1015-00001 · Graymont Brothers Inc · Closing

closing-checklist-master.xlsx DOCUMENT Capital Markets

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[sheet: Cover]

Field	Value
Transaction	Initial Public Offering of Common Stock of Calloway-Briggs Renewables Inc.
Proposed Aggregate Offering Size	$600,000,000 (including overallotment option)
Proposed Listing	New York Stock Exchange — Ticker: CBRI
Security	Common Stock, par value $0.01 per share
Assumed Midpoint IPO Price	$22.00 per share
C&H Matter No.	1015-00001
SEC CIK	0001948372
Issuer	Calloway-Briggs Renewables Inc.
Issuer's Counsel	Calderwood & Harkness LLP (Jennifer Kwon / Brendan Walsh)
Lead-Left Book-Runner	Hargrove Keating & Co. (Oliver Marchetti)
Underwriters' Counsel	Prescott, Danforth & Yee LLP (Margaret Yee)
Selling Stockholder	Pinnacle Vista Capital Partners III, LP
Selling Stockholder's Counsel	Whitfield Archer & Doss LLP (Philip Archer / Christine Navarro)
Independent Auditor	Ashford & Pemberton LLP (Gregory Sondheim)
Transfer Agent / Registrar	Continental Shareowner Services, Inc. (Maria Costello)
Financial Printer	Ridgeway Financial Printing Corp. (Alan Greenidge)
Tax Advisor	Kessler McBride & Associates LLP (Alan Kessler / Linda McBride)
Prepared By	Natasha Forbes, Calderwood & Harkness LLP
Last Updated	June 17, 2022
Overall Status	DORMANT — Offering postponed; all items pending

[sheet: Closing Checklist]

Item No.

I. REGISTRATION STATEMENT AND SEC MATTERS

1	Registration Statement	Registration Statement on Form S-1 (as amended) declared effective by the SEC	EDGAR Accession Nos.: DRS-1: 0001948372-22-000001; rett. No. 1: 0001948372-22-000002; rett. No. 2: 0001948372-22-000003. SEC oral clearance indicated June 14, 2022, subject to pricing amendment. Registration statement never declared effective.	Calderwood & Harkness LLP / CBR	SEC Division of Corporation Finance	Prior to pricing	Pending — offering dormant
2	Registration Statement	Pricing Amendment to S-1 (final prospectus filing under Rule 424(b))	To include final offering price, share numbers, underwriting discount, and net proceeds. Template pricing terms left blank.	Calderwood & Harkness LLP	CBR (Garrett Calloway, CEO; Marcus Yoon, CFO)	Date of pricing	Pending — offering dormant
3	Registration Statement	Rule 462(b) Registration Statement (if required)	Additional registration statement for overallotment shares if necessary	Calderwood & Harkness LLP	CBR	Date of pricing	Pending — offering dormant
4	Registration Statement	EDGAR filing of final prospectus under Rule 424(b)	Filing within required timeframe after pricing	Ridgeway Financial Printing Corp. (Alan Greenidge)	CBR / Calderwood & Harkness LLP	T+1 after pricing	Pending — offering dormant

II. UNDERWRITING AGREEMENT AND PRICING

5	Underwriting Agreement	Execution and delivery of Underwriting Agreement	Among CBR, Pinnacle Vista Capital Partners III, LP (as selling stockholder), and the several underwriters (Hargrove Keating & Co. as representative). Near-final draft completed; never executed. Includes representations, warranties, conditions, indemnification, material adverse effect definition, and lock-up provisions. Governed by New York law.	Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP	CBR (Garrett Calloway, CEO); Pinnacle Vista (via Power of Attorney); Hargrove Keating & Co. (Oliver Marchetti) as representative of underwriters	Date of pricing	Pending — offering dormant
6	Underwriting Agreement	Execution and delivery of Pricing Agreement	Specifies final offering price ($22.00/share assumed midpoint), number of base shares (23,713,636), overallotment shares (3,559,091), underwriting discount (5.50%), and net proceeds. Template prepared; left blank.	Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP	CBR; Hargrove Keating & Co. as representative	Date of pricing	Pending — offering dormant
7	Underwriting Agreement	Exercise of overallotment option (if applicable)	Option to purchase up to 3,559,091 additional shares ($78,300,000 at $22.00) within 30 days of pricing. 15% greenshoe.	Hargrove Keating & Co.	Hargrove Keating & Co. as representative	Within 30 days of pricing	Pending — offering dormant

III. LOCK-UP AGREEMENTS

IV. OFFICER'S AND SECRETARY'S CERTIFICATES

9	Officer's Certificate	Officer's Certificate (CEO and CFO)	Representations and warranties bring-down; confirmation of no material adverse effect since date of underwriting agreement; accuracy of registration statement and prospectus. Draft prepared.	Calderwood & Harkness LLP	Garrett Calloway (Chairman & CEO); Marcus Yoon (CFO)	Date of closing	Pending — offering dormant
10	Secretary's Certificate	Secretary's Certificate with attachments	Incumbency certification; certified copies of Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, board resolutions authorizing IPO, and stockholder written consent. Draft prepared.	Calderwood & Harkness LLP	Sandra Haverford (General Counsel & Corporate Secretary)	Date of closing	Pending — offering dormant

V. GOOD-STANDING CERTIFICATES

11	Good Standing	Certificate of Good Standing — CBR (Delaware)	From Delaware Secretary of State for Calloway-Briggs Renewables Inc. (EIN: 83-4027615). Registered Agent: Capitol Statutory Services, Inc., 1209 Orange Street, Wilmington, DE 19801. Form request letter drafted.	Calderwood & Harkness LLP	Delaware Secretary of State	Within 5 business days of closing	Pending — offering dormant
12	Good Standing	Certificate of Good Standing — CBR (Texas)	From Texas Secretary of State for Calloway-Briggs Renewables Inc. HQ: 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746. Form request letter drafted.	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant
13	Good Standing	Good-Standing Certificates — CBR Holdings LLC (Delaware)	Intermediate holding company, 100% owned by CBR	Calderwood & Harkness LLP	Delaware Secretary of State	Within 5 business days of closing	Pending — offering dormant
14	Good Standing	Good-Standing Certificates — Calloway-Briggs Operating Company LLC (Texas)	Operating entity, 100% owned by CBR Holdings	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant
15	Good Standing	Good-Standing Certificates — Solaris West Solar LLC (Texas)	Solaris West project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant
16	Good Standing	Good-Standing Certificates — Red Mesa Wind Energy LLC (Oklahoma)	Red Mesa project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	Oklahoma Secretary of State	Within 5 business days of closing	Pending — offering dormant
17	Good Standing	Good-Standing Certificates — Painted Rock Solar LLC (Arizona)	Painted Rock project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	Arizona Corporation Commission	Within 5 business days of closing	Pending — offering dormant
18	Good Standing	Good-Standing Certificates — Pronghorn Wind LLC (Texas)	Pronghorn project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant
19	Good Standing	Good-Standing Certificates — Brazos Energy Storage LLC (Texas)	Brazos Storage project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant
20	Good Standing	Good-Standing Certificates — Mesquite Wind Holdings LLC (Texas)	Mesquite Wind project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant
21	Good Standing	Good-Standing Certificates — Cimarron Solar Development LLC (New Mexico)	Cimarron Solar project SPV, 100% owned by CB Operating	Calderwood & Harkness LLP	New Mexico Secretary of State	Within 5 business days of closing	Pending — offering dormant
22	Good Standing	Good-Standing Certificates — CBR Development Co. LLC (Texas)	Pipeline development entity, 100% owned by CB Operating	Calderwood & Harkness LLP	Texas Secretary of State	Within 5 business days of closing	Pending — offering dormant

VI. CORPORATE GOVERNANCE DOCUMENTS

23	Charter / Bylaws	Filing of Amended and Restated Certificate of Incorporation with Delaware Secretary of State	To be effective upon IPO closing. Covers authorized shares, par value $0.01, classified board, Delaware §203 provisions, exclusive forum (Delaware Court of Chancery). Draft finalized.	Calderwood & Harkness LLP	Sandra Haverford (Corporate Secretary)	Immediately prior to closing	Pending — offering dormant
24	Charter / Bylaws	Adoption of Amended and Restated Bylaws	Effective upon IPO closing. Includes advance-notice provisions, forum-selection clause, committee structure, indemnification provisions. Draft finalized.	Calderwood & Harkness LLP	Board of Directors	Immediately prior to closing	Pending — offering dormant
25	Board Resolutions	Board Resolutions — Authorization of IPO and Related Transactions	Approving S-1 filing, engagement of underwriters, equity plans, charter/bylaws amendments	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
26	Board Resolutions	Board Resolutions — Approval of Amended and Restated Certificate of Incorporation	Recommending stockholder adoption	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
27	Board Resolutions	Board Resolutions — Approval of Amended and Restated Bylaws	Adopting new bylaws effective upon IPO closing	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
28	Board Resolutions	Board Resolutions — Approval of 2022 Omnibus Equity Incentive Plan	Reserving 12,727,273 shares (10% of 127,272,727 post-IPO outstanding, fully-exercised basis). Plan provides for stock options, RSUs, PSUs, evergreen provision.	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
29	Board Resolutions	Board Resolutions — Approval of 2022 Employee Stock Purchase Plan	Reserving 2,545,455 shares (2% of 127,272,727 post-IPO outstanding). 15% discount; six-month offering periods; Section 423 qualified.	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
30	Board Resolutions	Board Resolutions — Audit Committee and Financial Expert Designation	Warren Okoro designated as audit committee financial expert	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
31	Board Resolutions	Board Resolutions — Compensation Committee Appointment	Catherine Liang (Chair), Richard Estavez, Warren Okoro	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
32	Board Resolutions	Board Resolutions — Nominating and Corporate Governance Committee Appointment	Richard Estavez (Chair), Catherine Liang, Hugh Pemberton	Calderwood & Harkness LLP	Board of Directors	Prior to pricing	Pending — offering dormant
33	Stockholder Consent	Written Consent of Stockholders — Adoption of IPO Charter and Equity Plans	Pinnacle Vista Capital Partners III, LP and Founders (Garrett Calloway and Elaine Briggs) representing >90% of voting power	Calderwood & Harkness LLP / Whitfield Archer & Doss LLP	Pinnacle Vista; Garrett Calloway; Elaine Briggs	Prior to pricing	Pending — offering dormant
34	Stockholders' Agreement	Execution of Amended and Restated Stockholders' Agreement (IPO Form)	Among CBR, Pinnacle Vista Capital Partners III, LP, Garrett Calloway, and Elaine Briggs. Board designation rights, step-down schedule, transfer restrictions, standstill. Replaces pre-IPO agreement. Governed by Delaware law.	Calderwood & Harkness LLP / Whitfield Archer & Doss LLP	CBR; Pinnacle Vista; Garrett Calloway; Elaine Briggs	Date of closing	Pending — offering dormant
35	Registration Rights	Execution of Registration Rights Agreement	Among CBR and Pinnacle Vista (and permitted transferees). Demand registration, piggyback rights, S-3 shelf rights, cut-back provisions. Governed by Delaware law.	Calderwood & Harkness LLP / Whitfield Archer & Doss LLP	CBR; Pinnacle Vista	Date of closing	Pending — offering dormant

VII. INDEMNIFICATION AGREEMENTS

36	Indemnification	Execution of Indemnification Agreements — Directors	Individual indemnification agreements with each director: Garrett Calloway, Elaine Briggs, Hugh Pemberton, Diane Kovac, Warren Okoro, Catherine Liang, Richard Estavez (7 directors)	Calderwood & Harkness LLP	CBR and each director	Prior to closing	Pending — offering dormant
37	Indemnification	Execution of Indemnification Agreements — Executive Officers	Individual indemnification agreements with each officer: Marcus Yoon, Sandra Haverford, Dale Renfroe, Priya Anand, Tomás Quintero, Rachel Whitmore (6 officers)	Calderwood & Harkness LLP	CBR and each officer	Prior to closing	Pending — offering dormant

VIII. LEGAL OPINIONS

38	Legal Opinion	Legal Opinion — Calderwood & Harkness LLP to Underwriters (Corporate/Securities)	Covers enforceability of underwriting agreement, valid issuance of shares (duly authorized, fully paid, non-assessable), no conflicts with charter or material agreements, due authorization, compliance with DGCL. Draft prepared.	Calderwood & Harkness LLP (Jennifer Kwon)	Calderwood & Harkness LLP	Date of closing	Pending — offering dormant
39	Legal Opinion	Legal Opinion — Calderwood & Harkness LLP to Underwriters (Tax)	Tax opinion re material U.S. federal income tax consequences of purchase, ownership, and disposition of common stock. To be filed as exhibit to S-1. Draft prepared by Leonard Cross.	Calderwood & Harkness LLP (Leonard Cross)	Calderwood & Harkness LLP	Date of closing	Pending — offering dormant
40	Legal Opinion	Legal Opinion — Prescott, Danforth & Yee LLP to Underwriters	Underwriters' counsel opinion. Scope checklist prepared by Calderwood & Harkness for review upon receipt.	Prescott, Danforth & Yee LLP (Margaret Yee)	Prescott, Danforth & Yee LLP	Date of closing	Pending — offering dormant

IX. NEGATIVE ASSURANCE (10b-5) LETTERS

41	10b-5 Letter	Negative Assurance Letter (10b-5) — Calderwood & Harkness LLP (Issuer's Counsel)	Negative assurance to underwriters that nothing has come to the attention of issuer's counsel that causes them to believe the registration statement or prospectus contains an untrue statement of material fact or omits a material fact. Draft prepared.	Calderwood & Harkness LLP	Calderwood & Harkness LLP	Date of closing	Pending — offering dormant
42	10b-5 Letter	Negative Assurance Letter (10b-5) — Prescott, Danforth & Yee LLP (Underwriters' Counsel)	Negative assurance from underwriters' counsel. Draft received for review.	Prescott, Danforth & Yee LLP	Prescott, Danforth & Yee LLP	Date of closing	Pending — offering dormant

X. COMFORT LETTERS

43	Comfort Letter	Initial Comfort Letter — Ashford & Pemberton LLP	SAS 72 / AU-C 920 comfort letter covering FY 2019, FY 2020, FY 2021 audited consolidated financial statements and Q1 2022 unaudited interim financials. Lead Engagement Partner: Gregory Sondheim, CPA; Audit Manager: Irene Valdez, CPA. Draft dated June 8, 2022. First of three planned circle-ups (initial, bring-down, pricing).	Ashford & Pemberton LLP (Gregory Sondheim)	Ashford & Pemberton LLP	Date of S-1 effectiveness	Pending — offering dormant (draft received June 8, 2022)
44	Comfort Letter	Bring-Down Comfort Letter — Ashford & Pemberton LLP (Pricing Date)	Bring-down comfort letter as of pricing date. Request letter drafted.	Ashford & Pemberton LLP	Ashford & Pemberton LLP	Date of pricing	Pending — offering dormant
45	Comfort Letter	Bring-Down Comfort Letter — Ashford & Pemberton LLP (Closing Date)	Bring-down comfort letter as of closing date (third circle-up). Request letter drafted.	Ashford & Pemberton LLP	Ashford & Pemberton LLP	Date of closing	Pending — offering dormant

XI. SELLING STOCKHOLDER DELIVERABLES

46	Selling Stockholder	Selling Stockholder Questionnaire — Pinnacle Vista Capital Partners III, LP	Beneficial ownership (~62,000,000 shares, ~62% pre-IPO); FINRA affiliations; selling stockholder representations. Completed.	Whitfield Archer & Doss LLP (Christine Navarro)	Pinnacle Vista Capital Partners III, LP	Prior to S-1 filing	Pending — offering dormant (completed)
47	Selling Stockholder	Selling Stockholder Representation Letter — Pinnacle Vista	Accuracy of information; no FINRA-restricted-person affiliation; customary representations	Whitfield Archer & Doss LLP	Pinnacle Vista Capital Partners III, LP (Hugh Pemberton / Diane Kovac)	Prior to S-1 filing	Pending — offering dormant (completed)
48	Selling Stockholder	Custody Agreement for Secondary Shares	6,818,182 secondary shares ($150,000,000 at $22.00) held in custody with Hargrove Keating & Co. during offering period. Draft prepared.	Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP	Pinnacle Vista; Hargrove Keating & Co.	Date of pricing	Pending — offering dormant
49	Selling Stockholder	Power of Attorney — Pinnacle Vista	Appointing attorneys-in-fact for execution of underwriting agreement and pricing agreement on behalf of Pinnacle Vista. Draft prepared.	Whitfield Archer & Doss LLP	Pinnacle Vista Capital Partners III, LP	Prior to pricing	Pending — offering dormant

XII. LENDER CONSENTS AND NOTICES

50	Lender Consent	Lender Consent — Veltrano National Bank (Corporate Credit Facility)	Consent to IPO and waiver of change-of-control provisions under $400M Corporate Revolving Credit Facility (maturity Jan 2027) and $650M Term Loan B ($612.5M outstanding; maturity Jan 2029). Administrative Agent: Veltrano National Bank (Thomas Raines, Managing Director, Energy Lending). Draft consent request letter and consent form prepared.	Calderwood & Harkness LLP	Veltrano National Bank, as Administrative Agent	Prior to closing	Pending — offering dormant
51	Lender Notice	Lender Notice — Prairie Commercial Bank, N.A. (Mesquite Wind)	IPO notice under $165M Mesquite Wind construction-to-term facility credit agreement (conversion Dec 2024). Contact: Brent Hollowell, SVP, Project Finance. Draft notice letter prepared.	Calderwood & Harkness LLP	Mesquite Wind Holdings LLC to Prairie Commercial Bank, N.A.	Prior to closing	Pending — offering dormant
52	Lender Notice	Lender Notice — Prairie Commercial Bank, N.A. (Cimarron Solar)	IPO notice under $143M Cimarron Solar construction-to-term facility credit agreement (conversion Mar 2025). Draft notice letter prepared.	Calderwood & Harkness LLP	Cimarron Solar Development LLC to Prairie Commercial Bank, N.A.	Prior to closing	Pending — offering dormant
53	Tax-Equity Consent	Tax-Equity Investor Consent — Veltara Basin Financial LLC (Solaris West)	Consent to IPO and confirmation that IPO does not constitute a recapture event under the Solaris West tax-equity partnership agreement ($280M invested; flip expected 2028). Contact: Karen Fujimoto, Partner, Tax Equity Investments. Draft consent request letter prepared.	Calderwood & Harkness LLP	Solaris West Solar LLC to Veltara Basin Financial LLC	Prior to closing	Pending — offering dormant

XIII. NYSE AND FINRA APPROVALS

54	NYSE	NYSE Listing Approval	Listing Application No. NYSE-2022-04218 for Calloway-Briggs Renewables Inc. under ticker CBRI. Application and cover letter submitted April 11, 2022. Corporate governance certifications and share distribution projections included.	Calderwood & Harkness LLP	New York Stock Exchange	Prior to closing	Pending — offering dormant
55	FINRA	FINRA No-Objection Letter	FINRA Corporate Financing Filing No. 20221129-01. Application filed covering underwriting terms, gross spread 5.50%, underwriter expense reimbursement cap $350,000, compensation disclosure, FINRA Rule 5110 compliance.	Prescott, Danforth & Yee LLP / Calderwood & Harkness LLP	FINRA	Prior to pricing	Pending — offering dormant

XIV. D&O INSURANCE

XV. TRANSFER AGENT AND DTC

57	Transfer Agent	Transfer Agent Agreement — Continental Shareowner Services, Inc.	Engagement of Continental Shareowner Services, Inc. (Maria Costello, VP, Corporate Actions) as transfer agent and registrar for CBR common stock. 1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004.	Calderwood & Harkness LLP	CBR; Continental Shareowner Services, Inc.	Prior to closing	Pending — offering dormant
58	DTC Eligibility	DTC Eligibility Letter	Confirmation from Continental Shareowner Services that CBR common stock is eligible for DTC book-entry settlement. Draft request letter prepared.	Calderwood & Harkness LLP	Continental Shareowner Services, Inc.	Prior to closing	Pending — offering dormant

XVI. USE OF PROCEEDS / DEBT REPAYMENT

59	Use of Proceeds	Term Loan B Prepayment — $200,000,000	Prepayment of $200M of Term Loan B with Veltrano National Bank upon closing. Prepayment premium: 1.00% × $200,000,000 = $2,000,000. Wire instructions to Veltrano National Bank, 1401 McKinney Street, Houston, TX 77010.	CBR (Priya Anand, SVP Finance & Treasurer)	CBR	Date of closing (post-funding)	Pending — offering dormant
60	Use of Proceeds	Cimarron Solar Construction Funding — ~$100,000,000	Allocation of ~$100M of net proceeds toward construction of Cimarron Solar project (350 MW Solar PV, Doña Ana County, NM; expected COD Q1 2023)	CBR (Priya Anand)	CBR	Post-closing	Pending — offering dormant
61	Use of Proceeds	General Corporate Purposes — ~$71,700,000	Remaining net primary proceeds for general corporate purposes	CBR	CBR	Post-closing	Pending — offering dormant

XVII. FUNDS FLOW AND CROSS-RECEIPT

62	Funds Flow	Wire Transfer Instructions — Issuer (CBR)	Account details for receipt of primary offering proceeds by Calloway-Briggs Renewables Inc. Template prepared; account details to be completed.	CBR (Priya Anand) / Calderwood & Harkness LLP	CBR	Prior to closing	Pending — offering dormant
63	Funds Flow	Wire Transfer Instructions — Selling Stockholder (Pinnacle Vista)	Account details for receipt of secondary offering proceeds ($150,000,000 less applicable spread) by Pinnacle Vista Capital Partners III, LP	Whitfield Archer & Doss LLP	Pinnacle Vista	Prior to closing	Pending — offering dormant
64	Funds Flow	Wire Transfer Instructions — Underwriters	Account details for Hargrove Keating & Co. (as representative) for payment of underwriting discount. Total gross spread (full exercise): $33,000,000 (Management fee: $6,600,000; Underwriting fee: $6,600,000; Selling concession: $19,800,000)	Prescott, Danforth & Yee LLP	Hargrove Keating & Co.	Prior to closing	Pending — offering dormant
65	Cross-Receipt	Cross-Receipt — Delivery of Shares Against Payment	Confirmation of delivery of shares by CBR (primary: 16,895,455 shares / $371,700,000) and Pinnacle Vista (secondary: 6,818,182 shares / $150,000,000) against payment of purchase price by underwriters. Draft prepared.	Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP	CBR; Pinnacle Vista; Hargrove Keating & Co. as representative	Date of closing	Pending — offering dormant

XVIII. BLUE SKY / STATE SECURITIES FILINGS

XIX. MISCELLANEOUS CLOSING DELIVERABLES

67	Equity Plans	Adoption of 2022 Omnibus Equity Incentive Plan	Plan document providing for stock options, RSUs, PSUs. 12,727,273-share reserve. Evergreen provision. Board and stockholder approval required.	Calderwood & Harkness LLP	Board of Directors; Stockholders	Prior to closing	Pending — offering dormant
68	Equity Plans	Adoption of 2022 Employee Stock Purchase Plan	2,545,455-share reserve. 15% discount; six-month offering periods; Section 423 qualified.	Calderwood & Harkness LLP	Board of Directors; Stockholders	Prior to closing	Pending — offering dormant
69	Financial Printing	Final prospectus printing and distribution	Ridgeway Financial Printing Corp. (Alan Greenidge, Account Director), 79 Madison Avenue, New York, NY 10016	Ridgeway Financial Printing Corp.	CBR / Calderwood & Harkness LLP	Post-pricing	Pending — offering dormant
70	Closing Logistics	Closing conference call / virtual closing	Coordination among all parties for T+3 settlement (or as applicable)	Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP	All parties	Date of closing	Pending — offering dormant
71	Post-Closing	Filing of Form 8-A (Exchange Act Registration)	Registration of common stock under Section 12(b) of the Securities Exchange Act of 1934 for NYSE listing	Calderwood & Harkness LLP	CBR	Prior to or on date of closing	Pending — offering dormant

[sheet: Underwriter Allocations]

Underwriter	Allocation %	Base Shares	Base Dollar Amount	Overallotment Shares	Total Shares Full Exercise	Total Dollar Amount Full Exercise	Gross Spread per Share	Total Spread Earned Full Exercise
Hargrove Keating & Co. (Lead-Left)	40%	9,485,454	$208,679,988	1,423,636	10,909,090	$239,999,980	$1.21	$13,199,999
Linden Pratt Securities LLC	25%	5,928,409	$130,424,998	889,773	6,818,182	$150,000,004	$1.21	$8,250,000
Graymont Brothers Inc.	20%	4,742,727	$104,339,994	711,818	5,454,545	$119,999,990	$1.21	$6,600,000
Barfield Stuart & Co.	10%	2,371,364	$52,170,008	355,909	2,727,273	$60,000,006	$1.21	$3,300,000
Crane Whitley Capital LLC	5%	1,185,682	$26,084,604	177,955	1,363,637	$30,000,014	$1.21	$1,650,001
TOTAL	100%	23,713,636	$521,699,592	3,559,091	27,272,727	$599,999,994	$1.21	$33,000,000

[sheet: Share Capitalization Summary]

Description	Shares	Notes
Pre-IPO Shares Outstanding (fully diluted, post-reclassification)	100,000,000	Par value $0.01 per share
Pinnacle Vista Capital Partners III, LP (pre-IPO)	62,000,000	~62% of pre-IPO fully diluted common
Founders & Management (pre-IPO)	24,000,000	~24% — Garrett Calloway and Elaine Briggs
Other Pre-IPO Holders	14,000,000	~14% — earlier-stage investors and employees
Primary Shares Issued (Company)	16,895,455	$371,700,010 ÷ $22.00
Secondary Shares Sold (Pinnacle Vista)	6,818,182	$150,000,004 ÷ $22.00 — sold from existing holdings
Total Base Shares Offered	23,713,636	$521,699,992 ÷ $22.00 (primary + secondary)
Overallotment Shares (15% greenshoe)	3,559,091	$78,300,002 ÷ $22.00
Total Shares Offered (full exercise)	27,272,727	23,713,636 + 3,559,091
Post-IPO Shares Outstanding (base, no overallotment)	116,895,455	100,000,000 + 16,895,455 primary shares
Post-IPO Shares Outstanding (full overallotment)	127,272,727	100,000,000 + 27,272,727
2022 Omnibus Equity Incentive Plan Reserve	12,727,273	10% of 127,272,727
2022 Employee Stock Purchase Plan Reserve	2,545,455	2% of 127,272,727
Pre-Money Equity Valuation	$2,200,000,000	100,000,000 × $22.00
Post-Money Equity Valuation (base)	$2,571,700,010	116,895,455 × $22.00
Post-Money Equity Valuation (full exercise)	$2,800,000,000	127,272,727 × $22.00 (approx.)
Enterprise Value (FY 2021)	$4,246,700,000	Post-money equity ($2,721.7M) + $1.71B debt − $185M cash
EV / EBITDA (FY 2021)	19.4x	$4,246.7M ÷ $218.6M

[sheet: Key Dates Reference]

Date	Event	Status
March 10, 2022	Engagement letter executed; C&H Matter No. 1015-00001 opened	Completed
March 14–18, 2022	Organizational meeting at CBR Austin offices (4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746)	Completed
March 21 – April 29, 2022	Due diligence and initial S-1 drafting	Completed
March 31, 2022	Q1 2022 quarter-end (interim financials)	Completed
April 11, 2022	Confidential DRS-1 submitted to SEC (EDGAR Accession No. 0001948372-22-000001)	Completed
April 11, 2022	NYSE Listing Application submitted (Application No. NYSE-2022-04218)	Completed
May 6, 2022	SEC first-round comment letter received (18 comments)	Completed
May 20, 2022	Response letter and Amendment No. 1 filed (EDGAR Accession No. 0001948372-22-000002)	Completed
June 3, 2022	SEC second-round comment letter received (7 comments)	Completed
June 10, 2022	Response letter and Amendment No. 2 filed (EDGAR Accession No. 0001948372-22-000003)	Completed
June 14, 2022	SEC oral clearance indicated (subject to pricing amendment)	Completed
June 17, 2022	Offering placed in dormant status — market conditions deteriorated	Current Status — DORMANT
TBD	Public filing of S-1 / effectiveness of registration statement	Pending — offering dormant
TBD	Roadshow commencement	Pending — offering dormant
TBD	Pricing date	Pending — offering dormant
TBD	Closing date (T+3 after pricing)	Pending — offering dormant
TBD	Lock-up expiration (180 days post-final prospectus)	Pending — offering dormant

[sheet: Working Group Contacts]

Role	Organization	Key Contact(s)	Address
Issuer	Calloway-Briggs Renewables Inc.	Garrett Calloway (CEO); Marcus Yoon (CFO); Sandra Haverford (GC); Priya Anand (SVP Finance & Treasurer)	4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746
Pre-IPO Majority Stockholder / Selling Stockholder	Pinnacle Vista Capital Partners III, LP	Hugh Pemberton; Diane Kovac	900 Park Avenue, 38th Floor, New York, NY 10021
Issuer's Counsel	Calderwood & Harkness LLP	Jennifer Kwon (Responsible Partner); Theodore Langston (Billing Partner); Brendan Walsh (Lead Associate); Natasha Forbes (Working Associate); Leonard Cross (Tax)	599 Lexington Avenue, New York, NY 10022
Lead-Left Book-Runner	Hargrove Keating & Co.	Oliver Marchetti (MD, ECM); Sonia Tran (Dir., Power & Renewables IB); Daniel Furman (VP, ECM Syndicate)	383 Madison Place, New York, NY 10017
Joint Book-Runner	Linden Pratt Securities LLC	Rebecca Innes (MD, ECM); James Alcorn (Dir., Clean Energy & Infrastructure)	200 Vesey Street, 40th Floor, New York, NY 10281
Joint Book-Runner	Graymont Brothers Inc.	Kenneth Sato (MD, ECM); Lisa Trujillo (Dir., Utilities & Renewables)	555 California Street, Suite 3200, San Francisco, CA 94104
Co-Manager	Barfield Stuart & Co.	—	101 Federal Street, Boston, MA 02110
Co-Manager	Crane Whitley Capital LLC	—	600 Travis Street, Suite 4400, Houston, TX 77002
Underwriters' Counsel	Prescott, Danforth & Yee LLP	Margaret Yee (Partner); Scott Halverson (Counsel); Anita Desmond (Associate)	1271 Avenue of the Americas, New York, NY 10020
Selling Stockholder's Counsel	Whitfield Archer & Doss LLP	Philip Archer (Partner); Christine Navarro (Partner); Derek Fong (Sr. Associate)	51 West 52nd Street, New York, NY 10019
Independent Auditor	Ashford & Pemberton LLP	Gregory Sondheim (Lead Engagement Partner, CPA); Irene Valdez (Audit Manager, CPA)	30 Rockefeller Plaza, Suite 2800, New York, NY 10112
Tax Advisor	Kessler McBride & Associates LLP	Alan Kessler (Managing Partner); Linda McBride (Partner, Tax Structures)	700 Milam Street, Suite 2100, Houston, TX 77002
Transfer Agent / Registrar	Continental Shareowner Services, Inc.	Maria Costello (VP, Corporate Actions)	1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004
Financial Printer	Ridgeway Financial Printing Corp.	Alan Greenidge (Account Director)	79 Madison Avenue, New York, NY 10016
D&O Insurance Broker	Dravello Place Insurance Advisors LLC	Nina Radcliffe (VP)	250 Greenwich Street, Suite 3700, New York, NY 10007
D&O Primary Carrier	Meridian National Assurance Company	— (Policy No. DNO-22-048871)	—
D&O Excess Layer 1	Stonebridge Indemnity Corp.	—	—
D&O Excess Layer 2	Commonwealth Omnivrel Insurance Ltd.	—	—
Corporate Credit Facility Agent	Veltrano National Bank	Thomas Raines (MD, Energy Lending)	1401 McKinney Street, Houston, TX 77010
Tax-Equity Investor	Veltara Basin Financial LLC	Karen Fujimoto (Partner, Tax Equity Investments)	2029 Century Park East, Suite 1500, Los Angeles, CA 90067
Project-Finance Lender	Prairie Commercial Bank, N.A.	Brent Hollowell (SVP, Project Finance)	2200 Ross Avenue, Suite 3600, Dallas, TX 75201
Compensation Consultant	Clarendon Rowe Advisory Group LLC	Patricia Voss (Senior Managing Director)	300 Atlantic Street, Suite 800, Stamford, CT 06901
Investor Relations Advisor	Broadmark Strategic Communications Inc.	Jason Eklund (Managing Director)	640 Fifth Avenue, Suite 1205, New York, NY 10019
Environmental Consultant	Greenridge Environmental Sciences LLC	Dr. Nadine Torres (Principal Scientist)	8400 Shoal Creek Blvd., Suite 200, Austin, TX 78757

Registered Agent (DE)

[sheet: Cover]
Field | Value
Transaction | Initial Public Offering of Common Stock of Calloway-Briggs Renewables Inc.
Proposed Aggregate Offering Size | $600,000,000 (including overallotment option)
Proposed Listing | New York Stock Exchange — Ticker: CBRI
Security | Common Stock, par value $0.01 per share
Assumed Midpoint IPO Price | $22.00 per share
C&H Matter No. | 1015-00001
SEC CIK | 0001948372
Issuer | Calloway-Briggs Renewables Inc.
Issuer's Counsel | Calderwood & Harkness LLP (Jennifer Kwon / Brendan Walsh)
Lead-Left Book-Runner | Hargrove Keating & Co. (Oliver Marchetti)
Underwriters' Counsel | Prescott, Danforth & Yee LLP (Margaret Yee)
Selling Stockholder | Pinnacle Vista Capital Partners III, LP
Selling Stockholder's Counsel | Whitfield Archer & Doss LLP (Philip Archer / Christine Navarro)
Independent Auditor | Ashford & Pemberton LLP (Gregory Sondheim)
Transfer Agent / Registrar | Continental Shareowner Services, Inc. (Maria Costello)
Financial Printer | Ridgeway Financial Printing Corp. (Alan Greenidge)
Tax Advisor | Kessler McBride & Associates LLP (Alan Kessler / Linda McBride)
Prepared By | Natasha Forbes, Calderwood & Harkness LLP
Last Updated | June 17, 2022
Overall Status | DORMANT — Offering postponed; all items pending
[sheet: Closing Checklist]
Item No. | Category | Document / Deliverable | Description / Notes | Responsible Party | Signatory / Source | Due Date / Timing | Status
I. REGISTRATION STATEMENT AND SEC MATTERS
1 | Registration Statement | Registration Statement on Form S-1 (as amended) declared effective by the SEC | EDGAR Accession Nos.: DRS-1: 0001948372-22-000001; rett. No. 1: 0001948372-22-000002; rett. No. 2: 0001948372-22-000003. SEC oral clearance indicated June 14, 2022, subject to pricing amendment. Registration statement never declared effective. | Calderwood & Harkness LLP / CBR | SEC Division of Corporation Finance | Prior to pricing | Pending — offering dormant
2 | Registration Statement | Pricing Amendment to S-1 (final prospectus filing under Rule 424(b)) | To include final offering price, share numbers, underwriting discount, and net proceeds. Template pricing terms left blank. | Calderwood & Harkness LLP | CBR (Garrett Calloway, CEO; Marcus Yoon, CFO) | Date of pricing | Pending — offering dormant
3 | Registration Statement | Rule 462(b) Registration Statement (if required) | Additional registration statement for overallotment shares if necessary | Calderwood & Harkness LLP | CBR | Date of pricing | Pending — offering dormant
4 | Registration Statement | EDGAR filing of final prospectus under Rule 424(b) | Filing within required timeframe after pricing | Ridgeway Financial Printing Corp. (Alan Greenidge) | CBR / Calderwood & Harkness LLP | T+1 after pricing | Pending — offering dormant
II. UNDERWRITING AGREEMENT AND PRICING
5 | Underwriting Agreement | Execution and delivery of Underwriting Agreement | Among CBR, Pinnacle Vista Capital Partners III, LP (as selling stockholder), and the several underwriters (Hargrove Keating & Co. as representative). Near-final draft completed; never executed. Includes representations, warranties, conditions, indemnification, material adverse effect definition, and lock-up provisions. Governed by New York law. | Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP | CBR (Garrett Calloway, CEO); Pinnacle Vista (via Power of Attorney); Hargrove Keating & Co. (Oliver Marchetti) as representative of underwriters | Date of pricing | Pending — offering dormant
6 | Underwriting Agreement | Execution and delivery of Pricing Agreement | Specifies final offering price ($22.00/share assumed midpoint), number of base shares (23,713,636), overallotment shares (3,559,091), underwriting discount (5.50%), and net proceeds. Template prepared; left blank. | Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP | CBR; Hargrove Keating & Co. as representative | Date of pricing | Pending — offering dormant
7 | Underwriting Agreement | Exercise of overallotment option (if applicable) | Option to purchase up to 3,559,091 additional shares ($78,300,000 at $22.00) within 30 days of pricing. 15% greenshoe. | Hargrove Keating & Co. | Hargrove Keating & Co. as representative | Within 30 days of pricing | Pending — offering dormant
III. LOCK-UP AGREEMENTS
8 | Lock-Up Agreements | Execution and delivery of Lock-Up Agreements by all required signatories | 180-day lock-up period post-final prospectus. 18 signatories identified (all directors, executive officers, Pinnacle Vista Capital Partners III, LP, and holders of ≥1% of pre-IPO common stock). 15 of 18 executed as of June 17, 2022; 3 outstanding. Carve-outs for transfers to affiliates, estate-planning transfers, 10b5-1 plan adoption (not execution), and pledges to lenders. Release subject to written consent of Hargrove Keating & Co. or occurrence of a Change of Control. | Calderwood & Harkness LLP | Directors: Garrett Calloway, Elaine Briggs, Hugh Pemberton, Diane Kovac, Warren Okoro, Catherine Liang, Richard Estavez; Officers: Marcus Yoon, Sandra Haverford, Dale Renfroe, Priya Anand, Tomás Quintero, Rachel Whitmore; Pinnacle Vista Capital Partners III, LP; other ≥1% holders | Prior to effectiveness | Pending — offering dormant (15 of 18 executed)
IV. OFFICER'S AND SECRETARY'S CERTIFICATES
9 | Officer's Certificate | Officer's Certificate (CEO and CFO) | Representations and warranties bring-down; confirmation of no material adverse effect since date of underwriting agreement; accuracy of registration statement and prospectus. Draft prepared. | Calderwood & Harkness LLP | Garrett Calloway (Chairman & CEO); Marcus Yoon (CFO) | Date of closing | Pending — offering dormant
10 | Secretary's Certificate | Secretary's Certificate with attachments | Incumbency certification; certified copies of Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, board resolutions authorizing IPO, and stockholder written consent. Draft prepared. | Calderwood & Harkness LLP | Sandra Haverford (General Counsel & Corporate Secretary) | Date of closing | Pending — offering dormant
V. GOOD-STANDING CERTIFICATES
11 | Good Standing | Certificate of Good Standing — CBR (Delaware) | From Delaware Secretary of State for Calloway-Briggs Renewables Inc. (EIN: 83-4027615). Registered Agent: Capitol Statutory Services, Inc., 1209 Orange Street, Wilmington, DE 19801. Form request letter drafted. | Calderwood & Harkness LLP | Delaware Secretary of State | Within 5 business days of closing | Pending — offering dormant
12 | Good Standing | Certificate of Good Standing — CBR (Texas) | From Texas Secretary of State for Calloway-Briggs Renewables Inc. HQ: 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746. Form request letter drafted. | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
13 | Good Standing | Good-Standing Certificates — CBR Holdings LLC (Delaware) | Intermediate holding company, 100% owned by CBR | Calderwood & Harkness LLP | Delaware Secretary of State | Within 5 business days of closing | Pending — offering dormant
14 | Good Standing | Good-Standing Certificates — Calloway-Briggs Operating Company LLC (Texas) | Operating entity, 100% owned by CBR Holdings | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
15 | Good Standing | Good-Standing Certificates — Solaris West Solar LLC (Texas) | Solaris West project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
16 | Good Standing | Good-Standing Certificates — Red Mesa Wind Energy LLC (Oklahoma) | Red Mesa project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | Oklahoma Secretary of State | Within 5 business days of closing | Pending — offering dormant
17 | Good Standing | Good-Standing Certificates — Painted Rock Solar LLC (Arizona) | Painted Rock project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | Arizona Corporation Commission | Within 5 business days of closing | Pending — offering dormant
18 | Good Standing | Good-Standing Certificates — Pronghorn Wind LLC (Texas) | Pronghorn project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
19 | Good Standing | Good-Standing Certificates — Brazos Energy Storage LLC (Texas) | Brazos Storage project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
20 | Good Standing | Good-Standing Certificates — Mesquite Wind Holdings LLC (Texas) | Mesquite Wind project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
21 | Good Standing | Good-Standing Certificates — Cimarron Solar Development LLC (New Mexico) | Cimarron Solar project SPV, 100% owned by CB Operating | Calderwood & Harkness LLP | New Mexico Secretary of State | Within 5 business days of closing | Pending — offering dormant
22 | Good Standing | Good-Standing Certificates — CBR Development Co. LLC (Texas) | Pipeline development entity, 100% owned by CB Operating | Calderwood & Harkness LLP | Texas Secretary of State | Within 5 business days of closing | Pending — offering dormant
VI. CORPORATE GOVERNANCE DOCUMENTS
23 | Charter / Bylaws | Filing of Amended and Restated Certificate of Incorporation with Delaware Secretary of State | To be effective upon IPO closing. Covers authorized shares, par value $0.01, classified board, Delaware §203 provisions, exclusive forum (Delaware Court of Chancery). Draft finalized. | Calderwood & Harkness LLP | Sandra Haverford (Corporate Secretary) | Immediately prior to closing | Pending — offering dormant
24 | Charter / Bylaws | Adoption of Amended and Restated Bylaws | Effective upon IPO closing. Includes advance-notice provisions, forum-selection clause, committee structure, indemnification provisions. Draft finalized. | Calderwood & Harkness LLP | Board of Directors | Immediately prior to closing | Pending — offering dormant
25 | Board Resolutions | Board Resolutions — Authorization of IPO and Related Transactions | Approving S-1 filing, engagement of underwriters, equity plans, charter/bylaws amendments | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
26 | Board Resolutions | Board Resolutions — Approval of Amended and Restated Certificate of Incorporation | Recommending stockholder adoption | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
27 | Board Resolutions | Board Resolutions — Approval of Amended and Restated Bylaws | Adopting new bylaws effective upon IPO closing | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
28 | Board Resolutions | Board Resolutions — Approval of 2022 Omnibus Equity Incentive Plan | Reserving 12,727,273 shares (10% of 127,272,727 post-IPO outstanding, fully-exercised basis). Plan provides for stock options, RSUs, PSUs, evergreen provision. | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
29 | Board Resolutions | Board Resolutions — Approval of 2022 Employee Stock Purchase Plan | Reserving 2,545,455 shares (2% of 127,272,727 post-IPO outstanding). 15% discount; six-month offering periods; Section 423 qualified. | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
30 | Board Resolutions | Board Resolutions — Audit Committee and Financial Expert Designation | Warren Okoro designated as audit committee financial expert | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
31 | Board Resolutions | Board Resolutions — Compensation Committee Appointment | Catherine Liang (Chair), Richard Estavez, Warren Okoro | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
32 | Board Resolutions | Board Resolutions — Nominating and Corporate Governance Committee Appointment | Richard Estavez (Chair), Catherine Liang, Hugh Pemberton | Calderwood & Harkness LLP | Board of Directors | Prior to pricing | Pending — offering dormant
33 | Stockholder Consent | Written Consent of Stockholders — Adoption of IPO Charter and Equity Plans | Pinnacle Vista Capital Partners III, LP and Founders (Garrett Calloway and Elaine Briggs) representing >90% of voting power | Calderwood & Harkness LLP / Whitfield Archer & Doss LLP | Pinnacle Vista; Garrett Calloway; Elaine Briggs | Prior to pricing | Pending — offering dormant
34 | Stockholders' Agreement | Execution of Amended and Restated Stockholders' Agreement (IPO Form) | Among CBR, Pinnacle Vista Capital Partners III, LP, Garrett Calloway, and Elaine Briggs. Board designation rights, step-down schedule, transfer restrictions, standstill. Replaces pre-IPO agreement. Governed by Delaware law. | Calderwood & Harkness LLP / Whitfield Archer & Doss LLP | CBR; Pinnacle Vista; Garrett Calloway; Elaine Briggs | Date of closing | Pending — offering dormant
35 | Registration Rights | Execution of Registration Rights Agreement | Among CBR and Pinnacle Vista (and permitted transferees). Demand registration, piggyback rights, S-3 shelf rights, cut-back provisions. Governed by Delaware law. | Calderwood & Harkness LLP / Whitfield Archer & Doss LLP | CBR; Pinnacle Vista | Date of closing | Pending — offering dormant
VII. INDEMNIFICATION AGREEMENTS
36 | Indemnification | Execution of Indemnification Agreements — Directors | Individual indemnification agreements with each director: Garrett Calloway, Elaine Briggs, Hugh Pemberton, Diane Kovac, Warren Okoro, Catherine Liang, Richard Estavez (7 directors) | Calderwood & Harkness LLP | CBR and each director | Prior to closing | Pending — offering dormant
37 | Indemnification | Execution of Indemnification Agreements — Executive Officers | Individual indemnification agreements with each officer: Marcus Yoon, Sandra Haverford, Dale Renfroe, Priya Anand, Tomás Quintero, Rachel Whitmore (6 officers) | Calderwood & Harkness LLP | CBR and each officer | Prior to closing | Pending — offering dormant
VIII. LEGAL OPINIONS
38 | Legal Opinion | Legal Opinion — Calderwood & Harkness LLP to Underwriters (Corporate/Securities) | Covers enforceability of underwriting agreement, valid issuance of shares (duly authorized, fully paid, non-assessable), no conflicts with charter or material agreements, due authorization, compliance with DGCL. Draft prepared. | Calderwood & Harkness LLP (Jennifer Kwon) | Calderwood & Harkness LLP | Date of closing | Pending — offering dormant
39 | Legal Opinion | Legal Opinion — Calderwood & Harkness LLP to Underwriters (Tax) | Tax opinion re material U.S. federal income tax consequences of purchase, ownership, and disposition of common stock. To be filed as exhibit to S-1. Draft prepared by Leonard Cross. | Calderwood & Harkness LLP (Leonard Cross) | Calderwood & Harkness LLP | Date of closing | Pending — offering dormant
40 | Legal Opinion | Legal Opinion — Prescott, Danforth & Yee LLP to Underwriters | Underwriters' counsel opinion. Scope checklist prepared by Calderwood & Harkness for review upon receipt. | Prescott, Danforth & Yee LLP (Margaret Yee) | Prescott, Danforth & Yee LLP | Date of closing | Pending — offering dormant
IX. NEGATIVE ASSURANCE (10b-5) LETTERS
41 | 10b-5 Letter | Negative Assurance Letter (10b-5) — Calderwood & Harkness LLP (Issuer's Counsel) | Negative assurance to underwriters that nothing has come to the attention of issuer's counsel that causes them to believe the registration statement or prospectus contains an untrue statement of material fact or omits a material fact. Draft prepared. | Calderwood & Harkness LLP | Calderwood & Harkness LLP | Date of closing | Pending — offering dormant
42 | 10b-5 Letter | Negative Assurance Letter (10b-5) — Prescott, Danforth & Yee LLP (Underwriters' Counsel) | Negative assurance from underwriters' counsel. Draft received for review. | Prescott, Danforth & Yee LLP | Prescott, Danforth & Yee LLP | Date of closing | Pending — offering dormant
X. COMFORT LETTERS
43 | Comfort Letter | Initial Comfort Letter — Ashford & Pemberton LLP | SAS 72 / AU-C 920 comfort letter covering FY 2019, FY 2020, FY 2021 audited consolidated financial statements and Q1 2022 unaudited interim financials. Lead Engagement Partner: Gregory Sondheim, CPA; Audit Manager: Irene Valdez, CPA. Draft dated June 8, 2022. First of three planned circle-ups (initial, bring-down, pricing). | Ashford & Pemberton LLP (Gregory Sondheim) | Ashford & Pemberton LLP | Date of S-1 effectiveness | Pending — offering dormant (draft received June 8, 2022)
44 | Comfort Letter | Bring-Down Comfort Letter — Ashford & Pemberton LLP (Pricing Date) | Bring-down comfort letter as of pricing date. Request letter drafted. | Ashford & Pemberton LLP | Ashford & Pemberton LLP | Date of pricing | Pending — offering dormant
45 | Comfort Letter | Bring-Down Comfort Letter — Ashford & Pemberton LLP (Closing Date) | Bring-down comfort letter as of closing date (third circle-up). Request letter drafted. | Ashford & Pemberton LLP | Ashford & Pemberton LLP | Date of closing | Pending — offering dormant
XI. SELLING STOCKHOLDER DELIVERABLES
46 | Selling Stockholder | Selling Stockholder Questionnaire — Pinnacle Vista Capital Partners III, LP | Beneficial ownership (~62,000,000 shares, ~62% pre-IPO); FINRA affiliations; selling stockholder representations. Completed. | Whitfield Archer & Doss LLP (Christine Navarro) | Pinnacle Vista Capital Partners III, LP | Prior to S-1 filing | Pending — offering dormant (completed)
47 | Selling Stockholder | Selling Stockholder Representation Letter — Pinnacle Vista | Accuracy of information; no FINRA-restricted-person affiliation; customary representations | Whitfield Archer & Doss LLP | Pinnacle Vista Capital Partners III, LP (Hugh Pemberton / Diane Kovac) | Prior to S-1 filing | Pending — offering dormant (completed)
48 | Selling Stockholder | Custody Agreement for Secondary Shares | 6,818,182 secondary shares ($150,000,000 at $22.00) held in custody with Hargrove Keating & Co. during offering period. Draft prepared. | Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP | Pinnacle Vista; Hargrove Keating & Co. | Date of pricing | Pending — offering dormant
49 | Selling Stockholder | Power of Attorney — Pinnacle Vista | Appointing attorneys-in-fact for execution of underwriting agreement and pricing agreement on behalf of Pinnacle Vista. Draft prepared. | Whitfield Archer & Doss LLP | Pinnacle Vista Capital Partners III, LP | Prior to pricing | Pending — offering dormant
XII. LENDER CONSENTS AND NOTICES
50 | Lender Consent | Lender Consent — Veltrano National Bank (Corporate Credit Facility) | Consent to IPO and waiver of change-of-control provisions under $400M Corporate Revolving Credit Facility (maturity Jan 2027) and $650M Term Loan B ($612.5M outstanding; maturity Jan 2029). Administrative Agent: Veltrano National Bank (Thomas Raines, Managing Director, Energy Lending). Draft consent request letter and consent form prepared. | Calderwood & Harkness LLP | Veltrano National Bank, as Administrative Agent | Prior to closing | Pending — offering dormant
51 | Lender Notice | Lender Notice — Prairie Commercial Bank, N.A. (Mesquite Wind) | IPO notice under $165M Mesquite Wind construction-to-term facility credit agreement (conversion Dec 2024). Contact: Brent Hollowell, SVP, Project Finance. Draft notice letter prepared. | Calderwood & Harkness LLP | Mesquite Wind Holdings LLC to Prairie Commercial Bank, N.A. | Prior to closing | Pending — offering dormant
52 | Lender Notice | Lender Notice — Prairie Commercial Bank, N.A. (Cimarron Solar) | IPO notice under $143M Cimarron Solar construction-to-term facility credit agreement (conversion Mar 2025). Draft notice letter prepared. | Calderwood & Harkness LLP | Cimarron Solar Development LLC to Prairie Commercial Bank, N.A. | Prior to closing | Pending — offering dormant
53 | Tax-Equity Consent | Tax-Equity Investor Consent — Veltara Basin Financial LLC (Solaris West) | Consent to IPO and confirmation that IPO does not constitute a recapture event under the Solaris West tax-equity partnership agreement ($280M invested; flip expected 2028). Contact: Karen Fujimoto, Partner, Tax Equity Investments. Draft consent request letter prepared. | Calderwood & Harkness LLP | Solaris West Solar LLC to Veltara Basin Financial LLC | Prior to closing | Pending — offering dormant
XIII. NYSE AND FINRA APPROVALS
54 | NYSE | NYSE Listing Approval | Listing Application No. NYSE-2022-04218 for Calloway-Briggs Renewables Inc. under ticker CBRI. Application and cover letter submitted April 11, 2022. Corporate governance certifications and share distribution projections included. | Calderwood & Harkness LLP | New York Stock Exchange | Prior to closing | Pending — offering dormant
55 | FINRA | FINRA No-Objection Letter | FINRA Corporate Financing Filing No. 20221129-01. Application filed covering underwriting terms, gross spread 5.50%, underwriter expense reimbursement cap $350,000, compensation disclosure, FINRA Rule 5110 compliance. | Prescott, Danforth & Yee LLP / Calderwood & Harkness LLP | FINRA | Prior to pricing | Pending — offering dormant
XIV. D&O INSURANCE
56 | D&O Insurance | Confirmation of D&O Insurance Tower in place | $50M aggregate D&O tower. Primary: Meridian National Assurance Company (Policy No. DNO-22-048871); Excess Layer 1: Stonebridge Indemnity Corp.; Excess Layer 2: Commonwealth Omnivrel Insurance Ltd. Annual premium: $1.87M. Broker: Dravello Place Insurance Advisors LLC (Nina Radcliffe). Side A DIC coverage confirmed. | Calderwood & Harkness LLP / Dravello Place Insurance Advisors LLC | Dravello Place Insurance Advisors LLC (binder confirmation) | Prior to closing | Pending — offering dormant
XV. TRANSFER AGENT AND DTC
57 | Transfer Agent | Transfer Agent Agreement — Continental Shareowner Services, Inc. | Engagement of Continental Shareowner Services, Inc. (Maria Costello, VP, Corporate Actions) as transfer agent and registrar for CBR common stock. 1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004. | Calderwood & Harkness LLP | CBR; Continental Shareowner Services, Inc. | Prior to closing | Pending — offering dormant
58 | DTC Eligibility | DTC Eligibility Letter | Confirmation from Continental Shareowner Services that CBR common stock is eligible for DTC book-entry settlement. Draft request letter prepared. | Calderwood & Harkness LLP | Continental Shareowner Services, Inc. | Prior to closing | Pending — offering dormant
XVI. USE OF PROCEEDS / DEBT REPAYMENT
59 | Use of Proceeds | Term Loan B Prepayment — $200,000,000 | Prepayment of $200M of Term Loan B with Veltrano National Bank upon closing. Prepayment premium: 1.00% × $200,000,000 = $2,000,000. Wire instructions to Veltrano National Bank, 1401 McKinney Street, Houston, TX 77010. | CBR (Priya Anand, SVP Finance & Treasurer) | CBR | Date of closing (post-funding) | Pending — offering dormant
60 | Use of Proceeds | Cimarron Solar Construction Funding — ~$100,000,000 | Allocation of ~$100M of net proceeds toward construction of Cimarron Solar project (350 MW Solar PV, Doña Ana County, NM; expected COD Q1 2023) | CBR (Priya Anand) | CBR | Post-closing | Pending — offering dormant
61 | Use of Proceeds | General Corporate Purposes — ~$71,700,000 | Remaining net primary proceeds for general corporate purposes | CBR | CBR | Post-closing | Pending — offering dormant
XVII. FUNDS FLOW AND CROSS-RECEIPT
62 | Funds Flow | Wire Transfer Instructions — Issuer (CBR) | Account details for receipt of primary offering proceeds by Calloway-Briggs Renewables Inc. Template prepared; account details to be completed. | CBR (Priya Anand) / Calderwood & Harkness LLP | CBR | Prior to closing | Pending — offering dormant
63 | Funds Flow | Wire Transfer Instructions — Selling Stockholder (Pinnacle Vista) | Account details for receipt of secondary offering proceeds ($150,000,000 less applicable spread) by Pinnacle Vista Capital Partners III, LP | Whitfield Archer & Doss LLP | Pinnacle Vista | Prior to closing | Pending — offering dormant
64 | Funds Flow | Wire Transfer Instructions — Underwriters | Account details for Hargrove Keating & Co. (as representative) for payment of underwriting discount. Total gross spread (full exercise): $33,000,000 (Management fee: $6,600,000; Underwriting fee: $6,600,000; Selling concession: $19,800,000) | Prescott, Danforth & Yee LLP | Hargrove Keating & Co. | Prior to closing | Pending — offering dormant
65 | Cross-Receipt | Cross-Receipt — Delivery of Shares Against Payment | Confirmation of delivery of shares by CBR (primary: 16,895,455 shares / $371,700,000) and Pinnacle Vista (secondary: 6,818,182 shares / $150,000,000) against payment of purchase price by underwriters. Draft prepared. | Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP | CBR; Pinnacle Vista; Hargrove Keating & Co. as representative | Date of closing | Pending — offering dormant
XVIII. BLUE SKY / STATE SECURITIES FILINGS
66 | Blue Sky | Blue Sky / State Securities Filings (all applicable jurisdictions) | State-by-state filings per Blue Sky Survey Memorandum. NSMIA preemption for NYSE-listed covered securities. Uniform Consent to Service of Process (Form U-2) template prepared. All filings marked pending. | Calderwood & Harkness LLP | CBR | Prior to closing | Pending — offering dormant
XIX. MISCELLANEOUS CLOSING DELIVERABLES
67 | Equity Plans | Adoption of 2022 Omnibus Equity Incentive Plan | Plan document providing for stock options, RSUs, PSUs. 12,727,273-share reserve. Evergreen provision. Board and stockholder approval required. | Calderwood & Harkness LLP | Board of Directors; Stockholders | Prior to closing | Pending — offering dormant
68 | Equity Plans | Adoption of 2022 Employee Stock Purchase Plan | 2,545,455-share reserve. 15% discount; six-month offering periods; Section 423 qualified. | Calderwood & Harkness LLP | Board of Directors; Stockholders | Prior to closing | Pending — offering dormant
69 | Financial Printing | Final prospectus printing and distribution | Ridgeway Financial Printing Corp. (Alan Greenidge, Account Director), 79 Madison Avenue, New York, NY 10016 | Ridgeway Financial Printing Corp. | CBR / Calderwood & Harkness LLP | Post-pricing | Pending — offering dormant
70 | Closing Logistics | Closing conference call / virtual closing | Coordination among all parties for T+3 settlement (or as applicable) | Calderwood & Harkness LLP / Prescott, Danforth & Yee LLP | All parties | Date of closing | Pending — offering dormant
71 | Post-Closing | Filing of Form 8-A (Exchange Act Registration) | Registration of common stock under Section 12(b) of the Securities Exchange Act of 1934 for NYSE listing | Calderwood & Harkness LLP | CBR | Prior to or on date of closing | Pending — offering dormant
[sheet: Underwriter Allocations]
Underwriter | Allocation % | Base Shares | Base Dollar Amount | Overallotment Shares | Total Shares Full Exercise | Total Dollar Amount Full Exercise | Gross Spread per Share | Total Spread Earned Full Exercise
Hargrove Keating & Co. (Lead-Left) | 40% | 9,485,454 | $208,679,988 | 1,423,636 | 10,909,090 | $239,999,980 | $1.21 | $13,199,999
Linden Pratt Securities LLC | 25% | 5,928,409 | $130,424,998 | 889,773 | 6,818,182 | $150,000,004 | $1.21 | $8,250,000
Graymont Brothers Inc. | 20% | 4,742,727 | $104,339,994 | 711,818 | 5,454,545 | $119,999,990 | $1.21 | $6,600,000
Barfield Stuart & Co. | 10% | 2,371,364 | $52,170,008 | 355,909 | 2,727,273 | $60,000,006 | $1.21 | $3,300,000
Crane Whitley Capital LLC | 5% | 1,185,682 | $26,084,604 | 177,955 | 1,363,637 | $30,000,014 | $1.21 | $1,650,001
TOTAL | 100% | 23,713,636 | $521,699,592 | 3,559,091 | 27,272,727 | $599,999,994 | $1.21 | $33,000,000
[sheet: Share Capitalization Summary]
Description | Shares | Notes
Pre-IPO Shares Outstanding (fully diluted, post-reclassification) | 100,000,000 | Par value $0.01 per share
Pinnacle Vista Capital Partners III, LP (pre-IPO) | 62,000,000 | ~62% of pre-IPO fully diluted common
Founders & Management (pre-IPO) | 24,000,000 | ~24% — Garrett Calloway and Elaine Briggs
Other Pre-IPO Holders | 14,000,000 | ~14% — earlier-stage investors and employees
Primary Shares Issued (Company) | 16,895,455 | $371,700,010 ÷ $22.00
Secondary Shares Sold (Pinnacle Vista) | 6,818,182 | $150,000,004 ÷ $22.00 — sold from existing holdings
Total Base Shares Offered | 23,713,636 | $521,699,992 ÷ $22.00 (primary + secondary)
Overallotment Shares (15% greenshoe) | 3,559,091 | $78,300,002 ÷ $22.00
Total Shares Offered (full exercise) | 27,272,727 | 23,713,636 + 3,559,091
Post-IPO Shares Outstanding (base, no overallotment) | 116,895,455 | 100,000,000 + 16,895,455 primary shares
Post-IPO Shares Outstanding (full overallotment) | 127,272,727 | 100,000,000 + 27,272,727
2022 Omnibus Equity Incentive Plan Reserve | 12,727,273 | 10% of 127,272,727
2022 Employee Stock Purchase Plan Reserve | 2,545,455 | 2% of 127,272,727
Pre-Money Equity Valuation | $2,200,000,000 | 100,000,000 × $22.00
Post-Money Equity Valuation (base) | $2,571,700,010 | 116,895,455 × $22.00
Post-Money Equity Valuation (full exercise) | $2,800,000,000 | 127,272,727 × $22.00 (approx.)
Enterprise Value (FY 2021) | $4,246,700,000 | Post-money equity ($2,721.7M) + $1.71B debt − $185M cash
EV / EBITDA (FY 2021) | 19.4x | $4,246.7M ÷ $218.6M
[sheet: Key Dates Reference]
Date | Event | Status
March 10, 2022 | Engagement letter executed; C&H Matter No. 1015-00001 opened | Completed
March 14–18, 2022 | Organizational meeting at CBR Austin offices (4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746) | Completed
March 21 – April 29, 2022 | Due diligence and initial S-1 drafting | Completed
March 31, 2022 | Q1 2022 quarter-end (interim financials) | Completed
April 11, 2022 | Confidential DRS-1 submitted to SEC (EDGAR Accession No. 0001948372-22-000001) | Completed
April 11, 2022 | NYSE Listing Application submitted (Application No. NYSE-2022-04218) | Completed
May 6, 2022 | SEC first-round comment letter received (18 comments) | Completed
May 20, 2022 | Response letter and Amendment No. 1 filed (EDGAR Accession No. 0001948372-22-000002) | Completed
June 3, 2022 | SEC second-round comment letter received (7 comments) | Completed
June 10, 2022 | Response letter and Amendment No. 2 filed (EDGAR Accession No. 0001948372-22-000003) | Completed
June 14, 2022 | SEC oral clearance indicated (subject to pricing amendment) | Completed
June 17, 2022 | Offering placed in dormant status — market conditions deteriorated | Current Status — DORMANT
TBD | Public filing of S-1 / effectiveness of registration statement | Pending — offering dormant
TBD | Roadshow commencement | Pending — offering dormant
TBD | Pricing date | Pending — offering dormant
TBD | Closing date (T+3 after pricing) | Pending — offering dormant
TBD | Lock-up expiration (180 days post-final prospectus) | Pending — offering dormant
[sheet: Working Group Contacts]
Role | Organization | Key Contact(s) | Address
Issuer | Calloway-Briggs Renewables Inc. | Garrett Calloway (CEO); Marcus Yoon (CFO); Sandra Haverford (GC); Priya Anand (SVP Finance & Treasurer) | 4200 Ridgeline Parkway, Suite 1100, Austin, TX 78746
Pre-IPO Majority Stockholder / Selling Stockholder | Pinnacle Vista Capital Partners III, LP | Hugh Pemberton; Diane Kovac | 900 Park Avenue, 38th Floor, New York, NY 10021
Issuer's Counsel | Calderwood & Harkness LLP | Jennifer Kwon (Responsible Partner); Theodore Langston (Billing Partner); Brendan Walsh (Lead Associate); Natasha Forbes (Working Associate); Leonard Cross (Tax) | 599 Lexington Avenue, New York, NY 10022
Lead-Left Book-Runner | Hargrove Keating & Co. | Oliver Marchetti (MD, ECM); Sonia Tran (Dir., Power & Renewables IB); Daniel Furman (VP, ECM Syndicate) | 383 Madison Place, New York, NY 10017
Joint Book-Runner | Linden Pratt Securities LLC | Rebecca Innes (MD, ECM); James Alcorn (Dir., Clean Energy & Infrastructure) | 200 Vesey Street, 40th Floor, New York, NY 10281
Joint Book-Runner | Graymont Brothers Inc. | Kenneth Sato (MD, ECM); Lisa Trujillo (Dir., Utilities & Renewables) | 555 California Street, Suite 3200, San Francisco, CA 94104
Co-Manager | Barfield Stuart & Co. | — | 101 Federal Street, Boston, MA 02110
Co-Manager | Crane Whitley Capital LLC | — | 600 Travis Street, Suite 4400, Houston, TX 77002
Underwriters' Counsel | Prescott, Danforth & Yee LLP | Margaret Yee (Partner); Scott Halverson (Counsel); Anita Desmond (Associate) | 1271 Avenue of the Americas, New York, NY 10020
Selling Stockholder's Counsel | Whitfield Archer & Doss LLP | Philip Archer (Partner); Christine Navarro (Partner); Derek Fong (Sr. Associate) | 51 West 52nd Street, New York, NY 10019
Independent Auditor | Ashford & Pemberton LLP | Gregory Sondheim (Lead Engagement Partner, CPA); Irene Valdez (Audit Manager, CPA) | 30 Rockefeller Plaza, Suite 2800, New York, NY 10112
Tax Advisor | Kessler McBride & Associates LLP | Alan Kessler (Managing Partner); Linda McBride (Partner, Tax Structures) | 700 Milam Street, Suite 2100, Houston, TX 77002
Transfer Agent / Registrar | Continental Shareowner Services, Inc. | Maria Costello (VP, Corporate Actions) | 1 Ashbury Asset Advisors Plaza, 30th Floor, New York, NY 10004
Financial Printer | Ridgeway Financial Printing Corp. | Alan Greenidge (Account Director) | 79 Madison Avenue, New York, NY 10016
D&O Insurance Broker | Dravello Place Insurance Advisors LLC | Nina Radcliffe (VP) | 250 Greenwich Street, Suite 3700, New York, NY 10007
D&O Primary Carrier | Meridian National Assurance Company | — (Policy No. DNO-22-048871) | —
D&O Excess Layer 1 | Stonebridge Indemnity Corp. | — | —
D&O Excess Layer 2 | Commonwealth Omnivrel Insurance Ltd. | — | —
Corporate Credit Facility Agent | Veltrano National Bank | Thomas Raines (MD, Energy Lending) | 1401 McKinney Street, Houston, TX 77010
Tax-Equity Investor | Veltara Basin Financial LLC | Karen Fujimoto (Partner, Tax Equity Investments) | 2029 Century Park East, Suite 1500, Los Angeles, CA 90067
Project-Finance Lender | Prairie Commercial Bank, N.A. | Brent Hollowell (SVP, Project Finance) | 2200 Ross Avenue, Suite 3600, Dallas, TX 75201
Compensation Consultant | Clarendon Rowe Advisory Group LLC | Patricia Voss (Senior Managing Director) | 300 Atlantic Street, Suite 800, Stamford, CT 06901
Investor Relations Advisor | Broadmark Strategic Communications Inc. | Jason Eklund (Managing Director) | 640 Fifth Avenue, Suite 1205, New York, NY 10019
Environmental Consultant | Greenridge Environmental Sciences LLC | Dr. Nadine Torres (Principal Scientist) | 8400 Shoal Creek Blvd., Suite 200, Austin, TX 78757
Registered Agent (DE) | Capitol Statutory Services, Inc. | — | 1209 Orange Street, Wilmington, DE 19801