[sheet: Cover Summary]

Field	Value
Document Title	Expert Budget Tracking Memorandum
Matter No.	1012-00005
Matter Name	Vantor Holdings Corp. v. Stonefield Logistics Group Inc.
Case No.	22-cv-07841 (S.D.N.Y.)
Client	Stonefield Logistics Group Inc.
Prepared By	Linda Osei, Billing Partner, Litigation (General)
Date	September 8, 2023
To	Samuel Eklund, Responsible Partner
CC	James Gallagher, Senior Associate; Renée Laroche, Associate
Re	Summary of Expert Costs to Date and Projected Spend — Kensington Analytics Group LLC
Classification	Privileged & Confidential — Attorney Work Product
Expert Firm	Kensington Analytics Group LLC
Expert Firm Address	1700 Market Street, Suite 2800, Philadelphia, PA 19103
Lead Expert	Dr. Evelyn Rosser, Managing Director
Supporting Analyst	Michael Chung, Senior Analyst
Retention Date	October 28, 2022

[sheet: Billing Rates]

Professional	Title / Role	Hourly Rate
Dr. Evelyn Rosser	Managing Director, Lead Expert	625
Michael Chung	Senior Analyst	375

[sheet: Invoices to Date]

Invoice No.	Invoice Date	Period Covered	Professional	Hours	Rate	Fees	Expenses / Disbursements	Invoice Total	Payment Status	Payment Date	Description of Work
KAG-2022-1101	2022-11-30	Oct 28 – Nov 30, 2022	Dr. Evelyn Rosser	18.5	625	11562.5	0	11562.5	Paid	2022-12-28	Initial case review; review of TSA (SLG-VTS-2019-0315), Complaint, and Cure Notice; preliminary damages framework analysis
KAG-2022-1101	2022-11-30	Oct 28 – Nov 30, 2022	Michael Chung	12	375	4500	0	4500	Paid	2022-12-28	Data compilation; review of TSA rate schedules and ACV provisions
KAG-2022-1231	2023-01-15	Dec 1 – Dec 31, 2022	Dr. Evelyn Rosser	14	625	8750	0	8750	Paid	2023-02-12	Review of expert scope memorandum from C&H (Nov. 14, 2022); research on liquidated damages enforceability economics; freight market analysis
KAG-2022-1231	2023-01-15	Dec 1 – Dec 31, 2022	Michael Chung	10	375	3750	0	3750	Paid	2023-02-12	Freight rate index data collection; CPI-U and diesel fuel index compilation
KAG-2023-0131	2023-02-15	Jan 1 – Jan 31, 2023	Dr. Evelyn Rosser	8.5	625	5312.5	0	5312.5	Paid	2023-03-14	Preliminary damages model development; analysis of ACV, force majeure adjustments, and volume tender data
KAG-2023-0131	2023-02-15	Jan 1 – Jan 31, 2023	Michael Chung	6	375	2250	0	2250	Paid	2023-03-14	Model build-out; data entry and validation
KAG-2023-0228	2023-03-15	Feb 1 – Feb 28, 2023	Dr. Evelyn Rosser	6	625	3750	0	3750	Paid	2023-04-12	Continued model refinement; review of Stonefield FY2021 and FY2022 revenue data and Vantor financials
KAG-2023-0228	2023-03-15	Feb 1 – Feb 28, 2023	Michael Chung	4.5	375	1687.5	0	1687.5	Paid	2023-04-12	Mitigation analysis research; freight spot market rate compilation Q1-Q2 2022
KAG-2023-0331	2023-04-14	Mar 1 – Mar 31, 2023	Dr. Evelyn Rosser	5	625	3125	0	3125	Paid	2023-05-12	Review of Stonefield document production; analysis of VTS Q4 2021 performance data
KAG-2023-0331	2023-04-14	Mar 1 – Mar 31, 2023	Michael Chung	3.5	375	1312.5	0	1312.5	Paid	2023-05-12	Tabulation of SLO metrics vs. contractual thresholds
KAG-2023-0430	2023-05-15	Apr 1 – Apr 30, 2023	Dr. Evelyn Rosser	10	625	6250	0	6250	Paid	2023-06-13	Review of Vantor document production (28,914 docs); analysis of VTS fleet redeployment indicators; review of Milescu Nov. 12, 2021 email (VHC-008417)
KAG-2023-0430	2023-05-15	Apr 1 – Apr 30, 2023	Michael Chung	8	375	3000	0	3000	Paid	2023-06-13	VTS financial data extraction and margin analysis
KAG-2023-0531	2023-06-15	May 1 – May 31, 2023	Dr. Evelyn Rosser	22	625	13750	0	13750	Paid	2023-07-14	Detailed review of Trask Greystone expert report (served May 15, 2023); identification of methodological weaknesses; commenced rebuttal report drafting
KAG-2023-0531	2023-06-15	May 1 – May 31, 2023	Michael Chung	16	375	6000	0	6000	Paid	2023-07-14	Replication and testing of Trask damages calculations; margin assumption analysis; operating profit sensitivity modeling
KAG-2023-0630	2023-07-14	Jun 1 – Jun 30, 2023	Dr. Evelyn Rosser	28	625	17500	450	17950	Paid	2023-08-11	Continued rebuttal report drafting; analysis of Vantor supplemental production (fleet redeployment to Northwind Distribution Co.); mitigation failure analysis; conference calls with C&H team
KAG-2023-0630	2023-07-14	Jun 1 – Jun 30, 2023	Michael Chung	20	375	7500	0	7500	Paid	2023-08-11	Data modeling for alternative lost-profits scenarios; volume shortfall offset calculations (CY2 actual $31.8M vs. adjusted ACV $21.6M; CY3 partial tenders $36.5M)
KAG-2023-0731	2023-08-14	Jul 1 – Jul 31, 2023	Dr. Evelyn Rosser	32	625	20000	380	20380	Paid	2023-09-06	Finalization of draft rebuttal report (submitted Aug. 10, 2023); incorporation of deposition testimony (Pruitt, Kirkwood, Hess, Milescu); response to C&H comments (Aug. 15, 2023); three tables clarified
KAG-2023-0731	2023-08-14	Jul 1 – Jul 31, 2023	Michael Chung	24	375	9000	0	9000	Paid	2023-09-06	Final model runs; exhibit preparation; table revisions per C&H comments; analysis of VTS failure to seek replacement freight
KAG-2023-0831	2023-09-05	Aug 1 – Aug 31, 2023	Dr. Evelyn Rosser	18	625	11250	220	11470	Paid	2023-09-30	Finalization and service of 48-page rebuttal expert report (Aug. 25, 2023); conclusions: $0 if termination valid for Cause; $8.2M maximum under alternative lost-profits theory; liquidated damages grossly disproportionate
KAG-2023-0831	2023-09-05	Aug 1 – Aug 31, 2023	Michael Chung	14	375	5250	0	5250	Paid	2023-09-30	Final exhibit formatting; report appendix data tables; quality assurance review

[sheet: Cost Summary]

Category	Dr. Evelyn Rosser — Hours	Dr. Evelyn Rosser — Fees	Michael Chung — Hours	Michael Chung — Fees	Expenses	Total
Total Invoiced Through August 31, 2023	162	101250	118	44250	1050	214300
Blended Effective Rate	$625/hr	$375/hr	$765.36 blended (280 total hours)
Original Budget Estimate (per Oct. 28, 2022 Retention Letter)	$180,000 – $250,000
Variance: Actual vs. Low Estimate	$34,300 over low end
Variance: Actual vs. High Estimate	$35,700 under high end
Percentage of High-End Budget Consumed	85.7%

[sheet: Projected Costs]

Projected Activity	Professional	Estimated Hours	Rate	Estimated Fees	Estimated Expenses	Notes
Deposition Preparation — Dr. Rosser	Dr. Evelyn Rosser	16	625	10000	0	Preparation sessions with C&H; document review; refinement of opinions in anticipation of deposition by CRS (or successor counsel)
Deposition Preparation — Support	Michael Chung	8	375	3000	0	Preparation of deposition exhibits and supporting data packages
Deposition Testimony — Dr. Rosser	Dr. Evelyn Rosser	8	625	5000	500	Estimated one full day of deposition testimony; travel expenses (Philadelphia to New York)
Potential Supplemental Analysis (if case resumes on merits)	Dr. Evelyn Rosser	8	625	5000	0	Contingency: additional analysis if new discovery or Daubert challenge requires supplementation
Potential Supplemental Analysis (if case resumes on merits)	Michael Chung	6	375	2250	0	Contingency: model updates and additional data runs
Trial Preparation (contingency — not currently budgeted in detail)	Dr. Evelyn Rosser	625	Not estimated at this stage; would require separate budget if case proceeds to trial
SUBTOTAL — Projected If Expert Depositions Proceed	46	25250	500	Total projected additional spend: $25,750
TOTAL PROJECTED SPEND (Actual to Date + Projected)	$240,050 – $260,000

[sheet: Context — Overall Matter Budget]

Budget Category	Estimated / Actual	Amount	Notes
C&H Legal Fees Incurred (through Oct. 2023 est.)	Actual (approx.)	3800000	Approximate total attorney and paralegal fees; billing rates: Eklund $1,275/hr, Osei $1,175/hr, Gallagher $825/hr (less 10% Ridgeline portfolio discount = $742.50), Laroche $650/hr (less 10% = $585), Tsao $375/hr, Nystrom $425/hr (less 10% = $382.50)
C&H Costs/Disbursements (through Oct. 2023 est.)	Actual (approx.)	620000	Includes expert fees ($214,300 KAG), eDiscovery hosting (Pinnacle Forensics LLC, Project ID PF-SLG-2022-0914), deposition costs, court fees, travel
Total C&H Spend to Date	Actual (approx.)	4420000	$3.8M fees + $0.62M costs
KAG Expert Costs as % of Total C&H Spend	Calculated	4.8% ($214,300 / $4,420,000)
KAG Expert Costs as % of Total Costs/Disbursements	Calculated	34.6% ($214,300 / $620,000)
Preliminary Budget Range (per Sept. 12, 2022 Budget Memo)	Estimate	Fees: $3.5M–$5.2M; Costs: $400K–$750K; Total: $3.9M–$5.95M
Updated Total Estimated Spend Through Disposition (per Sept. 20, 2023 Risk Assessment)	Estimate	$5.5M–$7.2M (if case proceeds to summary judgment/trial)
Plaintiff's Expert (Trask Greystone & Associates)	Reference	Dr. Philip Trask — damages report served May 15, 2023; claims $95.4M total damages; Stonefield rebuttal via Dr. Rosser: $0 (if Cause valid) to $8.2M maximum (alternative lost-profits theory)

[sheet: Cover Summary]
Field | Value
Document Title | Expert Budget Tracking Memorandum
Matter No. | 1012-00005
Matter Name | Vantor Holdings Corp. v. Stonefield Logistics Group Inc.
Case No. | 22-cv-07841 (S.D.N.Y.)
Client | Stonefield Logistics Group Inc.
Prepared By | Linda Osei, Billing Partner, Litigation (General)
Date | September 8, 2023
To | Samuel Eklund, Responsible Partner
CC | James Gallagher, Senior Associate; Renée Laroche, Associate
Re | Summary of Expert Costs to Date and Projected Spend — Kensington Analytics Group LLC
Classification | Privileged & Confidential — Attorney Work Product
Expert Firm | Kensington Analytics Group LLC
Expert Firm Address | 1700 Market Street, Suite 2800, Philadelphia, PA 19103
Lead Expert | Dr. Evelyn Rosser, Managing Director
Supporting Analyst | Michael Chung, Senior Analyst
Retention Date | October 28, 2022
[sheet: Billing Rates]
Professional | Title / Role | Hourly Rate
Dr. Evelyn Rosser | Managing Director, Lead Expert | 625
Michael Chung | Senior Analyst | 375
[sheet: Invoices to Date]
Invoice No. | Invoice Date | Period Covered | Professional | Hours | Rate | Fees | Expenses / Disbursements | Invoice Total | Payment Status | Payment Date | Description of Work
KAG-2022-1101 | 2022-11-30 | Oct 28 – Nov 30, 2022 | Dr. Evelyn Rosser | 18.5 | 625 | 11562.5 | 0 | 11562.5 | Paid | 2022-12-28 | Initial case review; review of TSA (SLG-VTS-2019-0315), Complaint, and Cure Notice; preliminary damages framework analysis
KAG-2022-1101 | 2022-11-30 | Oct 28 – Nov 30, 2022 | Michael Chung | 12 | 375 | 4500 | 0 | 4500 | Paid | 2022-12-28 | Data compilation; review of TSA rate schedules and ACV provisions
KAG-2022-1231 | 2023-01-15 | Dec 1 – Dec 31, 2022 | Dr. Evelyn Rosser | 14 | 625 | 8750 | 0 | 8750 | Paid | 2023-02-12 | Review of expert scope memorandum from C&H (Nov. 14, 2022); research on liquidated damages enforceability economics; freight market analysis
KAG-2022-1231 | 2023-01-15 | Dec 1 – Dec 31, 2022 | Michael Chung | 10 | 375 | 3750 | 0 | 3750 | Paid | 2023-02-12 | Freight rate index data collection; CPI-U and diesel fuel index compilation
KAG-2023-0131 | 2023-02-15 | Jan 1 – Jan 31, 2023 | Dr. Evelyn Rosser | 8.5 | 625 | 5312.5 | 0 | 5312.5 | Paid | 2023-03-14 | Preliminary damages model development; analysis of ACV, force majeure adjustments, and volume tender data
KAG-2023-0131 | 2023-02-15 | Jan 1 – Jan 31, 2023 | Michael Chung | 6 | 375 | 2250 | 0 | 2250 | Paid | 2023-03-14 | Model build-out; data entry and validation
KAG-2023-0228 | 2023-03-15 | Feb 1 – Feb 28, 2023 | Dr. Evelyn Rosser | 6 | 625 | 3750 | 0 | 3750 | Paid | 2023-04-12 | Continued model refinement; review of Stonefield FY2021 and FY2022 revenue data and Vantor financials
KAG-2023-0228 | 2023-03-15 | Feb 1 – Feb 28, 2023 | Michael Chung | 4.5 | 375 | 1687.5 | 0 | 1687.5 | Paid | 2023-04-12 | Mitigation analysis research; freight spot market rate compilation Q1-Q2 2022
KAG-2023-0331 | 2023-04-14 | Mar 1 – Mar 31, 2023 | Dr. Evelyn Rosser | 5 | 625 | 3125 | 0 | 3125 | Paid | 2023-05-12 | Review of Stonefield document production; analysis of VTS Q4 2021 performance data
KAG-2023-0331 | 2023-04-14 | Mar 1 – Mar 31, 2023 | Michael Chung | 3.5 | 375 | 1312.5 | 0 | 1312.5 | Paid | 2023-05-12 | Tabulation of SLO metrics vs. contractual thresholds
KAG-2023-0430 | 2023-05-15 | Apr 1 – Apr 30, 2023 | Dr. Evelyn Rosser | 10 | 625 | 6250 | 0 | 6250 | Paid | 2023-06-13 | Review of Vantor document production (28,914 docs); analysis of VTS fleet redeployment indicators; review of Milescu Nov. 12, 2021 email (VHC-008417)
KAG-2023-0430 | 2023-05-15 | Apr 1 – Apr 30, 2023 | Michael Chung | 8 | 375 | 3000 | 0 | 3000 | Paid | 2023-06-13 | VTS financial data extraction and margin analysis
KAG-2023-0531 | 2023-06-15 | May 1 – May 31, 2023 | Dr. Evelyn Rosser | 22 | 625 | 13750 | 0 | 13750 | Paid | 2023-07-14 | Detailed review of Trask Greystone expert report (served May 15, 2023); identification of methodological weaknesses; commenced rebuttal report drafting
KAG-2023-0531 | 2023-06-15 | May 1 – May 31, 2023 | Michael Chung | 16 | 375 | 6000 | 0 | 6000 | Paid | 2023-07-14 | Replication and testing of Trask damages calculations; margin assumption analysis; operating profit sensitivity modeling
KAG-2023-0630 | 2023-07-14 | Jun 1 – Jun 30, 2023 | Dr. Evelyn Rosser | 28 | 625 | 17500 | 450 | 17950 | Paid | 2023-08-11 | Continued rebuttal report drafting; analysis of Vantor supplemental production (fleet redeployment to Northwind Distribution Co.); mitigation failure analysis; conference calls with C&H team
KAG-2023-0630 | 2023-07-14 | Jun 1 – Jun 30, 2023 | Michael Chung | 20 | 375 | 7500 | 0 | 7500 | Paid | 2023-08-11 | Data modeling for alternative lost-profits scenarios; volume shortfall offset calculations (CY2 actual $31.8M vs. adjusted ACV $21.6M; CY3 partial tenders $36.5M)
KAG-2023-0731 | 2023-08-14 | Jul 1 – Jul 31, 2023 | Dr. Evelyn Rosser | 32 | 625 | 20000 | 380 | 20380 | Paid | 2023-09-06 | Finalization of draft rebuttal report (submitted Aug. 10, 2023); incorporation of deposition testimony (Pruitt, Kirkwood, Hess, Milescu); response to C&H comments (Aug. 15, 2023); three tables clarified
KAG-2023-0731 | 2023-08-14 | Jul 1 – Jul 31, 2023 | Michael Chung | 24 | 375 | 9000 | 0 | 9000 | Paid | 2023-09-06 | Final model runs; exhibit preparation; table revisions per C&H comments; analysis of VTS failure to seek replacement freight
KAG-2023-0831 | 2023-09-05 | Aug 1 – Aug 31, 2023 | Dr. Evelyn Rosser | 18 | 625 | 11250 | 220 | 11470 | Paid | 2023-09-30 | Finalization and service of 48-page rebuttal expert report (Aug. 25, 2023); conclusions: $0 if termination valid for Cause; $8.2M maximum under alternative lost-profits theory; liquidated damages grossly disproportionate
KAG-2023-0831 | 2023-09-05 | Aug 1 – Aug 31, 2023 | Michael Chung | 14 | 375 | 5250 | 0 | 5250 | Paid | 2023-09-30 | Final exhibit formatting; report appendix data tables; quality assurance review
[sheet: Cost Summary]
Category | Dr. Evelyn Rosser — Hours | Dr. Evelyn Rosser — Fees | Michael Chung — Hours | Michael Chung — Fees | Expenses | Total
Total Invoiced Through August 31, 2023 | 162 | 101250 | 118 | 44250 | 1050 | 214300
Blended Effective Rate | $625/hr | $375/hr | $765.36 blended (280 total hours)
Original Budget Estimate (per Oct. 28, 2022 Retention Letter) | $180,000 – $250,000
Variance: Actual vs. Low Estimate | $34,300 over low end
Variance: Actual vs. High Estimate | $35,700 under high end
Percentage of High-End Budget Consumed | 85.7%
[sheet: Projected Costs]
Projected Activity | Professional | Estimated Hours | Rate | Estimated Fees | Estimated Expenses | Notes
Deposition Preparation — Dr. Rosser | Dr. Evelyn Rosser | 16 | 625 | 10000 | 0 | Preparation sessions with C&H; document review; refinement of opinions in anticipation of deposition by CRS (or successor counsel)
Deposition Preparation — Support | Michael Chung | 8 | 375 | 3000 | 0 | Preparation of deposition exhibits and supporting data packages
Deposition Testimony — Dr. Rosser | Dr. Evelyn Rosser | 8 | 625 | 5000 | 500 | Estimated one full day of deposition testimony; travel expenses (Philadelphia to New York)
Potential Supplemental Analysis (if case resumes on merits) | Dr. Evelyn Rosser | 8 | 625 | 5000 | 0 | Contingency: additional analysis if new discovery or Daubert challenge requires supplementation
Potential Supplemental Analysis (if case resumes on merits) | Michael Chung | 6 | 375 | 2250 | 0 | Contingency: model updates and additional data runs
Trial Preparation (contingency — not currently budgeted in detail) | Dr. Evelyn Rosser | 625 | Not estimated at this stage; would require separate budget if case proceeds to trial
SUBTOTAL — Projected If Expert Depositions Proceed | 46 | 25250 | 500 | Total projected additional spend: $25,750
TOTAL PROJECTED SPEND (Actual to Date + Projected) | $240,050 – $260,000
[sheet: Context — Overall Matter Budget]
Budget Category | Estimated / Actual | Amount | Notes
C&H Legal Fees Incurred (through Oct. 2023 est.) | Actual (approx.) | 3800000 | Approximate total attorney and paralegal fees; billing rates: Eklund $1,275/hr, Osei $1,175/hr, Gallagher $825/hr (less 10% Ridgeline portfolio discount = $742.50), Laroche $650/hr (less 10% = $585), Tsao $375/hr, Nystrom $425/hr (less 10% = $382.50)
C&H Costs/Disbursements (through Oct. 2023 est.) | Actual (approx.) | 620000 | Includes expert fees ($214,300 KAG), eDiscovery hosting (Pinnacle Forensics LLC, Project ID PF-SLG-2022-0914), deposition costs, court fees, travel
Total C&H Spend to Date | Actual (approx.) | 4420000 | $3.8M fees + $0.62M costs
KAG Expert Costs as % of Total C&H Spend | Calculated | 4.8% ($214,300 / $4,420,000)
KAG Expert Costs as % of Total Costs/Disbursements | Calculated | 34.6% ($214,300 / $620,000)
Preliminary Budget Range (per Sept. 12, 2022 Budget Memo) | Estimate | Fees: $3.5M–$5.2M; Costs: $400K–$750K; Total: $3.9M–$5.95M
Updated Total Estimated Spend Through Disposition (per Sept. 20, 2023 Risk Assessment) | Estimate | $5.5M–$7.2M (if case proceeds to summary judgment/trial)
Plaintiff's Expert (Trask Greystone & Associates) | Reference | Dr. Philip Trask — damages report served May 15, 2023; claims $95.4M total damages; Stonefield rebuttal via Dr. Rosser: $0 (if Cause valid) to $8.2M maximum (alternative lost-profits theory)

[sheet: Cover Summary]

Record

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