF-IC-BH-2024	Due on or before 10:00 AM ET, January 15, 2024	Partial funding; $5,000,000 remaining to be funded at Final Closing
3	Inbound Wire — Halcyon Growth Equity, L.P.	Halcyon Growth Equity, L.P.	Granite Trust Company, N.A. (as Escrow Agent)	Escrow Account No. 4401-7829-SBF	5000000	SBF-IC-HGE-2024	Due on or before 10:00 AM ET, January 15, 2024	Full commitment funded at Initial Closing
4	Confirmation of Escrow Deposit — Aggregate Initial Closing Funds	N/A	Granite Trust Company, N.A. (Escrow)	Escrow Account No. 4401-7829-SBF	45000000	N/A	Upon receipt and confirmation of all three inbound wires	Escrow agent to confirm receipt to Calderwood & Harkness LLP and Skybridge
5	Deduction — Granite Trust Escrow Fee	Escrow Account (deducted from release)	Granite Trust Company, N.A.	Granite Trust operating account	7500	SBF-ESCROW-FEE	Deducted from release amount at Initial Closing	Flat escrow fee of $7,500 borne by Skybridge per Escrow Agreement; full fee deducted at Initial Closing
6	Outbound Wire — Release of Net Initial Closing Funds to Skybridge	Granite Trust Company, N.A. (as Escrow Agent)	Skybridge Fintech Ltd.	Skybridge operating account per Wire Transfer Instructions Letter dated January 14, 2024	44992500	SBF-IC-RELEASE-2024	Upon satisfaction of all Initial Closing conditions and receipt of joint written escrow release instructions dated January 15, 2024	Net of $7,500 escrow fee; $45,000,000 - $7,500 = $44,992,500

[sheet: Final Closing Funds Flow]

Step No.	Description	Payor / Source	Payee / Destination	Destination Account	Amount ($)	Wire Reference	Timing / Condition	Notes
1	Inbound Wire — Beacon Hill Capital Partners, LLC (Final Closing portion)	Beacon Hill Capital Partners, LLC	Granite Trust Company, N.A. (as Escrow Agent)	Escrow Account No. 4401-7829-SBF	5000000	SBF-FC-BH-2024	Due on or before 10:00 AM ET, January 26, 2024	Remaining $5,000,000 of $15,000,000 total commitment
2	Inbound Wire — Northstar Innovation Fund II, L.P.	Northstar Innovation Fund II, L.P.	Granite Trust Company, N.A. (as Escrow Agent)	Escrow Account No. 4401-7829-SBF	10000000	SBF-FC-NIF-2024	Due on or before 10:00 AM ET, January 26, 2024	New investor; full commitment funded at Final Closing; Joinder Agreement dated January 26, 2024
3	Confirmation of Escrow Deposit — Aggregate Final Closing Funds	N/A	Granite Trust Company, N.A. (Escrow)	Escrow Account No. 4401-7829-SBF	15000000	N/A	Upon receipt and confirmation of both inbound wires	Escrow agent to confirm receipt to Calderwood & Harkness LLP and Skybridge
4	Outbound Wire — Release of Final Closing Funds to Skybridge	Granite Trust Company, N.A. (as Escrow Agent)	Skybridge Fintech Ltd.	Skybridge operating account per Wire Transfer Instructions Letter dated January 14, 2024	15000000	SBF-FC-RELEASE-2024	Upon satisfaction of all Final Closing conditions and receipt of joint written escrow release instructions dated January 26, 2024	No additional escrow fee; full $7,500 fee already deducted at Initial Closing

[sheet: Aggregate Funds Summary]

Line Item	Initial Closing — Jan 15, 2024	Final Closing — Jan 26, 2024	Aggregate Total	Notes
Gross Funds Deposited to Escrow	45000000	15000000	60000000	Total convertible note principal amount
Ridgeline Ventures Fund IV, L.P.	30000000	0	30000000	50.00% of round; fully funded at Initial Closing
Beacon Hill Capital Partners, LLC	10000000	5000000	15000000	25.00% of round; funded across both closings
Northstar Innovation Fund II, L.P.	0	10000000	10000000	16.67% of round; fully funded at Final Closing
Halcyon Growth Equity, L.P.	5000000	0	5000000	8.33% of round; fully funded at Initial Closing
Less: Granite Trust Escrow Fee	-7500	0	-7500	Flat fee per Escrow Agreement; borne by Skybridge
Net Funds Released to Skybridge	44992500	15000000	59992500	Aggregate net proceeds to Skybridge operating account
Memo: Pre-Bridge Cash on Hand	18500000	As of approximately January 2024
Memo: Post-Bridge Total Cash	78492500	Pre-bridge cash + net bridge proceeds ($18,500,000 + $59,992,500); approximately $78.5M before ongoing operating expenses
Memo: C&H Fee Cap	275000	Calderwood & Harkness LLP fee cap per engagement letter; plus disbursements; paid separately, not deducted from escrow
Memo: WPS Fee Reimbursement Cap	125000	Whitfield, Pratt & Soo LLP fee reimbursement cap per NPA; paid separately by Skybridge
Memo: Monthly Burn Rate	4800000	Approximate monthly cash burn rate
Memo: Implied Post-Bridge Runway	~16.4 months	$78.5M ÷ $4.8M/mo (approximate)

[sheet: Key Parties & Wire Info]

Party	Role	Full Legal Name	Address	Contact Person	Contact Title	Account Reference
Issuer / Company	Recipient of net closing proceeds	Skybridge Fintech Ltd.	1400 Market Street, Suite 2200, Wilmington, DE 19801	David Lindstrom	CFO	Per Wire Transfer Instructions Letter dated January 14, 2024
Escrow Agent	Receives, holds, and releases closing funds	Granite Trust Company, N.A.	100 Summer Street, Boston, MA 02110	Angela Petrov	Escrow Officer	Escrow Account No. 4401-7829-SBF
Purchaser — Lead Investor	Funds $30,000,000 at Initial Closing	Ridgeline Ventures Fund IV, L.P.	800 Boylston Street, 34th Floor, Boston, MA 02199	Samuel Okonkwo	Partner (Deal Lead)	Per Schedule of Purchasers
Purchaser — Co-Investor	Funds $10,000,000 at Initial Closing; $5,000,000 at Final Closing	Beacon Hill Capital Partners, LLC	222 West Adams Street, Suite 3400, Chicago, IL 60606	Joanna Falkner	Managing Director (Deal Lead)	Per Schedule of Purchasers
Purchaser — New Investor	Funds $10,000,000 at Final Closing	Northstar Innovation Fund II, L.P.	555 California Street, Suite 4100, San Francisco, CA 94104	Wei-Lin Chang	Managing Partner	Per Schedule of Purchasers; Joinder Agreement dated January 26, 2024
Purchaser — Existing Investor	Funds $5,000,000 at Initial Closing	Halcyon Growth Equity, L.P.	1201 Third Avenue, Suite 5600, Seattle, WA 98101	Robert "Rob" Castillo	Partner (Deal Lead)	Per Schedule of Purchasers
Company Counsel	Coordinating closing mechanics and escrow instructions	Calderwood & Harkness LLP	600 Lexington Avenue, New York, NY 10022	Leonard Ashford / Nina Reyes	Of Counsel / Senior Associate, ECVC	Matter No. 1009-00001
Investor Counsel	Representing lead investor / syndicate	Whitfield, Pratt & Soo LLP	One Federal Street, 26th Floor, Boston, MA 02110	Graham Whitfield / Danielle Kwon	Lead Partner / Associate	N/A

[sheet: Cover]
Field | Detail
Document Title | Closing Funds Flow Memorandum
Date | January 14, 2024
Matter No. | 1009-00001
Prepared By | Calderwood & Harkness LLP, 600 Lexington Avenue, New York, NY 10022
Client | Skybridge Fintech Ltd.
Transaction | $60,000,000 Convertible Note Bridge Financing
Transaction Documents | Note Purchase Agreement dated January 15, 2024; Escrow Agreement dated January 15, 2024
Escrow Agent | Granite Trust Company, N.A., 100 Summer Street, Boston, MA 02110
Escrow Account | Granite Trust Escrow Account No. 4401-7829-SBF
Escrow Agent Contact | Angela Petrov
Company Contact (Funds) | David Lindstrom, CFO, Skybridge Fintech Ltd.
Initial Closing Date | January 15, 2024
Final Closing Date | January 26, 2024
Aggregate Principal Amount | $60,000,000
Status | CONFIDENTIAL — ATTORNEY WORK PRODUCT
[sheet: Purchaser Summary]
Purchaser Full Legal Name | Short Name | Entity Type | Principal Office Address | Deal Lead / Contact | Total Commitment ($) | % of Round | Initial Closing Amount ($) | Final Closing Amount ($) | Existing / New Investor
Ridgeline Ventures Fund IV, L.P. | Ridgeline | Delaware Limited Partnership | 800 Boylston Street, 34th Floor, Boston, MA 02199 | Samuel Okonkwo, Partner | 30000000 | 50.00% | 30000000 | 0 | Existing (via Ridgeline Ventures Fund III, L.P. — Series C)
Beacon Hill Capital Partners, LLC | Beacon Hill | Delaware LLC | 222 West Adams Street, Suite 3400, Chicago, IL 60606 | Joanna Falkner, Managing Director | 15000000 | 25.00% | 10000000 | 5000000 | Existing (Series C)
Northstar Innovation Fund II, L.P. | Northstar | Delaware Limited Partnership | 555 California Street, Suite 4100, San Francisco, CA 94104 | Wei-Lin Chang, Managing Partner | 10000000 | 16.67% | 0 | 10000000 | New Investor
Halcyon Growth Equity, L.P. | Halcyon | Delaware Limited Partnership | 1201 Third Avenue, Suite 5600, Seattle, WA 98101 | Robert "Rob" Castillo, Partner | 5000000 | 8.33% | 5000000 | 0 | Existing (Series B Lead)
TOTAL | 60000000 | 100.00% | 45000000 | 15000000
[sheet: Initial Closing Funds Flow]
Step No. | Description | Payor / Source | Payee / Destination | Destination Account | Amount ($) | Wire Reference | Timing / Condition | Notes
1 | Inbound Wire — Ridgeline Ventures Fund IV, L.P. | Ridgeline Ventures Fund IV, L.P. | Granite Trust Company, N.A. (as Escrow Agent) | Escrow Account No. 4401-7829-SBF | 30000000 | SBF-IC-RV4-2024 | Due on or before 10:00 AM ET, January 15, 2024 | 50.00% of aggregate round; largest single wire
2 | Inbound Wire — Beacon Hill Capital Partners, LLC (Initial Closing portion) | Beacon Hill Capital Partners, LLC | Granite Trust Company, N.A. (as Escrow Agent) | Escrow Account No. 4401-7829-SBF | 10000000 | SBF-IC-BH-2024 | Due on or before 10:00 AM ET, January 15, 2024 | Partial funding; $5,000,000 remaining to be funded at Final Closing
3 | Inbound Wire — Halcyon Growth Equity, L.P. | Halcyon Growth Equity, L.P. | Granite Trust Company, N.A. (as Escrow Agent) | Escrow Account No. 4401-7829-SBF | 5000000 | SBF-IC-HGE-2024 | Due on or before 10:00 AM ET, January 15, 2024 | Full commitment funded at Initial Closing
4 | Confirmation of Escrow Deposit — Aggregate Initial Closing Funds | N/A | Granite Trust Company, N.A. (Escrow) | Escrow Account No. 4401-7829-SBF | 45000000 | N/A | Upon receipt and confirmation of all three inbound wires | Escrow agent to confirm receipt to Calderwood & Harkness LLP and Skybridge
5 | Deduction — Granite Trust Escrow Fee | Escrow Account (deducted from release) | Granite Trust Company, N.A. | Granite Trust operating account | 7500 | SBF-ESCROW-FEE | Deducted from release amount at Initial Closing | Flat escrow fee of $7,500 borne by Skybridge per Escrow Agreement; full fee deducted at Initial Closing
6 | Outbound Wire — Release of Net Initial Closing Funds to Skybridge | Granite Trust Company, N.A. (as Escrow Agent) | Skybridge Fintech Ltd. | Skybridge operating account per Wire Transfer Instructions Letter dated January 14, 2024 | 44992500 | SBF-IC-RELEASE-2024 | Upon satisfaction of all Initial Closing conditions and receipt of joint written escrow release instructions dated January 15, 2024 | Net of $7,500 escrow fee; $45,000,000 - $7,500 = $44,992,500
[sheet: Final Closing Funds Flow]
Step No. | Description | Payor / Source | Payee / Destination | Destination Account | Amount ($) | Wire Reference | Timing / Condition | Notes
1 | Inbound Wire — Beacon Hill Capital Partners, LLC (Final Closing portion) | Beacon Hill Capital Partners, LLC | Granite Trust Company, N.A. (as Escrow Agent) | Escrow Account No. 4401-7829-SBF | 5000000 | SBF-FC-BH-2024 | Due on or before 10:00 AM ET, January 26, 2024 | Remaining $5,000,000 of $15,000,000 total commitment
2 | Inbound Wire — Northstar Innovation Fund II, L.P. | Northstar Innovation Fund II, L.P. | Granite Trust Company, N.A. (as Escrow Agent) | Escrow Account No. 4401-7829-SBF | 10000000 | SBF-FC-NIF-2024 | Due on or before 10:00 AM ET, January 26, 2024 | New investor; full commitment funded at Final Closing; Joinder Agreement dated January 26, 2024
3 | Confirmation of Escrow Deposit — Aggregate Final Closing Funds | N/A | Granite Trust Company, N.A. (Escrow) | Escrow Account No. 4401-7829-SBF | 15000000 | N/A | Upon receipt and confirmation of both inbound wires | Escrow agent to confirm receipt to Calderwood & Harkness LLP and Skybridge
4 | Outbound Wire — Release of Final Closing Funds to Skybridge | Granite Trust Company, N.A. (as Escrow Agent) | Skybridge Fintech Ltd. | Skybridge operating account per Wire Transfer Instructions Letter dated January 14, 2024 | 15000000 | SBF-FC-RELEASE-2024 | Upon satisfaction of all Final Closing conditions and receipt of joint written escrow release instructions dated January 26, 2024 | No additional escrow fee; full $7,500 fee already deducted at Initial Closing
[sheet: Aggregate Funds Summary]
Line Item | Initial Closing — Jan 15, 2024 | Final Closing — Jan 26, 2024 | Aggregate Total | Notes
Gross Funds Deposited to Escrow | 45000000 | 15000000 | 60000000 | Total convertible note principal amount
  Ridgeline Ventures Fund IV, L.P. | 30000000 | 0 | 30000000 | 50.00% of round; fully funded at Initial Closing
  Beacon Hill Capital Partners, LLC | 10000000 | 5000000 | 15000000 | 25.00% of round; funded across both closings
  Northstar Innovation Fund II, L.P. | 0 | 10000000 | 10000000 | 16.67% of round; fully funded at Final Closing
  Halcyon Growth Equity, L.P. | 5000000 | 0 | 5000000 | 8.33% of round; fully funded at Initial Closing
Less: Granite Trust Escrow Fee | -7500 | 0 | -7500 | Flat fee per Escrow Agreement; borne by Skybridge
Net Funds Released to Skybridge | 44992500 | 15000000 | 59992500 | Aggregate net proceeds to Skybridge operating account
Memo: Pre-Bridge Cash on Hand | 18500000 | As of approximately January 2024
Memo: Post-Bridge Total Cash | 78492500 | Pre-bridge cash + net bridge proceeds ($18,500,000 + $59,992,500); approximately $78.5M before ongoing operating expenses
Memo: C&H Fee Cap | 275000 | Calderwood & Harkness LLP fee cap per engagement letter; plus disbursements; paid separately, not deducted from escrow
Memo: WPS Fee Reimbursement Cap | 125000 | Whitfield, Pratt & Soo LLP fee reimbursement cap per NPA; paid separately by Skybridge
Memo: Monthly Burn Rate | 4800000 | Approximate monthly cash burn rate
Memo: Implied Post-Bridge Runway | ~16.4 months | $78.5M ÷ $4.8M/mo (approximate)
[sheet: Key Parties & Wire Info]
Party | Role | Full Legal Name | Address | Contact Person | Contact Title | Account Reference
Issuer / Company | Recipient of net closing proceeds | Skybridge Fintech Ltd. | 1400 Market Street, Suite 2200, Wilmington, DE 19801 | David Lindstrom | CFO | Per Wire Transfer Instructions Letter dated January 14, 2024
Escrow Agent | Receives, holds, and releases closing funds | Granite Trust Company, N.A. | 100 Summer Street, Boston, MA 02110 | Angela Petrov | Escrow Officer | Escrow Account No. 4401-7829-SBF
Purchaser — Lead Investor | Funds $30,000,000 at Initial Closing | Ridgeline Ventures Fund IV, L.P. | 800 Boylston Street, 34th Floor, Boston, MA 02199 | Samuel Okonkwo | Partner (Deal Lead) | Per Schedule of Purchasers
Purchaser — Co-Investor | Funds $10,000,000 at Initial Closing; $5,000,000 at Final Closing | Beacon Hill Capital Partners, LLC | 222 West Adams Street, Suite 3400, Chicago, IL 60606 | Joanna Falkner | Managing Director (Deal Lead) | Per Schedule of Purchasers
Purchaser — New Investor | Funds $10,000,000 at Final Closing | Northstar Innovation Fund II, L.P. | 555 California Street, Suite 4100, San Francisco, CA 94104 | Wei-Lin Chang | Managing Partner | Per Schedule of Purchasers; Joinder Agreement dated January 26, 2024
Purchaser — Existing Investor | Funds $5,000,000 at Initial Closing | Halcyon Growth Equity, L.P. | 1201 Third Avenue, Suite 5600, Seattle, WA 98101 | Robert "Rob" Castillo | Partner (Deal Lead) | Per Schedule of Purchasers
Company Counsel | Coordinating closing mechanics and escrow instructions | Calderwood & Harkness LLP | 600 Lexington Avenue, New York, NY 10022 | Leonard Ashford / Nina Reyes | Of Counsel / Senior Associate, ECVC | Matter No. 1009-00001
Investor Counsel | Representing lead investor / syndicate | Whitfield, Pratt & Soo LLP | One Federal Street, 26th Floor, Boston, MA 02110 | Graham Whitfield / Danielle Kwon | Lead Partner / Associate | N/A

[sheet: Cover]

Record

Parties

Dates

Amounts