FR EA
1018-00009 · Client 1018 · Administration
billing-summary-2022.xlsx DOCUMENT M&A / Corporate
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Contract analysis Extract to table

[sheet: Cover]

FieldValue
FirmCalderwood & Harkness LLP
Firm Address600 Lexington Avenue, New York, NY 10022
Lead Office1735 Market Street, Suite 3100, Philadelphia, PA 19103
Matter Number1018-00009
Matter DescriptionIRS Transfer Pricing Examination Defense — Penterra Pharmaceuticals Corp. (TY 2017–2020)
ClientPenterra Pharmaceuticals Corp.
Client Address2200 Independence Boulevard, Princeton Junction, NJ 08550
Client EIN22-3741856
Client ContactMarcus Whitfield, VP, Global Tax
Billing PeriodJune 2, 2022 – December 31, 2022
Engagement Letter DateJune 2, 2022
Responsible PartnerLeonard Cross
Billing PartnerSylvia Hartwell
IRS Exam Team IDLB&I-NE-TP-2022-00641
Tax Years at Issue2017, 2018, 2019, 2020
Estimated Total Fee Range (Engagement)$4,500,000 – $7,000,000
Total Fees Billed (2022)$2,187,645.00
Total Expenses Reimbursed (2022)$34,812.00
Total Billed (2022)$2,222,457.00
Prepared BySylvia Hartwell, Billing Partner
Date PreparedJanuary 10, 2023

[sheet: Timekeeper Summary]

TimekeeperRoleBar AdmissionsOffice2022 Billing Rate ($/hr)Total HoursTotal Fees% of Total Fees
Leonard CrossResponsible PartnerNY, NJ, DCPhiladelphia147538256345025.8%
Sylvia HartwellBilling PartnerNY, DCNew York1350218.529497513.5%
Garrett SimmonsLead AssociateNYPhiladelphia88572464074029.3%
Leila NazariWorking AssociateNY, NJPhiladelphia695762.5529937.524.2%
Attorney Subtotal20872029102.592.8%
Jennifer MallorySenior ParalegalPhiladelphia395248979604.5%
David OnishiParalegalPhiladelphia310195.560582.52.8%
Paralegal Subtotal443.5158542.57.2%
GRAND TOTAL2530.52187645100.0%

[sheet: Monthly Detail]

MonthCross HoursCross FeesHartwell HoursHartwell FeesSimmons HoursSimmons FeesNazari HoursNazari FeesMallory HoursMallory FeesOnishi HoursOnishi FeesTotal HoursTotal Fees
June 202248708003243200857522592639402811060226820307271045
July 202252.577437.528.53847511299120118.582357.542165903510850388.5324830
August 202258855503445900118104430125868753815010329920405347685
September 202262914503648600108.596022.5112778403614220288680382.5336812.5
October 2022558112532.5438751029027010875060341343026.58215358311975
November 202254.580387.53040500104.592482.5110764503815010288680365313510
December 2022527670025.534425948319097674153212640247440324.5281810
TOTAL382563450218.5294975724640740762.5529937.524897960195.5606052530.52187667.5

[sheet: Phase Summary]

Phase / Work CategoryDescriptionTotal HoursTotal Fees% of Total Fees
1 — Engagement Setup & Initial AssessmentEngagement letter, Form 2848, conflicts check, staffing plan, initial assessment memo, document preservation notice, privilege protocol28522465010.3%
2 — Defense Strategy DevelopmentStrategy memorandum, legal research (IRC § 482, Treas. Reg. §§ 1.482-4, 1.482-7, economic substance, penalty protection, TCJA impact, § 367(d), OECD guidelines), case law analysis (Altera, Harborview Corporation)41233218015.2%
3 — IDR Response & Document ProductionResponse to IDRs No. 1–30+ (of 47 total), coordination with Crestfield & Associates and Thornbury & Keogh, document collection from PPC/PBI/PMI, privilege log preparation94572941033.3%
4 — Functional & Economic AnalysisCoordination with Whitmore Valuation Group (Kovel), functional analysis of PBI, PBI personnel interviews (12 employees), board minutes analysis (42 meetings), CUT analysis, CPM/TNMM analysis, PCT DCF valuation, WACC/Discount rate analysis, benchmarking study, DEMPE functions matrix, cost-sharing ratio modeling, revenue projection analysis538.548762522.3%
5 — FIN 48 / ASC 740-10 AnalysisUncertain tax position reserve analysis ($62.4M reserve), Crestfield coordination92823403.8%
6 — IRS Communications & ConferencesOpening conference (June 28, 2022), IRS correspondence, IDR extension requests, scope objections, mid-exam conference preparation, status updates1481746408.0%
7 — Client Reporting & AdministrationQuarterly status reports (Q3 2022, Q4 2022), budget tracking, client communications, matter administration1101568007.2%
GRAND TOTAL2530.52187645100.0%

[sheet: Expense Detail]

DateCategoryDescriptionAmount
2022-06-08Filing FeeIRS Form 2848 filing — Power of Attorney for Cross, Hartwell, Simmons, Nazari0
2022-06-28TravelCross — Train Philadelphia to Newark for IRS opening conference187
2022-06-28TravelSimmons — Train Philadelphia to Newark for IRS opening conference187
2022-07-15Copying / ReproductionDocument production for IDR No. 1 — Corporate structure and org charts342.5
2022-08-01Copying / ReproductionDocument production for IDR No. 4 — Transfer pricing documentation (TY 2017–2020)1285
2022-08-10Shipping / CourierSeverin Partners LLC — IDR No. 5 response to IRS (PCT valuation workpapers)68.5
2022-08-15TravelSimmons — Amtrak to Dublin coordination meeting (NYC to Philadelphia return)112
2022-08-22TravelNazari — Flights to Dublin for PBI personnel interviews (12 key employees)1842
2022-08-23TravelNazari — Hotel Dublin (4 nights) for PBI interviews at Sandyford Business Park1260
2022-08-24MealsNazari — Working meals during Dublin PBI interviews312.5
2022-09-06TravelSimmons — Flights to Dublin for PBI interviews and board minutes review1842
2022-09-07TravelSimmons — Hotel Dublin (3 nights)945
2022-09-08MealsSimmons — Working meals during Dublin trip228
2022-10-03Copying / ReproductionDocument production for IDR No. 11 — Product revenue data (Veritaxol, Imvara, Cerulon)485
2022-10-12Copying / ReproductionDocument production for IDR No. 12 — PBI office lease and physical presence215
2022-10-15Online ResearchWestmark Data Systems and database charges — IRC § 482, Treas. Reg. research, case law (Altera, Harborview Corporation)4850
2022-11-01Online ResearchTidewater Technologies / Severin Data Systems — Transfer pricing comparables research3620
2022-11-08Shipping / CourierSeverin Partners LLC — IDR No. 15 response (PBI regulatory expenditures, €47.2M)72
2022-11-15Copying / ReproductionDocument production for IDRs No. 13–181542
2022-12-05Shipping / CourierSeverin Partners LLC — IDR No. 18 response (distribution agreements)68.5
2022-12-15Copying / ReproductionMiscellaneous document production and binder preparation892
2022-12-20Telephone / ConferenceInternational conference calls — Thornbury & Keogh coordination (Dublin)485
VariousPostage / DeliveryGeneral USPS and internal mail charges126.5
SUBTOTAL — Travel6375
SUBTOTAL — Meals540.5
SUBTOTAL — Copying / Reproduction4761.5
SUBTOTAL — Shipping / Courier209
SUBTOTAL — Online Research8470
SUBTOTAL — Telephone / Conference485
SUBTOTAL — Filing Fees0
SUBTOTAL — Postage / Delivery126.5
GRAND TOTAL EXPENSES20967.5

[sheet: Invoice Summary]

Invoice NumberInvoice DateBilling PeriodFeesExpensesTotal InvoicedDate PaidAmount PaidBalance Outstanding
1018-00009-2022-062022-07-10June 2022271045716.5271761.52022-08-08271761.50
1018-00009-2022-072022-08-10July 2022324830342.5325172.52022-09-09325172.50
1018-00009-2022-082022-09-10August 20223476856874.5354559.52022-10-10354559.50
1018-00009-2022-092022-10-10September 2022336812.54297341109.52022-11-08341109.50
1018-00009-2022-102022-11-10October 202231197555503175252022-12-093175250
1018-00009-2022-112022-12-10November 20223134855682.5319167.52023-01-10319167.50
1018-00009-2022-122023-01-10December 2022281810113492931592023-02-092931590
TOTALJune–December 20222187642.5348122222454.52222454.50