[sheet: Cover]

[sheet: Cover]
Field | Detail
Document Title | Post-Termination Obligations Checklist
Matter | Penterra Pharmaceuticals Corp. — Acquisition of Veridian Biosciences, Inc. (Terminated)
Matter Number | 1018-00008
Client | Penterra Pharmaceuticals Corp.
Client Ticker / Exchange | PPCA (Nasdaq)
Client Address | 1100 Meridian Boulevard, Suite 400, Princeton, NJ 08540
Target | Veridian Biosciences, Inc.
Target Address | 550 Gateway Drive, Cambridge, MA 02142
Transaction | Stock Purchase Agreement dated June 10, 2024 — Purchase Price $900,000,000
Termination Date | September 30, 2024
Termination Basis | SPA § 8.1(d) — Failure of Buyer's closing conditions (material adverse effect)
SPA Outside Date | December 10, 2024
Prepared By | Megan Chu, Associate, Calderwood & Harkness LLP
Reviewed By | Oliver Mackenzie, Partner, Calderwood & Harkness LLP
Date Prepared | October 2, 2024
Firm | Calderwood & Harkness LLP, 200 Park Avenue, 42nd Floor, New York, NY 10166
Billing Partner | Harrison Wexford
Client Contact (GC) | Thomas F. Holbrook, General Counsel & Secretary, Penterra Pharmaceuticals Corp.
Client Contact (Corp Dev) | Natalie Reiner, SVP, Corporate Development, Penterra Pharmaceuticals Corp.
Opposing Counsel | Zalcourt Archer & Cole LLP (Rebecca Whitmore, Partner), One Federal Street, 30th Floor, Boston, MA 02110
Stockholder Representative | David Ng, Managing Partner, Crestline Ventures, LP
Status | ACTIVE — Litigation anticipated
[sheet: Obligations Checklist]
Item # | Category | Obligation Description | SPA / Agreement Reference | Responsible Party — Penterra | Responsible Party — C&H | Counterparty / Recipient | Deadline / Due Date | Status | Date Completed | Notes / Comments
1 | Termination Notice | Deliver formal Termination Notice to Veridian Biosciences, Inc. and Stockholder Representative (David Ng) pursuant to SPA § 8.1(d) | SPA § 8.1(d) | Dr. Anand Rajagopal / Thomas F. Holbrook | Oliver Mackenzie / Megan Chu (drafted) | Veridian Biosciences, Inc.; David Ng (Stockholder Representative); Zalcourt Archer & Cole LLP (Rebecca Whitmore) | 2024-09-30 | Completed | 2024-09-30 | Termination Notice sent via overnight courier and email on September 30, 2024. Basis: occurrence of material adverse effect; failure of closing conditions under §§ 7.2(a) and 7.2(b).
2 | Financing — Commitment Termination | Deliver notice of SPA termination to Ironclad Trust Company, N.A. (Administrative Agent) and Summit Ridge Capital Partners, LP (Lead Arranger), requesting termination of $500,000,000 committed term loan facility under Commitment Letter Ref. CL-2024-PPCA-0607 dated June 7, 2024 | Commitment Letter; SPA § 8.2 | Catherine M. Burgess (CFO) | Megan Chu (drafted letter) | Ironclad Trust Company, N.A. (Samantha Hwang, VP), 60 Wall Street, New York, NY 10005; Summit Ridge Capital Partners, LP (Philip Ostrander, MD), 277 Park Avenue, 40th Floor, New York, NY 10172 | Promptly after termination | Completed | 2024-10-01 | Letter sent October 1, 2024. Commitment expires co-terminous with SPA Outside Date (December 10, 2024) but termination notice sent to stop accrual of commitment/ticking fees. Ticking fee (0.175%/yr) commenced September 8, 2024 (90 days post-signing). Accrued commitment fee through Sept 30: ~$556,164 ($500M × 0.35% ÷ 365 × 116 days). Confirm final fee settlement with Ironclad.
3 | Escrow Agent Notice | Deliver notice to Fidelis National Escrow Corp. that SPA has been terminated and no escrow deposits will be made (neither $180,000,000 indemnification escrow nor $2,500,000 stockholder representative expense fund) | SPA § 2.3; Escrow Agreement | Thomas F. Holbrook | Derek Okonkwo (drafted letter) | Fidelis National Escrow Corp. (Brian Mulcahy, SVP), 601 Riverside Avenue, Jacksonville, FL 32204 | Promptly after termination | Completed | 2024-10-01 | Letter sent October 1, 2024. Escrow Agreement effectively terminated; no deposits made. Confirm no escrow agent fees outstanding.
4 | R&W Insurance — Non-Closing Notice | Deliver notice to Atlas Indemnity Insurance Co. that the transaction did not close and R&W insurance policy (No. AIC-RWI-2024-07892) will not be triggered; inquire regarding premium status | R&W Insurance Policy | Thomas F. Holbrook | Megan Chu (drafted letter) | Atlas Indemnity Insurance Co. (Graham Fielding, SVP), 300 First Stamford Place, Stamford, CT 06902; copy to Prescott Whitfield Insurance Brokers, Inc. (Amanda Chen-Kowalski), 175 Water Street, 22nd Floor, New York, NY 10038 | Promptly after termination | Completed | 2024-10-03 | Letter sent October 3, 2024. Premium of $3,960,000 plus $75,000 underwriting fee are non-refundable per policy terms. Policy limit was $180,000,000; SIR was $9,000,000. Sunk cost to Penterra.
5 | Confidential Information — Return/Destruction (Penterra's Obligations) | Return or destroy all Confidential Information of Veridian received under the Confidentiality Agreement (NDA) dated March 4, 2024, and deliver certification of return/destruction to Veridian | NDA § [return/destruction provision]; SPA § 8.2(b) | Thomas F. Holbrook; Natalie Reiner | Derek Okonkwo (coordinate) | Veridian Biosciences, Inc. (Rachel Stein-Goldberg, GC); Zalcourt Archer & Cole LLP | Per NDA terms (typically 10-30 days after termination) | In Progress | IMPORTANT: Coordinate with litigation hold requirements (Item 14). NDA return/destruction obligation must be reconciled with document preservation duty in light of anticipated litigation by Veridian. Recommend retaining copies of all Veridian materials subject to litigation hold and providing qualified certification. Data room access (granted March 11, 2024) — confirm access revoked.
6 | Confidential Information — Demand Return from Veridian | Demand that Veridian return or destroy all Confidential Information of Penterra received under the NDA, and request certification of return/destruction | NDA § [return/destruction provision] | Thomas F. Holbrook | Derek Okonkwo (drafted demand) | Veridian Biosciences, Inc. (Rachel Stein-Goldberg, GC); Zalcourt Archer & Cole LLP (Rebecca Whitmore) | Per NDA terms | Pending | Send formal demand letter. Note that Veridian's NDA obligations survive termination per NDA terms. Standstill and non-solicitation provisions in NDA — confirm duration and ongoing applicability.
7 | Confidential Information — Third-Party Advisors | Confirm return/destruction of Veridian Confidential Information by Penterra's advisors: Garrison Zanthor & Co. (Kevin Driscoll), Broadleaf Scientific Consulting LLC (Dr. Raymond Kapoor), Stonebridge HSW Antitrust Advisors LLP (Martin Prumvane), and Tarrant & Co. (Diana Rourke) | NDA | Natalie Reiner | Derek Okonkwo (coordinate) | Garrison Zanthor & Co., 383 Madison Avenue, NY 10179; Broadleaf Scientific, 225 Franklin St, Suite 1900, Boston, MA 02110; Stonebridge HSW, 1440 New York Ave NW, Suite 700, Washington, DC 20005 | Per NDA terms | In Progress | Subject to same litigation hold caveat as Item 5. Broadleaf's supplemental clinical assessment (delivered Aug 19, 2024) is critical work product — preserve under litigation hold. Garrison Zanthor fairness opinion materials — preserve.
8 | SPA Surviving Provisions | Identify and calendar all SPA provisions that survive termination per § 8.2 | SPA § 8.2 | Thomas F. Holbrook | Megan Chu (analysis) | N/A (internal) | 2024-10-07 | In Progress | Surviving provisions typically include: § 8.2 (effect of termination), § 10.1 (notices), § 10.2 (fees and expenses — each party bears own costs), § 10.3 (confidentiality), § 10.6 (governing law — Delaware; exclusive jurisdiction — Court of Chancery of the State of Delaware), § 10.12 (specific performance). Reverse termination fee ($45,000,000) under SPA NOT triggered — applies only to financing failure, not MAE-based termination under § 8.1(d).
9 | Expense Allocation | Confirm that each party bears its own transaction expenses per SPA § 10.2 and calculate Penterra's total sunk transaction costs | SPA § 10.2 | Catherine M. Burgess (CFO) | Megan Chu / Harrison Wexford | N/A (internal) | 2024-10-15 | In Progress | Estimated total sunk costs to Penterra: $12,991,664. Breakdown: C&H legal fees $4,250,000; Garrison Zanthor advisory fee (non-contingent) $2,500,000; Broadleaf DD fees $875,000; Stonebridge HSW fees $310,000; R&W premium $3,960,000; R&W underwriting fee $75,000; HSR filing fee $280,500; commitment fee accrued $556,164; miscellaneous $185,000. Garrison Zanthor success fee of $9,000,000 was contingent on closing — NOT payable.
10 | HSR Act — No Additional Filings Required | Confirm that no additional HSR Act filings or notifications are required following termination; early termination was granted May 20, 2024 ($280,500 filing fee paid April 22, 2024) | HSR Act; SPA § 6.3 | N/A | Megan Chu (confirmed) | FTC / DOJ | N/A | Completed | 2024-10-02 | No withdrawal filing required. HSR clearance was a one-time condition. If deal were to be renegotiated/re-signed, a new HSR filing would be required.
11 | No-Shop Provision — Expiration | Confirm that the no-shop provision (SPA § 5.4) is no longer binding on Veridian following valid termination | SPA § 5.4; § 8.2 | N/A | Megan Chu | N/A (internal analysis) | N/A | Completed | 2024-10-02 | No-shop terminates upon valid termination of SPA. Target termination fee of $36,000,000 (4% × $900M) is not applicable — that provision applied only to Seller's breach of no-shop or exercise of fiduciary out prior to termination. No breach occurred.
12 | Non-Competition Agreements — Status | Confirm that form non-competition and non-solicitation agreements for Dr. Julian Marek and Dr. Priya Chandrasekaran were not executed at closing and are therefore not in effect | Ancillary Agreements | Thomas F. Holbrook | Derek Okonkwo | N/A (internal) | N/A | Completed | 2024-10-02 | Non-competes were closing deliverables and were never executed. No obligations exist.
13 | Transition Services Agreement — Status | Confirm that the draft Transition Services Agreement (dated June 5, 2024) was never executed and no TSA obligations exist | TSA Draft | Thomas F. Holbrook | Derek Okonkwo | N/A (internal) | N/A | Completed | 2024-10-02 | TSA was a draft closing deliverable; never executed. No obligations.
14 | Document Preservation / Litigation Hold | Issue and implement litigation hold notice to Penterra and all advisors in anticipation of litigation by Veridian in the Court of Chancery of the State of Delaware | N/A (litigation preparedness) | Thomas F. Holbrook (distributes internally at Penterra) | Oliver Mackenzie / Megan Chu (drafted and issued) | Penterra Pharmaceuticals Corp. — all employees involved in the transaction; C&H deal team; Garrison Zanthor; Broadleaf Scientific | 2024-10-05 | Completed | 2024-10-05 | Litigation hold notice sent October 5, 2024 to Thomas F. Holbrook for internal distribution. Covers all documents related to the Veridian acquisition, Marlowe Asset Management-2 clinical data (VRD-4187, IND 154832, NCT05837291), MAE analysis, DMC interim analysis (Aug 14, 2024), FDA partial clinical hold (Aug 22, 2024), Protocol v4.0 amendment (Aug 28, 2024), Deficiency Notice (Sept 6, 2024), all correspondence with Zalcourt Archer & Cole LLP and Veridian. Anticipated complaint: Veridian Biosciences, Inc. v. Penterra Pharmaceuticals Corp. in DE Chancery, expected ~November 15, 2024.
15 | Litigation Preparation — Answer and Counterclaim Drafting | Prepare draft answer, affirmative defenses, and counterclaim for declaratory judgment re: valid termination in anticipated Delaware Chancery proceeding | SPA § 10.6; § 10.12 | Thomas F. Holbrook (review) | Oliver Mackenzie / Megan Chu / Derek Okonkwo (drafting) | N/A (internal) | 2024-11-01 (target draft date) | In Progress | Veridian's demand letter (sent Oct 15, 2024 by Zalcourt Archer & Cole) threatens breach of contract and specific performance claims. Anticipated filing ~November 15, 2024. SPA § 10.12 grants Sellers right to seek specific performance. Penterra's defense: MAE occurred per § 1.1; closing conditions §§ 7.2(a), 7.2(b) not satisfied; termination valid under § 8.1(d). Key clinical data: Grade ≥3 CRS 23.4% (treatment) vs. 4.1% (control); 7 treatment deaths (3.6%) vs. 1 control death (0.5%); ORR 31.4% vs. 28.9% (p=0.58, not significant).
16 | Litigation Preparation — Reverse Termination Fee Analysis | Confirm and document that the $45,000,000 reverse termination fee is inapplicable to Penterra's termination | SPA § 8.3 | Thomas F. Holbrook | Megan Chu (memo) | N/A (internal) | 2024-10-10 | In Progress | Reverse termination fee (5% × $900M = $45M) triggered ONLY by financing failure. Penterra terminated under § 8.1(d) based on MAE / failure of closing conditions — not financing failure. Penterra had $2.1B cash on hand plus $500M committed facility; financing was never at issue.
17 | Veridian Demand Letter — Response Strategy | Analyze Veridian's demand letter dated October 15, 2024 and prepare response / litigation strategy memorandum | N/A (litigation) | Thomas F. Holbrook / Dr. Anand Rajagopal | Oliver Mackenzie / Megan Chu | N/A (internal) | 2024-10-22 | Pending | Demand letter sent by Zalcourt Archer & Cole LLP (Rebecca Whitmore) on behalf of Veridian. Claims: breach of SPA, specific performance to compel closing, expectation damages of $900M less current FMV of Veridian equity. C&H to prepare analysis memo and recommend whether to respond in writing or await filing.
18 | Specific Performance Risk Assessment | Prepare research memorandum on specific performance risk under Delaware law and SPA § 10.12 | SPA § 10.12; Delaware law | Thomas F. Holbrook | Oliver Mackenzie / Derek Okonkwo | N/A (internal) | 2024-10-22 | Pending | SPA § 10.12 expressly grants Sellers right to specific performance. Penterra's defense: closing conditions not satisfied; court cannot compel closing where MAE has occurred and bring-down fails. Survey Delaware Chancery precedent.
19 | Penterra Public Disclosure Obligations | Advise Penterra on SEC disclosure obligations relating to SPA termination (Form 8-K filing; potential 10-Q/10-K disclosure of sunk costs and contingent litigation liability) | Securities Exchange Act; Regulation FD | Thomas F. Holbrook / Catherine M. Burgess | Oliver Mackenzie (advise) | SEC | Promptly (8-K within 4 business days of termination = by Oct 4, 2024) | In Progress | Penterra is publicly traded on Nasdaq (ticker: PPCA). 8-K required disclosing termination of definitive agreement. May also require disclosure of threatened litigation and potential damages. Coordinate with Tarrant & Co. (Diana Rourke, auditor) on contingent liability treatment for Q3 2024 10-Q. Penterra market cap ~$14.2B; FY2023 revenue $4.87B.
20 | Veridian Stockholder Matters | Note: No further obligations to Veridian stockholders. Stockholder written consent (>90% approval, delivered June 14, 2024) is moot following termination. Stockholder Representative Agreement with David Ng effectively terminated. | SPA § 8.2; Stockholder Representative Agreement | N/A | Megan Chu (confirmed) | David Ng (Stockholder Representative), Crestline Ventures, LP | N/A | Completed | 2024-10-02 | Major stockholders: Crestline Ventures (28.3%, David Ng); Boreal Health Partners Fund III (19.7%, Sarah Dalmqvist); Apex Growth Equity Fund II (14.1%, Marcus Doyle); Founders — Dr. Julian Marek (8.4%), Dr. Priya Chandrasekaran (6.2%); ESOP pool (9.8%); other institutional (13.5%). No payments due to any stockholders.
21 | Tax Matters — Post-Termination | Confirm no ongoing tax obligations arise from termination. Stock purchase structure (no § 338(h)(10) election) means no tax consequences from non-closing. Veridian's NOL carryforward ($312M) and § 382 limitations remain Veridian's concern. | SPA § 6.8; Tax DD Memo (Leonard Cross, May 28, 2024) | Catherine M. Burgess | Leonard Cross (confirm) | N/A (internal) | N/A | Completed | 2024-10-02 | Transfer taxes (Sellers' responsibility per SPA § 6.8) not applicable — no closing occurred. Veridian EIN: 84-2193047. Penterra EIN: 22-3847561. No pre-closing tax indemnification obligations arise absent closing.
22 | Registered Agent Matters | No action required with respect to Delaware registered agents. Penterra's registered agent: Capitol Corporate Services, Inc., 1675 South Ashbury Asset Advisors, Suite B, Dover, DE 19901. Veridian's registered agent: Tidewater Registered Agents LLC, 838 Walker Road, Suite 21-2, Dover, DE 19904. | N/A | N/A | N/A | N/A | N/A | N/A | Informational only. Service of process addresses noted for anticipated litigation.
23 | Pinnacle Transfer Services — No Action Required | Confirm no action required with Penterra's transfer agent, Pinnacle Transfer Services, Inc. (6201 15th Avenue, Brooklyn, NY 11219) — deal was all-cash stock purchase of Veridian; no Penterra shares were to be issued. | N/A | N/A | N/A | Pinnacle Transfer Services, Inc. | N/A | N/A | No Penterra equity component in deal. No transfer agent action needed.
24 | Matter Administration — C&H Internal | Update matter status to 'Terminated — Litigation Pending' in firm systems. Ensure staffing plan reflects transition from transaction to litigation preparation. | N/A (internal) | N/A | Oliver Mackenzie / Harrison Wexford | N/A (internal) | 2024-10-08 | In Progress | Matter closing/status memo to be prepared by Oliver Mackenzie for C&H Managing Partner. C&H fees through termination: ~$4,250,000. Rate structure: Mackenzie $1,850/hr; Wexford $1,750/hr; Chu $985/hr; Okonkwo $795/hr; Cross $1,650/hr.
[sheet: Notices Sent Log]
Notice # | Date Sent | Recipient Entity | Recipient Contact / Title | Recipient Address | Subject / Purpose | Delivery Method | Tracking / Confirmation # | Date Confirmed Received | Drafted By | Signed By | Status
1 | 2024-09-30 | Veridian Biosciences, Inc. | Dr. Julian Marek, CEO; Rachel Stein-Goldberg, GC | 550 Gateway Drive, Cambridge, MA 02142 | Termination Notice pursuant to SPA § 8.1(d) — material adverse effect; failure of closing conditions §§ 7.2(a) and 7.2(b) | Overnight courier (Severin Partners LLC) + Email | Severin Partners LLC: 7749-2081-4356 | 2024-10-01 | Oliver Mackenzie / Megan Chu | Dr. Anand Rajagopal, CEO, Penterra | Delivered
2 | 2024-09-30 | David Ng (Stockholder Representative) | David Ng, Managing Partner, Crestline Ventures, LP | c/o Crestline Ventures, LP, 450 Lexington Avenue, Suite 3100, New York, NY 10017 | Termination Notice — copy to Stockholder Representative | Overnight courier + Email | Severin Partners LLC: 7749-2081-4363 | 2024-10-01 | Megan Chu | Dr. Anand Rajagopal | Delivered
3 | 2024-09-30 | Zalcourt Archer & Cole LLP | Rebecca Whitmore, Partner; Jonathan Pratt, Associate | One Federal Street, 30th Floor, Boston, MA 02110 | Termination Notice — courtesy copy to Sellers' Counsel | Email | N/A | 2024-09-30 | Megan Chu | Oliver Mackenzie | Delivered
4 | 2024-10-01 | Ironclad Trust Company, N.A. | Samantha Hwang, Vice President | 60 Wall Street, New York, NY 10005 | Notice of SPA termination; request termination of $500M committed term loan facility (Ref. CL-2024-PPCA-0607) | Overnight courier + Email | Severin Partners LLC: 7749-2081-4370 | 2024-10-02 | Megan Chu | Thomas F. Holbrook, GC, Penterra | Delivered
5 | 2024-10-01 | Summit Ridge Capital Partners, LP | Philip Ostrander, Managing Director | 277 Park Avenue, 40th Floor, New York, NY 10172 | Notice of SPA termination; copy of notice to administrative agent | Email | N/A | 2024-10-01 | Megan Chu | Thomas F. Holbrook | Delivered
6 | 2024-10-01 | Fidelis National Escrow Corp. | Brian Mulcahy, Senior Vice President | 601 Riverside Avenue, Jacksonville, FL 32204 | Notice of SPA termination; no escrow deposits ($180M indemnification escrow + $2.5M expense fund) to be made | Overnight courier + Email | Severin Partners LLC: 7749-2081-4387 | 2024-10-02 | Derek Okonkwo | Thomas F. Holbrook | Delivered
7 | 2024-10-03 | Atlas Indemnity Insurance Co. | Graham Fielding, Senior Vice President | 300 First Stamford Place, Stamford, CT 06902 | Notice of non-closing; R&W policy (No. AIC-RWI-2024-07892) will not be triggered; inquiry re premium ($3,960,000) refund status | Overnight courier + Email | Severin Partners LLC: 7749-2081-4394 | 2024-10-04 | Megan Chu | Thomas F. Holbrook | Delivered
8 | 2024-10-03 | Prescott Whitfield Insurance Brokers, Inc. | Amanda Chen-Kowalski, Managing Director | 175 Water Street, 22nd Floor, New York, NY 10038 | Copy of notice to Atlas Indemnity re non-closing; request broker assist with premium inquiry | Email | N/A | 2024-10-03 | Megan Chu | Megan Chu | Delivered
9 | 2024-10-05 | Penterra Pharmaceuticals Corp. (Internal) | Thomas F. Holbrook, General Counsel & Secretary | 1100 Meridian Boulevard, Suite 400, Princeton, NJ 08540 | Litigation Hold Notice — preservation of all documents related to Veridian acquisition and anticipated litigation | Email + Internal distribution by Penterra GC | N/A | 2024-10-05 | Oliver Mackenzie / Megan Chu | Oliver Mackenzie | Delivered
10 | 2024-10-05 | Garrison Zanthor & Co., LLC; Broadleaf Scientific Consulting LLC | Kevin Driscoll, MD (Garrison Zanthor); Dr. Raymond Kapoor, MD (Broadleaf) | Garrison Zanthor: 383 Madison Avenue, NY 10179; Broadleaf: 225 Franklin St, Suite 1900, Boston, MA 02110 | Litigation Hold Notice — preservation of all documents related to Veridian acquisition and anticipated litigation | Email | N/A | 2024-10-05 | Megan Chu | Oliver Mackenzie | Delivered
[sheet: Sunk Cost Summary]
Line Item | Payee / Vendor | Description | Amount ($) | Refundable? | Notes
Calderwood & Harkness LLP Legal Fees | Calderwood & Harkness LLP | Legal fees through termination date (Feb 14 – Sept 30, 2024) | $4,250,000 | No | Billing partner: Harrison Wexford. Includes all deal team time (Mackenzie, Wexford, Chu, Okonkwo, Cross).
Garrison Zanthor Advisory Fee (Non-Contingent) | Garrison Zanthor & Co., LLC | Financial advisory fee payable regardless of closing | $2,500,000 | No | Kevin Driscoll, MD. Success fee of $9,000,000 was contingent on closing and is NOT payable.
Broadleaf Scientific DD Fees | Broadleaf Scientific Consulting LLC | Clinical and scientific due diligence, including supplemental assessment (Aug 19, 2024) | $875,000 | No | Dr. Raymond Kapoor, MD.
Stonebridge HSW Antitrust Fees | Stonebridge HSW Antitrust Advisors LLP | HSR filing preparation and antitrust counsel | $310,000 | No | Martin Prumvane, Partner.
R&W Insurance Premium | Atlas Indemnity Insurance Co. | Buyer-side R&W insurance premium; Policy No. AIC-RWI-2024-07892; policy limit $180M; SIR $9M | $3,960,000 | No | Non-refundable per policy terms. Bound June 12, 2024. Policy never triggered.
R&W Insurance Underwriting Fee | Atlas Indemnity Insurance Co. | Underwriting fee | $75,000 | No | Brokered by Prescott Whitfield Insurance Brokers (Amanda Chen-Kowalski).
HSR Filing Fee | FTC / DOJ | HSR Act pre-merger notification filing fee (2024 schedule) | $280,500 | No | Filed April 22, 2024. Early termination granted May 20, 2024.
Commitment Fee — Term Loan | Ironclad Trust Company, N.A. / Summit Ridge Capital Partners, LP | Commitment fee on $500M unfunded term loan (0.35%/yr); June 7 – Sept 30, 2024 (~116 days) | $556,164 | No | = $500,000,000 × 0.35% ÷ 365 × 116 days = $556,164. Ticking fee (0.175%/yr) commenced Sept 8, 2024 — minimal additional amount for 22 days (Sept 8–30).
Miscellaneous Costs | Various | Travel, data room access fees, printing, and related expenses | $185,000 | No | Includes data room access from March 11, 2024 through termination.
TOTAL SUNK COSTS | $12,991,664 | Sum of all line items above
[sheet: Key Dates & Deadlines]
Date | Event / Deadline | Reference | Action Required | Responsible | Status
2024-09-30 | SPA terminated; Termination Notice delivered | SPA § 8.1(d) | Completed | Oliver Mackenzie / Megan Chu | Completed
2024-10-01 | Notices to Ironclad, Summit Ridge, and Fidelis sent | Commitment Letter; Escrow Agreement | Completed | Megan Chu / Derek Okonkwo | Completed
2024-10-03 | Notice to Atlas Indemnity and Prescott Whitfield sent | R&W Policy | Completed | Megan Chu | Completed
2024-10-04 | Deadline for Penterra 8-K filing re termination (4 business days after Sept 30) | SEC Regulation; Exchange Act | File 8-K | Catherine M. Burgess / Thomas F. Holbrook | In Progress
2024-10-05 | Litigation hold notice issued | N/A (litigation preparation) | Completed | Oliver Mackenzie | Completed
2024-10-10 | Target date: Reverse termination fee inapplicability memo | SPA § 8.3 | Prepare analysis memo | Megan Chu | In Progress
2024-10-15 | Veridian demand letter received (via Zalcourt Archer & Cole) | N/A (litigation) | Analyze and prepare response strategy | Oliver Mackenzie / Megan Chu | Pending
2024-10-22 | Target date: Specific performance risk memo; Veridian demand letter analysis | SPA § 10.12; Delaware law | Complete research memos | Derek Okonkwo / Megan Chu | Pending
2024-11-01 | Target date: Draft answer, affirmative defenses, and counterclaim | Anticipated DE Chancery litigation | Complete drafts for review | Megan Chu / Derek Okonkwo | Pending
2024-11-15 | Anticipated filing date: Veridian complaint in Court of Chancery of the State of Delaware | SPA § 10.6 (exclusive jurisdiction) | Monitor; prepare to respond | Oliver Mackenzie | Pending
2024-12-10 | SPA Outside Date (180 days post-signing) | SPA § 8.1(b) | No action required; SPA already terminated Sept 30, 2024. Financing commitment also expires. | N/A | Informational
TBD | Confidential Information return/destruction — deadline per NDA terms (reconcile with litigation hold) | NDA | Coordinate qualified certification with litigation hold carveout | Derek Okonkwo / Thomas F. Holbrook | In Progress