[sheet: Cover]

Field	Value
Document Title	Closing Checklist and Document Index
Matter	Stonefield Logistics Group Inc. — Consensual Out-of-Court Restructuring
Matter Number	1012-00002
Closing Date	December 19, 2023
Prepared By	Gabrielle Moss, Calderwood & Harkness LLP
Reviewed By	Nathan Ikeda / Nathaniel Bower, Calderwood & Harkness LLP
Client	Stonefield Logistics Group Inc.
Client Address	4200 Commerce Street, Suite 1500, Dallas, TX 75201
Client EIN	83-2457109
Client DE File No.	6341872
Governing Law (Restructuring Documents)	State of New York
Debtor's Counsel	Calderwood & Harkness LLP, 599 Lexington Avenue, New York, NY 10022
Financial Advisor to Debtor	Hargrove Advisory Group LLC, 1345 Avenue of the Americas, 38th Floor, New York, NY 10105
First Lien Agent	Pinnacle National Bank, N.A., 200 Liberty Street, New York, NY 10281
First Lien Lenders' Counsel	Westlake Harden & Cole LLP, 787 Seventh Avenue, 34th Floor, New York, NY 10019
Mezzanine Indenture Trustee	Continental Fiduciary Trust Company, 100 Wall Street, 15th Floor, New York, NY 10005
Mezzanine Ad Hoc Group Counsel	Thornbury McCaffrey LLP, 375 Park Avenue, 25th Floor, New York, NY 10152
Mezzanine Ad Hoc Group Financial Advisor	Meridian Veltrian Partners LLC, 660 Fifth Avenue, 18th Floor, New York, NY 10103
Super-Priority Lender	Belvedere Credit Opportunities Fund LP, 450 Lexington Avenue, 30th Floor, New York, NY 10017
Super-Priority Lender's Counsel	Thornbury McCaffrey LLP (with ethical wall)
PE Sponsor	Ridgeline Capital Partners Fund III, L.P., 300 Park Avenue, 28th Floor, New York, NY 10022
Independent Auditor	Whitfield & Pryce LLP, 2100 Ross Avenue, Suite 2800, Dallas, TX 75201
D&O Insurance Carrier	Northgate Specialty Insurance Company
Delaware Registered Agent	Capitol Registered Agents, Inc., 1209 Orange Street, Wilmington, DE 19801

[sheet: Closing Checklist]

Item No.

CATEGORY A: CREDIT FACILITY DOCUMENTS — FIRST LIEN

A-1	Credit Facility — First Lien	Amended and Restated First Lien Credit Agreement	Among Stonefield Logistics Group Inc. as Borrower, the Guarantors party thereto, Pinnacle National Bank, N.A. as Administrative Agent and Collateral Agent, and the Lenders party thereto. TLB: $285.0M, SOFR + 500 bps (100 bps floor), maturity 12/19/2028, 1.00% annual amortization. Revolver: $35.0M committed, SOFR + 450 bps, maturity 12/19/2027 (springing). Financial covenants: Total Net Leverage ≤ 6.50x (Q4 2025) stepping to ≤ 5.75x (Q4 2027); Min. Liquidity ≥ $20.0M. Governed by New York law.	Calderwood & Harkness LLP / Westlake Harden & Cole LLP	December 1, 2023	Delivered	Original	A-1
A-2	Credit Facility — First Lien	Amendment No. 1 to First Lien Credit Agreement — Cover Agreement	Among Stonefield Logistics Group Inc., Pinnacle National Bank, N.A. as Administrative Agent, and Required Lenders (holding $228.5M of $285.0M TLB, 80.2%). Consent fees: 50 bps on TLB ($1,425,000); 25 bps on Revolver ($87,500).	Calderwood & Harkness LLP	December 1, 2023	Delivered	Original	A-2
A-3	Credit Facility — First Lien	Amended and Restated Guaranty Agreement (First Lien)	Guaranty by Stonefield Logistics Holdings LLC, Stonefield Freight Services LLC, Stonefield Last Mile Inc., and Stonefield Warehousing LLC in favor of Pinnacle National Bank, N.A. as Collateral Agent.	Calderwood & Harkness LLP	December 1, 2023	Delivered	Original	A-3
A-4	Credit Facility — First Lien	Amended and Restated Pledge and Security Agreement (First Lien)	First lien security interest in substantially all assets. Pinnacle National Bank, N.A. as Collateral Agent.	Calderwood & Harkness LLP	December 1, 2023	Delivered	Original	A-4
A-5	Credit Facility — First Lien	Perfection Certificate (First Lien)	Updated perfection certificate delivered by Stonefield and Guarantors.	Calderwood & Harkness LLP / Howard Kessler (GC)	December 19, 2023	Delivered	Original	A-5
A-6	Credit Facility — First Lien	UCC-1 Financing Statements (First Lien — filed)	UCC-1 filings in Delaware (SOS) and Texas (SOS) for first lien collateral. Pinnacle National Bank, N.A. as secured party.	Calderwood & Harkness LLP	December 19, 2023	Delivered	Copy	A-6	Post-closing filings confirmed
A-7	Credit Facility — First Lien	Lender Consent and Signature Pages (TLB)	Executed consent pages from TLB lenders holding $228.5M (80.2% of $285.0M). Required Lenders threshold: >50%.	Westlake Harden & Cole LLP	December 1, 2023	Delivered	Original	A-7	Includes Pinnacle ($45.0M), Tralvendo CLO 2018-I ($38.5M), Belvedere ($32.0M), Kelvantis ($28.0M), Kingsway ($24.5M), and syndicate members
A-8	Credit Facility — First Lien	Revolver Lender Consents	Executed consents from all three revolver lenders (unanimous): Pinnacle National Bank, N.A. ($20.0M), Great Basin Commercial Bank ($15.0M), Tidewater Lending Corporation ($15.0M). Revolver reduced from $50.0M to $35.0M.	Westlake Harden & Cole LLP	December 1, 2023	Delivered	Original	A-8

CATEGORY B: CREDIT FACILITY DOCUMENTS — SUPER-PRIORITY

B-1	Credit Facility — Super-Priority	Super-Priority Credit Agreement	Among Stonefield Logistics Group Inc. as Borrower, the Guarantors party thereto, and Belvedere Credit Opportunities Fund LP as Administrative Agent, Collateral Agent, and Initial Lender. $55.0M ($45.0M funded at close, $10.0M DDTL). SOFR + 700 bps (100 bps floor). 2.00% OID ($1,100,000). Maturity 12/19/2027. Mandatory prepayment: 75% excess cash flow above $20M liquidity. Call protection: 103/102/101/par. 1.00% commitment fee on undrawn DDTL. Governed by New York law.	Calderwood & Harkness LLP / Thornbury McCaffrey LLP	November 17, 2023	Delivered	Original	B-1
B-2	Credit Facility — Super-Priority	Super-Priority Guaranty Agreement	Guaranty by Stonefield Logistics Holdings LLC, Stonefield Freight Services LLC, Stonefield Last Mile Inc., and Stonefield Warehousing LLC in favor of Belvedere Credit Opportunities Fund LP as Collateral Agent.	Calderwood & Harkness LLP	November 17, 2023	Delivered	Original	B-2
B-3	Credit Facility — Super-Priority	Super-Priority Pledge and Security Agreement	Super-priority first lien on substantially all assets of Borrower and Guarantors. Belvedere Credit Opportunities Fund LP as Collateral Agent.	Calderwood & Harkness LLP	November 17, 2023	Delivered	Original	B-3
B-4	Credit Facility — Super-Priority	Perfection Certificate (Super-Priority)	Updated perfection certificate delivered by Stonefield and Guarantors for super-priority facility.	Calderwood & Harkness LLP / Howard Kessler (GC)	December 19, 2023	Delivered	Original	B-4
B-5	Credit Facility — Super-Priority	UCC-1 Financing Statements (Super-Priority — filed)	UCC-1 filings in Delaware (SOS) and Texas (SOS). Belvedere Credit Opportunities Fund LP as secured party.	Calderwood & Harkness LLP	December 19, 2023	Delivered	Copy	B-5	Post-closing filings confirmed
B-6	Credit Facility — Super-Priority	Borrowing Notice — Initial Funding	Borrowing notice for $45.0M initial draw under the Super-Priority Credit Agreement. Net proceeds: $43.9M after OID.	Stonefield (Priya Sundaram, CFO)	December 19, 2023	Delivered	Original	B-6

CATEGORY C: INTERCREDITOR DOCUMENTS

C-1

CATEGORY D: MEZZANINE EQUITIZATION DOCUMENTS

D-1	Equitization	Exchange Agreement	Among Stonefield Logistics Group Inc. and exchanging mezzanine holders (Graystone Mezzanine Capital Fund II LP, Ashland Structured Credit LLC, Dunmore Special Situations Fund LP, and others holding $134.5M of $140.0M, 96.1%). Exchange of 11.50% Senior Secured Second Lien Notes (CUSIP 861537 AA 2) due 6/15/2025 for Series A Preferred Equity ($35.0M liq. pref.) and 47.5% pro forma common equity. Accrued PIK interest of $8.1M waived. Governed by New York law.	Calderwood & Harkness LLP / Thornbury McCaffrey LLP	December 8, 2023	Delivered	Original	D-1
D-2	Equitization	Supplemental Indenture (Exit Consent Amendments)	First Supplemental Indenture to Mezzanine Indenture dated 12/15/2017. Stonefield Logistics Group Inc. as Issuer; Continental Fiduciary Trust Company as Trustee. Exit consents obtained from holders of >66⅔% in principal amount. Strips substantially all restrictive covenants, events of default, and reporting obligations from remaining Mezzanine Notes. Non-consenting holders: $5.5M.	Calderwood & Harkness LLP	December 8, 2023	Delivered	Original	D-2
D-3	Equitization	Consent Solicitation Statement	Distributed to holders of 11.50% Senior Secured Second Lien Notes due 6/15/2025. Continental Fiduciary Trust Company as Trustee. Early consent deadline: 10/20/2023. Final consent deadline: 11/3/2023.	Calderwood & Harkness LLP	October 6, 2023	Delivered	Copy	D-3
D-4	Equitization	Form of Letter of Transmittal	For mezzanine note holders tendering notes. Delivery to Continental Fiduciary Trust Company as exchange agent.	Calderwood & Harkness LLP	October 6, 2023	Delivered	Copy	D-4
D-5	Equitization	Notice of Cancellation of Mezzanine Notes	Notice from Continental Fiduciary Trust Company confirming cancellation of exchanged Mezzanine Notes ($134.5M principal).	Continental Fiduciary Trust Company	December 8, 2023	Delivered	Original	D-5

CATEGORY E: EQUITY DOCUMENTS

E-1	Equity	Amended and Restated Certificate of Incorporation of Stonefield Logistics Group Inc.	Filed with the Delaware Secretary of State. Authorizes new capital structure: Common Stock (47.5% Ridgeline Capital Partners Fund III, L.P.; 47.5% mezzanine equitization recipients; 5.0% Management Incentive Plan) and Series A Preferred Stock.	Calderwood & Harkness LLP	December 12, 2023	Delivered	Certified Copy	E-1	DE File No. 6341872
E-2	Equity	Certificate of Designations — Series A Preferred Stock	Filed with the Delaware Secretary of State. $35.0M aggregate liquidation preference. 10.00% PIK dividend rate. Senior to common stock. Issued to mezzanine equitization recipients. Includes conversion, redemption, and voting provisions.	Calderwood & Harkness LLP	December 12, 2023	Delivered	Certified Copy	E-2
E-3	Equity	Amended and Restated Stockholders' Agreement	Among Stonefield Logistics Group Inc., Ridgeline Capital Partners Fund III, L.P., and mezzanine equitization recipients. Board: 3 Ridgeline designees (incl. Julian Voight, Serena Chu), 3 mezzanine holder designees, 1 independent director. Transfer restrictions, tag-along/drag-along, preemptive rights, information rights. Governed by Delaware law (governance) / New York law (commercial disputes).	Calderwood & Harkness LLP / Thornbury McCaffrey LLP	December 12, 2023	Delivered	Original	E-3
E-4	Equity	Registration Rights Agreement	Among Stonefield Logistics Group Inc. and holders of common and preferred equity (Ridgeline and mezzanine equitization recipients). Demand and piggyback registration rights. Governed by New York law.	Calderwood & Harkness LLP	December 12, 2023	Delivered	Original	E-4
E-5	Equity	Evidence of Ridgeline Equity Contribution	Wire confirmation for $12.5M cash equity contribution from Ridgeline Capital Partners Fund III, L.P. to Stonefield Logistics Group Inc.	Ridgeline Capital Partners Fund III, L.P.	December 15, 2023	Delivered	Copy	E-5

CATEGORY F: RESTRUCTURING SUPPORT AGREEMENT

F-1	RSA	Restructuring Support Agreement (RSA) — Execution Version	Among Stonefield, Ridgeline, consenting TLB lenders ($228.5M / 80.2%), all revolver lenders (unanimous), and ad hoc mezzanine group (Graystone, Ashland, Dunmore — $122.0M). Long-stop date: 12/31/2023. Governed by New York law.	Calderwood & Harkness LLP	June 30, 2023	Delivered	Conformed Copy	F-1
F-2	RSA	RSA Joinder Agreements (executed)	Additional mezzanine holders joining during joinder period (7/3/2023–7/21/2023). Additional $12.5M joined; total consenting mezzanine = $134.5M (96.1% of $140.0M).	Calderwood & Harkness LLP / Thornbury McCaffrey LLP	July 3–21, 2023	Delivered	Conformed Copies	F-2

CATEGORY G: CORPORATE DELIVERABLES

G-1	Corporate	Board Resolutions — Approval of Restructuring Transactions (June 29, 2023)	Resolutions approving RSA, proposed restructuring transactions, engagement of advisors, and authorization of officers (Marcus Delano, CEO; Priya Sundaram, CFO; Howard Kessler, GC) to negotiate and execute definitive documents.	Howard Kessler (GC / Secretary)	June 29, 2023	Delivered	Certified Copy	G-1
G-2	Corporate	Board Resolutions — Authorization of Closing and Execution of Definitive Documents (December 11, 2023)	Resolutions authorizing closing, execution of all definitive documents, filing of Amended Certificate of Incorporation and Certificate of Designations with Delaware Secretary of State, and directing officers to consummate transactions.	Howard Kessler (GC / Secretary)	December 11, 2023	Delivered	Certified Copy	G-2
G-3	Corporate	Secretary's Certificate	Executed by Howard Kessler as General Counsel and Secretary of Stonefield Logistics Group Inc. Certifies incumbency of officers, attaches certified copies of Amended and Restated Certificate of Incorporation, bylaws, and board resolutions. Delivered as closing condition under Super-Priority Credit Agreement and Amended Credit Agreement.	Howard Kessler (GC / Secretary)	December 19, 2023	Delivered	Original	G-3
G-4	Corporate	Officer's Certificate — Representations and Closing Conditions	Executed by Priya Sundaram as CFO. Certifies representations and warranties true and correct in all material respects, no default or event of default, all closing conditions satisfied or waived.	Priya Sundaram (CFO)	December 19, 2023	Delivered	Original	G-4
G-5	Corporate	Good Standing Certificate — Stonefield Logistics Group Inc. (Delaware)	Certificate of good standing from the Delaware Secretary of State.	Howard Kessler (GC)	December 2023	Delivered	Original	G-5
G-6	Corporate	Good Standing Certificate — Stonefield Logistics Holdings LLC (Delaware)	Certificate of good standing from the Delaware Secretary of State.	Howard Kessler (GC)	December 2023	Delivered	Original	G-6
G-7	Corporate	Good Standing Certificate — Stonefield Freight Services LLC (Texas)	Certificate of good standing from the Texas Secretary of State.	Howard Kessler (GC)	December 2023	Delivered	Original	G-7
G-8	Corporate	Good Standing Certificate — Stonefield Last Mile Inc. (Delaware)	Certificate of good standing from the Delaware Secretary of State.	Howard Kessler (GC)	December 2023	Delivered	Original	G-8
G-9	Corporate	Good Standing Certificate — Stonefield Warehousing LLC (Texas)	Certificate of good standing from the Texas Secretary of State.	Howard Kessler (GC)	December 2023	Delivered	Original	G-9
G-10	Corporate	Solvency Certificate	Executed by Priya Sundaram (CFO) certifying solvency of Stonefield and subsidiaries on a consolidated basis after giving effect to the restructuring transactions.	Priya Sundaram (CFO)	December 19, 2023	Delivered	Original	G-10

CATEGORY H: LEGAL OPINIONS

H-1

CATEGORY I: FUNDS FLOW AND FINANCIAL DELIVERABLES

I-1	Funds Flow	Funds Flow Memorandum	Details flow of funds on closing day (12/19/2023): $45.0M super-priority funding from Belvedere (less $1.1M OID = $43.9M net); $12.5M Ridgeline equity contribution; payment of TLB consent fees ($1,425,000); revolver consent fees ($87,500); transaction costs (C&H $2,850,000; WHC $1,400,000; TM $1,100,000; Hargrove $3,200,000; Meridian $900,000; D&O tail premium $475,000; filing/admin/trustee fees $225,000). Residual to Company operating account at Pinnacle National Bank. Prepared by Gabrielle Moss; approved by Priya Sundaram.	Calderwood & Harkness LLP (Gabrielle Moss) / Priya Sundaram (CFO)	December 18, 2023	Delivered	Original	I-1	Total transaction costs ~$12,762,500
I-2	Funds Flow	Wire Transfer Confirmations	Confirmation of all wire transfers executed on 12/19/2023 per the Funds Flow Memorandum.	Pinnacle National Bank, N.A. / Belvedere Credit Opportunities Fund LP	December 19, 2023	Delivered	Copy	I-2
I-3	Funds Flow	Payoff Letter — Revolving Credit Facility (Partial)	Payoff letter from Pinnacle National Bank, N.A. confirming reduction of revolver commitments from $50.0M to $35.0M and outstanding balance adjustments.	Pinnacle National Bank, N.A. (Daniel Wexford)	December 19, 2023	Delivered	Original	I-3

CATEGORY J: INSURANCE

J-1	Insurance	D&O Tail Policy — Confirmation / Binder	Northgate Specialty Insurance Company. Policy No. NSI-DOL-2023-07721. $15.0M D&O coverage, Side A DIC and ABC structure. 6-year tail from closing. Premium: $475,000.	Howard Kessler (GC) / Northgate Specialty Insurance Company	December 19, 2023	Delivered	Copy	J-1
J-2	Insurance	Evidence of Property and Casualty Insurance	Certificates of insurance evidencing compliance with insurance covenants under Amended Credit Agreement and Super-Priority Credit Agreement.	Howard Kessler (GC)	December 19, 2023	Delivered	Copy	J-2

CATEGORY K: MISCELLANEOUS

K-1	Miscellaneous	Closing Letter to Client	Letter from Nathaniel Bower (Calderwood & Harkness LLP) to Marcus Delano (CEO) and Howard Kessler (GC), confirming successful closing, summarizing completed transactions, enclosing closing binder, noting post-closing matters (DE Certificate filing, notice to non-consenting mezzanine holders ($5.5M), UCC filings).	Calderwood & Harkness LLP (Nathaniel Bower)	December 19, 2023	Delivered	Original	K-1
K-2	Miscellaneous	Notice to Non-Consenting Mezzanine Holders	Notice to holders of $5.5M in mezzanine notes who did not consent, advising of exit consent amendments and stripped covenants under the Supplemental Indenture.	Calderwood & Harkness LLP / Continental Fiduciary Trust Company	December 19, 2023	Delivered	Copy	K-2	Post-closing deliverable
K-3	Miscellaneous	Tax Analysis Memorandum — COD Income and Debt-for-Equity Exchange	Prepared by Sylvia Hartwell (Tax Partner, Calderwood & Harkness LLP). Analyzes IRC Sections 61(a)(12), 108, stock-for-debt exception, and insolvency exclusion for $140.0M mezzanine equitization and $8.1M PIK waiver.	Calderwood & Harkness LLP (Sylvia Hartwell)	September 15, 2023	Delivered	Copy	K-3	Reference document
K-4	Miscellaneous	Tax Analysis Memorandum — Section 382 Ownership Change Analysis	Prepared by Sylvia Hartwell. Analyzes whether equitization and issuance of 47.5% common to mezzanine holders (Ridgeline diluted from 100% to 47.5%) constitutes ownership change under IRC Section 382.	Calderwood & Harkness LLP (Sylvia Hartwell)	September 15, 2023	Delivered	Copy	K-4	Reference document
K-5	Miscellaneous	Lien Search Results (UCC, Tax, Judgment)	Pre-closing lien search results for Stonefield Logistics Group Inc. and each Guarantor in Delaware and Texas.	Calderwood & Harkness LLP	December 2023	Delivered	Copy	K-5

[sheet: Party Directory]

Party Name	Role	Key Contact	Title	Address	Entity Type	Jurisdiction
Stonefield Logistics Group Inc.	Borrower / Issuer / Client	Marcus Delano / Priya Sundaram / Howard Kessler	CEO / CFO / General Counsel	4200 Commerce Street, Suite 1500, Dallas, TX 75201	Corporation	Delaware
Stonefield Logistics Holdings LLC	Guarantor (direct parent)	4200 Commerce Street, Suite 1500, Dallas, TX 75201	LLC	Delaware
Stonefield Freight Services LLC	Guarantor (operating sub)	4200 Commerce Street, Suite 1500, Dallas, TX 75201	LLC	Texas
Stonefield Last Mile Inc.	Guarantor (operating sub)	4200 Commerce Street, Suite 1500, Dallas, TX 75201	Corporation	Delaware
Stonefield Warehousing LLC	Guarantor (operating sub)	4200 Commerce Street, Suite 1500, Dallas, TX 75201	LLC	Texas
Ridgeline Capital Partners Fund III, L.P.	PE Sponsor; Equity Contributor ($12.5M)	Julian Voight / Serena Chu	Managing Director / Principal	300 Park Avenue, 28th Floor, New York, NY 10022	Limited Partnership	Delaware
Ridgeline Capital Management III LLC	General Partner of RCP III	Julian Voight	Managing Director	300 Park Avenue, 28th Floor, New York, NY 10022	LLC	Delaware
Pinnacle National Bank, N.A.	Admin Agent & Collateral Agent (First Lien); Revolver Lender ($20.0M); TLB Lender ($45.0M)	Daniel Wexford	Managing Director, Loan Restructuring	200 Liberty Street, New York, NY 10281	National banking association	United States (OCC)
Belvedere Credit Opportunities Fund LP	Super-Priority Admin Agent, Collateral Agent & Initial Lender ($55.0M); TLB Lender ($32.0M)	Christopher Hartigan	Managing Partner	450 Lexington Avenue, 30th Floor, New York, NY 10017	Limited Partnership	Delaware
Tralvendo CLO 2018-I, Ltd.	TLB Lender ($38.5M)	Exempted company	Cayman Islands
Tralvendo Asset Management LLC	CLO Manager (Tralvendo CLO)	LLC	Delaware
Kelvantis Capital Partners LLC	TLB Lender ($28.0M)	LLC	Delaware
Kingsway Institutional Investors LLC	TLB Lender ($24.5M)	LLC	Delaware
Great Basin Commercial Bank	Revolver Lender ($15.0M)	State-chartered bank	Nevada
Tidewater Lending Corporation	Revolver Lender ($15.0M)	Corporation	Virginia
Graystone Mezzanine Capital Fund II LP	Mezzanine Holder ($52.0M); Ad Hoc Group Member; Equitization Recipient	Limited Partnership	Delaware
Ashland Structured Credit LLC	Mezzanine Holder ($40.0M); Ad Hoc Group Member; Equitization Recipient	LLC	Delaware
Dunmore Special Situations Fund LP	Mezzanine Holder ($30.0M); Ad Hoc Group Member; Equitization Recipient	Limited Partnership	Delaware
Continental Fiduciary Trust Company	Mezzanine Indenture Trustee & Second Lien Collateral Agent; Exchange Agent	100 Wall Street, 15th Floor, New York, NY 10005	Trust company	New York
Calderwood & Harkness LLP	Debtor's Restructuring Counsel	Nathaniel Bower (Responsible Partner) / Colette Whitman (Billing Partner) / Nathan Ikeda (Lead Associate) / Gabrielle Moss (Working Associate) / Sylvia Hartwell (Tax)	599 Lexington Avenue, New York, NY 10022	LLP	New York
Westlake Harden & Cole LLP	First Lien Lenders' Counsel	Ramona Quelibo (Lead Partner) / Gregory Noll (Associate)	787 Seventh Avenue, 34th Floor, New York, NY 10019	LLP	New York
Thornbury McCaffrey LLP	Mezzanine Ad Hoc Group Counsel; Super-Priority Lender's Counsel (ethical wall)	Alan Driscoll (Lead Partner) / Monica Firth (Associate)	375 Park Avenue, 25th Floor, New York, NY 10152	LLP	New York
Hargrove Advisory Group LLC	Financial Advisor to Stonefield (Debtor)	Elena Voss	Managing Director	1345 Avenue of the Americas, 38th Floor, New York, NY 10105	LLC	Delaware
Meridian Veltrian Partners LLC	Financial Advisor to Mezzanine Ad Hoc Group	660 Fifth Avenue, 18th Floor, New York, NY 10103	LLC	Delaware

Whitfield & Pryce LLP	Independent Auditor	Todd Ashburn	Engagement Partner (CPA)	2100 Ross Avenue, Suite 2800, Dallas, TX 75201	LLP	Texas
Northgate Specialty Insurance Company	D&O Insurance Carrier	Insurance company	Connecticut
Capitol Registered Agents, Inc.	Delaware Registered Agent (Stonefield)	1209 Orange Street, Wilmington, DE 19801	Corporation	Delaware

[sheet: Key Dates]

Date	Event	Related Document / Deliverable	Binder Tab Reference
December 15, 2017	Original LBO closing; execution of First Lien Credit Agreement (Pinnacle National Bank, N.A. as Admin Agent) and Mezzanine Indenture (Continental Fiduciary Trust Company as Trustee)	Original Credit Agreement; Original Indenture
February 2023	Ad hoc mezzanine group forms informally (Graystone, Ashland, Dunmore)
March 10, 2023	Cooperation agreement among mezzanine ad hoc group members signed
March 15, 2023	Hargrove Advisory Group LLC retained by Stonefield Board
April 3, 2023	Calderwood & Harkness LLP engagement opens; engagement letter signed (Matter No. 1012-00002)
April 14, 2023	First meeting with first lien lender group and Pinnacle
April 28, 2023	First meeting with mezzanine ad hoc group and Meridian Veltrian Partners LLC
May 19, 2023	Initial restructuring term sheet circulated
June 9, 2023	Revised restructuring term sheet circulated
June 29, 2023	Board resolutions approving RSA and restructuring transactions	Board Resolutions (RSA Approval)	G-1
June 30, 2023	Restructuring Support Agreement executed (long-stop date: 12/31/2023)	RSA — Execution Version	F-1
July 3, 2023	RSA joinder period opens for additional mezzanine holders
July 21, 2023	RSA joinder period closes; additional $12.5M mezzanine joined (total $134.5M / 96.1%)	RSA Joinder Agreements	F-2
August 1, 2023	Drafts of definitive documents circulated
September 15, 2023	Tax analysis memoranda finalized (COD income / Section 382)	Tax Memoranda	K-3, K-4
October 6, 2023	Consent solicitation launched for mezzanine holders	Consent Solicitation Statement; Letter of Transmittal	D-3, D-4
October 20, 2023	Early consent deadline (mezzanine)
November 3, 2023	Final consent deadline; exit consents obtained from >66⅔%
November 10, 2023	Amended and Restated Intercreditor Agreement executed	Intercreditor Agreement	C-1
November 17, 2023	Super-Priority Credit Agreement, Guaranty, and Pledge/Security Agreement executed	Super-Priority docs	B-1, B-2, B-3
December 1, 2023	Amended and Restated First Lien Credit Agreement and Amendment No. 1 Cover Agreement executed	First Lien Credit docs	A-1, A-2
December 8, 2023	Exchange Agreement and Supplemental Indenture (exit consents) executed; mezzanine notes cancelled	Equitization docs	D-1, D-2, D-5
December 11, 2023	Board resolutions authorizing closing and execution of definitive documents	Board Resolutions (Closing)	G-2
December 12, 2023	Equity documents executed: Amended Certificate of Incorporation, Certificate of Designations, Stockholders' Agreement, Registration Rights Agreement	Equity docs	E-1, E-2, E-3, E-4

December 15, 2023	Ridgeline equity contribution of $12.5M funded	Wire confirmation	E-5
December 18, 2023	Funds Flow Memorandum finalized	Funds Flow Memo	I-1
December 19, 2023	Closing: all conditions satisfied; super-priority loan funded ($45.0M gross / $43.9M net of OID); revolver reduced and amended; all deliverables delivered; matter closed	All closing deliverables	All tabs

[sheet: Summary Statistics]

Metric	Pre-Restructuring	Post-Restructuring	Notes
Total Funded Debt	$475.1M	$375.0M	Reduction of $100.1M from equitization of mezzanine
Revolver Commitment	$50.0M ($42.0M drawn)	$35.0M (reduced)	SOFR + 375 bps → SOFR + 450 bps; maturity 12/15/2024 → 12/19/2027
First Lien Term Loan B	$285.0M	$285.0M (amended & extended)	SOFR + 425 bps → SOFR + 500 bps (100 bps floor); maturity 12/15/2024 → 12/19/2028
Mezzanine Notes	$140.0M + $8.1M PIK	$0 (equitized)	Exchanged for Series A Preferred ($35.0M liq. pref.) + 47.5% common equity; $8.1M PIK waived
Super-Priority Term Loan	N/A	$55.0M ($45.0M funded + $10.0M DDTL)	SOFR + 700 bps (100 bps floor); 2.00% OID; maturity 12/19/2027
LTM Adjusted EBITDA (Leverage Basis)	$41.2M (LTM Q1 2023)	$52.0M (FY 2024E projected)
Total Leverage	11.5x	7.2x	$475.1M ÷ $41.2M → $375.0M ÷ $52.0M
First Lien Leverage	7.9x	7.2x (all debt now first lien or super-priority)	$327.0M ÷ $41.2M → $375.0M ÷ $52.0M
Liquidity (3/31/2023 vs. post-close)	$15.8M ($11.3M cash + $4.5M avail.)	Enhanced by new money and equity contribution
Ridgeline Common Equity Ownership	100%	47.5%	Diluted by mezzanine equitization
Mezzanine Holders Common Equity	0%	47.5%	Received in exchange for mezzanine notes
Management MIP	N/A	5.0%	New management incentive plan
Total Transaction Costs	~$12,762,500	All advisory, legal, consent fees, OID, insurance, admin
TLB Consent Fee	$1,425,000	$285.0M × 0.50%
Revolver Consent Fee	$87,500	$35.0M × 0.25%
Super-Priority OID	$1,100,000	$55.0M × 2.00%
Ridgeline Equity Contribution	$12,500,000	New cash equity
TLB Lender Consent	$228.5M / $285.0M = 80.2%	Required: >50%
Revolver Lender Consent	Unanimous (all 3 lenders)	Pinnacle, Great Basin, Tidewater
Mezzanine Holder Consent	$134.5M / $140.0M = 96.1%	Required: >66⅔%
Non-Consenting Mezzanine	$5.5M	Treatment via exit consent amendments

[sheet: Cover]
Field | Value
Document Title | Closing Checklist and Document Index
Matter | Stonefield Logistics Group Inc. — Consensual Out-of-Court Restructuring
Matter Number | 1012-00002
Closing Date | December 19, 2023
Prepared By | Gabrielle Moss, Calderwood & Harkness LLP
Reviewed By | Nathan Ikeda / Nathaniel Bower, Calderwood & Harkness LLP
Client | Stonefield Logistics Group Inc.
Client Address | 4200 Commerce Street, Suite 1500, Dallas, TX 75201
Client EIN | 83-2457109
Client DE File No. | 6341872
Governing Law (Restructuring Documents) | State of New York
Debtor's Counsel | Calderwood & Harkness LLP, 599 Lexington Avenue, New York, NY 10022
Financial Advisor to Debtor | Hargrove Advisory Group LLC, 1345 Avenue of the Americas, 38th Floor, New York, NY 10105
First Lien Agent | Pinnacle National Bank, N.A., 200 Liberty Street, New York, NY 10281
First Lien Lenders' Counsel | Westlake Harden & Cole LLP, 787 Seventh Avenue, 34th Floor, New York, NY 10019
Mezzanine Indenture Trustee | Continental Fiduciary Trust Company, 100 Wall Street, 15th Floor, New York, NY 10005
Mezzanine Ad Hoc Group Counsel | Thornbury McCaffrey LLP, 375 Park Avenue, 25th Floor, New York, NY 10152
Mezzanine Ad Hoc Group Financial Advisor | Meridian Veltrian Partners LLC, 660 Fifth Avenue, 18th Floor, New York, NY 10103
Super-Priority Lender | Belvedere Credit Opportunities Fund LP, 450 Lexington Avenue, 30th Floor, New York, NY 10017
Super-Priority Lender's Counsel | Thornbury McCaffrey LLP (with ethical wall)
PE Sponsor | Ridgeline Capital Partners Fund III, L.P., 300 Park Avenue, 28th Floor, New York, NY 10022
Independent Auditor | Whitfield & Pryce LLP, 2100 Ross Avenue, Suite 2800, Dallas, TX 75201
D&O Insurance Carrier | Northgate Specialty Insurance Company
Delaware Registered Agent | Capitol Registered Agents, Inc., 1209 Orange Street, Wilmington, DE 19801
[sheet: Closing Checklist]
Item No. | Category | Document Name | Description | Responsible Party | Execution / Effective Date | Delivery Status | Original / Copy / Conformed | Binder Tab | Notes
CATEGORY A: CREDIT FACILITY DOCUMENTS — FIRST LIEN
A-1 | Credit Facility — First Lien | Amended and Restated First Lien Credit Agreement | Among Stonefield Logistics Group Inc. as Borrower, the Guarantors party thereto, Pinnacle National Bank, N.A. as Administrative Agent and Collateral Agent, and the Lenders party thereto. TLB: $285.0M, SOFR + 500 bps (100 bps floor), maturity 12/19/2028, 1.00% annual amortization. Revolver: $35.0M committed, SOFR + 450 bps, maturity 12/19/2027 (springing). Financial covenants: Total Net Leverage ≤ 6.50x (Q4 2025) stepping to ≤ 5.75x (Q4 2027); Min. Liquidity ≥ $20.0M. Governed by New York law. | Calderwood & Harkness LLP / Westlake Harden & Cole LLP | December 1, 2023 | Delivered | Original | A-1
A-2 | Credit Facility — First Lien | Amendment No. 1 to First Lien Credit Agreement — Cover Agreement | Among Stonefield Logistics Group Inc., Pinnacle National Bank, N.A. as Administrative Agent, and Required Lenders (holding $228.5M of $285.0M TLB, 80.2%). Consent fees: 50 bps on TLB ($1,425,000); 25 bps on Revolver ($87,500). | Calderwood & Harkness LLP | December 1, 2023 | Delivered | Original | A-2
A-3 | Credit Facility — First Lien | Amended and Restated Guaranty Agreement (First Lien) | Guaranty by Stonefield Logistics Holdings LLC, Stonefield Freight Services LLC, Stonefield Last Mile Inc., and Stonefield Warehousing LLC in favor of Pinnacle National Bank, N.A. as Collateral Agent. | Calderwood & Harkness LLP | December 1, 2023 | Delivered | Original | A-3
A-4 | Credit Facility — First Lien | Amended and Restated Pledge and Security Agreement (First Lien) | First lien security interest in substantially all assets. Pinnacle National Bank, N.A. as Collateral Agent. | Calderwood & Harkness LLP | December 1, 2023 | Delivered | Original | A-4
A-5 | Credit Facility — First Lien | Perfection Certificate (First Lien) | Updated perfection certificate delivered by Stonefield and Guarantors. | Calderwood & Harkness LLP / Howard Kessler (GC) | December 19, 2023 | Delivered | Original | A-5
A-6 | Credit Facility — First Lien | UCC-1 Financing Statements (First Lien — filed) | UCC-1 filings in Delaware (SOS) and Texas (SOS) for first lien collateral. Pinnacle National Bank, N.A. as secured party. | Calderwood & Harkness LLP | December 19, 2023 | Delivered | Copy | A-6 | Post-closing filings confirmed
A-7 | Credit Facility — First Lien | Lender Consent and Signature Pages (TLB) | Executed consent pages from TLB lenders holding $228.5M (80.2% of $285.0M). Required Lenders threshold: >50%. | Westlake Harden & Cole LLP | December 1, 2023 | Delivered | Original | A-7 | Includes Pinnacle ($45.0M), Tralvendo CLO 2018-I ($38.5M), Belvedere ($32.0M), Kelvantis ($28.0M), Kingsway ($24.5M), and syndicate members
A-8 | Credit Facility — First Lien | Revolver Lender Consents | Executed consents from all three revolver lenders (unanimous): Pinnacle National Bank, N.A. ($20.0M), Great Basin Commercial Bank ($15.0M), Tidewater Lending Corporation ($15.0M). Revolver reduced from $50.0M to $35.0M. | Westlake Harden & Cole LLP | December 1, 2023 | Delivered | Original | A-8
CATEGORY B: CREDIT FACILITY DOCUMENTS — SUPER-PRIORITY
B-1 | Credit Facility — Super-Priority | Super-Priority Credit Agreement | Among Stonefield Logistics Group Inc. as Borrower, the Guarantors party thereto, and Belvedere Credit Opportunities Fund LP as Administrative Agent, Collateral Agent, and Initial Lender. $55.0M ($45.0M funded at close, $10.0M DDTL). SOFR + 700 bps (100 bps floor). 2.00% OID ($1,100,000). Maturity 12/19/2027. Mandatory prepayment: 75% excess cash flow above $20M liquidity. Call protection: 103/102/101/par. 1.00% commitment fee on undrawn DDTL. Governed by New York law. | Calderwood & Harkness LLP / Thornbury McCaffrey LLP | November 17, 2023 | Delivered | Original | B-1
B-2 | Credit Facility — Super-Priority | Super-Priority Guaranty Agreement | Guaranty by Stonefield Logistics Holdings LLC, Stonefield Freight Services LLC, Stonefield Last Mile Inc., and Stonefield Warehousing LLC in favor of Belvedere Credit Opportunities Fund LP as Collateral Agent. | Calderwood & Harkness LLP | November 17, 2023 | Delivered | Original | B-2
B-3 | Credit Facility — Super-Priority | Super-Priority Pledge and Security Agreement | Super-priority first lien on substantially all assets of Borrower and Guarantors. Belvedere Credit Opportunities Fund LP as Collateral Agent. | Calderwood & Harkness LLP | November 17, 2023 | Delivered | Original | B-3
B-4 | Credit Facility — Super-Priority | Perfection Certificate (Super-Priority) | Updated perfection certificate delivered by Stonefield and Guarantors for super-priority facility. | Calderwood & Harkness LLP / Howard Kessler (GC) | December 19, 2023 | Delivered | Original | B-4
B-5 | Credit Facility — Super-Priority | UCC-1 Financing Statements (Super-Priority — filed) | UCC-1 filings in Delaware (SOS) and Texas (SOS). Belvedere Credit Opportunities Fund LP as secured party. | Calderwood & Harkness LLP | December 19, 2023 | Delivered | Copy | B-5 | Post-closing filings confirmed
B-6 | Credit Facility — Super-Priority | Borrowing Notice — Initial Funding | Borrowing notice for $45.0M initial draw under the Super-Priority Credit Agreement. Net proceeds: $43.9M after OID. | Stonefield (Priya Sundaram, CFO) | December 19, 2023 | Delivered | Original | B-6
CATEGORY C: INTERCREDITOR DOCUMENTS
C-1 | Intercreditor | Amended and Restated Intercreditor Agreement | Among Belvedere Credit Opportunities Fund LP (Super-Priority Agent), Pinnacle National Bank, N.A. (First Lien Agent), and Stonefield Logistics Group Inc. Super-priority first-out / first lien second-out waterfall. Lien subordination, standstill periods, purchase options, DIP financing provisions. Governed by New York law. | Calderwood & Harkness LLP / Westlake Harden & Cole LLP / Thornbury McCaffrey LLP | November 10, 2023 | Delivered | Original | C-1
CATEGORY D: MEZZANINE EQUITIZATION DOCUMENTS
D-1 | Equitization | Exchange Agreement | Among Stonefield Logistics Group Inc. and exchanging mezzanine holders (Graystone Mezzanine Capital Fund II LP, Ashland Structured Credit LLC, Dunmore Special Situations Fund LP, and others holding $134.5M of $140.0M, 96.1%). Exchange of 11.50% Senior Secured Second Lien Notes (CUSIP 861537 AA 2) due 6/15/2025 for Series A Preferred Equity ($35.0M liq. pref.) and 47.5% pro forma common equity. Accrued PIK interest of $8.1M waived. Governed by New York law. | Calderwood & Harkness LLP / Thornbury McCaffrey LLP | December 8, 2023 | Delivered | Original | D-1
D-2 | Equitization | Supplemental Indenture (Exit Consent Amendments) | First Supplemental Indenture to Mezzanine Indenture dated 12/15/2017. Stonefield Logistics Group Inc. as Issuer; Continental Fiduciary Trust Company as Trustee. Exit consents obtained from holders of >66⅔% in principal amount. Strips substantially all restrictive covenants, events of default, and reporting obligations from remaining Mezzanine Notes. Non-consenting holders: $5.5M. | Calderwood & Harkness LLP | December 8, 2023 | Delivered | Original | D-2
D-3 | Equitization | Consent Solicitation Statement | Distributed to holders of 11.50% Senior Secured Second Lien Notes due 6/15/2025. Continental Fiduciary Trust Company as Trustee. Early consent deadline: 10/20/2023. Final consent deadline: 11/3/2023. | Calderwood & Harkness LLP | October 6, 2023 | Delivered | Copy | D-3
D-4 | Equitization | Form of Letter of Transmittal | For mezzanine note holders tendering notes. Delivery to Continental Fiduciary Trust Company as exchange agent. | Calderwood & Harkness LLP | October 6, 2023 | Delivered | Copy | D-4
D-5 | Equitization | Notice of Cancellation of Mezzanine Notes | Notice from Continental Fiduciary Trust Company confirming cancellation of exchanged Mezzanine Notes ($134.5M principal). | Continental Fiduciary Trust Company | December 8, 2023 | Delivered | Original | D-5
CATEGORY E: EQUITY DOCUMENTS
E-1 | Equity | Amended and Restated Certificate of Incorporation of Stonefield Logistics Group Inc. | Filed with the Delaware Secretary of State. Authorizes new capital structure: Common Stock (47.5% Ridgeline Capital Partners Fund III, L.P.; 47.5% mezzanine equitization recipients; 5.0% Management Incentive Plan) and Series A Preferred Stock. | Calderwood & Harkness LLP | December 12, 2023 | Delivered | Certified Copy | E-1 | DE File No. 6341872
E-2 | Equity | Certificate of Designations — Series A Preferred Stock | Filed with the Delaware Secretary of State. $35.0M aggregate liquidation preference. 10.00% PIK dividend rate. Senior to common stock. Issued to mezzanine equitization recipients. Includes conversion, redemption, and voting provisions. | Calderwood & Harkness LLP | December 12, 2023 | Delivered | Certified Copy | E-2
E-3 | Equity | Amended and Restated Stockholders' Agreement | Among Stonefield Logistics Group Inc., Ridgeline Capital Partners Fund III, L.P., and mezzanine equitization recipients. Board: 3 Ridgeline designees (incl. Julian Voight, Serena Chu), 3 mezzanine holder designees, 1 independent director. Transfer restrictions, tag-along/drag-along, preemptive rights, information rights. Governed by Delaware law (governance) / New York law (commercial disputes). | Calderwood & Harkness LLP / Thornbury McCaffrey LLP | December 12, 2023 | Delivered | Original | E-3
E-4 | Equity | Registration Rights Agreement | Among Stonefield Logistics Group Inc. and holders of common and preferred equity (Ridgeline and mezzanine equitization recipients). Demand and piggyback registration rights. Governed by New York law. | Calderwood & Harkness LLP | December 12, 2023 | Delivered | Original | E-4
E-5 | Equity | Evidence of Ridgeline Equity Contribution | Wire confirmation for $12.5M cash equity contribution from Ridgeline Capital Partners Fund III, L.P. to Stonefield Logistics Group Inc. | Ridgeline Capital Partners Fund III, L.P. | December 15, 2023 | Delivered | Copy | E-5
CATEGORY F: RESTRUCTURING SUPPORT AGREEMENT
F-1 | RSA | Restructuring Support Agreement (RSA) — Execution Version | Among Stonefield, Ridgeline, consenting TLB lenders ($228.5M / 80.2%), all revolver lenders (unanimous), and ad hoc mezzanine group (Graystone, Ashland, Dunmore — $122.0M). Long-stop date: 12/31/2023. Governed by New York law. | Calderwood & Harkness LLP | June 30, 2023 | Delivered | Conformed Copy | F-1
F-2 | RSA | RSA Joinder Agreements (executed) | Additional mezzanine holders joining during joinder period (7/3/2023–7/21/2023). Additional $12.5M joined; total consenting mezzanine = $134.5M (96.1% of $140.0M). | Calderwood & Harkness LLP / Thornbury McCaffrey LLP | July 3–21, 2023 | Delivered | Conformed Copies | F-2
CATEGORY G: CORPORATE DELIVERABLES
G-1 | Corporate | Board Resolutions — Approval of Restructuring Transactions (June 29, 2023) | Resolutions approving RSA, proposed restructuring transactions, engagement of advisors, and authorization of officers (Marcus Delano, CEO; Priya Sundaram, CFO; Howard Kessler, GC) to negotiate and execute definitive documents. | Howard Kessler (GC / Secretary) | June 29, 2023 | Delivered | Certified Copy | G-1
G-2 | Corporate | Board Resolutions — Authorization of Closing and Execution of Definitive Documents (December 11, 2023) | Resolutions authorizing closing, execution of all definitive documents, filing of Amended Certificate of Incorporation and Certificate of Designations with Delaware Secretary of State, and directing officers to consummate transactions. | Howard Kessler (GC / Secretary) | December 11, 2023 | Delivered | Certified Copy | G-2
G-3 | Corporate | Secretary's Certificate | Executed by Howard Kessler as General Counsel and Secretary of Stonefield Logistics Group Inc. Certifies incumbency of officers, attaches certified copies of Amended and Restated Certificate of Incorporation, bylaws, and board resolutions. Delivered as closing condition under Super-Priority Credit Agreement and Amended Credit Agreement. | Howard Kessler (GC / Secretary) | December 19, 2023 | Delivered | Original | G-3
G-4 | Corporate | Officer's Certificate — Representations and Closing Conditions | Executed by Priya Sundaram as CFO. Certifies representations and warranties true and correct in all material respects, no default or event of default, all closing conditions satisfied or waived. | Priya Sundaram (CFO) | December 19, 2023 | Delivered | Original | G-4
G-5 | Corporate | Good Standing Certificate — Stonefield Logistics Group Inc. (Delaware) | Certificate of good standing from the Delaware Secretary of State. | Howard Kessler (GC) | December 2023 | Delivered | Original | G-5
G-6 | Corporate | Good Standing Certificate — Stonefield Logistics Holdings LLC (Delaware) | Certificate of good standing from the Delaware Secretary of State. | Howard Kessler (GC) | December 2023 | Delivered | Original | G-6
G-7 | Corporate | Good Standing Certificate — Stonefield Freight Services LLC (Texas) | Certificate of good standing from the Texas Secretary of State. | Howard Kessler (GC) | December 2023 | Delivered | Original | G-7
G-8 | Corporate | Good Standing Certificate — Stonefield Last Mile Inc. (Delaware) | Certificate of good standing from the Delaware Secretary of State. | Howard Kessler (GC) | December 2023 | Delivered | Original | G-8
G-9 | Corporate | Good Standing Certificate — Stonefield Warehousing LLC (Texas) | Certificate of good standing from the Texas Secretary of State. | Howard Kessler (GC) | December 2023 | Delivered | Original | G-9
G-10 | Corporate | Solvency Certificate | Executed by Priya Sundaram (CFO) certifying solvency of Stonefield and subsidiaries on a consolidated basis after giving effect to the restructuring transactions. | Priya Sundaram (CFO) | December 19, 2023 | Delivered | Original | G-10
CATEGORY H: LEGAL OPINIONS
H-1 | Legal Opinions | Legal Opinion Letter — Calderwood & Harkness LLP | Addressed to Pinnacle National Bank, N.A. (Administrative Agent, Amended Credit Agreement) and Belvedere Credit Opportunities Fund LP (Administrative Agent, Super-Priority Credit Agreement). Signed by Nathaniel Bower. Opines on due organization, corporate authority, enforceability, no conflicts, no required governmental approvals. Governed by New York law. | Calderwood & Harkness LLP (Nathaniel Bower) | December 19, 2023 | Delivered | Original | H-1
CATEGORY I: FUNDS FLOW AND FINANCIAL DELIVERABLES
I-1 | Funds Flow | Funds Flow Memorandum | Details flow of funds on closing day (12/19/2023): $45.0M super-priority funding from Belvedere (less $1.1M OID = $43.9M net); $12.5M Ridgeline equity contribution; payment of TLB consent fees ($1,425,000); revolver consent fees ($87,500); transaction costs (C&H $2,850,000; WHC $1,400,000; TM $1,100,000; Hargrove $3,200,000; Meridian $900,000; D&O tail premium $475,000; filing/admin/trustee fees $225,000). Residual to Company operating account at Pinnacle National Bank. Prepared by Gabrielle Moss; approved by Priya Sundaram. | Calderwood & Harkness LLP (Gabrielle Moss) / Priya Sundaram (CFO) | December 18, 2023 | Delivered | Original | I-1 | Total transaction costs ~$12,762,500
I-2 | Funds Flow | Wire Transfer Confirmations | Confirmation of all wire transfers executed on 12/19/2023 per the Funds Flow Memorandum. | Pinnacle National Bank, N.A. / Belvedere Credit Opportunities Fund LP | December 19, 2023 | Delivered | Copy | I-2
I-3 | Funds Flow | Payoff Letter — Revolving Credit Facility (Partial) | Payoff letter from Pinnacle National Bank, N.A. confirming reduction of revolver commitments from $50.0M to $35.0M and outstanding balance adjustments. | Pinnacle National Bank, N.A. (Daniel Wexford) | December 19, 2023 | Delivered | Original | I-3
CATEGORY J: INSURANCE
J-1 | Insurance | D&O Tail Policy — Confirmation / Binder | Northgate Specialty Insurance Company. Policy No. NSI-DOL-2023-07721. $15.0M D&O coverage, Side A DIC and ABC structure. 6-year tail from closing. Premium: $475,000. | Howard Kessler (GC) / Northgate Specialty Insurance Company | December 19, 2023 | Delivered | Copy | J-1
J-2 | Insurance | Evidence of Property and Casualty Insurance | Certificates of insurance evidencing compliance with insurance covenants under Amended Credit Agreement and Super-Priority Credit Agreement. | Howard Kessler (GC) | December 19, 2023 | Delivered | Copy | J-2
CATEGORY K: MISCELLANEOUS
K-1 | Miscellaneous | Closing Letter to Client | Letter from Nathaniel Bower (Calderwood & Harkness LLP) to Marcus Delano (CEO) and Howard Kessler (GC), confirming successful closing, summarizing completed transactions, enclosing closing binder, noting post-closing matters (DE Certificate filing, notice to non-consenting mezzanine holders ($5.5M), UCC filings). | Calderwood & Harkness LLP (Nathaniel Bower) | December 19, 2023 | Delivered | Original | K-1
K-2 | Miscellaneous | Notice to Non-Consenting Mezzanine Holders | Notice to holders of $5.5M in mezzanine notes who did not consent, advising of exit consent amendments and stripped covenants under the Supplemental Indenture. | Calderwood & Harkness LLP / Continental Fiduciary Trust Company | December 19, 2023 | Delivered | Copy | K-2 | Post-closing deliverable
K-3 | Miscellaneous | Tax Analysis Memorandum — COD Income and Debt-for-Equity Exchange | Prepared by Sylvia Hartwell (Tax Partner, Calderwood & Harkness LLP). Analyzes IRC Sections 61(a)(12), 108, stock-for-debt exception, and insolvency exclusion for $140.0M mezzanine equitization and $8.1M PIK waiver. | Calderwood & Harkness LLP (Sylvia Hartwell) | September 15, 2023 | Delivered | Copy | K-3 | Reference document
K-4 | Miscellaneous | Tax Analysis Memorandum — Section 382 Ownership Change Analysis | Prepared by Sylvia Hartwell. Analyzes whether equitization and issuance of 47.5% common to mezzanine holders (Ridgeline diluted from 100% to 47.5%) constitutes ownership change under IRC Section 382. | Calderwood & Harkness LLP (Sylvia Hartwell) | September 15, 2023 | Delivered | Copy | K-4 | Reference document
K-5 | Miscellaneous | Lien Search Results (UCC, Tax, Judgment) | Pre-closing lien search results for Stonefield Logistics Group Inc. and each Guarantor in Delaware and Texas. | Calderwood & Harkness LLP | December 2023 | Delivered | Copy | K-5
[sheet: Party Directory]
Party Name | Role | Key Contact | Title | Address | Entity Type | Jurisdiction
Stonefield Logistics Group Inc. | Borrower / Issuer / Client | Marcus Delano / Priya Sundaram / Howard Kessler | CEO / CFO / General Counsel | 4200 Commerce Street, Suite 1500, Dallas, TX 75201 | Corporation | Delaware
Stonefield Logistics Holdings LLC | Guarantor (direct parent) | 4200 Commerce Street, Suite 1500, Dallas, TX 75201 | LLC | Delaware
Stonefield Freight Services LLC | Guarantor (operating sub) | 4200 Commerce Street, Suite 1500, Dallas, TX 75201 | LLC | Texas
Stonefield Last Mile Inc. | Guarantor (operating sub) | 4200 Commerce Street, Suite 1500, Dallas, TX 75201 | Corporation | Delaware
Stonefield Warehousing LLC | Guarantor (operating sub) | 4200 Commerce Street, Suite 1500, Dallas, TX 75201 | LLC | Texas
Ridgeline Capital Partners Fund III, L.P. | PE Sponsor; Equity Contributor ($12.5M) | Julian Voight / Serena Chu | Managing Director / Principal | 300 Park Avenue, 28th Floor, New York, NY 10022 | Limited Partnership | Delaware
Ridgeline Capital Management III LLC | General Partner of RCP III | Julian Voight | Managing Director | 300 Park Avenue, 28th Floor, New York, NY 10022 | LLC | Delaware
Pinnacle National Bank, N.A. | Admin Agent & Collateral Agent (First Lien); Revolver Lender ($20.0M); TLB Lender ($45.0M) | Daniel Wexford | Managing Director, Loan Restructuring | 200 Liberty Street, New York, NY 10281 | National banking association | United States (OCC)
Belvedere Credit Opportunities Fund LP | Super-Priority Admin Agent, Collateral Agent & Initial Lender ($55.0M); TLB Lender ($32.0M) | Christopher Hartigan | Managing Partner | 450 Lexington Avenue, 30th Floor, New York, NY 10017 | Limited Partnership | Delaware
Tralvendo CLO 2018-I, Ltd. | TLB Lender ($38.5M) | Exempted company | Cayman Islands
Tralvendo Asset Management LLC | CLO Manager (Tralvendo CLO) | LLC | Delaware
Kelvantis Capital Partners LLC | TLB Lender ($28.0M) | LLC | Delaware
Kingsway Institutional Investors LLC | TLB Lender ($24.5M) | LLC | Delaware
Great Basin Commercial Bank | Revolver Lender ($15.0M) | State-chartered bank | Nevada
Tidewater Lending Corporation | Revolver Lender ($15.0M) | Corporation | Virginia
Graystone Mezzanine Capital Fund II LP | Mezzanine Holder ($52.0M); Ad Hoc Group Member; Equitization Recipient | Limited Partnership | Delaware
Ashland Structured Credit LLC | Mezzanine Holder ($40.0M); Ad Hoc Group Member; Equitization Recipient | LLC | Delaware
Dunmore Special Situations Fund LP | Mezzanine Holder ($30.0M); Ad Hoc Group Member; Equitization Recipient | Limited Partnership | Delaware
Continental Fiduciary Trust Company | Mezzanine Indenture Trustee & Second Lien Collateral Agent; Exchange Agent | 100 Wall Street, 15th Floor, New York, NY 10005 | Trust company | New York
Calderwood & Harkness LLP | Debtor's Restructuring Counsel | Nathaniel Bower (Responsible Partner) / Colette Whitman (Billing Partner) / Nathan Ikeda (Lead Associate) / Gabrielle Moss (Working Associate) / Sylvia Hartwell (Tax) | 599 Lexington Avenue, New York, NY 10022 | LLP | New York
Westlake Harden & Cole LLP | First Lien Lenders' Counsel | Ramona Quelibo (Lead Partner) / Gregory Noll (Associate) | 787 Seventh Avenue, 34th Floor, New York, NY 10019 | LLP | New York
Thornbury McCaffrey LLP | Mezzanine Ad Hoc Group Counsel; Super-Priority Lender's Counsel (ethical wall) | Alan Driscoll (Lead Partner) / Monica Firth (Associate) | 375 Park Avenue, 25th Floor, New York, NY 10152 | LLP | New York
Hargrove Advisory Group LLC | Financial Advisor to Stonefield (Debtor) | Elena Voss | Managing Director | 1345 Avenue of the Americas, 38th Floor, New York, NY 10105 | LLC | Delaware
Meridian Veltrian Partners LLC | Financial Advisor to Mezzanine Ad Hoc Group | 660 Fifth Avenue, 18th Floor, New York, NY 10103 | LLC | Delaware
Whitfield & Pryce LLP | Independent Auditor | Todd Ashburn | Engagement Partner (CPA) | 2100 Ross Avenue, Suite 2800, Dallas, TX 75201 | LLP | Texas
Northgate Specialty Insurance Company | D&O Insurance Carrier | Insurance company | Connecticut
Capitol Registered Agents, Inc. | Delaware Registered Agent (Stonefield) | 1209 Orange Street, Wilmington, DE 19801 | Corporation | Delaware
[sheet: Key Dates]
Date | Event | Related Document / Deliverable | Binder Tab Reference
December 15, 2017 | Original LBO closing; execution of First Lien Credit Agreement (Pinnacle National Bank, N.A. as Admin Agent) and Mezzanine Indenture (Continental Fiduciary Trust Company as Trustee) | Original Credit Agreement; Original Indenture
February 2023 | Ad hoc mezzanine group forms informally (Graystone, Ashland, Dunmore)
March 10, 2023 | Cooperation agreement among mezzanine ad hoc group members signed
March 15, 2023 | Hargrove Advisory Group LLC retained by Stonefield Board
April 3, 2023 | Calderwood & Harkness LLP engagement opens; engagement letter signed (Matter No. 1012-00002)
April 14, 2023 | First meeting with first lien lender group and Pinnacle
April 28, 2023 | First meeting with mezzanine ad hoc group and Meridian Veltrian Partners LLC
May 19, 2023 | Initial restructuring term sheet circulated
June 9, 2023 | Revised restructuring term sheet circulated
June 29, 2023 | Board resolutions approving RSA and restructuring transactions | Board Resolutions (RSA Approval) | G-1
June 30, 2023 | Restructuring Support Agreement executed (long-stop date: 12/31/2023) | RSA — Execution Version | F-1
July 3, 2023 | RSA joinder period opens for additional mezzanine holders
July 21, 2023 | RSA joinder period closes; additional $12.5M mezzanine joined (total $134.5M / 96.1%) | RSA Joinder Agreements | F-2
August 1, 2023 | Drafts of definitive documents circulated
September 15, 2023 | Tax analysis memoranda finalized (COD income / Section 382) | Tax Memoranda | K-3, K-4
October 6, 2023 | Consent solicitation launched for mezzanine holders | Consent Solicitation Statement; Letter of Transmittal | D-3, D-4
October 20, 2023 | Early consent deadline (mezzanine)
November 3, 2023 | Final consent deadline; exit consents obtained from >66⅔%
November 10, 2023 | Amended and Restated Intercreditor Agreement executed | Intercreditor Agreement | C-1
November 17, 2023 | Super-Priority Credit Agreement, Guaranty, and Pledge/Security Agreement executed | Super-Priority docs | B-1, B-2, B-3
December 1, 2023 | Amended and Restated First Lien Credit Agreement and Amendment No. 1 Cover Agreement executed | First Lien Credit docs | A-1, A-2
December 8, 2023 | Exchange Agreement and Supplemental Indenture (exit consents) executed; mezzanine notes cancelled | Equitization docs | D-1, D-2, D-5
December 11, 2023 | Board resolutions authorizing closing and execution of definitive documents | Board Resolutions (Closing) | G-2
December 12, 2023 | Equity documents executed: Amended Certificate of Incorporation, Certificate of Designations, Stockholders' Agreement, Registration Rights Agreement | Equity docs | E-1, E-2, E-3, E-4
December 15, 2023 | Ridgeline equity contribution of $12.5M funded | Wire confirmation | E-5
December 18, 2023 | Funds Flow Memorandum finalized | Funds Flow Memo | I-1
December 19, 2023 | Closing: all conditions satisfied; super-priority loan funded ($45.0M gross / $43.9M net of OID); revolver reduced and amended; all deliverables delivered; matter closed | All closing deliverables | All tabs
[sheet: Summary Statistics]
Metric | Pre-Restructuring | Post-Restructuring | Notes
Total Funded Debt | $475.1M | $375.0M | Reduction of $100.1M from equitization of mezzanine
Revolver Commitment | $50.0M ($42.0M drawn) | $35.0M (reduced) | SOFR + 375 bps → SOFR + 450 bps; maturity 12/15/2024 → 12/19/2027
First Lien Term Loan B | $285.0M | $285.0M (amended & extended) | SOFR + 425 bps → SOFR + 500 bps (100 bps floor); maturity 12/15/2024 → 12/19/2028
Mezzanine Notes | $140.0M + $8.1M PIK | $0 (equitized) | Exchanged for Series A Preferred ($35.0M liq. pref.) + 47.5% common equity; $8.1M PIK waived
Super-Priority Term Loan | N/A | $55.0M ($45.0M funded + $10.0M DDTL) | SOFR + 700 bps (100 bps floor); 2.00% OID; maturity 12/19/2027
LTM Adjusted EBITDA (Leverage Basis) | $41.2M (LTM Q1 2023) | $52.0M (FY 2024E projected)
Total Leverage | 11.5x | 7.2x | $475.1M ÷ $41.2M → $375.0M ÷ $52.0M
First Lien Leverage | 7.9x | 7.2x (all debt now first lien or super-priority) | $327.0M ÷ $41.2M → $375.0M ÷ $52.0M
Liquidity (3/31/2023 vs. post-close) | $15.8M ($11.3M cash + $4.5M avail.) | Enhanced by new money and equity contribution
Ridgeline Common Equity Ownership | 100% | 47.5% | Diluted by mezzanine equitization
Mezzanine Holders Common Equity | 0% | 47.5% | Received in exchange for mezzanine notes
Management MIP | N/A | 5.0% | New management incentive plan
Total Transaction Costs | ~$12,762,500 | All advisory, legal, consent fees, OID, insurance, admin
TLB Consent Fee | $1,425,000 | $285.0M × 0.50%
Revolver Consent Fee | $87,500 | $35.0M × 0.25%
Super-Priority OID | $1,100,000 | $55.0M × 2.00%
Ridgeline Equity Contribution | $12,500,000 | New cash equity
TLB Lender Consent | $228.5M / $285.0M = 80.2% | Required: >50%
Revolver Lender Consent | Unanimous (all 3 lenders) | Pinnacle, Great Basin, Tidewater
Mezzanine Holder Consent | $134.5M / $140.0M = 96.1% | Required: >66⅔%
Non-Consenting Mezzanine | $5.5M | Treatment via exit consent amendments