[sheet: Cover]

Field	Value
Transaction	Power Purchase Agreement — Saguaro Flats Solar Project
Seller	Saguaro Flats Solar LLC
Buyer	Meridian DataCore Solutions Inc. (Nasdaq: MDCS)
Seller's Parent	Calloway-Briggs Renewables Inc.
Project	Saguaro Flats Solar Project — 195 MWdc / 150 MWac Solar PV, Pecos County, TX
Aggregate PPA Value	$140,000,000 (nominal, 20-year term)
Target Execution Date	September 15, 2025
Governing Law	State of New York
Dispute Resolution	AAA Commercial Arbitration Rules, New York, NY
Seller's Counsel	Calderwood & Harkness LLP — Patricia Dunmore (Responsible Partner), George Trujillo (Billing Partner)
Buyer's Counsel	Hargrove & Linden LLP — Evelyn Crumveth (Lead Partner)
Lead Lender / Administrative Agent	Tralvendo National Bank, N.A.
Lender's Counsel	Whitfield Stroval & Cade LLP — Philip Thornton (Lead Partner)
C&H Matter No.	1015-00002
Prepared By	Brett Callahan, Lead Associate; David Stanton, Working Associate — Calderwood & Harkness LLP
Date of Checklist	As of September 12, 2025 (updated)

[sheet: Closing Checklist]

Item No.	Category	Description of Deliverable	Responsible Party	Document Reference	Status	Target Date	Date Completed	Notes
A-1	A. Principal Transaction Documents	Power Purchase Agreement (Execution Version) — between Saguaro Flats Solar LLC (Seller) and Meridian DataCore Solutions Inc. (Buyer); 20-year term from COD (April 1, 2027); contract price $20.00/MWh with 1.50% annual escalator (years 6–20); virtual PPA / CfD settling at ERCOT West Hub	Seller / Buyer	ppa-execution-version-final.docx	Final	2025-09-15	Aggregate nominal value $140,000,000; P50 annual generation 350,000 MWh
A-2	A. Principal Transaction Documents	Exhibit A to PPA — Facility Description and Site (195 MWdc / 150 MWac, ~1,400 acres, FM Road 1776, Pecos County, TX; interconnection at Ft. Stockton 345 kV Substation via West Texas Wires LLC; ERCOT Queue Position ERCOT-GI-2024-0437; EPC by Sunbelt Power Construction LLC)	Seller	exhibit-a-facility-description.docx	Final	2025-09-15	Attached to PPA as Exhibit A
A-3	A. Principal Transaction Documents	Exhibit B to PPA — Contract Price and Escalation Schedule ($20.00/MWh fixed years 1–5; 1.50% compounding escalator years 6–20; Year 20 price ≈ $25.02/MWh)	Seller	exhibit-b-contract-price-schedule.xlsx	Final	2025-09-15	Settlement hub: ERCOT West Hub
A-4	A. Principal Transaction Documents	Exhibit C to PPA — Form of Guaranty (Buyer Corporate Guarantee by Meridian DataCore Solutions Inc., capped at $14,000,000)	Seller	exhibit-c-form-of-buyer-guaranty.docx	Final	2025-09-15	Cap = 2 years estimated PPA revenues
A-5	A. Principal Transaction Documents	Exhibit D to PPA — Form of Letter of Credit (Seller Availability LC, $7,000,000 initial amount, reducing to $3,500,000 after 5th anniversary if no Seller default outstanding)	Seller	exhibit-d-form-of-letter-of-credit.docx	Final	2025-09-15	To be issued by Tralvendo National Bank, N.A.
A-6	A. Principal Transaction Documents	Exhibit E to PPA — Insurance Requirements (builder's risk, CGL, property/all-risk, business interruption; broker: Fieldstone Risk Advisors LLC; carriers: Commonwealth Mutual Insurance Co., Ridgeway Casualty Group Inc.)	Seller	exhibit-e-insurance-requirements.docx	Final	2025-09-15
A-7	A. Principal Transaction Documents	Exhibit F to PPA — Form of Lender Consent Agreement (Consent to Collateral Assignment and Lender Direct Agreement)	Seller	exhibit-f-form-of-lender-consent.docx	Final	2025-09-15	Tri-party: Saguaro Flats Solar LLC, Meridian, Tralvendo
B-1	B. Credit Support Documents	Buyer Guaranty Agreement — executed by Meridian DataCore Solutions Inc. in favor of Saguaro Flats Solar LLC, guaranteeing Buyer's payment and performance obligations, capped at $14,000,000	Buyer	draft-buyer-guaranty-agreement.docx	Under Review	2025-09-15	Governed by New York law; Meridian credit rating BBB (Pinnacle Ratings Group)
B-2	B. Credit Support Documents	Irrevocable Standby Letter of Credit — issued by Tralvendo National Bank, N.A. in the amount of $7,000,000 in favor of Meridian DataCore Solutions Inc., reducing to $3,500,000 after 5th anniversary if no Seller default	Seller	Pending	2025-09-15	LC form per Exhibit D; coordinate with Diane Roessler at Tralvendo
C-1	C. Lender Deliverables	Lender Consent and Direct Agreement (Consent to Collateral Assignment of PPA) — executed by Saguaro Flats Solar LLC, Meridian DataCore Solutions Inc., and Tralvendo National Bank, N.A. as Administrative Agent for the $108,000,000 construction-to-term loan facility	Seller / Buyer / Lender	draft-lender-consent-agreement.docx	Under Review	2025-09-15	Includes lender step-in rights, cure rights (90-day cure period per lender request), and right to enter replacement PPA; coordinated with Whitfield Stroval & Cade LLP (Philip Thornton) and Hargrove & Linden LLP (Evelyn Crumveth)
C-2	C. Lender Deliverables	Written confirmation from Tralvendo National Bank, N.A. (and syndicate lenders: Osprey Commercial Lending Corp., Grandview Savings Bank FSB, Blue Prairie Capital Markets LLC) that PPA is acceptable for bankability / construction loan closing purposes	Lender	Pending	2025-09-15	Target construction loan closing: October 1, 2025; facility: $108M senior secured; DSCR covenant min 1.30x
D-1	D. Seller Corporate / Organizational Deliverables	Certificate of Good Standing — Calloway-Briggs Renewables Inc. (Delaware Secretary of State)	Seller	good-standing-request-memo.docx	Pending	2025-09-12	Registered Agent: Capitol Registered Agents LLC, 850 New Burton Road, Suite 201, Dover, DE 19904
D-2	D. Seller Corporate / Organizational Deliverables	Certificate of Good Standing — Saguaro Flats Solar LLC (Delaware Secretary of State)	Seller	good-standing-request-memo.docx	Pending	2025-09-12	Registered Agent: Capitol Registered Agents LLC, 850 New Burton Road, Suite 201, Dover, DE 19904; EIN: 93-1284506
D-3	D. Seller Corporate / Organizational Deliverables	Secretary's / Manager's Certificate and Manager Resolutions — Saguaro Flats Solar LLC (managed by Calloway-Briggs Renewables Inc.), attaching certified LLC Agreement, resolutions authorizing execution of PPA, Buyer Guaranty, and Lender Consent Agreement, and incumbency of authorized signatories	Seller	secretarys-certificate-resolutions-form.docx	Draft	2025-09-15
D-4	D. Seller Corporate / Organizational Deliverables	Seller Officer's Certificate — executed by authorized officer of Saguaro Flats Solar LLC certifying: (i) due organization and good standing, (ii) authorization of PPA execution, (iii) truth of representations and warranties, (iv) no default or event of default	Seller	seller-officers-certificate-form.docx	Draft	2025-09-15
D-5	D. Seller Corporate / Organizational Deliverables	Board / Manager Resolutions of Calloway-Briggs Renewables Inc. (as Manager of Saguaro Flats Solar LLC) authorizing the PPA and related documents	Seller	Pending	2025-09-12	CBR EIN: 82-4637201
E-1	E. Buyer Corporate / Organizational Deliverables	Certificate of Good Standing — Meridian DataCore Solutions Inc. (Delaware Secretary of State)	Buyer	Pending	2025-09-12	Meridian EIN: 47-5918320; HQ: 700 Lakeshore Parkway, Building C, Austin, TX 78746
E-2	E. Buyer Corporate / Organizational Deliverables	Buyer Officer's Certificate — executed by authorized officer of Meridian DataCore Solutions Inc. certifying: (i) due organization and good standing, (ii) authorization of PPA and Guaranty execution, (iii) truth of representations and warranties, (iv) no default	Buyer	Pending	2025-09-15
E-3	E. Buyer Corporate / Organizational Deliverables	Secretary's Certificate and Board Resolutions — Meridian DataCore Solutions Inc. authorizing execution of PPA, Buyer Guaranty, and Lender Consent Agreement, with incumbency certificate	Buyer	Pending	2025-09-15
F-1	F. Legal Opinions	Bring-Down Legal Opinion — Calderwood & Harkness LLP to Meridian DataCore Solutions Inc. re: Saguaro Flats Solar LLC (due organization, due authorization, enforceability of PPA, no conflicts), governed by New York law	Seller's Counsel	legal-opinion-form-enforceability.docx	Draft	2025-09-15	Subject to customary qualifications and assumptions
F-2	F. Legal Opinions	Buyer's Counsel Legal Opinion — Hargrove & Linden LLP to Saguaro Flats Solar LLC re: Meridian DataCore Solutions Inc. (due organization, due authorization, enforceability of PPA and Guaranty, no conflicts)	Buyer's Counsel	Pending	2025-09-15	To be requested from Evelyn Crumveth
G-1	G. Permits, Interconnection & Site Deliverables	Evidence of Pecos County Conditional Use Permit (CUP-2025-012), approved February 10, 2025	Seller	Received	2025-09-10	2025-07-15	Copy on file
G-2	G. Permits, Interconnection & Site Deliverables	Evidence of ERCOT Large Generation Interconnection Agreement (LGIA), executed May 15, 2025, Queue Position ERCOT-GI-2024-0437; interconnection at Ft. Stockton 345 kV Substation, Pecos County, TX; Transmission Provider: West Texas Wires LLC	Seller	Received	2025-09-10	2025-07-15	Full Interconnection Study completed March 14, 2025
G-3	G. Permits, Interconnection & Site Deliverables	Evidence of ground lease with Redrock Mesa Ranch LP (~1,400 acres, Pecos County, TX; 35-year term)	Seller	Received	2025-09-10	2025-07-20	Site: FM Road 1776, ~12 mi SE of Fort Stockton, TX 79735

G-4	G. Permits, Interconnection & Site Deliverables	TCEQ Stormwater Pollution Prevention Plan — confirmation of filing / no individual permit required	Seller	Received	2025-09-10	2025-08-01
G-5	G. Permits, Interconnection & Site Deliverables	Evidence of Insurance — certificates of insurance for builder's risk / property (Commonwealth Mutual Insurance Co.) and general liability (Ridgeway Casualty Group Inc.) per Exhibit E requirements; broker: Fieldstone Risk Advisors LLC	Seller	Pending	2025-09-15	Must comply with PPA Exhibit E insurance schedule
G-6	G. Permits, Interconnection & Site Deliverables	Copy of executed EPC Contract with Sunbelt Power Construction LLC (fixed-price turnkey, $142,500,000)	Seller	Received	2025-09-10	2025-08-05	NTP to Sunbelt target: October 15, 2025
G-7	G. Permits, Interconnection & Site Deliverables	Independent Engineer confirmation — Gresham Engineering Advisors Inc. report / PPA bankability verification letter	Seller / Lender	Pending	2025-09-15	Retained by Tralvendo on behalf of lender group
G-8	G. Permits, Interconnection & Site Deliverables	Heliograph Energy Consulting LLC — P50/P90 solar resource assessment report (P50 annual net generation: 350,000 MWh/yr)	Seller	Received	2025-09-10	2025-07-10
H-1	H. Post-Closing Items	Delivery of executed PPA and all exhibits to Tralvendo National Bank, N.A. and syndicate lenders for construction loan closing (target: October 1, 2025)	Seller's Counsel	Pending	2025-10-01	Coordinate with Helen Nakamura (C&H, Project Finance) and Diane Roessler (Tralvendo)
H-2	H. Post-Closing Items	Issuance of NTP (Notice to Proceed) to Sunbelt Power Construction LLC	Seller	Pending	2025-10-15	Contingent on construction loan closing
H-3	H. Post-Closing Items	Filing of ITC documentation / preservation of Seller's tax ownership position under IRC § 48 (estimated ITC value ~$42,750,000 at 30% on $142,500,000 EPC cost)	Seller / Tax Counsel	Pending	Post-COD	Coordinate with Samuel Reeves (C&H, Tax)
H-4	H. Post-Closing Items	Post-closing letter to client summarizing executed PPA terms and next steps	Seller's Counsel	post-closing-letter-to-client.docx	Pending	2025-09-16	To be delivered to Rachel Muñoz, General Counsel, CBR
H-5	H. Post-Closing Items	COD Notice to Buyer — notification of Commercial Operation Date per PPA requirements	Seller	Pending	2027-04-01	Expected COD: April 1, 2027; PPA expiration: March 31, 2047
H-6	H. Post-Closing Items	Ongoing PPA compliance monitoring and annual availability reporting	Seller	N/A	Ongoing	Availability guarantee and LD provisions per negotiated PPA terms

[sheet: Summary]

Category	Total Items	Executed / Received	Final	Under Review	Draft	Pending	N/A	Completion %
A. Principal Transaction Documents	7	0	7	0	0	0	0	100.0%
B. Credit Support Documents	2	0	0	1	0	1	0	0.0%
C. Lender Deliverables	2	0	0	1	0	1	0	0.0%
D. Seller Corporate / Organizational Deliverables	5	0	0	0	2	3	0	0.0%
E. Buyer Corporate / Organizational Deliverables	3	0	0	0	0	3	0	0.0%
F. Legal Opinions	2	0	0	0	1	1	0	0.0%
G. Permits, Interconnection & Site Deliverables	8	5	0	0	0	2	0	62.5%
H. Post-Closing Items	6	0	0	0	0	5	1	0.0%
GRAND TOTAL	35	5	7	2	3	16	1	34.3%

[sheet: Key Contacts]

Role	Entity	Key Contact	Title	Address	Phone / Email
Seller (Project Co)	Saguaro Flats Solar LLC	Rachel Muñoz	General Counsel, CBR (Manager)	4200 Travis Street, Suite 1800, Houston, TX 77002
Seller Parent	Calloway-Briggs Renewables Inc.	Lena Calloway-Briggs	Co-Founder, Chairwoman & CEO	4200 Travis Street, Suite 1800, Houston, TX 77002
Seller — Origination	Calloway-Briggs Renewables Inc.	Janet Okafor	SVP, Origination & Commercial	4200 Travis Street, Suite 1800, Houston, TX 77002
Seller — Project Finance	Calloway-Briggs Renewables Inc.	Derek Engstrom	VP, Project Finance & Treasury	4200 Travis Street, Suite 1800, Houston, TX 77002
Buyer	Meridian DataCore Solutions Inc.	Nathan Gilroy	SVP, Energy & Sustainability	700 Lakeshore Parkway, Building C, Austin, TX 78746
Buyer — Procurement	Meridian DataCore Solutions Inc.	Amara Osei	VP, Procurement & Contracts	700 Lakeshore Parkway, Building C, Austin, TX 78746
Buyer — Legal	Meridian DataCore Solutions Inc.	Victor Langford	Deputy General Counsel	700 Lakeshore Parkway, Building C, Austin, TX 78746
Seller's Counsel — Responsible Partner	Calderwood & Harkness LLP	Patricia Dunmore	Responsible Partner	1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Billing Partner	Calderwood & Harkness LLP	George Trujillo	Billing Partner	1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Lead Associate	Calderwood & Harkness LLP	Brett Callahan	Lead Associate	1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Working Associate	Calderwood & Harkness LLP	David Stanton	Working Associate	1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Project Finance	Calderwood & Harkness LLP	Helen Nakamura	Of Counsel, Project Finance	1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Tax	Calderwood & Harkness LLP	Samuel Reeves	Associate, Tax	1100 Louisiana Street, Suite 4500, Houston, TX 77002
Buyer's Counsel — Lead Partner	Hargrove & Linden LLP	Evelyn Crumveth	Lead Partner	300 Congress Avenue, Suite 2200, Austin, TX 78701
Buyer's Counsel — Associate	Hargrove & Linden LLP	Ryan Matsuda	Associate	300 Congress Avenue, Suite 2200, Austin, TX 78701
Lead Lender / Admin Agent	Tralvendo National Bank, N.A.	Diane Roessler	Director, Project Finance	600 Main Street, Suite 3000, Dallas, TX 75202
Syndicate Lender	Osprey Commercial Lending Corp.
Syndicate Lender	Grandview Savings Bank FSB
Syndicate Lender	Blue Prairie Capital Markets LLC
Lender's Counsel	Whitfield Stroval & Cade LLP	Philip Thornton	Lead Partner	51 West 52nd Street, 30th Floor, New York, NY 10019
Equity Sponsor	Ridgepoint Capital Partners LP	Alan Driscoll	Managing Partner	Houston, TX
EPC Contractor	Sunbelt Power Construction LLC	2100 Industrial Blvd., San Antonio, TX 78221
Independent Engineer	Gresham Engineering Advisors Inc.	8700 Shoal Creek Blvd., Suite 350, Austin, TX 78757
Insurance Broker	Fieldstone Risk Advisors LLC	Houston, TX

Builder's Risk Insurer	Commonwealth Mutual Insurance Co.
GL Insurer	Ridgeway Casualty Group Inc.
Solar Resource Consultant	Heliograph Energy Consulting LLC	Denver, CO
Registered Agent (DE)	Capitol Registered Agents LLC	850 New Burton Road, Suite 201, Dover, DE 19904
Transmission Provider	West Texas Wires LLC
Ground Lessor	Redrock Mesa Ranch LP	Pecos County, TX
Auditor (CBR)	Aldgate & Pryor CPAs LLP	Houston, TX
Credit Rating Agency	Pinnacle Ratings Group	New York, NY

[sheet: Key Dates]

Date	Event / Milestone	Status	Notes
2025-02-10	Pecos County Conditional Use Permit approved (CUP-2025-012)	Completed
2025-03-14	ERCOT Full Interconnection Study completed	Completed
2025-05-15	LGIA executed with West Texas Wires LLC / ERCOT (Queue: ERCOT-GI-2024-0437)	Completed	Interconnection at Ft. Stockton 345 kV Substation
2025-06-20	CBR engages Calderwood & Harkness LLP	Completed
2025-07-08	Matter opened at Calderwood & Harkness (Matter No. 1015-00002)	Completed
2025-07-14	First draft PPA circulated (Seller's form)	Completed
2025-08-01	Buyer's redline received from Hargrove & Linden LLP	Completed
2025-08-11	Seller's Revised Second Draft PPA circulated	Completed
2025-08-18	Target resolution of open issues (availability guarantee, change of control)	Completed
2025-09-12	Target delivery of good standing certificates and pre-closing deliverables	Upcoming
2025-09-15	Target PPA execution date	Target	All closing deliverables due
2025-09-16	Post-closing letter to client	Target
2025-10-01	Target closing of Tralvendo construction loan facility ($108,000,000)	Target	Syndicate: Tralvendo $21M, Osprey $36M, Grandview $27M, Blue Prairie $24M
2025-10-15	NTP (Notice to Proceed) to Sunbelt Power Construction LLC	Target	EPC contract value: $142,500,000
2027-04-01	Expected Commercial Operation Date (COD)	Target	PPA 20-year term commences
2047-03-31	PPA expiration (20 years from COD)	Target

[sheet: Cover]
Field | Value
Transaction | Power Purchase Agreement — Saguaro Flats Solar Project
Seller | Saguaro Flats Solar LLC
Buyer | Meridian DataCore Solutions Inc. (Nasdaq: MDCS)
Seller's Parent | Calloway-Briggs Renewables Inc.
Project | Saguaro Flats Solar Project — 195 MWdc / 150 MWac Solar PV, Pecos County, TX
Aggregate PPA Value | $140,000,000 (nominal, 20-year term)
Target Execution Date | September 15, 2025
Governing Law | State of New York
Dispute Resolution | AAA Commercial Arbitration Rules, New York, NY
Seller's Counsel | Calderwood & Harkness LLP — Patricia Dunmore (Responsible Partner), George Trujillo (Billing Partner)
Buyer's Counsel | Hargrove & Linden LLP — Evelyn Crumveth (Lead Partner)
Lead Lender / Administrative Agent | Tralvendo National Bank, N.A.
Lender's Counsel | Whitfield Stroval & Cade LLP — Philip Thornton (Lead Partner)
C&H Matter No. | 1015-00002
Prepared By | Brett Callahan, Lead Associate; David Stanton, Working Associate — Calderwood & Harkness LLP
Date of Checklist | As of September 12, 2025 (updated)
[sheet: Closing Checklist]
Item No. | Category | Description of Deliverable | Responsible Party | Document Reference | Status | Target Date | Date Completed | Notes
A-1 | A. Principal Transaction Documents | Power Purchase Agreement (Execution Version) — between Saguaro Flats Solar LLC (Seller) and Meridian DataCore Solutions Inc. (Buyer); 20-year term from COD (April 1, 2027); contract price $20.00/MWh with 1.50% annual escalator (years 6–20); virtual PPA / CfD settling at ERCOT West Hub | Seller / Buyer | ppa-execution-version-final.docx | Final | 2025-09-15 | Aggregate nominal value $140,000,000; P50 annual generation 350,000 MWh
A-2 | A. Principal Transaction Documents | Exhibit A to PPA — Facility Description and Site (195 MWdc / 150 MWac, ~1,400 acres, FM Road 1776, Pecos County, TX; interconnection at Ft. Stockton 345 kV Substation via West Texas Wires LLC; ERCOT Queue Position ERCOT-GI-2024-0437; EPC by Sunbelt Power Construction LLC) | Seller | exhibit-a-facility-description.docx | Final | 2025-09-15 | Attached to PPA as Exhibit A
A-3 | A. Principal Transaction Documents | Exhibit B to PPA — Contract Price and Escalation Schedule ($20.00/MWh fixed years 1–5; 1.50% compounding escalator years 6–20; Year 20 price ≈ $25.02/MWh) | Seller | exhibit-b-contract-price-schedule.xlsx | Final | 2025-09-15 | Settlement hub: ERCOT West Hub
A-4 | A. Principal Transaction Documents | Exhibit C to PPA — Form of Guaranty (Buyer Corporate Guarantee by Meridian DataCore Solutions Inc., capped at $14,000,000) | Seller | exhibit-c-form-of-buyer-guaranty.docx | Final | 2025-09-15 | Cap = 2 years estimated PPA revenues
A-5 | A. Principal Transaction Documents | Exhibit D to PPA — Form of Letter of Credit (Seller Availability LC, $7,000,000 initial amount, reducing to $3,500,000 after 5th anniversary if no Seller default outstanding) | Seller | exhibit-d-form-of-letter-of-credit.docx | Final | 2025-09-15 | To be issued by Tralvendo National Bank, N.A.
A-6 | A. Principal Transaction Documents | Exhibit E to PPA — Insurance Requirements (builder's risk, CGL, property/all-risk, business interruption; broker: Fieldstone Risk Advisors LLC; carriers: Commonwealth Mutual Insurance Co., Ridgeway Casualty Group Inc.) | Seller | exhibit-e-insurance-requirements.docx | Final | 2025-09-15
A-7 | A. Principal Transaction Documents | Exhibit F to PPA — Form of Lender Consent Agreement (Consent to Collateral Assignment and Lender Direct Agreement) | Seller | exhibit-f-form-of-lender-consent.docx | Final | 2025-09-15 | Tri-party: Saguaro Flats Solar LLC, Meridian, Tralvendo
B-1 | B. Credit Support Documents | Buyer Guaranty Agreement — executed by Meridian DataCore Solutions Inc. in favor of Saguaro Flats Solar LLC, guaranteeing Buyer's payment and performance obligations, capped at $14,000,000 | Buyer | draft-buyer-guaranty-agreement.docx | Under Review | 2025-09-15 | Governed by New York law; Meridian credit rating BBB (Pinnacle Ratings Group)
B-2 | B. Credit Support Documents | Irrevocable Standby Letter of Credit — issued by Tralvendo National Bank, N.A. in the amount of $7,000,000 in favor of Meridian DataCore Solutions Inc., reducing to $3,500,000 after 5th anniversary if no Seller default | Seller | Pending | 2025-09-15 | LC form per Exhibit D; coordinate with Diane Roessler at Tralvendo
C-1 | C. Lender Deliverables | Lender Consent and Direct Agreement (Consent to Collateral Assignment of PPA) — executed by Saguaro Flats Solar LLC, Meridian DataCore Solutions Inc., and Tralvendo National Bank, N.A. as Administrative Agent for the $108,000,000 construction-to-term loan facility | Seller / Buyer / Lender | draft-lender-consent-agreement.docx | Under Review | 2025-09-15 | Includes lender step-in rights, cure rights (90-day cure period per lender request), and right to enter replacement PPA; coordinated with Whitfield Stroval & Cade LLP (Philip Thornton) and Hargrove & Linden LLP (Evelyn Crumveth)
C-2 | C. Lender Deliverables | Written confirmation from Tralvendo National Bank, N.A. (and syndicate lenders: Osprey Commercial Lending Corp., Grandview Savings Bank FSB, Blue Prairie Capital Markets LLC) that PPA is acceptable for bankability / construction loan closing purposes | Lender | Pending | 2025-09-15 | Target construction loan closing: October 1, 2025; facility: $108M senior secured; DSCR covenant min 1.30x
D-1 | D. Seller Corporate / Organizational Deliverables | Certificate of Good Standing — Calloway-Briggs Renewables Inc. (Delaware Secretary of State) | Seller | good-standing-request-memo.docx | Pending | 2025-09-12 | Registered Agent: Capitol Registered Agents LLC, 850 New Burton Road, Suite 201, Dover, DE 19904
D-2 | D. Seller Corporate / Organizational Deliverables | Certificate of Good Standing — Saguaro Flats Solar LLC (Delaware Secretary of State) | Seller | good-standing-request-memo.docx | Pending | 2025-09-12 | Registered Agent: Capitol Registered Agents LLC, 850 New Burton Road, Suite 201, Dover, DE 19904; EIN: 93-1284506
D-3 | D. Seller Corporate / Organizational Deliverables | Secretary's / Manager's Certificate and Manager Resolutions — Saguaro Flats Solar LLC (managed by Calloway-Briggs Renewables Inc.), attaching certified LLC Agreement, resolutions authorizing execution of PPA, Buyer Guaranty, and Lender Consent Agreement, and incumbency of authorized signatories | Seller | secretarys-certificate-resolutions-form.docx | Draft | 2025-09-15
D-4 | D. Seller Corporate / Organizational Deliverables | Seller Officer's Certificate — executed by authorized officer of Saguaro Flats Solar LLC certifying: (i) due organization and good standing, (ii) authorization of PPA execution, (iii) truth of representations and warranties, (iv) no default or event of default | Seller | seller-officers-certificate-form.docx | Draft | 2025-09-15
D-5 | D. Seller Corporate / Organizational Deliverables | Board / Manager Resolutions of Calloway-Briggs Renewables Inc. (as Manager of Saguaro Flats Solar LLC) authorizing the PPA and related documents | Seller | Pending | 2025-09-12 | CBR EIN: 82-4637201
E-1 | E. Buyer Corporate / Organizational Deliverables | Certificate of Good Standing — Meridian DataCore Solutions Inc. (Delaware Secretary of State) | Buyer | Pending | 2025-09-12 | Meridian EIN: 47-5918320; HQ: 700 Lakeshore Parkway, Building C, Austin, TX 78746
E-2 | E. Buyer Corporate / Organizational Deliverables | Buyer Officer's Certificate — executed by authorized officer of Meridian DataCore Solutions Inc. certifying: (i) due organization and good standing, (ii) authorization of PPA and Guaranty execution, (iii) truth of representations and warranties, (iv) no default | Buyer | Pending | 2025-09-15
E-3 | E. Buyer Corporate / Organizational Deliverables | Secretary's Certificate and Board Resolutions — Meridian DataCore Solutions Inc. authorizing execution of PPA, Buyer Guaranty, and Lender Consent Agreement, with incumbency certificate | Buyer | Pending | 2025-09-15
F-1 | F. Legal Opinions | Bring-Down Legal Opinion — Calderwood & Harkness LLP to Meridian DataCore Solutions Inc. re: Saguaro Flats Solar LLC (due organization, due authorization, enforceability of PPA, no conflicts), governed by New York law | Seller's Counsel | legal-opinion-form-enforceability.docx | Draft | 2025-09-15 | Subject to customary qualifications and assumptions
F-2 | F. Legal Opinions | Buyer's Counsel Legal Opinion — Hargrove & Linden LLP to Saguaro Flats Solar LLC re: Meridian DataCore Solutions Inc. (due organization, due authorization, enforceability of PPA and Guaranty, no conflicts) | Buyer's Counsel | Pending | 2025-09-15 | To be requested from Evelyn Crumveth
G-1 | G. Permits, Interconnection & Site Deliverables | Evidence of Pecos County Conditional Use Permit (CUP-2025-012), approved February 10, 2025 | Seller | Received | 2025-09-10 | 2025-07-15 | Copy on file
G-2 | G. Permits, Interconnection & Site Deliverables | Evidence of ERCOT Large Generation Interconnection Agreement (LGIA), executed May 15, 2025, Queue Position ERCOT-GI-2024-0437; interconnection at Ft. Stockton 345 kV Substation, Pecos County, TX; Transmission Provider: West Texas Wires LLC | Seller | Received | 2025-09-10 | 2025-07-15 | Full Interconnection Study completed March 14, 2025
G-3 | G. Permits, Interconnection & Site Deliverables | Evidence of ground lease with Redrock Mesa Ranch LP (~1,400 acres, Pecos County, TX; 35-year term) | Seller | Received | 2025-09-10 | 2025-07-20 | Site: FM Road 1776, ~12 mi SE of Fort Stockton, TX 79735
G-4 | G. Permits, Interconnection & Site Deliverables | TCEQ Stormwater Pollution Prevention Plan — confirmation of filing / no individual permit required | Seller | Received | 2025-09-10 | 2025-08-01
G-5 | G. Permits, Interconnection & Site Deliverables | Evidence of Insurance — certificates of insurance for builder's risk / property (Commonwealth Mutual Insurance Co.) and general liability (Ridgeway Casualty Group Inc.) per Exhibit E requirements; broker: Fieldstone Risk Advisors LLC | Seller | Pending | 2025-09-15 | Must comply with PPA Exhibit E insurance schedule
G-6 | G. Permits, Interconnection & Site Deliverables | Copy of executed EPC Contract with Sunbelt Power Construction LLC (fixed-price turnkey, $142,500,000) | Seller | Received | 2025-09-10 | 2025-08-05 | NTP to Sunbelt target: October 15, 2025
G-7 | G. Permits, Interconnection & Site Deliverables | Independent Engineer confirmation — Gresham Engineering Advisors Inc. report / PPA bankability verification letter | Seller / Lender | Pending | 2025-09-15 | Retained by Tralvendo on behalf of lender group
G-8 | G. Permits, Interconnection & Site Deliverables | Heliograph Energy Consulting LLC — P50/P90 solar resource assessment report (P50 annual net generation: 350,000 MWh/yr) | Seller | Received | 2025-09-10 | 2025-07-10
H-1 | H. Post-Closing Items | Delivery of executed PPA and all exhibits to Tralvendo National Bank, N.A. and syndicate lenders for construction loan closing (target: October 1, 2025) | Seller's Counsel | Pending | 2025-10-01 | Coordinate with Helen Nakamura (C&H, Project Finance) and Diane Roessler (Tralvendo)
H-2 | H. Post-Closing Items | Issuance of NTP (Notice to Proceed) to Sunbelt Power Construction LLC | Seller | Pending | 2025-10-15 | Contingent on construction loan closing
H-3 | H. Post-Closing Items | Filing of ITC documentation / preservation of Seller's tax ownership position under IRC § 48 (estimated ITC value ~$42,750,000 at 30% on $142,500,000 EPC cost) | Seller / Tax Counsel | Pending | Post-COD | Coordinate with Samuel Reeves (C&H, Tax)
H-4 | H. Post-Closing Items | Post-closing letter to client summarizing executed PPA terms and next steps | Seller's Counsel | post-closing-letter-to-client.docx | Pending | 2025-09-16 | To be delivered to Rachel Muñoz, General Counsel, CBR
H-5 | H. Post-Closing Items | COD Notice to Buyer — notification of Commercial Operation Date per PPA requirements | Seller | Pending | 2027-04-01 | Expected COD: April 1, 2027; PPA expiration: March 31, 2047
H-6 | H. Post-Closing Items | Ongoing PPA compliance monitoring and annual availability reporting | Seller | N/A | Ongoing | Availability guarantee and LD provisions per negotiated PPA terms
[sheet: Summary]
Category | Total Items | Executed / Received | Final | Under Review | Draft | Pending | N/A | Completion %
A. Principal Transaction Documents | 7 | 0 | 7 | 0 | 0 | 0 | 0 | 100.0%
B. Credit Support Documents | 2 | 0 | 0 | 1 | 0 | 1 | 0 | 0.0%
C. Lender Deliverables | 2 | 0 | 0 | 1 | 0 | 1 | 0 | 0.0%
D. Seller Corporate / Organizational Deliverables | 5 | 0 | 0 | 0 | 2 | 3 | 0 | 0.0%
E. Buyer Corporate / Organizational Deliverables | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 0.0%
F. Legal Opinions | 2 | 0 | 0 | 0 | 1 | 1 | 0 | 0.0%
G. Permits, Interconnection & Site Deliverables | 8 | 5 | 0 | 0 | 0 | 2 | 0 | 62.5%
H. Post-Closing Items | 6 | 0 | 0 | 0 | 0 | 5 | 1 | 0.0%
GRAND TOTAL | 35 | 5 | 7 | 2 | 3 | 16 | 1 | 34.3%
[sheet: Key Contacts]
Role | Entity | Key Contact | Title | Address | Phone / Email
Seller (Project Co) | Saguaro Flats Solar LLC | Rachel Muñoz | General Counsel, CBR (Manager) | 4200 Travis Street, Suite 1800, Houston, TX 77002
Seller Parent | Calloway-Briggs Renewables Inc. | Lena Calloway-Briggs | Co-Founder, Chairwoman & CEO | 4200 Travis Street, Suite 1800, Houston, TX 77002
Seller — Origination | Calloway-Briggs Renewables Inc. | Janet Okafor | SVP, Origination & Commercial | 4200 Travis Street, Suite 1800, Houston, TX 77002
Seller — Project Finance | Calloway-Briggs Renewables Inc. | Derek Engstrom | VP, Project Finance & Treasury | 4200 Travis Street, Suite 1800, Houston, TX 77002
Buyer | Meridian DataCore Solutions Inc. | Nathan Gilroy | SVP, Energy & Sustainability | 700 Lakeshore Parkway, Building C, Austin, TX 78746
Buyer — Procurement | Meridian DataCore Solutions Inc. | Amara Osei | VP, Procurement & Contracts | 700 Lakeshore Parkway, Building C, Austin, TX 78746
Buyer — Legal | Meridian DataCore Solutions Inc. | Victor Langford | Deputy General Counsel | 700 Lakeshore Parkway, Building C, Austin, TX 78746
Seller's Counsel — Responsible Partner | Calderwood & Harkness LLP | Patricia Dunmore | Responsible Partner | 1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Billing Partner | Calderwood & Harkness LLP | George Trujillo | Billing Partner | 1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Lead Associate | Calderwood & Harkness LLP | Brett Callahan | Lead Associate | 1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Working Associate | Calderwood & Harkness LLP | David Stanton | Working Associate | 1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Project Finance | Calderwood & Harkness LLP | Helen Nakamura | Of Counsel, Project Finance | 1100 Louisiana Street, Suite 4500, Houston, TX 77002
Seller's Counsel — Tax | Calderwood & Harkness LLP | Samuel Reeves | Associate, Tax | 1100 Louisiana Street, Suite 4500, Houston, TX 77002
Buyer's Counsel — Lead Partner | Hargrove & Linden LLP | Evelyn Crumveth | Lead Partner | 300 Congress Avenue, Suite 2200, Austin, TX 78701
Buyer's Counsel — Associate | Hargrove & Linden LLP | Ryan Matsuda | Associate | 300 Congress Avenue, Suite 2200, Austin, TX 78701
Lead Lender / Admin Agent | Tralvendo National Bank, N.A. | Diane Roessler | Director, Project Finance | 600 Main Street, Suite 3000, Dallas, TX 75202
Syndicate Lender | Osprey Commercial Lending Corp.
Syndicate Lender | Grandview Savings Bank FSB
Syndicate Lender | Blue Prairie Capital Markets LLC
Lender's Counsel | Whitfield Stroval & Cade LLP | Philip Thornton | Lead Partner | 51 West 52nd Street, 30th Floor, New York, NY 10019
Equity Sponsor | Ridgepoint Capital Partners LP | Alan Driscoll | Managing Partner | Houston, TX
EPC Contractor | Sunbelt Power Construction LLC | 2100 Industrial Blvd., San Antonio, TX 78221
Independent Engineer | Gresham Engineering Advisors Inc. | 8700 Shoal Creek Blvd., Suite 350, Austin, TX 78757
Insurance Broker | Fieldstone Risk Advisors LLC | Houston, TX
Builder's Risk Insurer | Commonwealth Mutual Insurance Co.
GL Insurer | Ridgeway Casualty Group Inc.
Solar Resource Consultant | Heliograph Energy Consulting LLC | Denver, CO
Registered Agent (DE) | Capitol Registered Agents LLC | 850 New Burton Road, Suite 201, Dover, DE 19904
Transmission Provider | West Texas Wires LLC
Ground Lessor | Redrock Mesa Ranch LP | Pecos County, TX
Auditor (CBR) | Aldgate & Pryor CPAs LLP | Houston, TX
Credit Rating Agency | Pinnacle Ratings Group | New York, NY
[sheet: Key Dates]
Date | Event / Milestone | Status | Notes
2025-02-10 | Pecos County Conditional Use Permit approved (CUP-2025-012) | Completed
2025-03-14 | ERCOT Full Interconnection Study completed | Completed
2025-05-15 | LGIA executed with West Texas Wires LLC / ERCOT (Queue: ERCOT-GI-2024-0437) | Completed | Interconnection at Ft. Stockton 345 kV Substation
2025-06-20 | CBR engages Calderwood & Harkness LLP | Completed
2025-07-08 | Matter opened at Calderwood & Harkness (Matter No. 1015-00002) | Completed
2025-07-14 | First draft PPA circulated (Seller's form) | Completed
2025-08-01 | Buyer's redline received from Hargrove & Linden LLP | Completed
2025-08-11 | Seller's Revised Second Draft PPA circulated | Completed
2025-08-18 | Target resolution of open issues (availability guarantee, change of control) | Completed
2025-09-12 | Target delivery of good standing certificates and pre-closing deliverables | Upcoming
2025-09-15 | Target PPA execution date | Target | All closing deliverables due
2025-09-16 | Post-closing letter to client | Target
2025-10-01 | Target closing of Tralvendo construction loan facility ($108,000,000) | Target | Syndicate: Tralvendo $21M, Osprey $36M, Grandview $27M, Blue Prairie $24M
2025-10-15 | NTP (Notice to Proceed) to Sunbelt Power Construction LLC | Target | EPC contract value: $142,500,000
2027-04-01 | Expected Commercial Operation Date (COD) | Target | PPA 20-year term commences
2047-03-31 | PPA expiration (20 years from COD) | Target

[sheet: Cover]

Record

Parties

Dates

Amounts