[sheet: Dilution Summary]

Line Item	Base Offering (no overallotment)	Full Overallotment Exercise	Notes / Reference
Total Assets (12/31/2021)	$3,940,000,000	$3,940,000,000	Audited FY 2021; per draft S-1
Less: Goodwill	$(892,000,000)	$(892,000,000)	Per audited balance sheet
Less: Other Intangible Assets, net	$(263,000,000)	$(263,000,000)	PPA intangibles, permits, etc. per audited balance sheet
Total Intangible Assets	$(1,155,000,000)	$(1,155,000,000)	Goodwill + identifiable intangibles
Total Tangible Assets	$2,785,000,000	$2,785,000,000	Total Assets less Total Intangible Assets
Less: Total Debt	$(1,710,000,000)	$(1,710,000,000)	Corporate revolver, Term Loan B, project-finance, tax-equity
Less: Other Current Liabilities	$(247,000,000)	$(247,000,000)	Accounts payable, accrued expenses, etc.
Less: Other Non-Current Liabilities	$(394,000,000)	$(394,000,000)	Deferred revenue, AROs, deferred tax liabilities, etc.
Total Liabilities	$(2,351,000,000)	$(2,351,000,000)	Sum of all liabilities per audited FY 2021 balance sheet
Net Tangible Book Value (pre-IPO, historical)	$434,000,000	$434,000,000	Total Tangible Assets ($2,785M) minus Total Liabilities ($2,351M)
Pre-IPO Shares Outstanding (fully diluted)	100,000,000	100,000,000	Post-reclassification; fully diluted
Net Tangible Book Value Per Share (pre-IPO)	$4.34	$4.34	Pre-IPO NTBV $434,000,000 ÷ 100,000,000 shares
Assumed Public Offering Price Per Share	$22.00	$22.00	Filing-range midpoint
Less: Underwriting discount (5.50%)	$(1.21)	$(1.21)	5.50% gross spread; $22.00 × 5.50% = $1.21
Less: Estimated Offering Expenses (Company portion)	$(0.24)	$(0.24)	~$4,100,000 total estimated; excludes underwriting discount
Net Proceeds Per Share to Company (primary shares only)	$20.55	$20.55	Price minus discount minus expenses, on primary shares
Primary Shares Issued by Company	16,895,455	16,895,455	$371,700,000 ÷ $22.00; overallotment shares from greenshoe
Overallotment Shares (if exercised)	—	3,559,091	$78,300,000 ÷ $22.00
Secondary Shares Sold by Pinnacle Vista	6,818,182	6,818,182	$150,000,000 ÷ $22.00; no proceeds to Company
Total Shares Offered	23,713,636	27,272,727	Primary + secondary (base); primary + secondary + overallotment (full)
Gross Proceeds to Company (primary offering)	$371,700,000	$371,700,000	$521,700,000 base − $150,000,000 secondary
Less: Underwriting discount on Primary Shares (5.50%)	$(20,443,500)	$(20,443,500)	$371,700,000 × 5.50%
Less: Estimated Offering Expenses (Company portion)	$(4,100,000)	$(4,100,000)	SEC registration fee, FINRA fee, NYSE listing fee, printing, legal, accounting, etc.
Net Proceeds to Company	$347,156,500	$347,156,500	Gross proceeds minus discount minus expenses

Gross Proceeds from Overallotment (to underwriters/selling stockholder)	—	$78,300,000	15% greenshoe; $78,300,000
Adjustment: Net Tangible Book Value after IPO	$781,156,500	$781,156,500	Pre-IPO NTBV ($434,000,000) + Net Proceeds to Company ($347,156,500)
Post-IPO Shares Outstanding	123,713,636	127,272,727	100,000,000 + 23,713,636 (base); 100,000,000 + 27,272,727 (full)
Pro Forma Net Tangible Book Value Per Share (post-IPO)	$6.31	$6.14	Post-IPO NTBV ÷ Post-IPO shares
Increase in NTBV Per Share Attributable to IPO	$1.97	$1.80	Post-IPO NTBV/share minus Pre-IPO NTBV/share
Dilution Per Share to New Investors	$15.69	$15.86	$22.00 minus Post-IPO NTBV/share
Dilution as % of Offering Price	71.3%	72.1%	Dilution per share ÷ $22.00

[sheet: Capitalization Inputs]

Item	Amount	Source / Notes
Total Assets (12/31/2021)	$3,940,000,000	Audited FY 2021 consolidated balance sheet; Ashford & Pemberton LLP
Less: Goodwill	$(892,000,000)	Per audited balance sheet; acquisitions of Mesquite Wind and Solaris West
Less: Other Intangible Assets, net	$(263,000,000)	PPA intangibles, permits, interconnection rights, etc.
Total Tangible Assets	$2,785,000,000	Total Assets − Goodwill − Other Intangibles
Total Debt (12/31/2021)	$1,710,000,000	Includes Corporate Revolver ($400M commitment), Term Loan B ($612.5M outstanding of $650M commitment), Mesquite Wind ($165M), Cimarron Solar ($143M), Solaris West tax-equity ($280M), other ($109.5M)
Other Current Liabilities	$247,000,000	Accounts payable, accrued expenses, current portion of deferred revenue, etc.
Other Non-Current Liabilities	$394,000,000	Deferred revenue, asset retirement obligations, deferred tax liabilities, etc.
Total Liabilities	$2,351,000,000	Sum of all liabilities
Total Stockholders' Equity (historical)	$1,589,000,000	Total Assets ($3,940M) − Total Liabilities ($2,351M)
Net Tangible Book Value (historical)	$434,000,000	Total Tangible Assets ($2,785M) − Total Liabilities ($2,351M)
Cash and Cash Equivalents (12/31/2021)	$185,000,000	Per draft S-1
Pre-IPO Shares Outstanding	100,000,000	Fully diluted; post-conversion of all preferred; post-reclassification
Par Value Per Share	$0.01	Common stock
Assumed IPO Price (midpoint)	$22.00	Filing-range midpoint for S-1
Gross Spread	5.50%	Contractual underwriting discount
Underwriting discount Per Share	$1.21	$22.00 × 5.50%
Net Price Per Share to Issuer (before expenses)	$20.79	$22.00 − $1.21
FY 2021 Revenue	$487,300,000	Per audited financial statements
FY 2021 Adjusted EBITDA	$218,600,000	Per management reconciliation
FY 2021 Net Income	$41,700,000	Per audited financial statements
Pre-Money Equity Valuation	$2,200,000,000	100,000,000 shares × $22.00
Post-Money Equity Valuation (base)	$2,721,700,000	123,713,636 shares × $22.00 (rounded)
Post-Money Equity Valuation (full exercise)	$2,800,000,000	127,272,727 shares × $22.00 (rounded)
Enterprise Value (FY 2021, post-money base)	$4,246,700,000	$2,721,700,000 + $1,710,000,000 − $185,000,000

EV/EBITDA (FY 2021)

[sheet: Share Composition]

Stockholder / Category	Pre-IPO Shares	Pre-IPO %	Shares Sold in Offering	Post-IPO Shares (Base)	Post-IPO % (Base)	Post-IPO Shares (Full Exercise)	Post-IPO % (Full Exercise)
Pinnacle Vista Capital Partners III, LP	62,000,000	62.00%	6,818,182	55,181,818	44.60%	55,181,818	43.35%
Garrett Calloway (Co-Founder, Chairman & CEO)	12,000,000	12.00%	0	12,000,000	9.70%	12,000,000	9.43%
Elaine Briggs (Co-Founder & President)	12,000,000	12.00%	0	12,000,000	9.70%	12,000,000	9.43%
Marcus Yoon (CFO)	2,500,000	2.50%	0	2,500,000	2.02%	2,500,000	1.96%
Other Management & Employees	3,500,000	3.50%	0	3,500,000	2.83%	3,500,000	2.75%
Other Pre-IPO Holders	8,000,000	8.00%	0	8,000,000	6.47%	8,000,000	6.29%
Subtotal — Existing Stockholders	100,000,000	100.00%	6,818,182	100,000,000	80.83%	100,000,000	78.57%
New Public Investors (primary shares — Company)	—	—	16,895,455	16,895,455	13.66%	16,895,455	13.27%
New Public Investors (secondary shares — from Pinnacle Vista)	—	—	6,818,182	6,818,182	5.51%	6,818,182	5.36%
Overallotment Shares (new issuance)	—	—	—	—	—	3,559,091	2.80%
Subtotal — New Public Investors	—	—	23,713,636	23,713,636	19.17%	27,272,727	21.43%
Total	100,000,000	100.00%	—	123,713,636	100.00%	127,272,727	100.00%

[sheet: Offering Economics]

Item	Base Offering	Overallotment	Total (Full Exercise)	Notes
Aggregate Public Offering Price	$521,700,000	$78,300,000	$600,000,000	23,713,636 base shares + 3,559,091 overallotment shares at $22.00
Less: Underwriting discount (5.50%)	$(28,693,500)	$(4,306,500)	$(33,000,000)	5.50% gross spread
Net Offering Proceeds (total)	$493,006,500	$73,993,500	$567,000,000

Allocation — Primary (Company):

Gross Proceeds to Company (primary shares)	$371,700,000	—	$371,700,000	16,895,455 primary shares × $22.00
Less: Underwriting discount (5.50%)	$(20,443,500)	—	$(20,443,500)	$371,700,000 × 5.50%
Less: Estimated Offering Expenses	$(4,100,000)	—	$(4,100,000)	SEC fee, FINRA fee, NYSE fee, legal, accounting, printing, transfer agent, misc.
Net Proceeds to Company	$347,156,500	—	$347,156,500

Allocation — Secondary (Pinnacle Vista):

Gross Proceeds to Pinnacle Vista	$150,000,000	—	$150,000,000	6,818,182 secondary shares × $22.00
Less: Underwriting discount (5.50%)	$(8,250,000)	—	$(8,250,000)	$150,000,000 × 5.50%
Net Proceeds to Pinnacle Vista	$141,750,000	—	$141,750,000	Company receives none of secondary proceeds

Allocation — Overallotment:

Gross Proceeds from Overallotment	—	$78,300,000	$78,300,000	15% greenshoe; 3,559,091 shares × $22.00
Less: Underwriting discount (5.50%)	—	$(4,306,500)	$(4,306,500)	$78,300,000 × 5.50%
Net Overallotment Proceeds	—	$73,993,500	$73,993,500

Underwriting discount Breakdown (Full Exercise):

Management Fee (20%)	$6,600,000	20% of $33,000,000
Underwriting Fee (20%)	$6,600,000	20% of $33,000,000
Selling Concession (60%)	$19,800,000	60% of $33,000,000
Total Gross Spread	$33,000,000	5.50% × $600,000,000
Underwriter Expense Reimbursement Cap	$350,000	FINRA-related cap

Use of Net Proceeds to Company:

Repay Term Loan B (Veltrano National Bank)	~$200,000,000	Partial prepayment; 1.00% prepayment premium = $2,000,000
Fund Cimarron Solar construction	~$100,000,000	Cimarron Solar Development LLC; Doña Ana County, NM; expected COD Q1 2023
General corporate purposes	~$47,156,500	Working capital and other general purposes
Total Intended Use of Net Proceeds	$347,156,500	Equals net primary proceeds to Company

[sheet: Underwriter Allocation]

Underwriter	Allocation %	Base Shares	Dollar Amount	Underwriting discount (5.50%)
Hargrove Keating & Co. (Lead-Left Book-Runner)	40%	9,485,455	$208,680,010	$11,477,401
Linden Pratt Securities LLC (Joint Book-Runner)	25%	5,928,409	$130,425,000	$7,173,375
Graymont Brothers Inc. (Joint Book-Runner)	20%	4,742,727	$104,340,000	$5,738,700
Barfield Stuart & Co. (Co-Manager)	10%	2,371,364	$52,170,008	$2,869,350
Crane Whitley Capital LLC (Co-Manager)	5%	1,185,682	$26,084,804	$1,434,664
Total	100%	23,713,636	$521,700,000	$28,693,500

[sheet: Equity Plan Dilution]

Plan / Award Type	Shares Reserved	% of Post-IPO Outstanding (Full Exercise)	Notes
2022 Omnibus Equity Incentive Plan — Total Reserve	12,727,273	10.00%	10% of 127,272,727 post-IPO shares (full exercise); includes evergreen provision of 1% annually

Proposed IPO RSU Grants:

Garrett Calloway (CEO)	500,000	0.39%	4-year ratable vesting; cliff vest 25% at Year 1
Elaine Briggs (President)	400,000	0.31%	4-year ratable vesting; cliff vest 25% at Year 1
Marcus Yoon (CFO)	300,000	0.24%	4-year ratable vesting; cliff vest 25% at Year 1
Dale Renfroe (COO)	200,000	0.16%	4-year ratable vesting
Priya Anand (General Counsel)	175,000	0.14%	4-year ratable vesting
Tomás Quintero (SVP, Development)	175,000	0.14%	4-year ratable vesting
Rachel Whitmore (SVP, Operations)	150,000	0.12%	4-year ratable vesting
Subtotal Proposed IPO Grants	1,900,000	1.49%
Remaining Reserve (available for future grants)	10,827,273	8.51%	Available for future RSU, stock option, and PSU awards
2022 Employee Stock Purchase Plan	2,545,455	2.00%	2% of 127,272,727 post-IPO shares; 15% discount; 6-month offering periods; Section 423 qualified
Total Potential Additional Dilution from Equity Plans	15,272,728	12.00%	Equity Incentive Plan (12,727,273) + ESPP (2,545,455)
Fully Diluted Shares (post-IPO + all plan shares)	142,545,455	—	127,272,727 + 15,272,728

[sheet: Dilution Summary]
Line Item | Base Offering (no overallotment) | Full Overallotment Exercise | Notes / Reference
Total Assets (12/31/2021) | $3,940,000,000 | $3,940,000,000 | Audited FY 2021; per draft S-1
Less: Goodwill | $(892,000,000) | $(892,000,000) | Per audited balance sheet
Less: Other Intangible Assets, net | $(263,000,000) | $(263,000,000) | PPA intangibles, permits, etc. per audited balance sheet
Total Intangible Assets | $(1,155,000,000) | $(1,155,000,000) | Goodwill + identifiable intangibles
Total Tangible Assets | $2,785,000,000 | $2,785,000,000 | Total Assets less Total Intangible Assets
Less: Total Debt | $(1,710,000,000) | $(1,710,000,000) | Corporate revolver, Term Loan B, project-finance, tax-equity
Less: Other Current Liabilities | $(247,000,000) | $(247,000,000) | Accounts payable, accrued expenses, etc.
Less: Other Non-Current Liabilities | $(394,000,000) | $(394,000,000) | Deferred revenue, AROs, deferred tax liabilities, etc.
Total Liabilities | $(2,351,000,000) | $(2,351,000,000) | Sum of all liabilities per audited FY 2021 balance sheet
Net Tangible Book Value (pre-IPO, historical) | $434,000,000 | $434,000,000 | Total Tangible Assets ($2,785M) minus Total Liabilities ($2,351M)
Pre-IPO Shares Outstanding (fully diluted) | 100,000,000 | 100,000,000 | Post-reclassification; fully diluted
Net Tangible Book Value Per Share (pre-IPO) | $4.34 | $4.34 | Pre-IPO NTBV $434,000,000 ÷ 100,000,000 shares
Assumed Public Offering Price Per Share | $22.00 | $22.00 | Filing-range midpoint
Less: Underwriting discount (5.50%) | $(1.21) | $(1.21) | 5.50% gross spread; $22.00 × 5.50% = $1.21
Less: Estimated Offering Expenses (Company portion) | $(0.24) | $(0.24) | ~$4,100,000 total estimated; excludes underwriting discount
Net Proceeds Per Share to Company (primary shares only) | $20.55 | $20.55 | Price minus discount minus expenses, on primary shares
Primary Shares Issued by Company | 16,895,455 | 16,895,455 | $371,700,000 ÷ $22.00; overallotment shares from greenshoe
Overallotment Shares (if exercised) | — | 3,559,091 | $78,300,000 ÷ $22.00
Secondary Shares Sold by Pinnacle Vista | 6,818,182 | 6,818,182 | $150,000,000 ÷ $22.00; no proceeds to Company
Total Shares Offered | 23,713,636 | 27,272,727 | Primary + secondary (base); primary + secondary + overallotment (full)
Gross Proceeds to Company (primary offering) | $371,700,000 | $371,700,000 | $521,700,000 base − $150,000,000 secondary
Less: Underwriting discount on Primary Shares (5.50%) | $(20,443,500) | $(20,443,500) | $371,700,000 × 5.50%
Less: Estimated Offering Expenses (Company portion) | $(4,100,000) | $(4,100,000) | SEC registration fee, FINRA fee, NYSE listing fee, printing, legal, accounting, etc.
Net Proceeds to Company | $347,156,500 | $347,156,500 | Gross proceeds minus discount minus expenses
Gross Proceeds from Overallotment (to underwriters/selling stockholder) | — | $78,300,000 | 15% greenshoe; $78,300,000
Adjustment: Net Tangible Book Value after IPO | $781,156,500 | $781,156,500 | Pre-IPO NTBV ($434,000,000) + Net Proceeds to Company ($347,156,500)
Post-IPO Shares Outstanding | 123,713,636 | 127,272,727 | 100,000,000 + 23,713,636 (base); 100,000,000 + 27,272,727 (full)
Pro Forma Net Tangible Book Value Per Share (post-IPO) | $6.31 | $6.14 | Post-IPO NTBV ÷ Post-IPO shares
Increase in NTBV Per Share Attributable to IPO | $1.97 | $1.80 | Post-IPO NTBV/share minus Pre-IPO NTBV/share
Dilution Per Share to New Investors | $15.69 | $15.86 | $22.00 minus Post-IPO NTBV/share
Dilution as % of Offering Price | 71.3% | 72.1% | Dilution per share ÷ $22.00
[sheet: Capitalization Inputs]
Item | Amount | Source / Notes
Total Assets (12/31/2021) | $3,940,000,000 | Audited FY 2021 consolidated balance sheet; Ashford & Pemberton LLP
Less: Goodwill | $(892,000,000) | Per audited balance sheet; acquisitions of Mesquite Wind and Solaris West
Less: Other Intangible Assets, net | $(263,000,000) | PPA intangibles, permits, interconnection rights, etc.
Total Tangible Assets | $2,785,000,000 | Total Assets − Goodwill − Other Intangibles
Total Debt (12/31/2021) | $1,710,000,000 | Includes Corporate Revolver ($400M commitment), Term Loan B ($612.5M outstanding of $650M commitment), Mesquite Wind ($165M), Cimarron Solar ($143M), Solaris West tax-equity ($280M), other ($109.5M)
Other Current Liabilities | $247,000,000 | Accounts payable, accrued expenses, current portion of deferred revenue, etc.
Other Non-Current Liabilities | $394,000,000 | Deferred revenue, asset retirement obligations, deferred tax liabilities, etc.
Total Liabilities | $2,351,000,000 | Sum of all liabilities
Total Stockholders' Equity (historical) | $1,589,000,000 | Total Assets ($3,940M) − Total Liabilities ($2,351M)
Net Tangible Book Value (historical) | $434,000,000 | Total Tangible Assets ($2,785M) − Total Liabilities ($2,351M)
Cash and Cash Equivalents (12/31/2021) | $185,000,000 | Per draft S-1
Pre-IPO Shares Outstanding | 100,000,000 | Fully diluted; post-conversion of all preferred; post-reclassification
Par Value Per Share | $0.01 | Common stock
Assumed IPO Price (midpoint) | $22.00 | Filing-range midpoint for S-1
Gross Spread | 5.50% | Contractual underwriting discount
Underwriting discount Per Share | $1.21 | $22.00 × 5.50%
Net Price Per Share to Issuer (before expenses) | $20.79 | $22.00 − $1.21
FY 2021 Revenue | $487,300,000 | Per audited financial statements
FY 2021 Adjusted EBITDA | $218,600,000 | Per management reconciliation
FY 2021 Net Income | $41,700,000 | Per audited financial statements
Pre-Money Equity Valuation | $2,200,000,000 | 100,000,000 shares × $22.00
Post-Money Equity Valuation (base) | $2,721,700,000 | 123,713,636 shares × $22.00 (rounded)
Post-Money Equity Valuation (full exercise) | $2,800,000,000 | 127,272,727 shares × $22.00 (rounded)
Enterprise Value (FY 2021, post-money base) | $4,246,700,000 | $2,721,700,000 + $1,710,000,000 − $185,000,000
EV/EBITDA (FY 2021) | 19.4x | $4,246,700,000 ÷ $218,600,000
[sheet: Share Composition]
Stockholder / Category | Pre-IPO Shares | Pre-IPO % | Shares Sold in Offering | Post-IPO Shares (Base) | Post-IPO % (Base) | Post-IPO Shares (Full Exercise) | Post-IPO % (Full Exercise)
Pinnacle Vista Capital Partners III, LP | 62,000,000 | 62.00% | 6,818,182 | 55,181,818 | 44.60% | 55,181,818 | 43.35%
Garrett Calloway (Co-Founder, Chairman & CEO) | 12,000,000 | 12.00% | 0 | 12,000,000 | 9.70% | 12,000,000 | 9.43%
Elaine Briggs (Co-Founder & President) | 12,000,000 | 12.00% | 0 | 12,000,000 | 9.70% | 12,000,000 | 9.43%
Marcus Yoon (CFO) | 2,500,000 | 2.50% | 0 | 2,500,000 | 2.02% | 2,500,000 | 1.96%
Other Management & Employees | 3,500,000 | 3.50% | 0 | 3,500,000 | 2.83% | 3,500,000 | 2.75%
Other Pre-IPO Holders | 8,000,000 | 8.00% | 0 | 8,000,000 | 6.47% | 8,000,000 | 6.29%
Subtotal — Existing Stockholders | 100,000,000 | 100.00% | 6,818,182 | 100,000,000 | 80.83% | 100,000,000 | 78.57%
New Public Investors (primary shares — Company) | — | — | 16,895,455 | 16,895,455 | 13.66% | 16,895,455 | 13.27%
New Public Investors (secondary shares — from Pinnacle Vista) | — | — | 6,818,182 | 6,818,182 | 5.51% | 6,818,182 | 5.36%
Overallotment Shares (new issuance) | — | — | — | — | — | 3,559,091 | 2.80%
Subtotal — New Public Investors | — | — | 23,713,636 | 23,713,636 | 19.17% | 27,272,727 | 21.43%
Total | 100,000,000 | 100.00% | — | 123,713,636 | 100.00% | 127,272,727 | 100.00%
[sheet: Offering Economics]
Item | Base Offering | Overallotment | Total (Full Exercise) | Notes
Aggregate Public Offering Price | $521,700,000 | $78,300,000 | $600,000,000 | 23,713,636 base shares + 3,559,091 overallotment shares at $22.00
Less: Underwriting discount (5.50%) | $(28,693,500) | $(4,306,500) | $(33,000,000) | 5.50% gross spread
Net Offering Proceeds (total) | $493,006,500 | $73,993,500 | $567,000,000
Allocation — Primary (Company):
Gross Proceeds to Company (primary shares) | $371,700,000 | — | $371,700,000 | 16,895,455 primary shares × $22.00
Less: Underwriting discount (5.50%) | $(20,443,500) | — | $(20,443,500) | $371,700,000 × 5.50%
Less: Estimated Offering Expenses | $(4,100,000) | — | $(4,100,000) | SEC fee, FINRA fee, NYSE fee, legal, accounting, printing, transfer agent, misc.
Net Proceeds to Company | $347,156,500 | — | $347,156,500
Allocation — Secondary (Pinnacle Vista):
Gross Proceeds to Pinnacle Vista | $150,000,000 | — | $150,000,000 | 6,818,182 secondary shares × $22.00
Less: Underwriting discount (5.50%) | $(8,250,000) | — | $(8,250,000) | $150,000,000 × 5.50%
Net Proceeds to Pinnacle Vista | $141,750,000 | — | $141,750,000 | Company receives none of secondary proceeds
Allocation — Overallotment:
Gross Proceeds from Overallotment | — | $78,300,000 | $78,300,000 | 15% greenshoe; 3,559,091 shares × $22.00
Less: Underwriting discount (5.50%) | — | $(4,306,500) | $(4,306,500) | $78,300,000 × 5.50%
Net Overallotment Proceeds | — | $73,993,500 | $73,993,500
Underwriting discount Breakdown (Full Exercise):
Management Fee (20%) | $6,600,000 | 20% of $33,000,000
Underwriting Fee (20%) | $6,600,000 | 20% of $33,000,000
Selling Concession (60%) | $19,800,000 | 60% of $33,000,000
Total Gross Spread | $33,000,000 | 5.50% × $600,000,000
Underwriter Expense Reimbursement Cap | $350,000 | FINRA-related cap
Use of Net Proceeds to Company:
Repay Term Loan B (Veltrano National Bank) | ~$200,000,000 | Partial prepayment; 1.00% prepayment premium = $2,000,000
Fund Cimarron Solar construction | ~$100,000,000 | Cimarron Solar Development LLC; Doña Ana County, NM; expected COD Q1 2023
General corporate purposes | ~$47,156,500 | Working capital and other general purposes
Total Intended Use of Net Proceeds | $347,156,500 | Equals net primary proceeds to Company
[sheet: Underwriter Allocation]
Underwriter | Allocation % | Base Shares | Dollar Amount | Underwriting discount (5.50%)
Hargrove Keating & Co. (Lead-Left Book-Runner) | 40% | 9,485,455 | $208,680,010 | $11,477,401
Linden Pratt Securities LLC (Joint Book-Runner) | 25% | 5,928,409 | $130,425,000 | $7,173,375
Graymont Brothers Inc. (Joint Book-Runner) | 20% | 4,742,727 | $104,340,000 | $5,738,700
Barfield Stuart & Co. (Co-Manager) | 10% | 2,371,364 | $52,170,008 | $2,869,350
Crane Whitley Capital LLC (Co-Manager) | 5% | 1,185,682 | $26,084,804 | $1,434,664
Total | 100% | 23,713,636 | $521,700,000 | $28,693,500
[sheet: Equity Plan Dilution]
Plan / Award Type | Shares Reserved | % of Post-IPO Outstanding (Full Exercise) | Notes
2022 Omnibus Equity Incentive Plan — Total Reserve | 12,727,273 | 10.00% | 10% of 127,272,727 post-IPO shares (full exercise); includes evergreen provision of 1% annually
  Proposed IPO RSU Grants:
    Garrett Calloway (CEO) | 500,000 | 0.39% | 4-year ratable vesting; cliff vest 25% at Year 1
    Elaine Briggs (President) | 400,000 | 0.31% | 4-year ratable vesting; cliff vest 25% at Year 1
    Marcus Yoon (CFO) | 300,000 | 0.24% | 4-year ratable vesting; cliff vest 25% at Year 1
    Dale Renfroe (COO) | 200,000 | 0.16% | 4-year ratable vesting
    Priya Anand (General Counsel) | 175,000 | 0.14% | 4-year ratable vesting
    Tomás Quintero (SVP, Development) | 175,000 | 0.14% | 4-year ratable vesting
    Rachel Whitmore (SVP, Operations) | 150,000 | 0.12% | 4-year ratable vesting
  Subtotal Proposed IPO Grants | 1,900,000 | 1.49%
  Remaining Reserve (available for future grants) | 10,827,273 | 8.51% | Available for future RSU, stock option, and PSU awards
2022 Employee Stock Purchase Plan | 2,545,455 | 2.00% | 2% of 127,272,727 post-IPO shares; 15% discount; 6-month offering periods; Section 423 qualified
Total Potential Additional Dilution from Equity Plans | 15,272,728 | 12.00% | Equity Incentive Plan (12,727,273) + ESPP (2,545,455)
Fully Diluted Shares (post-IPO + all plan shares) | 142,545,455 | — | 127,272,727 + 15,272,728

[sheet: Dilution Summary]

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