1018-00008 · Penterra Pharmaceuticals Corp · Financing

funds-flow-memo-revised.xlsx DOCUMENT M&A / Corporate

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[sheet: Cover & Summary]

Field	Detail
Document Title	Funds Flow Memorandum — Revised Draft
Date	July 2, 2024
Prepared By	Calderwood & Harkness LLP
Matter Number	1018-00008
Lead Associate	Megan Chu
Reviewed By	Oliver Mackenzie, Partner
Transaction	Acquisition of 100% of Outstanding Capital Stock of Veridian Biosciences, Inc. by Penterra Pharmaceuticals Corp.
Governing Agreement	Stock Purchase Agreement dated June 10, 2024 (the "SPA")
Purchase Price (SPA § 2.1)	$900,000,000
Buyer	Penterra Pharmaceuticals Corp.
Buyer Address	1100 Meridian Boulevard, Suite 400, Princeton, NJ 08540
Target / Seller	Veridian Biosciences, Inc.
Target Address	550 Gateway Drive, Cambridge, MA 02142
Stockholder Representative	David Ng (Managing Partner, Crestline Ventures, LP)
Escrow Agent	Fidelis National Escrow Corp.
Administrative Agent (Term Loan)	Ironclad Trust Company, N.A.
Buyer's Counsel	Calderwood & Harkness LLP, 200 Park Avenue, 42nd Floor, New York, NY 10166
Sellers' Counsel	Zalcourt Archer & Cole LLP, One Federal Street, 30th Floor, Boston, MA 02110
Buyer's Financial Advisor	Garrison Zanthor & Co., LLC
Target's Financial Advisor	Ridgeway Partners LLC
Status	REVISED DRAFT — Updated to reflect final term loan mechanics
Revision Notes	Updated from June 8, 2024 draft to incorporate finalized credit agreement terms, wire instructions for Ironclad Trust Company, N.A., Fidelis National Escrow Corp. escrow account details, and Sellers' payment agent instructions

[sheet: Sources of Funds]

Line #	Source	Entity / Counterparty	Reference	Amount ($)	Wire Originating Bank	Account Reference	Notes
1	Term Loan Drawdown	Summit Ridge Capital Partners, LP (Lead Arranger) / Ironclad Trust Company, N.A. (Administrative Agent)	Commitment Letter Ref. CL-2024-PPCA-0607 dated June 7, 2024; Credit Agreement dated June 18, 2024	$500,000,000	Ironclad Trust Company, N.A., 60 Wall Street, New York, NY 10005	To be provided by Administrative Agent prior to Closing	SOFR + 225 bps; funds to be wired by Ironclad Trust Company, N.A. as Administrative Agent on behalf of the lending syndicate to Penterra's designated closing account on the Closing Date
2	Penterra Cash on Hand	Penterra Pharmaceuticals Corp.	Penterra corporate treasury; Q2 2024 cash position: $2,100,000,000	$400,000,000	Penterra's primary depository bank (wire instructions to be confirmed)	To be provided by Penterra CFO (Catherine M. Burgess) prior to Closing	Funded from Penterra's existing cash reserves
TOTAL SOURCES	$900,000,000	Must equal Total Uses

[sheet: Uses of Funds]

Line #

Use / Disbursement

Payee / Recipient

SPA Reference

Amount ($)

% of Purchase Price

Receiving Bank / Institution

Account Name

Account Number

ABA / Routing Number

SWIFT Code

Reference / Memo

Notes

Indemnification Escrow Deposit

Fidelis National Escrow Corp. (as Escrow Agent)

SPA § 2.3(a); Escrow Agreement dated June 10, 2024

$180,000,000

20.00%

Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204

Penterra / Veridian Indemnification Escrow Account

[To be provided by Fidelis — Brian Mulcahy, SVP]

[To be provided]

N/A (domestic wire)

Indemnification Escrow — SPA dated 6/10/2024

Escrow amount equal to 20% of Purchase Price ($900M × 20% = $180M); to be held per terms of Escrow Agreement; released pursuant to indemnification claim procedures or at expiration of 18-month survival period for general representations

Stockholder Representative Expense Fund

Fidelis National Escrow Corp. (as Escrow Agent, for the account of David Ng, Stockholder Representative)

SPA § 2.3(b); Stockholder Representative Agreement dated June 10, 2024

$2,500,000

0.28%

Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204

Penterra / Veridian Stockholder Rep. Expense Fund Account

[To be provided by Fidelis — Brian Mulcahy, SVP]

[To be provided]

N/A (domestic wire)

Stockholder Rep. Expense Fund — SPA dated 6/10/2024

Separate account from Indemnification Escrow; available to Stockholder Representative (David Ng) for post-closing expenses

Net Closing Payment to Sellers

Veridian Biosciences, Inc. Stockholders (via Sellers' Payment Agent)

SPA § 2.2

$717,500,000

79.72%

[Sellers' Payment Agent bank — to be designated by Zalcourt Archer & Cole LLP / Stockholder Representative]

[To be provided]

[To be provided if international wire]

Net Closing Payment — SPA dated 6/10/2024

Purchase Price ($900,000,000) less Indemnification Escrow ($180,000,000) less Stockholder Rep. Expense Fund ($2,500,000) = $717,500,000; to be distributed by Payment Agent pro rata to Sellers in accordance with the Allocation Schedule

TOTAL USES

$900,000,000

100.00%

Must equal Total Sources

[sheet: Funds Flow Diagram]

Step #	Timing	Action	From	To	Amount ($)	Condition Precedent	Notes
1	T-1 (Day Before Closing) or earlier	Penterra delivers irrevocable funding notice to Ironclad Trust Company, N.A. (Administrative Agent) requesting drawdown of the full $500,000,000 term loan commitment	Penterra Pharmaceuticals Corp.	Ironclad Trust Company, N.A., 60 Wall Street, New York, NY 10005	$0	All conditions precedent to funding under Credit Agreement must be satisfied or waived (including delivery of executed SPA, officer's certificate, solvency certificate, legal opinions, and satisfaction of SPA closing conditions)	Funding notice per terms of Credit Agreement; contact: Samantha Hwang, VP, Ironclad Trust Company, N.A.
2	Closing Date — 9:00 AM ET (or upon confirmation of all closing deliverables)	Ironclad Trust Company, N.A. wires term loan proceeds to Penterra's designated closing account	Ironclad Trust Company, N.A. (on behalf of lending syndicate led by Summit Ridge Capital Partners, LP)	Penterra Closing Account [bank details TBD]	$500,000,000	Receipt of satisfactory funding notice; all Credit Agreement conditions met	Wire Ref: CL-2024-PPCA-0607; SOFR + 225 bps
3	Closing Date — Upon receipt of term loan proceeds	Penterra confirms receipt of $500,000,000 term loan proceeds and availability of $400,000,000 from corporate treasury in closing account	N/A (internal confirmation)	N/A	$0	Confirmation by Catherine M. Burgess (CFO) or designee	Aggregate closing account balance must equal or exceed $900,000,000
4	Closing Date — Immediately following confirmation of aggregate funds	Penterra wires $180,000,000 to Fidelis National Escrow Corp. — Indemnification Escrow Account	Penterra Closing Account	Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204 — Indemnification Escrow Account	$180,000,000	Concurrent with closing; per SPA § 2.3(a) and Escrow Agreement	Contact: Brian Mulcahy, SVP; separate wire from Expense Fund
5	Closing Date — Immediately following Step 4	Penterra wires $2,500,000 to Fidelis National Escrow Corp. — Stockholder Representative Expense Fund Account	Penterra Closing Account	Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204 — Stockholder Rep. Expense Fund Account	$2,500,000	Concurrent with closing; per SPA § 2.3(b)	Separate account from Indemnification Escrow; Contact: Brian Mulcahy, SVP
6	Closing Date — Immediately following Step 5	Penterra wires $717,500,000 Net Closing Payment to Sellers' Payment Agent	Penterra Closing Account	Sellers' Payment Agent [bank and account details to be provided by Zalcourt Archer & Cole LLP / Stockholder Representative]	$717,500,000	All prior steps completed; all SPA closing conditions satisfied; delivery of all closing deliverables including Sellers' closing certificate, officer certificates, FIRPTA certificate, and good standing certificates	Payment Agent to distribute to individual Sellers per Allocation Schedule (see Allocation Schedule tab)
7	Closing Date — Following completion of all wires	Parties exchange executed closing deliverables; C&H and LAC confirm closing is effective	All parties	N/A	$0	Receipt of all wires confirmed by Fidelis and Sellers' Payment Agent	Closing deemed effective upon completion of all Steps 1–6 and exchange of deliverables

[sheet: Allocation Schedule]

Stockholder / Holder	Security Type	Fully Diluted Shares	Ownership %	Gross Allocation (Purchase Price × %)	Less: Pro Rata Escrow Holdback	Less: Pro Rata Expense Fund Holdback	Net Closing Payment Allocation	Wire Instructions Received?	Notes
Crestline Ventures, LP	Series A & B Preferred Stock	TBD per cap table	28.30%	$254,700,000	$50,940,000	$707,500	$203,052,500	Pending — contact David Ng	Lead Series A & B investor; David Ng is also Stockholder Representative
Boreal Health Partners Fund III, LP	Series C Preferred Stock	TBD per cap table	19.70%	$177,300,000	$35,460,000	$492,500	$141,347,500	Pending — contact Sarah Dalmqvist	Lead Series C investor
Apex Growth Equity Fund II, LP	Series D Preferred Stock	TBD per cap table	14.10%	$126,900,000	$25,380,000	$352,500	$101,167,500	Pending — contact Marcus Doyle	Lead Series D investor
Dr. Julian Marek	Common Stock (Founder)	TBD per cap table	8.40%	$75,600,000	$15,120,000	$210,000	$60,270,000	Pending — contact Rachel Stein-Goldberg (Veridian GC)	CEO & Co-Founder; subject to Non-Competition Agreement
Dr. Priya Chandrasekaran	Common Stock (Founder)	TBD per cap table	6.20%	$55,800,000	$11,160,000	$155,000	$44,485,000	Pending — contact Rachel Stein-Goldberg (Veridian GC)	CSO & Co-Founder; subject to Non-Competition Agreement
ESOP / Employee Option Pool	Options / Restricted Stock	TBD per cap table	9.80%	$88,200,000	$17,640,000	$245,000	$70,315,000	Pending — to be coordinated with Veridian CFO (Steven R. Kessler)	Net exercise / cashout calculations to be confirmed; option spread calculations required
Other Institutional Investors (aggregate)	Various Preferred & Common	TBD per cap table	13.50%	$121,500,000	$24,300,000	$337,500	$96,862,500	Pending — per Payment Agent instructions	Remaining holders; individual wire instructions to be collected by Sellers' counsel
TOTALS	100.00%	$900,000,000	$180,000,000	$2,500,000	$717,500,000	Cross-check: Net Closing Payment Allocation total = $717,500,000

[sheet: Wire Instructions]

Party

Role

Contact Person

Contact Email / Phone

Receiving Bank Name

Receiving Bank Address

ABA / Routing Number

Account Number

Account Name

SWIFT Code

For Further Credit To

Reference / Memo Line

Status

Ironclad Trust Company, N.A.

Administrative Agent — Term Loan Disbursement

Samantha Hwang, Vice President

[To be provided]

Ironclad Trust Company, N.A.

60 Wall Street, New York, NY 10005

[To be provided]

Penterra Pharmaceuticals Corp. — Closing Account

N/A

CL-2024-PPCA-0607 / Term Loan Drawdown

PENDING — Awaiting final wire details from Ironclad

Penterra Pharmaceuticals Corp.

Buyer — Closing Account (outgoing wires)

Catherine M. Burgess, CFO

[To be provided]

[Penterra's primary depository bank — TBD]

[To be provided]

Penterra Pharmaceuticals Corp.

N/A

Veridian Acquisition — Closing Funds

PENDING — To be confirmed by Penterra treasury

Fidelis National Escrow Corp. — Indemnification Escrow

Escrow Agent — Indemnification Escrow Account

Brian Mulcahy, Senior Vice President

[To be provided]

[Fidelis National Escrow Corp. depository bank]

601 Riverside Avenue, Jacksonville, FL 32204

[To be provided]

Fidelis National Escrow Corp. FBO Penterra/Veridian Indemnification Escrow

N/A

Indemnification Escrow — SPA 6/10/2024

PENDING — Awaiting from Fidelis

Fidelis National Escrow Corp. — Stockholder Rep. Expense Fund

Escrow Agent — Expense Fund Account

Brian Mulcahy, Senior Vice President

[To be provided]

[Fidelis National Escrow Corp. depository bank]

601 Riverside Avenue, Jacksonville, FL 32204

[To be provided]

Fidelis National Escrow Corp. FBO Stockholder Rep. Expense Fund

N/A

Stockholder Rep. Expense Fund — SPA 6/10/2024

PENDING — Awaiting from Fidelis

Sellers' Payment Agent

Disbursement Agent for Net Closing Payment to Sellers

To be designated by Zalcourt Archer & Cole LLP / David Ng (Stockholder Representative)

[To be provided]

Pro rata distribution to Veridian Stockholders per Allocation Schedule

Net Closing Payment — SPA 6/10/2024

PENDING — Awaiting designation of Payment Agent and wire instructions from LAC

Crestline Ventures, LP

Seller — Series A & B Preferred Stockholder

David Ng, Managing Partner

[To be provided]

N/A

Crestline Ventures — Pro Rata Distribution

PENDING — Wire instructions to be collected by LAC

Boreal Health Partners Fund III, LP

Seller — Series C Preferred Stockholder

Sarah Dalmqvist, Partner

[To be provided]

N/A

Boreal Health Partners Fund III — Pro Rata Distribution

PENDING — Wire instructions to be collected by LAC

Apex Growth Equity Fund II, LP

Seller — Series D Preferred Stockholder

Marcus Doyle, Managing Director

[To be provided]

N/A

Apex Growth Equity Fund II — Pro Rata Distribution

PENDING — Wire instructions to be collected by LAC

Dr. Julian Marek

Seller — Common Stockholder (Founder)

Rachel Stein-Goldberg, Veridian GC (coordinating)

[To be provided]

N/A

Dr. Julian Marek — Pro Rata Distribution

PENDING — Wire instructions to be collected by LAC

Dr. Priya Chandrasekaran

Seller — Common Stockholder (Founder)

Rachel Stein-Goldberg, Veridian GC (coordinating)

[To be provided]

N/A

Dr. Priya Chandrasekaran — Pro Rata Distribution

PENDING — Wire instructions to be collected by LAC

ESOP / Employee Option Pool

Option Holders — Cashout Payments

Steven R. Kessler, Veridian CFO

[To be provided]

N/A

ESOP Cashout — Pro Rata Distribution

PENDING — Individual holder instructions to be coordinated with Veridian CFO

[sheet: Cover & Summary]
Field | Detail
Document Title | Funds Flow Memorandum — Revised Draft
Date | July 2, 2024
Prepared By | Calderwood & Harkness LLP
Matter Number | 1018-00008
Lead Associate | Megan Chu
Reviewed By | Oliver Mackenzie, Partner
Transaction | Acquisition of 100% of Outstanding Capital Stock of Veridian Biosciences, Inc. by Penterra Pharmaceuticals Corp.
Governing Agreement | Stock Purchase Agreement dated June 10, 2024 (the "SPA")
Purchase Price (SPA § 2.1) | $900,000,000
Buyer | Penterra Pharmaceuticals Corp.
Buyer Address | 1100 Meridian Boulevard, Suite 400, Princeton, NJ 08540
Target / Seller | Veridian Biosciences, Inc.
Target Address | 550 Gateway Drive, Cambridge, MA 02142
Stockholder Representative | David Ng (Managing Partner, Crestline Ventures, LP)
Escrow Agent | Fidelis National Escrow Corp.
Administrative Agent (Term Loan) | Ironclad Trust Company, N.A.
Buyer's Counsel | Calderwood & Harkness LLP, 200 Park Avenue, 42nd Floor, New York, NY 10166
Sellers' Counsel | Zalcourt Archer & Cole LLP, One Federal Street, 30th Floor, Boston, MA 02110
Buyer's Financial Advisor | Garrison Zanthor & Co., LLC
Target's Financial Advisor | Ridgeway Partners LLC
Status | REVISED DRAFT — Updated to reflect final term loan mechanics
Revision Notes | Updated from June 8, 2024 draft to incorporate finalized credit agreement terms, wire instructions for Ironclad Trust Company, N.A., Fidelis National Escrow Corp. escrow account details, and Sellers' payment agent instructions
[sheet: Sources of Funds]
Line # | Source | Entity / Counterparty | Reference | Amount ($) | Wire Originating Bank | Account Reference | Notes
1 | Term Loan Drawdown | Summit Ridge Capital Partners, LP (Lead Arranger) / Ironclad Trust Company, N.A. (Administrative Agent) | Commitment Letter Ref. CL-2024-PPCA-0607 dated June 7, 2024; Credit Agreement dated June 18, 2024 | $500,000,000 | Ironclad Trust Company, N.A., 60 Wall Street, New York, NY 10005 | To be provided by Administrative Agent prior to Closing | SOFR + 225 bps; funds to be wired by Ironclad Trust Company, N.A. as Administrative Agent on behalf of the lending syndicate to Penterra's designated closing account on the Closing Date
2 | Penterra Cash on Hand | Penterra Pharmaceuticals Corp. | Penterra corporate treasury; Q2 2024 cash position: $2,100,000,000 | $400,000,000 | Penterra's primary depository bank (wire instructions to be confirmed) | To be provided by Penterra CFO (Catherine M. Burgess) prior to Closing | Funded from Penterra's existing cash reserves
TOTAL SOURCES | $900,000,000 | Must equal Total Uses
[sheet: Uses of Funds]
Line # | Use / Disbursement | Payee / Recipient | SPA Reference | Amount ($) | % of Purchase Price | Receiving Bank / Institution | Account Name | Account Number | ABA / Routing Number | SWIFT Code | Reference / Memo | Notes
1 | Indemnification Escrow Deposit | Fidelis National Escrow Corp. (as Escrow Agent) | SPA § 2.3(a); Escrow Agreement dated June 10, 2024 | $180,000,000 | 20.00% | Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204 | Penterra / Veridian Indemnification Escrow Account | [To be provided by Fidelis — Brian Mulcahy, SVP] | [To be provided] | N/A (domestic wire) | Indemnification Escrow — SPA dated 6/10/2024 | Escrow amount equal to 20% of Purchase Price ($900M × 20% = $180M); to be held per terms of Escrow Agreement; released pursuant to indemnification claim procedures or at expiration of 18-month survival period for general representations
2 | Stockholder Representative Expense Fund | Fidelis National Escrow Corp. (as Escrow Agent, for the account of David Ng, Stockholder Representative) | SPA § 2.3(b); Stockholder Representative Agreement dated June 10, 2024 | $2,500,000 | 0.28% | Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204 | Penterra / Veridian Stockholder Rep. Expense Fund Account | [To be provided by Fidelis — Brian Mulcahy, SVP] | [To be provided] | N/A (domestic wire) | Stockholder Rep. Expense Fund — SPA dated 6/10/2024 | Separate account from Indemnification Escrow; available to Stockholder Representative (David Ng) for post-closing expenses
3 | Net Closing Payment to Sellers | Veridian Biosciences, Inc. Stockholders (via Sellers' Payment Agent) | SPA § 2.2 | $717,500,000 | 79.72% | [Sellers' Payment Agent bank — to be designated by Zalcourt Archer & Cole LLP / Stockholder Representative] | [To be provided] | [To be provided] | [To be provided] | [To be provided if international wire] | Net Closing Payment — SPA dated 6/10/2024 | Purchase Price ($900,000,000) less Indemnification Escrow ($180,000,000) less Stockholder Rep. Expense Fund ($2,500,000) = $717,500,000; to be distributed by Payment Agent pro rata to Sellers in accordance with the Allocation Schedule
TOTAL USES | $900,000,000 | 100.00% | Must equal Total Sources
[sheet: Funds Flow Diagram]
Step # | Timing | Action | From | To | Amount ($) | Condition Precedent | Notes
1 | T-1 (Day Before Closing) or earlier | Penterra delivers irrevocable funding notice to Ironclad Trust Company, N.A. (Administrative Agent) requesting drawdown of the full $500,000,000 term loan commitment | Penterra Pharmaceuticals Corp. | Ironclad Trust Company, N.A., 60 Wall Street, New York, NY 10005 | $0 | All conditions precedent to funding under Credit Agreement must be satisfied or waived (including delivery of executed SPA, officer's certificate, solvency certificate, legal opinions, and satisfaction of SPA closing conditions) | Funding notice per terms of Credit Agreement; contact: Samantha Hwang, VP, Ironclad Trust Company, N.A.
2 | Closing Date — 9:00 AM ET (or upon confirmation of all closing deliverables) | Ironclad Trust Company, N.A. wires term loan proceeds to Penterra's designated closing account | Ironclad Trust Company, N.A. (on behalf of lending syndicate led by Summit Ridge Capital Partners, LP) | Penterra Closing Account [bank details TBD] | $500,000,000 | Receipt of satisfactory funding notice; all Credit Agreement conditions met | Wire Ref: CL-2024-PPCA-0607; SOFR + 225 bps
3 | Closing Date — Upon receipt of term loan proceeds | Penterra confirms receipt of $500,000,000 term loan proceeds and availability of $400,000,000 from corporate treasury in closing account | N/A (internal confirmation) | N/A | $0 | Confirmation by Catherine M. Burgess (CFO) or designee | Aggregate closing account balance must equal or exceed $900,000,000
4 | Closing Date — Immediately following confirmation of aggregate funds | Penterra wires $180,000,000 to Fidelis National Escrow Corp. — Indemnification Escrow Account | Penterra Closing Account | Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204 — Indemnification Escrow Account | $180,000,000 | Concurrent with closing; per SPA § 2.3(a) and Escrow Agreement | Contact: Brian Mulcahy, SVP; separate wire from Expense Fund
5 | Closing Date — Immediately following Step 4 | Penterra wires $2,500,000 to Fidelis National Escrow Corp. — Stockholder Representative Expense Fund Account | Penterra Closing Account | Fidelis National Escrow Corp., 601 Riverside Avenue, Jacksonville, FL 32204 — Stockholder Rep. Expense Fund Account | $2,500,000 | Concurrent with closing; per SPA § 2.3(b) | Separate account from Indemnification Escrow; Contact: Brian Mulcahy, SVP
6 | Closing Date — Immediately following Step 5 | Penterra wires $717,500,000 Net Closing Payment to Sellers' Payment Agent | Penterra Closing Account | Sellers' Payment Agent [bank and account details to be provided by Zalcourt Archer & Cole LLP / Stockholder Representative] | $717,500,000 | All prior steps completed; all SPA closing conditions satisfied; delivery of all closing deliverables including Sellers' closing certificate, officer certificates, FIRPTA certificate, and good standing certificates | Payment Agent to distribute to individual Sellers per Allocation Schedule (see Allocation Schedule tab)
7 | Closing Date — Following completion of all wires | Parties exchange executed closing deliverables; C&H and LAC confirm closing is effective | All parties | N/A | $0 | Receipt of all wires confirmed by Fidelis and Sellers' Payment Agent | Closing deemed effective upon completion of all Steps 1–6 and exchange of deliverables
[sheet: Allocation Schedule]
Stockholder / Holder | Security Type | Fully Diluted Shares | Ownership % | Gross Allocation (Purchase Price × %) | Less: Pro Rata Escrow Holdback | Less: Pro Rata Expense Fund Holdback | Net Closing Payment Allocation | Wire Instructions Received? | Notes
Crestline Ventures, LP | Series A & B Preferred Stock | TBD per cap table | 28.30% | $254,700,000 | $50,940,000 | $707,500 | $203,052,500 | Pending — contact David Ng | Lead Series A & B investor; David Ng is also Stockholder Representative
Boreal Health Partners Fund III, LP | Series C Preferred Stock | TBD per cap table | 19.70% | $177,300,000 | $35,460,000 | $492,500 | $141,347,500 | Pending — contact Sarah Dalmqvist | Lead Series C investor
Apex Growth Equity Fund II, LP | Series D Preferred Stock | TBD per cap table | 14.10% | $126,900,000 | $25,380,000 | $352,500 | $101,167,500 | Pending — contact Marcus Doyle | Lead Series D investor
Dr. Julian Marek | Common Stock (Founder) | TBD per cap table | 8.40% | $75,600,000 | $15,120,000 | $210,000 | $60,270,000 | Pending — contact Rachel Stein-Goldberg (Veridian GC) | CEO & Co-Founder; subject to Non-Competition Agreement
Dr. Priya Chandrasekaran | Common Stock (Founder) | TBD per cap table | 6.20% | $55,800,000 | $11,160,000 | $155,000 | $44,485,000 | Pending — contact Rachel Stein-Goldberg (Veridian GC) | CSO & Co-Founder; subject to Non-Competition Agreement
ESOP / Employee Option Pool | Options / Restricted Stock | TBD per cap table | 9.80% | $88,200,000 | $17,640,000 | $245,000 | $70,315,000 | Pending — to be coordinated with Veridian CFO (Steven R. Kessler) | Net exercise / cashout calculations to be confirmed; option spread calculations required
Other Institutional Investors (aggregate) | Various Preferred & Common | TBD per cap table | 13.50% | $121,500,000 | $24,300,000 | $337,500 | $96,862,500 | Pending — per Payment Agent instructions | Remaining holders; individual wire instructions to be collected by Sellers' counsel
TOTALS | 100.00% | $900,000,000 | $180,000,000 | $2,500,000 | $717,500,000 | Cross-check: Net Closing Payment Allocation total = $717,500,000
[sheet: Wire Instructions]
Party | Role | Contact Person | Contact Email / Phone | Receiving Bank Name | Receiving Bank Address | ABA / Routing Number | Account Number | Account Name | SWIFT Code | For Further Credit To | Reference / Memo Line | Status
Ironclad Trust Company, N.A. | Administrative Agent — Term Loan Disbursement | Samantha Hwang, Vice President | [To be provided] | Ironclad Trust Company, N.A. | 60 Wall Street, New York, NY 10005 | [To be provided] | [To be provided] | Penterra Pharmaceuticals Corp. — Closing Account | N/A | N/A | CL-2024-PPCA-0607 / Term Loan Drawdown | PENDING — Awaiting final wire details from Ironclad
Penterra Pharmaceuticals Corp. | Buyer — Closing Account (outgoing wires) | Catherine M. Burgess, CFO | [To be provided] | [Penterra's primary depository bank — TBD] | [To be provided] | [To be provided] | [To be provided] | Penterra Pharmaceuticals Corp. | N/A | N/A | Veridian Acquisition — Closing Funds | PENDING — To be confirmed by Penterra treasury
Fidelis National Escrow Corp. — Indemnification Escrow | Escrow Agent — Indemnification Escrow Account | Brian Mulcahy, Senior Vice President | [To be provided] | [Fidelis National Escrow Corp. depository bank] | 601 Riverside Avenue, Jacksonville, FL 32204 | [To be provided] | [To be provided] | Fidelis National Escrow Corp. FBO Penterra/Veridian Indemnification Escrow | N/A | N/A | Indemnification Escrow — SPA 6/10/2024 | PENDING — Awaiting from Fidelis
Fidelis National Escrow Corp. — Stockholder Rep. Expense Fund | Escrow Agent — Expense Fund Account | Brian Mulcahy, Senior Vice President | [To be provided] | [Fidelis National Escrow Corp. depository bank] | 601 Riverside Avenue, Jacksonville, FL 32204 | [To be provided] | [To be provided] | Fidelis National Escrow Corp. FBO Stockholder Rep. Expense Fund | N/A | N/A | Stockholder Rep. Expense Fund — SPA 6/10/2024 | PENDING — Awaiting from Fidelis
Sellers' Payment Agent | Disbursement Agent for Net Closing Payment to Sellers | To be designated by Zalcourt Archer & Cole LLP / David Ng (Stockholder Representative) | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | Pro rata distribution to Veridian Stockholders per Allocation Schedule | Net Closing Payment — SPA 6/10/2024 | PENDING — Awaiting designation of Payment Agent and wire instructions from LAC
Crestline Ventures, LP | Seller — Series A & B Preferred Stockholder | David Ng, Managing Partner | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | N/A | Crestline Ventures — Pro Rata Distribution | PENDING — Wire instructions to be collected by LAC
Boreal Health Partners Fund III, LP | Seller — Series C Preferred Stockholder | Sarah Dalmqvist, Partner | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | N/A | Boreal Health Partners Fund III — Pro Rata Distribution | PENDING — Wire instructions to be collected by LAC
Apex Growth Equity Fund II, LP | Seller — Series D Preferred Stockholder | Marcus Doyle, Managing Director | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | N/A | Apex Growth Equity Fund II — Pro Rata Distribution | PENDING — Wire instructions to be collected by LAC
Dr. Julian Marek | Seller — Common Stockholder (Founder) | Rachel Stein-Goldberg, Veridian GC (coordinating) | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | N/A | Dr. Julian Marek — Pro Rata Distribution | PENDING — Wire instructions to be collected by LAC
Dr. Priya Chandrasekaran | Seller — Common Stockholder (Founder) | Rachel Stein-Goldberg, Veridian GC (coordinating) | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | N/A | Dr. Priya Chandrasekaran — Pro Rata Distribution | PENDING — Wire instructions to be collected by LAC
ESOP / Employee Option Pool | Option Holders — Cashout Payments | Steven R. Kessler, Veridian CFO | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | [To be provided] | N/A | N/A | ESOP Cashout — Pro Rata Distribution | PENDING — Individual holder instructions to be coordinated with Veridian CFO

[sheet: Cover & Summary]

Record

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Dates

Amounts