[sheet: Cover]

Field	Value
Law Firm	Calderwood & Harkness LLP
Firm Address (HQ)	600 Lexington Avenue, New York, NY 10022
Lead Office	1735 Market Street, Suite 3100, Philadelphia, PA 19103
Client	Penterra Pharmaceuticals Corp.
Client Address	2200 Independence Boulevard, Princeton Junction, NJ 08550
Client EIN	22-3741856
Matter Number	1018-00009
Matter Description	IRS Transfer Pricing Examination Defense — TY 2017–2020
IRS Exam Team ID	LB&I-NE-TP-2022-00641
Responsible Partner	Leonard Cross
Billing Partner	Sylvia Hartwell
Engagement Letter Date	June 2, 2022
Billing Period	January 1, 2024 – March 29, 2024 (Q1 2024 Final)
Report Date	April 5, 2024
Matter Status	Closed — Form 906 Closing Agreement executed March 29, 2024
Report Type	Final Billing Summary

[sheet: Q1 2024 Detail]

Date	Timekeeper	Role	Billing Rate	Hours	Amount	Activity Phase	Description
2024-01-03	Leonard Cross	Responsible Partner	1575	2.5	3937.5	Appeals	Review Appeals Officer Castañeda assignment notification; call with M. Whitfield re: Appeals strategy and conference scheduling
2024-01-04	Sylvia Hartwell	Billing Partner	1450	1.2	1740	Appeals	Review Appeals assignment; internal memo re: strategy team roles
2024-01-05	Garrett Simmons	Lead Associate	950	3.2	3040	Appeals	Prepare rebuttal materials for IRS economist Dr. Washburne's analysis; coordinate with Dr. Vasquez at Whitmore Valuation Group on updated benchmarking data
2024-01-05	Paralegal Staff	Paralegal	395	2.5	987.5	Appeals	Organize Appeals working file; index exhibits from December 2023 Protest for Appeals conference use
2024-01-08	Leila Nazari	Working Associate	745	4.1	3054.5	Appeals	Research Rev. Proc. 2015-41 Appeals conference procedures; draft correspondence to Appeals Officer Castañeda requesting conference dates
2024-01-09	Garrett Simmons	Lead Associate	950	2.8	2660	Appeals	Review Appeals Officer's initial docket letter; outline rebuttal framework
2024-01-10	Leonard Cross	Responsible Partner	1575	1.8	2835	Appeals	Letter to IRS Appeals requesting scheduling of Appeals conference; review and finalize for filing
2024-01-11	Paralegal Staff	Paralegal	395	3	1185	Appeals	Cite-check and Bluebook Appeals correspondence and internal memoranda
2024-01-12	Leila Nazari	Working Associate	745	2.5	1862.5	Appeals	Research hazards-of-litigation factors in transfer pricing cases; update case law survey
2024-01-15	Sylvia Hartwell	Billing Partner	1450	1.5	2175	Appeals	Conference call with Cross, Whitfield, and Staines re: Appeals strategy; review settlement authority parameters
2024-01-16	Garrett Simmons	Lead Associate	950	4	3800	Appeals	Draft hazards-of-litigation memorandum; analyze Altera and Harborview precedents
2024-01-18	Leonard Cross	Responsible Partner	1575	2.2	3465	Appeals	Review hazards-of-litigation memo; edits and comments
2024-01-22	Garrett Simmons	Lead Associate	950	5.6	5320	Appeals	Draft rebuttal memorandum addressing Dr. Washburne's CUT selection criteria and discount rate assumptions; coordinate with Dr. Vasquez and Dr. Chakrabarti
2024-01-23	Leila Nazari	Working Associate	745	3.5	2607.5	Appeals	Draft factual chronology exhibit for Appeals conference binder
2024-01-25	Leila Nazari	Working Associate	745	3.8	2831	Appeals	Research competent authority / MAP considerations under U.S.-Ireland treaty; email to C. Thornbury at Thornbury & Keogh re: Irish Revenue coordination
2024-01-26	Paralegal Staff	Paralegal	395	4	1580	Appeals	Compile prior IDR responses and exhibits into master Appeals binder (Vols. I–III)
2024-01-29	Leonard Cross	Responsible Partner	1575	2	3150	Appeals	Call with Appeals Officer Castañeda to confirm conference date of Feb 28; scope discussion
2024-01-30	Garrett Simmons	Lead Associate	950	3	2850	Appeals	Update economic exhibits for Appeals conference; coordinate with Whitmore Valuation Group
2024-02-02	Leila Nazari	Working Associate	745	2.4	1788	Appeals	Draft supplemental legal authority binder — CSA and PCT regulations, IRC § 482 case law
2024-02-05	Leonard Cross	Responsible Partner	1575	3	4725	Appeals	Prepare Appeals pre-conference memorandum; strategy session with Hartwell re: opening and target settlement positions
2024-02-06	Sylvia Hartwell	Billing Partner	1450	1.8	2610	Appeals	Strategy session with Cross; review draft opening position framework
2024-02-08	Garrett Simmons	Lead Associate	950	3.5	3325	Appeals	Draft opening statement outline for Appeals conference; economic analysis summary tables
2024-02-10	Garrett Simmons	Lead Associate	950	6.4	6080	Appeals	Draft Appeals conference presentation slides; coordinate updated data with Dr. Vasquez for economic analysis presentation; finalize CUT and CPM/TNMM summaries
2024-02-12	Paralegal Staff	Paralegal	395	3.5	1382.5	Appeals	Format and print Appeals conference presentation slides and speaker notes

2024-02-13	Leila Nazari	Working Associate	745	2.8	2086	Appeals	Draft anticipated Q&A memo; research likely Appeals Officer inquiries
2024-02-15	Leonard Cross	Responsible Partner	1575	4.2	6615	Appeals	Finalize Appeals pre-conference memo; circulate to PPC team (Whitfield, Staines); review conference logistics for February 28 at IRS Appeals Office, Manhattan
2024-02-16	Garrett Simmons	Lead Associate	950	2.5	2375	Appeals	Finalize economic exhibits and coordinate with Dr. Vasquez re: presentation logistics
2024-02-20	Sylvia Hartwell	Billing Partner	1450	2.8	4060	Appeals	Review and comment on Appeals conference presentation; witness preparation session with Whitfield
2024-02-21	Leila Nazari	Working Associate	745	2.5	1862.5	Appeals	Prepare witness preparation outline for Whitfield; coordinate with Dr. Vasquez
2024-02-22	Garrett Simmons	Lead Associate	950	4.5	4275	Appeals	Witness preparation memorandum for Dr. Vasquez; finalize document binder for Appeals conference (Protest, exhibits, economic analyses, legal authorities)
2024-02-23	Paralegal Staff	Paralegal	395	5	1975	Appeals	Assemble and tabulate final Appeals conference binders (6 copies × 4 volumes)
2024-02-25	Leonard Cross	Responsible Partner	1575	3.5	5512.5	Appeals	Final preparation for Appeals conference; review talking points organized by issue (CSA, royalty rate, economic substance, penalty); rehearsal session
2024-02-26	Leila Nazari	Working Associate	745	5.2	3874	Appeals	Prepare Appeals conference document binder — index all tabs; coordinate logistics for in-person conference
2024-02-27	Sylvia Hartwell	Billing Partner	1450	1.5	2175	Appeals	Travel to New York; final pre-conference briefing with Cross and team
2024-02-28	Leonard Cross	Responsible Partner	1575	8	12600	Appeals Conference	Attend Appeals conference at IRS Appeals Office, Manhattan with Hartwell, Simmons, Whitfield, Staines, and Dr. Vasquez; present PPC's transfer pricing defense positions to Appeals Officer Castañeda
2024-02-28	Sylvia Hartwell	Billing Partner	1450	7.5	10875	Appeals Conference	Attend Appeals conference; co-present on settlement framework and client position
2024-02-28	Garrett Simmons	Lead Associate	950	8	7600	Appeals Conference	Attend Appeals conference; present economic analysis summaries and support partner presentations
2024-03-01	Garrett Simmons	Lead Associate	950	3.5	3325	Post-Conference	Draft post-conference summary memorandum documenting Appeals Officer Castañeda's questions, reactions, areas of agreement/disagreement, and next steps
2024-03-01	Leonard Cross	Responsible Partner	1575	2	3150	Post-Conference	Email debrief to Whitfield, Staines, and Iyer re: Appeals conference outcome and likely settlement trajectory
2024-03-04	Sylvia Hartwell	Billing Partner	1450	0.8	1160	Post-Conference	Review post-conference memorandum; comments
2024-03-05	Leila Nazari	Working Associate	745	1.5	1117.5	Post-Conference	Finalize and circulate post-conference memorandum to client team
2024-03-06	Paralegal Staff	Paralegal	395	2	790	Post-Conference	File and index Appeals conference materials into matter file
2024-03-08	Leonard Cross	Responsible Partner	1575	3	4725	Appeals Supplemental	Prepare and file supplemental submission to Appeals Officer Castañeda providing additional CUT comparables and updated benchmarking data requested during conference
2024-03-08	Garrett Simmons	Lead Associate	950	4	3800	Appeals Supplemental	Compile additional comparable license agreements for supplemental submission; coordinate with Whitmore Valuation Group
2024-03-11	Leila Nazari	Working Associate	745	1.5	1117.5	Appeals Supplemental	Cite-check supplemental submission; finalize exhibits
2024-03-12	Paralegal Staff	Paralegal	395	2.5	987.5	Appeals Supplemental	Format and deliver supplemental submission to IRS Appeals via overnight courier
2024-03-15	Leonard Cross	Responsible Partner	1575	1.5	2362.5	Settlement	Review settlement offer from Appeals Officer Castañeda ($47.6M total adjustment, 12.51% of $380.4M proposed); initial assessment
2024-03-15	Sylvia Hartwell	Billing Partner	1450	0.7	1015	Settlement	Initial review of Appeals settlement offer; call with Cross
2024-03-18	Leonard Cross	Responsible Partner	1575	4.5	7087.5	Settlement	Draft settlement offer analysis memorandum for Whitfield, Staines, and Iyer; analyze allocation by year ($11.2M / $12.4M / $12.8M / $11.2M), full penalty abatement, tax due ($10.0M), estimated interest ($2.84M)

2024-03-18	Sylvia Hartwell	Billing Partner	1450	2.5	3625	Settlement	Review and finalize settlement offer analysis memo; concur with recommendation to accept
2024-03-18	Garrett Simmons	Lead Associate	950	3.8	3610	Settlement	Prepare financial impact analysis workbook — tax due by year, interest calculations, comparison to $380.4M proposed, FIN 48 reserve impact (reduction from $62.4M to $14.8M)
2024-03-19	Leonard Cross	Responsible Partner	1575	1.5	2362.5	Settlement	Email to CFO Rajesh Iyer summarizing total financial impact: tax $10.0M, interest ~$2.84M, $0 penalty, total cash cost ~$12.84M
2024-03-19	Leila Nazari	Working Associate	745	2.5	1862.5	Settlement	Analyze potential Irish tax consequences of settlement; email to Thornbury & Keogh re: impact on PBI Knowledge Development box claims
2024-03-20	Leila Nazari	Working Associate	745	3	2235	Settlement	Research state tax impact of federal $47.6M adjustment in NJ and other PPC filing states; draft preliminary analysis
2024-03-21	Garrett Simmons	Lead Associate	950	2	1900	Settlement	Update financial impact model with state tax component; revise summary tables
2024-03-22	Leonard Cross	Responsible Partner	1575	2	3150	Settlement	Draft and file settlement acceptance letter to Appeals Officer Castañeda; confirm PPC management approval (Whitfield confirmed Iyer and CEO Catherine Falk approved)
2024-03-22	Garrett Simmons	Lead Associate	950	2	1900	Settlement	Review draft Form 906 Closing Agreement; coordinate with IRS Appeals on execution logistics
2024-03-25	Leonard Cross	Responsible Partner	1575	2.5	3937.5	Closing	Finalize Form 906 Closing Agreement reflecting settlement terms: $47.6M adjustment allocated across TY 2017–2020, penalty abatement
2024-03-25	Leila Nazari	Working Associate	745	2	1490	Closing	Prepare amended return filing instructions memo (Forms 1120X) for TY 2017–2020 to reflect $47.6M settlement adjustment
2024-03-26	Sylvia Hartwell	Billing Partner	1450	1	1450	Closing	Review Form 906 draft and amended return instructions
2024-03-27	Paralegal Staff	Paralegal	395	3.5	1382.5	Closing	Coordinate execution logistics for Form 906; assemble closing binder
2024-03-29	Leonard Cross	Responsible Partner	1575	3	4725	Closing	Execute Form 906 Closing Agreement (signed by Marcus Whitfield for PPC and IRS Appeals); confirm formal closure of examination; email confirmation to Whitfield
2024-03-29	Sylvia Hartwell	Billing Partner	1450	1	1450	Closing	Review executed Form 906; confirm matter closure for billing and administrative purposes
2024-03-29	Garrett Simmons	Lead Associate	950	2.5	2375	Closing	Draft matter closing memorandum documenting outcomes: $47.6M settlement (12.51% of proposed), penalty abated, total cost to PPC ~$21.2M, total C&H fees $5,837,420
2024-03-29	Paralegal Staff	Paralegal	395	7.5	2962.5	Closing	Final closing binder assembly; matter close-out administrative tasks; file retention protocol

[sheet: Q1 2024 Summary by Timekeeper]

Timekeeper	Role	2024 Billing Rate	Total Hours	Total Fees	Percentage of Q1 2024 Fees
Leonard Cross	Responsible Partner	1575	42.7	67252.5	38.5%
Sylvia Hartwell	Billing Partner	1450	18.3	26535	15.2%
Garrett Simmons	Lead Associate	950	48.5	46075	26.4%
Leila Nazari	Working Associate	745	28.8	21456	12.3%
Paralegal Staff	Paralegal	395	33.5	13232.5	7.6%
TOTAL	171.8	174551	100.0%

[sheet: Q1 2024 Summary by Phase]

Activity Phase	Total Hours	Total Fees	Percentage of Q1 2024 Fees
Appeals Preparation (Jan–Feb 2024)	62.4	58750	33.6%
Appeals Conference (Feb 28, 2024)	23.5	31075	17.8%
Post-Conference & Supplemental Submissions	14.5	15000	8.6%
Settlement Analysis & Acceptance (March 2024)	28.3	29832.5	17.1%
Closing / Form 906 / Post-Matter	22	23893.5	13.7%
Administrative / Billing / Matter Management	20.9	16000	9.2%
TOTAL	171.6	174551	100.0%

[sheet: Cumulative Matter Summary]

Period	Hours	Fees	Expenses	Total Billed	Cumulative Total
2022 (June 2 – Dec 31)	2845	2018350	47820	2066170	2066170
2023 (Jan 1 – Dec 31)	3182	2412680	62340	2475020	4541190
Q1 2024 (Jan 1 – Mar 29) — FINAL	1578.5	1296230	13400	1309630	5850820
GRAND TOTAL	7605.5	5727260	123560	5850820	5850820

[sheet: Cumulative by Timekeeper]

Timekeeper	Role	2022 Rate	2023 Rate	2024 Rate	2022 Hours	2022 Fees	2023 Hours	2023 Fees	2024 Hours	2024 Fees	Total Hours	Total Fees	% of Total Fees
Leonard Cross	Responsible Partner	1475	1525	1575	425	626875	520	793000	42.7	67252.5	987.7	1487127.5	25.5%
Sylvia Hartwell	Billing Partner	1350	1400	1450	310	418500	385	539000	18.3	26535	713.3	984035	16.9%
Garrett Simmons	Lead Associate	885	920	950	1120	991200	1280	1177600	48.5	46075	2448.5	2214875	37.9%
Leila Nazari	Working Associate	695	725	745	780	542100	810	587250	28.8	21456	1618.8	1150806	19.7%
Paralegal Staff	Paralegal	375	385	395	210	78750	187	71995	33.5	13232.5	430.5	163977.5	2.8%
GRAND TOTAL	2845	2657425	3182	3168845	171.8	174551	6198.8	6000821	100.0%

[sheet: Cover]
Field | Value
Law Firm | Calderwood & Harkness LLP
Firm Address (HQ) | 600 Lexington Avenue, New York, NY 10022
Lead Office | 1735 Market Street, Suite 3100, Philadelphia, PA 19103
Client | Penterra Pharmaceuticals Corp.
Client Address | 2200 Independence Boulevard, Princeton Junction, NJ 08550
Client EIN | 22-3741856
Matter Number | 1018-00009
Matter Description | IRS Transfer Pricing Examination Defense — TY 2017–2020
IRS Exam Team ID | LB&I-NE-TP-2022-00641
Responsible Partner | Leonard Cross
Billing Partner | Sylvia Hartwell
Engagement Letter Date | June 2, 2022
Billing Period | January 1, 2024 – March 29, 2024 (Q1 2024 Final)
Report Date | April 5, 2024
Matter Status | Closed — Form 906 Closing Agreement executed March 29, 2024
Report Type | Final Billing Summary
[sheet: Q1 2024 Detail]
Date | Timekeeper | Role | Billing Rate | Hours | Amount | Activity Phase | Description
2024-01-03 | Leonard Cross | Responsible Partner | 1575 | 2.5 | 3937.5 | Appeals | Review Appeals Officer Castañeda assignment notification; call with M. Whitfield re: Appeals strategy and conference scheduling
2024-01-04 | Sylvia Hartwell | Billing Partner | 1450 | 1.2 | 1740 | Appeals | Review Appeals assignment; internal memo re: strategy team roles
2024-01-05 | Garrett Simmons | Lead Associate | 950 | 3.2 | 3040 | Appeals | Prepare rebuttal materials for IRS economist Dr. Washburne's analysis; coordinate with Dr. Vasquez at Whitmore Valuation Group on updated benchmarking data
2024-01-05 | Paralegal Staff | Paralegal | 395 | 2.5 | 987.5 | Appeals | Organize Appeals working file; index exhibits from December 2023 Protest for Appeals conference use
2024-01-08 | Leila Nazari | Working Associate | 745 | 4.1 | 3054.5 | Appeals | Research Rev. Proc. 2015-41 Appeals conference procedures; draft correspondence to Appeals Officer Castañeda requesting conference dates
2024-01-09 | Garrett Simmons | Lead Associate | 950 | 2.8 | 2660 | Appeals | Review Appeals Officer's initial docket letter; outline rebuttal framework
2024-01-10 | Leonard Cross | Responsible Partner | 1575 | 1.8 | 2835 | Appeals | Letter to IRS Appeals requesting scheduling of Appeals conference; review and finalize for filing
2024-01-11 | Paralegal Staff | Paralegal | 395 | 3 | 1185 | Appeals | Cite-check and Bluebook Appeals correspondence and internal memoranda
2024-01-12 | Leila Nazari | Working Associate | 745 | 2.5 | 1862.5 | Appeals | Research hazards-of-litigation factors in transfer pricing cases; update case law survey
2024-01-15 | Sylvia Hartwell | Billing Partner | 1450 | 1.5 | 2175 | Appeals | Conference call with Cross, Whitfield, and Staines re: Appeals strategy; review settlement authority parameters
2024-01-16 | Garrett Simmons | Lead Associate | 950 | 4 | 3800 | Appeals | Draft hazards-of-litigation memorandum; analyze Altera and Harborview precedents
2024-01-18 | Leonard Cross | Responsible Partner | 1575 | 2.2 | 3465 | Appeals | Review hazards-of-litigation memo; edits and comments
2024-01-22 | Garrett Simmons | Lead Associate | 950 | 5.6 | 5320 | Appeals | Draft rebuttal memorandum addressing Dr. Washburne's CUT selection criteria and discount rate assumptions; coordinate with Dr. Vasquez and Dr. Chakrabarti
2024-01-23 | Leila Nazari | Working Associate | 745 | 3.5 | 2607.5 | Appeals | Draft factual chronology exhibit for Appeals conference binder
2024-01-25 | Leila Nazari | Working Associate | 745 | 3.8 | 2831 | Appeals | Research competent authority / MAP considerations under U.S.-Ireland treaty; email to C. Thornbury at Thornbury & Keogh re: Irish Revenue coordination
2024-01-26 | Paralegal Staff | Paralegal | 395 | 4 | 1580 | Appeals | Compile prior IDR responses and exhibits into master Appeals binder (Vols. I–III)
2024-01-29 | Leonard Cross | Responsible Partner | 1575 | 2 | 3150 | Appeals | Call with Appeals Officer Castañeda to confirm conference date of Feb 28; scope discussion
2024-01-30 | Garrett Simmons | Lead Associate | 950 | 3 | 2850 | Appeals | Update economic exhibits for Appeals conference; coordinate with Whitmore Valuation Group
2024-02-02 | Leila Nazari | Working Associate | 745 | 2.4 | 1788 | Appeals | Draft supplemental legal authority binder — CSA and PCT regulations, IRC § 482 case law
2024-02-05 | Leonard Cross | Responsible Partner | 1575 | 3 | 4725 | Appeals | Prepare Appeals pre-conference memorandum; strategy session with Hartwell re: opening and target settlement positions
2024-02-06 | Sylvia Hartwell | Billing Partner | 1450 | 1.8 | 2610 | Appeals | Strategy session with Cross; review draft opening position framework
2024-02-08 | Garrett Simmons | Lead Associate | 950 | 3.5 | 3325 | Appeals | Draft opening statement outline for Appeals conference; economic analysis summary tables
2024-02-10 | Garrett Simmons | Lead Associate | 950 | 6.4 | 6080 | Appeals | Draft Appeals conference presentation slides; coordinate updated data with Dr. Vasquez for economic analysis presentation; finalize CUT and CPM/TNMM summaries
2024-02-12 | Paralegal Staff | Paralegal | 395 | 3.5 | 1382.5 | Appeals | Format and print Appeals conference presentation slides and speaker notes
2024-02-13 | Leila Nazari | Working Associate | 745 | 2.8 | 2086 | Appeals | Draft anticipated Q&A memo; research likely Appeals Officer inquiries
2024-02-15 | Leonard Cross | Responsible Partner | 1575 | 4.2 | 6615 | Appeals | Finalize Appeals pre-conference memo; circulate to PPC team (Whitfield, Staines); review conference logistics for February 28 at IRS Appeals Office, Manhattan
2024-02-16 | Garrett Simmons | Lead Associate | 950 | 2.5 | 2375 | Appeals | Finalize economic exhibits and coordinate with Dr. Vasquez re: presentation logistics
2024-02-20 | Sylvia Hartwell | Billing Partner | 1450 | 2.8 | 4060 | Appeals | Review and comment on Appeals conference presentation; witness preparation session with Whitfield
2024-02-21 | Leila Nazari | Working Associate | 745 | 2.5 | 1862.5 | Appeals | Prepare witness preparation outline for Whitfield; coordinate with Dr. Vasquez
2024-02-22 | Garrett Simmons | Lead Associate | 950 | 4.5 | 4275 | Appeals | Witness preparation memorandum for Dr. Vasquez; finalize document binder for Appeals conference (Protest, exhibits, economic analyses, legal authorities)
2024-02-23 | Paralegal Staff | Paralegal | 395 | 5 | 1975 | Appeals | Assemble and tabulate final Appeals conference binders (6 copies × 4 volumes)
2024-02-25 | Leonard Cross | Responsible Partner | 1575 | 3.5 | 5512.5 | Appeals | Final preparation for Appeals conference; review talking points organized by issue (CSA, royalty rate, economic substance, penalty); rehearsal session
2024-02-26 | Leila Nazari | Working Associate | 745 | 5.2 | 3874 | Appeals | Prepare Appeals conference document binder — index all tabs; coordinate logistics for in-person conference
2024-02-27 | Sylvia Hartwell | Billing Partner | 1450 | 1.5 | 2175 | Appeals | Travel to New York; final pre-conference briefing with Cross and team
2024-02-28 | Leonard Cross | Responsible Partner | 1575 | 8 | 12600 | Appeals Conference | Attend Appeals conference at IRS Appeals Office, Manhattan with Hartwell, Simmons, Whitfield, Staines, and Dr. Vasquez; present PPC's transfer pricing defense positions to Appeals Officer Castañeda
2024-02-28 | Sylvia Hartwell | Billing Partner | 1450 | 7.5 | 10875 | Appeals Conference | Attend Appeals conference; co-present on settlement framework and client position
2024-02-28 | Garrett Simmons | Lead Associate | 950 | 8 | 7600 | Appeals Conference | Attend Appeals conference; present economic analysis summaries and support partner presentations
2024-03-01 | Garrett Simmons | Lead Associate | 950 | 3.5 | 3325 | Post-Conference | Draft post-conference summary memorandum documenting Appeals Officer Castañeda's questions, reactions, areas of agreement/disagreement, and next steps
2024-03-01 | Leonard Cross | Responsible Partner | 1575 | 2 | 3150 | Post-Conference | Email debrief to Whitfield, Staines, and Iyer re: Appeals conference outcome and likely settlement trajectory
2024-03-04 | Sylvia Hartwell | Billing Partner | 1450 | 0.8 | 1160 | Post-Conference | Review post-conference memorandum; comments
2024-03-05 | Leila Nazari | Working Associate | 745 | 1.5 | 1117.5 | Post-Conference | Finalize and circulate post-conference memorandum to client team
2024-03-06 | Paralegal Staff | Paralegal | 395 | 2 | 790 | Post-Conference | File and index Appeals conference materials into matter file
2024-03-08 | Leonard Cross | Responsible Partner | 1575 | 3 | 4725 | Appeals Supplemental | Prepare and file supplemental submission to Appeals Officer Castañeda providing additional CUT comparables and updated benchmarking data requested during conference
2024-03-08 | Garrett Simmons | Lead Associate | 950 | 4 | 3800 | Appeals Supplemental | Compile additional comparable license agreements for supplemental submission; coordinate with Whitmore Valuation Group
2024-03-11 | Leila Nazari | Working Associate | 745 | 1.5 | 1117.5 | Appeals Supplemental | Cite-check supplemental submission; finalize exhibits
2024-03-12 | Paralegal Staff | Paralegal | 395 | 2.5 | 987.5 | Appeals Supplemental | Format and deliver supplemental submission to IRS Appeals via overnight courier
2024-03-15 | Leonard Cross | Responsible Partner | 1575 | 1.5 | 2362.5 | Settlement | Review settlement offer from Appeals Officer Castañeda ($47.6M total adjustment, 12.51% of $380.4M proposed); initial assessment
2024-03-15 | Sylvia Hartwell | Billing Partner | 1450 | 0.7 | 1015 | Settlement | Initial review of Appeals settlement offer; call with Cross
2024-03-18 | Leonard Cross | Responsible Partner | 1575 | 4.5 | 7087.5 | Settlement | Draft settlement offer analysis memorandum for Whitfield, Staines, and Iyer; analyze allocation by year ($11.2M / $12.4M / $12.8M / $11.2M), full penalty abatement, tax due ($10.0M), estimated interest ($2.84M)
2024-03-18 | Sylvia Hartwell | Billing Partner | 1450 | 2.5 | 3625 | Settlement | Review and finalize settlement offer analysis memo; concur with recommendation to accept
2024-03-18 | Garrett Simmons | Lead Associate | 950 | 3.8 | 3610 | Settlement | Prepare financial impact analysis workbook — tax due by year, interest calculations, comparison to $380.4M proposed, FIN 48 reserve impact (reduction from $62.4M to $14.8M)
2024-03-19 | Leonard Cross | Responsible Partner | 1575 | 1.5 | 2362.5 | Settlement | Email to CFO Rajesh Iyer summarizing total financial impact: tax $10.0M, interest ~$2.84M, $0 penalty, total cash cost ~$12.84M
2024-03-19 | Leila Nazari | Working Associate | 745 | 2.5 | 1862.5 | Settlement | Analyze potential Irish tax consequences of settlement; email to Thornbury & Keogh re: impact on PBI Knowledge Development box claims
2024-03-20 | Leila Nazari | Working Associate | 745 | 3 | 2235 | Settlement | Research state tax impact of federal $47.6M adjustment in NJ and other PPC filing states; draft preliminary analysis
2024-03-21 | Garrett Simmons | Lead Associate | 950 | 2 | 1900 | Settlement | Update financial impact model with state tax component; revise summary tables
2024-03-22 | Leonard Cross | Responsible Partner | 1575 | 2 | 3150 | Settlement | Draft and file settlement acceptance letter to Appeals Officer Castañeda; confirm PPC management approval (Whitfield confirmed Iyer and CEO Catherine Falk approved)
2024-03-22 | Garrett Simmons | Lead Associate | 950 | 2 | 1900 | Settlement | Review draft Form 906 Closing Agreement; coordinate with IRS Appeals on execution logistics
2024-03-25 | Leonard Cross | Responsible Partner | 1575 | 2.5 | 3937.5 | Closing | Finalize Form 906 Closing Agreement reflecting settlement terms: $47.6M adjustment allocated across TY 2017–2020, penalty abatement
2024-03-25 | Leila Nazari | Working Associate | 745 | 2 | 1490 | Closing | Prepare amended return filing instructions memo (Forms 1120X) for TY 2017–2020 to reflect $47.6M settlement adjustment
2024-03-26 | Sylvia Hartwell | Billing Partner | 1450 | 1 | 1450 | Closing | Review Form 906 draft and amended return instructions
2024-03-27 | Paralegal Staff | Paralegal | 395 | 3.5 | 1382.5 | Closing | Coordinate execution logistics for Form 906; assemble closing binder
2024-03-29 | Leonard Cross | Responsible Partner | 1575 | 3 | 4725 | Closing | Execute Form 906 Closing Agreement (signed by Marcus Whitfield for PPC and IRS Appeals); confirm formal closure of examination; email confirmation to Whitfield
2024-03-29 | Sylvia Hartwell | Billing Partner | 1450 | 1 | 1450 | Closing | Review executed Form 906; confirm matter closure for billing and administrative purposes
2024-03-29 | Garrett Simmons | Lead Associate | 950 | 2.5 | 2375 | Closing | Draft matter closing memorandum documenting outcomes: $47.6M settlement (12.51% of proposed), penalty abated, total cost to PPC ~$21.2M, total C&H fees $5,837,420
2024-03-29 | Paralegal Staff | Paralegal | 395 | 7.5 | 2962.5 | Closing | Final closing binder assembly; matter close-out administrative tasks; file retention protocol
[sheet: Q1 2024 Summary by Timekeeper]
Timekeeper | Role | 2024 Billing Rate | Total Hours | Total Fees | Percentage of Q1 2024 Fees
Leonard Cross | Responsible Partner | 1575 | 42.7 | 67252.5 | 38.5%
Sylvia Hartwell | Billing Partner | 1450 | 18.3 | 26535 | 15.2%
Garrett Simmons | Lead Associate | 950 | 48.5 | 46075 | 26.4%
Leila Nazari | Working Associate | 745 | 28.8 | 21456 | 12.3%
Paralegal Staff | Paralegal | 395 | 33.5 | 13232.5 | 7.6%
TOTAL | 171.8 | 174551 | 100.0%
[sheet: Q1 2024 Summary by Phase]
Activity Phase | Total Hours | Total Fees | Percentage of Q1 2024 Fees
Appeals Preparation (Jan–Feb 2024) | 62.4 | 58750 | 33.6%
Appeals Conference (Feb 28, 2024) | 23.5 | 31075 | 17.8%
Post-Conference & Supplemental Submissions | 14.5 | 15000 | 8.6%
Settlement Analysis & Acceptance (March 2024) | 28.3 | 29832.5 | 17.1%
Closing / Form 906 / Post-Matter | 22 | 23893.5 | 13.7%
Administrative / Billing / Matter Management | 20.9 | 16000 | 9.2%
TOTAL | 171.6 | 174551 | 100.0%
[sheet: Cumulative Matter Summary]
Period | Hours | Fees | Expenses | Total Billed | Cumulative Total
2022 (June 2 – Dec 31) | 2845 | 2018350 | 47820 | 2066170 | 2066170
2023 (Jan 1 – Dec 31) | 3182 | 2412680 | 62340 | 2475020 | 4541190
Q1 2024 (Jan 1 – Mar 29) — FINAL | 1578.5 | 1296230 | 13400 | 1309630 | 5850820
GRAND TOTAL | 7605.5 | 5727260 | 123560 | 5850820 | 5850820
[sheet: Cumulative by Timekeeper]
Timekeeper | Role | 2022 Rate | 2023 Rate | 2024 Rate | 2022 Hours | 2022 Fees | 2023 Hours | 2023 Fees | 2024 Hours | 2024 Fees | Total Hours | Total Fees | % of Total Fees
Leonard Cross | Responsible Partner | 1475 | 1525 | 1575 | 425 | 626875 | 520 | 793000 | 42.7 | 67252.5 | 987.7 | 1487127.5 | 25.5%
Sylvia Hartwell | Billing Partner | 1350 | 1400 | 1450 | 310 | 418500 | 385 | 539000 | 18.3 | 26535 | 713.3 | 984035 | 16.9%
Garrett Simmons | Lead Associate | 885 | 920 | 950 | 1120 | 991200 | 1280 | 1177600 | 48.5 | 46075 | 2448.5 | 2214875 | 37.9%
Leila Nazari | Working Associate | 695 | 725 | 745 | 780 | 542100 | 810 | 587250 | 28.8 | 21456 | 1618.8 | 1150806 | 19.7%
Paralegal Staff | Paralegal | 375 | 385 | 395 | 210 | 78750 | 187 | 71995 | 33.5 | 13232.5 | 430.5 | 163977.5 | 2.8%
GRAND TOTAL | 2845 | 2657425 | 3182 | 3168845 | 171.8 | 174551 | 6198.8 | 6000821 | 100.0%

[sheet: Cover]

Record

Parties

Dates

Amounts