1003-00003
· Harrowgate Private Equity Fund IV LP · Closing
closing-checklist-master.xlsx
DOCUMENT
M&A / Corporate
[sheet: Cover]
| Field | Value |
| Transaction | Acquisition of VeloPay Systems, Inc. by Harrowgate Private Equity Fund IV LP |
| Structure | Reverse Triangular Merger (DGCL § 251) — Harrowgate Velocity Merger Sub Inc. merges with and into VeloPay Systems, Inc.; VeloPay survives as wholly-owned subsidiary of HPE Fund IV |
| Aggregate Merger Consideration | $1,900,000,000 ($20.00 per fully diluted share) |
| Signing Date | March 18, 2025 |
| Closing Date | July 22, 2025 |
| Buyer | Harrowgate Private Equity Fund IV LP |
| Buyer GP | Harrowgate Capital Management IV LLC |
| Merger Sub | Harrowgate Velocity Merger Sub Inc. |
| Target | VeloPay Systems, Inc. |
| Buyer's Counsel | Calderwood & Harkness LLP |
| Target's Counsel | Whitford Jessup & Crane LLP |
| Lender Counsel | Maplewood & Strauss LLP |
| Buyer's Financial Advisor | Pendleton Hawkes & Co. |
| Target's Financial Advisor | Velthryn Greer & Associates |
| Lead Lender (Term Loan) | Tralvendo National Bank |
| Co-Lender (Revolver) | Prairie State Bank, N.A. |
| Escrow Agent | Garrison Trust Company |
| Paying Agent / Transfer Agent | Keystone Pacific Transfer Services Inc. |
| R&W Insurance Carrier | Oakbridge Omnivrel Insurance Group |
| D&O Tail Insurance Carrier | Continental Shield Insurance Company |
| D&O Insurance Broker | Greystone Risk Advisors LLC |
| Target's Auditor | Vance Thornbury & Co. LLP |
| Target's Existing Lender (Payoff) | Meridian Commercial Credit Corp. |
| Stockholder Representative | Nathan Aldridge |
| Calderwood & Harkness Matter No. | 1003-00003 |
| Checklist Maintained By | Megan Chu (Lead Associate) and Derek Okonkwo (Working Associate), Calderwood & Harkness LLP |
| Responsible Partner | Sandra Tung |
| Billing Partner | Oliver Mackenzie |
| Last Updated | July 22, 2025 |
[sheet: Closing Conditions — Buyer]
| Item No. | Section Ref. | Closing Condition Description | Responsible Party | Responsible Counsel | Due Date | Status | Date Satisfied | Notes / Cross-References |
| BC-01 | Art. VII, §7.1(a) | Accuracy of Target's representations and warranties as of signing and closing (subject to MAE-level bringdown qualifier) | VeloPay | Whitford Jessup & Crane LLP | July 22, 2025 | Satisfied | July 22, 2025 | Officer's Certificate of VeloPay delivered by Nathan Aldridge certifying no material adverse effect since signing |
| BC-02 | Art. VII, §7.1(b) | Performance and compliance by VeloPay with all covenants and agreements required to be performed at or prior to closing | VeloPay | Whitford Jessup & Crane LLP | July 22, 2025 | Satisfied | July 22, 2025 | Officer's Certificate of VeloPay — see BC-01 |
| BC-03 | Art. VII, §7.1(c) | No material adverse effect shall have occurred since the date of the Merger Agreement (March 18, 2025) | VeloPay | Whitford Jessup & Crane LLP / Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Bring-down due diligence completed; Officer's Certificate delivered |
| BC-04 | Art. VII, §7.1(d) | Receipt of Officer's Certificate of VeloPay (CEO certification) | VeloPay / Nathan Aldridge | Calderwood & Harkness LLP (draft); Whitford Jessup & Crane LLP (review) | July 22, 2025 | Satisfied | July 22, 2025 | Executed by Nathan Aldridge |
| BC-05 | Art. VII, §7.1(e) | Receipt of Secretary's Certificate of VeloPay (incumbency, good standing, organizational documents, board/stockholder resolutions) | VeloPay / Danielle Moreau | Whitford Jessup & Crane LLP | July 22, 2025 | Satisfied | July 22, 2025 | Executed by Danielle Moreau, General Counsel |
| BC-06 | Art. VII, §7.1(f) | HSR Act — Expiration or termination of all applicable waiting periods under the HSR Act | HPE Fund IV / VeloPay | Calderwood & Harkness LLP (Howard Bellamy) / Fielding McGrath LLP (Amara Osei) | July 15, 2025 | Satisfied | July 15, 2025 | HSR Transaction No. 25-0198374; Second Request issued May 8, 2025; compliance certified June 27, 2025; waiting period expired July 15, 2025 |
| BC-07 | Art. VII, §7.1(g) | Investment Canada Act — Clearance or expiration of review period under the Investment Canada Act | HPE Fund IV / VeloPay Canada Inc. | Calderwood & Harkness LLP / Canadian co-counsel | June 3, 2025 | Satisfied | June 3, 2025 | Notification filed May 1, 2025; cleared June 3, 2025 |
| BC-08 | Art. VII, §7.1(h) | No injunction, order, or legal restraint prohibiting the consummation of the merger | All Parties | Calderwood & Harkness LLP / Whitford Jessup & Crane LLP | July 22, 2025 | Satisfied | July 22, 2025 | Confirmed — no injunctive orders outstanding |
| BC-09 | Art. VII, §7.1(i) | VeloPay stockholder approval — Written consent of holders of a majority of outstanding shares delivered | VeloPay / Major Stockholders | Whitford Jessup & Crane LLP | March 18, 2025 | Satisfied | March 18, 2025 | Written consent delivered at signing by Ridgeline (22.4%), Apex Growth (16.8%), Aldridge (14.2%), Reyes-Watkins (9.7%) = 63.1%; Information Statement mailed April 14, 2025 per DGCL § 228(e) |
| BC-10 | Art. VII, §7.1(j) | Receipt of FIRPTA Certificate from VeloPay (per Treas. Reg. § 1.1445-2(c)(3)) | VeloPay | Calderwood & Harkness LLP (Leonard Cross) / Whitford Jessup & Crane LLP (Ellen Fairchild) | July 22, 2025 | Satisfied | July 22, 2025 | VeloPay certified it is not a USRPHC under IRC § 897(c)(2) |
| BC-11 | Art. VII, §7.1(k) | Receipt of closing legal opinion from Whitford Jessup & Crane LLP (Target's counsel opinion) | VeloPay | Whitford Jessup & Crane LLP (Rebecca Thornton-Hayes) | July 22, 2025 | Satisfied | July 22, 2025 | Opinion delivered at closing covering due organization, authorization, enforceability, no-conflicts |
| BC-12 | Art. VII, §7.1(l) | State money transmitter change-of-control approvals — All required approvals obtained or notifications made (31 states) | VeloPay | Calderwood & Harkness LLP (Megan Chu) / Whitford Jessup & Crane LLP | July 18, 2025 | Satisfied | July 18, 2025 | All 31 state filings completed |
| BC-13 | Art. VII, §7.1(m) | Good standing / certificates of existence for VeloPay and each subsidiary from jurisdictions of organization | VeloPay | Whitford Jessup & Crane LLP | July 21, 2025 | Satisfied | July 21, 2025 | Certificates obtained for VeloPay (DE), VeloPay Processing LLC (DE), VeloPay Canada Inc. (Ontario), VeloPay Europe Unipessoal Lda. (Portugal), VeloPay Fraud intelligence Inc. (DE), PayStream Gateway LLC (DE) |
| BC-14 | Art. VII, §7.1(n) | Delivery of payoff letter from Meridian Commercial Credit Corp. for existing $112M credit facility | VeloPay / Meridian | Whitford Jessup & Crane LLP / Calderwood & Harkness LLP | July 18, 2025 | Satisfied | July 18, 2025 | Payoff letter dated July 18, 2025; total payoff ~$113,230,000 ($112M principal + ~$1,230,000 accrued interest); UCC termination statements and lien releases to follow upon receipt; Contact: Brian Castellano |
| BC-15 | Art. VII, §7.1(o) | Material change-of-control consents for identified customer contracts obtained (14 material contracts) | VeloPay | Whitford Jessup & Crane LLP / Calderwood & Harkness LLP (Derek Okonkwo) | July 21, 2025 | Satisfied | July 21, 2025 | See Change of Control Consent Tracker for full status; all material consents obtained or notification requirements satisfied |
| BC-16 | Art. VII, §7.1(p) | No proceeding by any governmental authority challenging or seeking to restrain the merger shall be pending or threatened | All Parties | Calderwood & Harkness LLP / Whitford Jessup & Crane LLP | July 22, 2025 | Satisfied | July 22, 2025 | No governmental proceedings pending or threatened as of closing |
| BC-17 | Art. VII, §7.1(q) | Receipt of resignations of VeloPay directors effective at Effective Time | VeloPay directors | Whitford Jessup & Crane LLP | July 22, 2025 | Satisfied | July 22, 2025 | Resignations received from all six directors |
COMPLETION SUMMARY: 17 of 17 conditions satisfied (100%)
[sheet: Closing Conditions — Target]
| Item No. | Section Ref. | Closing Condition Description | Responsible Party | Responsible Counsel | Due Date | Status | Date Satisfied | Notes / Cross-References |
| TC-01 | Art. VII, §7.2(a) | Accuracy of Buyer's and Merger Sub's representations and warranties as of signing and closing | HPE Fund IV / Merger Sub | Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Officer's Certificate of HPE Fund IV and Merger Sub delivered by Priya Deshmukh |
| TC-02 | Art. VII, §7.2(b) | Performance and compliance by HPE Fund IV and Merger Sub with all covenants and agreements | HPE Fund IV / Merger Sub | Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Certified in Officer's Certificate |
| TC-03 | Art. VII, §7.2(c) | Receipt of Officer's Certificate of HPE Fund IV and Merger Sub | HPE Fund IV / Priya Deshmukh | Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Executed by Priya Deshmukh, Managing Partner, Fund IV |
| TC-04 | Art. VII, §7.2(d) | Receipt of Secretary's Certificate of HPE Fund IV and Merger Sub (incumbency, good standing, organizational documents, authorizing resolutions) | HPE Fund IV / Merger Sub | Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Delivered at closing |
| TC-05 | Art. VII, §7.2(e) | HSR Act — Same mutual condition as BC-06 | HPE Fund IV / VeloPay | Calderwood & Harkness LLP / Fielding McGrath LLP | July 15, 2025 | Satisfied | July 15, 2025 | Cross-ref to BC-06 |
| TC-06 | Art. VII, §7.2(f) | Investment Canada Act — Same mutual condition as BC-07 | HPE Fund IV | Calderwood & Harkness LLP | June 3, 2025 | Satisfied | June 3, 2025 | Cross-ref to BC-07 |
| TC-07 | Art. VII, §7.2(g) | No injunction — Same mutual condition as BC-08 | All Parties | All Counsel | July 22, 2025 | Satisfied | July 22, 2025 | Cross-ref to BC-08 |
| TC-08 | Art. VII, §7.2(h) | Receipt of closing legal opinion from Calderwood & Harkness LLP (Buyer's counsel opinion) to lenders and VeloPay | HPE Fund IV / Merger Sub | Calderwood & Harkness LLP (Sandra Tung) | July 22, 2025 | Satisfied | July 22, 2025 | Opinion delivered to Tralvendo National Bank, Prairie State Bank, N.A., and VeloPay — covers due authorization, execution, enforceability, no-conflicts for HPE Fund IV, Merger Sub, and Credit Agreement |
| TC-09 | Art. VII, §7.2(i) | Deposit of merger consideration with Paying Agent (Keystone Pacific Transfer Services Inc.) and Escrow Agent (Garrison Trust Company) | HPE Fund IV | Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Confirmed per Funds Flow Memorandum; $1,767,000,000 to Paying Agent + $133,000,000 to Escrow Agent |
| TC-10 | Art. VII, §7.2(j) | Filing of Certificate of Merger with the Delaware Secretary of State | HPE Fund IV / VeloPay (joint) | Calderwood & Harkness LLP | July 22, 2025 | Satisfied | July 22, 2025 | Filed at closing; VeloPay DE File No. 5748392; Merger Sub DE File No. 7291034 |
COMPLETION SUMMARY: 10 of 10 conditions satisfied (100%)
[sheet: Closing Deliverables — Buyer]
| Item No. | Deliverable Description | Delivering Party | Preparing Counsel | Recipient(s) | Due Date | Status | Date Delivered | Notes / Document Filename |
| BD-01 | Officer's Certificate of HPE Fund IV and Merger Sub (Closing Condition) | Priya Deshmukh (HPE Fund IV) | Calderwood & Harkness LLP | VeloPay / Whitford Jessup & Crane LLP | July 22, 2025 | Delivered | July 22, 2025 | officers-certificate-hpe-merger-sub-closing.docx |
| BD-02 | Secretary's Certificate of HPE Fund IV and Merger Sub (incumbency, good standing, organizational documents, authorizing resolutions) | HPE Fund IV | Calderwood & Harkness LLP | VeloPay / Whitford Jessup & Crane LLP | July 22, 2025 | Delivered | July 22, 2025 | secretarys-certificate-hpe-merger-sub.docx |
| BD-03 | Resolutions of HPE Fund IV — Written Consent of General Partner (Harrowgate Capital Management IV LLC) authorizing merger, equity commitment of $1,140,000,000, and related transactions | Harrowgate Capital Management IV LLC | Calderwood & Harkness LLP | VeloPay | July 22, 2025 | Delivered | July 22, 2025 | resolutions-hpe-fund-iv.docx |
| BD-04 | Resolutions of the Board of Directors of Harrowgate Velocity Merger Sub Inc. authorizing execution and delivery of Merger Agreement and consummation of merger | Merger Sub | Calderwood & Harkness LLP | VeloPay | July 22, 2025 | Delivered | July 22, 2025 | resolutions-merger-sub-board.docx |
| BD-05 | Good standing certificate for HPE Fund IV (Delaware) | HPE Fund IV | Calderwood & Harkness LLP | VeloPay | July 21, 2025 | Delivered | July 21, 2025 | Obtained from Delaware Secretary of State |
| BD-06 | Good standing certificate for Merger Sub (Delaware) | Merger Sub | Calderwood & Harkness LLP | VeloPay | July 21, 2025 | Delivered | July 21, 2025 | Merger Sub Delaware File No. 7291034 |
| BD-07 | Legal Opinion of Calderwood & Harkness LLP (Buyer's Counsel Opinion) — due authorization, execution, enforceability, no-conflicts for HPE Fund IV, Merger Sub, and Credit Agreement | Calderwood & Harkness LLP | Calderwood & Harkness LLP (Sandra Tung) | Tralvendo National Bank / Prairie State Bank, N.A. / VeloPay | July 22, 2025 | Delivered | July 22, 2025 | buyers-counsel-legal-opinion.docx |
| BD-08 | Executed Escrow Agreement (among HPE Fund IV, Nathan Aldridge as Stockholder Representative, and Garrison Trust Company) | HPE Fund IV | Calderwood & Harkness LLP | Garrison Trust Company (Valerie Drummond) / Stockholder Representative | July 22, 2025 | Delivered | July 22, 2025 | escrow-agreement-execution.docx; Ref. GT-ESC-2025-07223; Escrow amount: $133,000,000 |
| BD-09 | Escrow Funding Instructions Letter to Garrison Trust Company | HPE Fund IV / Nathan Aldridge (Stockholder Rep.) | Calderwood & Harkness LLP | Garrison Trust Company | July 21, 2025 | Delivered | July 21, 2025 | escrow-funding-instructions-letter.docx; directing deposit of $133,000,000 |
| BD-10 | Wire transfer of equity contribution ($1,140,000,000) from HPE Fund IV | HPE Fund IV | N/A (finance team) | Designated closing account per Funds Flow Memo | July 22, 2025 | Delivered | July 22, 2025 | Per funds-flow-memo.xlsx |
| BD-11 | Executed Credit Agreement | HPE Fund IV (as Holdings) / VeloPay (as Borrower) | Calderwood & Harkness LLP / Maplewood & Strauss LLP (Gordon Strauss) | Tralvendo National Bank / Prairie State Bank, N.A. / Lenders | July 22, 2025 | Delivered | July 22, 2025 | credit-agreement-execution.docx; $500M TL + $260M Revolver |
| BD-12 | Executed Guarantee and Collateral Agreement (subsidiary guarantees and pledge) | VeloPay domestic subsidiaries (VeloPay Processing LLC, VeloPay Fraud intelligence Inc., PayStream Gateway LLC) | Calderwood & Harkness LLP / Maplewood & Strauss LLP | Tralvendo National Bank / Prairie State Bank, N.A. | July 22, 2025 | Delivered | July 22, 2025 | guarantee-collateral-agreement-execution.docx |
| BD-13 | Executed Intercreditor Agreement | Tralvendo National Bank (TL Agent) / Prairie State Bank, N.A. (Revolver Agent) | Maplewood & Strauss LLP / Calderwood & Harkness LLP | Filing | July 22, 2025 | Delivered | July 22, 2025 | intercreditor-agreement-execution.docx |
| BD-14 | Solvency Certificate — delivered by Marcus Langford, CFO of VeloPay | Marcus Langford (VeloPay CFO) | Calderwood & Harkness LLP / Maplewood & Strauss LLP | Tralvendo National Bank / Prairie State Bank, N.A. | July 22, 2025 | Delivered | July 22, 2025 | solvency-certificate.docx; certifies solvency of Surviving Corporation and subsidiaries post-merger and post-financing |
| BD-15 | Certificate of Merger — Filed with Delaware Secretary of State pursuant to DGCL § 251 | HPE Fund IV / VeloPay (joint) | Calderwood & Harkness LLP | Delaware Secretary of State | July 22, 2025 | Delivered | July 22, 2025 | certificate-of-merger.docx; VeloPay DE File No. 5748392; Merger Sub DE File No. 7291034 |
| BD-16 | Amended and Restated Certificate of Incorporation of VeloPay Systems, Inc. (Surviving Corporation) | VeloPay (Surviving Corporation) | Calderwood & Harkness LLP | Delaware Secretary of State | July 22, 2025 | Delivered | July 22, 2025 | amended-restated-certificate-of-incorporation.docx |
| BD-17 | Amended and Restated Bylaws of VeloPay Systems, Inc. (Surviving Corporation) | VeloPay (Surviving Corporation) | Calderwood & Harkness LLP | Corporate records | July 22, 2025 | Delivered | July 22, 2025 | amended-restated-bylaws-surviving-corp.docx |
| BD-18 | Executed Paying Agent Agreement (between VeloPay as Surviving Corporation and Keystone Pacific Transfer Services Inc.) | VeloPay (Surviving Corporation) | Calderwood & Harkness LLP | Keystone Pacific Transfer Services Inc. (Linda Matsumoto) | July 22, 2025 | Delivered | July 22, 2025 | paying-agent-agreement-execution.docx |
| BD-19 | Paying Agent Funding Instructions Letter to Keystone Pacific Transfer Services Inc. | VeloPay (Surviving Corporation) | Calderwood & Harkness LLP (Megan Chu) | Keystone Pacific (Linda Matsumoto) | July 21, 2025 | Delivered | July 21, 2025 | paying-agent-funding-instructions-letter.docx; deposit of merger consideration for disbursement to stockholders at $20.00/share |
| BD-20 | Executed Non-Competition and Non-Solicitation Agreement — Nathan Aldridge (3-year term) | HPE Fund IV / Nathan Aldridge | Calderwood & Harkness LLP | VeloPay / HPE Fund IV files | July 22, 2025 | Delivered | July 22, 2025 | non-compete-aldridge.docx |
| BD-21 | Executed Non-Competition and Non-Solicitation Agreement — Sonia Reyes-Watkins (3-year term) | HPE Fund IV / Sonia Reyes-Watkins | Calderwood & Harkness LLP | VeloPay / HPE Fund IV files | July 22, 2025 | Delivered | July 22, 2025 | non-compete-reyes-watkins.docx |
| BD-22 | Executed Rollover Agreement (Aldridge $14,200,000; Reyes-Watkins $9,700,000; total rollover $23,900,000 into Harrowgate Velocity Co-Invest LP) | HPE Fund IV / Nathan Aldridge / Sonia Reyes-Watkins / Harrowgate Velocity Co-Invest LP | Calderwood & Harkness LLP | Party files | July 22, 2025 | Delivered | July 22, 2025 | rollover-agreement-execution.docx; Co-Invest EIN 93-2748163 |
| BD-23 | Closing Notice to VeloPay (dated July 18, 2025) confirming satisfaction/waiver of all closing conditions and designating July 22, 2025 as closing date | HPE Fund IV | Calderwood & Harkness LLP | VeloPay / Whitford Jessup & Crane LLP | July 18, 2025 | Delivered | July 18, 2025 | closing-notice-to-velopay.docx |
| BD-24 | Bring-Down Due Diligence Certificate (Calderwood & Harkness internal) | Calderwood & Harkness LLP | Calderwood & Harkness LLP (Megan Chu / Derek Okonkwo) | Internal file | July 22, 2025 | Delivered | July 22, 2025 | bring-down-dd-certificate.docx; certifies no material changes since signing on March 18, 2025 |
COMPLETION SUMMARY: 24 of 24 deliverables delivered (100%)
[sheet: Closing Deliverables — Target]
| Item No. | Deliverable Description | Delivering Party | Preparing Counsel | Recipient(s) | Due Date | Status | Date Delivered | Notes / Document Filename |
| TD-01 | Officer's Certificate of VeloPay Systems, Inc. — executed by Nathan Aldridge (CEO) certifying accuracy of reps & warranties at closing, compliance with covenants, and absence of material adverse effect | Nathan Aldridge (VeloPay CEO) | Calderwood & Harkness LLP (draft) / Whitford Jessup & Crane LLP (review) | HPE Fund IV / Calderwood & Harkness LLP | July 22, 2025 | Delivered | July 22, 2025 | officers-certificate-velopay-closing.docx |
| TD-02 | Secretary's Certificate of VeloPay Systems, Inc. — executed by Danielle Moreau certifying incumbency of officers, good standing, organizational documents, board and stockholder resolutions | Danielle Moreau (VeloPay GC) | Whitford Jessup & Crane LLP | HPE Fund IV / Calderwood & Harkness LLP | July 22, 2025 | Delivered | July 22, 2025 | secretarys-certificate-velopay.docx |
| TD-03 | FIRPTA Certificate — VeloPay certification under Treas. Reg. § 1.1445-2(c)(3) that it is not a U.S. real property holding corporation | VeloPay | Calderwood & Harkness LLP (Leonard Cross, draft) / Whitford Jessup & Crane LLP (Ellen Fairchild, review) | HPE Fund IV | July 22, 2025 | Delivered | July 22, 2025 | firpta-certificate.docx |
| TD-04 | Closing Legal Opinion of Whitford Jessup & Crane LLP (Target's Counsel Opinion) — due organization, authorization, enforceability of Merger Agreement by VeloPay, no-conflicts | Whitford Jessup & Crane LLP (Rebecca Thornton-Hayes) | Whitford Jessup & Crane LLP | HPE Fund IV / Calderwood & Harkness LLP | July 22, 2025 | Delivered | July 22, 2025 | Per opinion-request-letter-wjc.docx specifications |
| TD-05 | Good standing / certificates of existence for VeloPay Systems, Inc. (Delaware) and all subsidiaries: VeloPay Processing LLC (DE), VeloPay Canada Inc. (Ontario), VeloPay Europe Unipessoal Lda. (Portugal), VeloPay Fraud intelligence Inc. (DE), PayStream Gateway LLC (DE) | VeloPay | Whitford Jessup & Crane LLP | HPE Fund IV / Calderwood & Harkness LLP | July 21, 2025 | Delivered | July 21, 2025 | good-standing-certificates-compilation.docx |
| TD-06 | Payoff Letter from Meridian Commercial Credit Corp. — confirming payoff of existing $112,000,000 term loan (total payoff ~$113,230,000 incl. accrued interest) with wire instructions and commitment to deliver UCC termination statements and lien releases | VeloPay / Meridian Commercial Credit Corp. (Brian Castellano) | Whitford Jessup & Crane LLP / Calderwood & Harkness LLP | HPE Fund IV / Tralvendo National Bank | July 18, 2025 | Delivered | July 18, 2025 | payoff-letter-meridian.docx; Dated July 18, 2025 |
| TD-07 | Payoff Direction Letter to Meridian Commercial Credit Corp. — wire instructions for payoff at closing | HPE Fund IV / VeloPay | Calderwood & Harkness LLP (Megan Chu) | Meridian Commercial Credit Corp. | July 21, 2025 | Delivered | July 21, 2025 | payoff-direction-letter-meridian.docx |
| TD-08 | Evidence of VeloPay stockholder approval — Written consent of holders of ~63.1% of outstanding shares (Ridgeline Ventures 22.4%, Apex Growth Partners 16.8%, Nathan Aldridge 14.2%, Sonia Reyes-Watkins 9.7%) | VeloPay / Major Stockholders | Whitford Jessup & Crane LLP | HPE Fund IV | March 18, 2025 | Delivered | March 18, 2025 | Delivered at signing; Information Statement mailed April 14, 2025 per DGCL § 228(e) |
| TD-09 | Evidence of VeloPay Board approval of Merger Agreement (board resolutions dated March 17, 2025) | VeloPay Board | Whitford Jessup & Crane LLP | HPE Fund IV | March 18, 2025 | Delivered | March 18, 2025 | Board: Aldridge (Chair), Reyes-Watkins, Gould, Asante, Lindström, Rosenthal |
| TD-10 | Resignations of VeloPay directors as required by Merger Agreement (effective at Effective Time) | VeloPay directors | Whitford Jessup & Crane LLP | HPE Fund IV | July 22, 2025 | Delivered | July 22, 2025 | Effective at closing |
| TD-11 | IRS Form W-9s from VeloPay stockholders receiving merger consideration | VeloPay stockholders | Calderwood & Harkness LLP (template) / Whitford Jessup & Crane LLP (collection) | Keystone Pacific Transfer Services Inc. | July 22, 2025 | Delivered | July 22, 2025 | irs-form-w9-collection-memo.docx |
| TD-12 | Executed Stockholder Representative Agreement appointing Nathan Aldridge as Stockholder Representative | Nathan Aldridge / VeloPay stockholders | Calderwood & Harkness LLP / Whitford Jessup & Crane LLP | HPE Fund IV | March 18, 2025 | Delivered | March 18, 2025 | stockholder-representative-agreement-execution.docx |
| TD-13 | Disclosure Schedules — Target's Schedules (VeloPay Systems, Inc.) | VeloPay | Whitford Jessup & Crane LLP | HPE Fund IV / Calderwood & Harkness LLP | March 18, 2025 | Delivered | March 18, 2025 | disclosure-schedules-target.docx |
| TD-14 | Spreadsheet of fully diluted capitalization of VeloPay Systems, Inc. (95,000,000 fully diluted shares) | VeloPay / Marcus Langford (CFO) | Whitford Jessup & Crane LLP | HPE Fund IV / Calderwood & Harkness LLP / Keystone Pacific | July 22, 2025 | Delivered | July 22, 2025 | velopay-capitalization-table-closing.xlsx |
COMPLETION SUMMARY: 14 of 14 deliverables delivered (100%)
[sheet: Financing Deliverables]
| Item No. | Deliverable Description | Responsible Party | Preparing Counsel | Recipient / Beneficiary | Due Date | Status | Date Delivered | Notes / Cross-References |
| FD-01 | Executed Credit Agreement — $500M Senior Secured Term Loan (7-year; SOFR + 375 bps) and $260M Senior Secured Revolving Credit Facility (5-year; SOFR + 325 bps) | VeloPay (Borrower) / HPE Fund IV (Holdings) / Tralvendo National Bank (Admin Agent, TL) / Prairie State Bank, N.A. (Admin Agent, Revolver) | Calderwood & Harkness LLP / Maplewood & Strauss LLP (Gordon Strauss) | Lenders | July 22, 2025 | Delivered | July 22, 2025 | credit-agreement-execution.docx; Commitment Letter Ref. CRE-2025-SPF-0441 |
| FD-02 | Executed Guarantee and Collateral Agreement — Subsidiary guarantees by VeloPay Processing LLC, VeloPay Fraud intelligence Inc., PayStream Gateway LLC; pledge of substantially all assets | VeloPay domestic subsidiaries | Calderwood & Harkness LLP / Maplewood & Strauss LLP | Tralvendo National Bank / Prairie State Bank, N.A. | July 22, 2025 | Delivered | July 22, 2025 | guarantee-collateral-agreement-execution.docx |
| FD-03 | Executed Intercreditor Agreement between Tralvendo National Bank (TL Agent) and Prairie State Bank, N.A. (Revolver Agent) | Tralvendo / Prairie State | Maplewood & Strauss LLP / Calderwood & Harkness LLP | Filing / Party files | July 22, 2025 | Delivered | July 22, 2025 | intercreditor-agreement-execution.docx |
| FD-04 | Solvency Certificate delivered by Marcus Langford, CFO | Marcus Langford (VeloPay CFO) | Calderwood & Harkness LLP / Maplewood & Strauss LLP | Tralvendo / Prairie State | July 22, 2025 | Delivered | July 22, 2025 | solvency-certificate.docx |
| FD-05 | Legal Opinion of Calderwood & Harkness LLP to Lenders (due authorization, execution, enforceability of HPE Fund IV, Merger Sub, and Credit Agreement; no-conflicts) | Calderwood & Harkness LLP | Calderwood & Harkness LLP (Sandra Tung) | Tralvendo National Bank / Prairie State Bank, N.A. | July 22, 2025 | Delivered | July 22, 2025 | buyers-counsel-legal-opinion.docx |
| FD-06 | UCC Financing Statements (UCC-1) — Filing with Delaware Secretary of State and other applicable jurisdictions | Calderwood & Harkness LLP / Maplewood & Strauss LLP | Maplewood & Strauss LLP | Secured parties | July 22, 2025 | Delivered | July 22, 2025 | Filed concurrently with closing |
| FD-07 | Payoff of existing Meridian Commercial Credit Corp. term loan (~$113,230,000) and receipt of UCC termination statements / lien releases | VeloPay / Meridian (Brian Castellano) | Calderwood & Harkness LLP | Tralvendo / Prairie State (new first lien) | July 22, 2025 | Delivered | July 22, 2025 | payoff-letter-meridian.docx; payoff-direction-letter-meridian.docx |
| FD-08 | Term Loan funding — $500,000,000 wired per Funds Flow Memorandum | Tralvendo National Bank (Andrew Birchfield) | N/A | Closing account | July 22, 2025 | Delivered | July 22, 2025 | funds-flow-memo.xlsx |
| FD-09 | Revolver draw at closing — $254,700,000 wired per Funds Flow Memorandum | Prairie State Bank, N.A. (Monica Fuentes) | N/A | Closing account | July 22, 2025 | Delivered | July 22, 2025 | funds-flow-memo.xlsx; balancing item per Sources & Uses |
| FD-10 | Equity Commitment Letter confirmation — $1,140,000,000 equity contribution funded by HPE Fund IV | HPE Fund IV / Harrowgate Capital Management IV LLC | Calderwood & Harkness LLP | Closing account | July 22, 2025 | Delivered | July 22, 2025 | equity-commitment-letter-execution.docx; dated February 14, 2025 |
| FD-11 | Officer's certificates and secretary's certificates of Borrower and Holdings delivered to Lenders | VeloPay / HPE Fund IV | Calderwood & Harkness LLP / Whitford Jessup & Crane LLP | Tralvendo / Prairie State | July 22, 2025 | Delivered | July 22, 2025 | Cross-ref to BD-01, BD-02, TD-01, TD-02 |
| FD-12 | Insurance certificates (evidence of required insurance coverage) | VeloPay | Whitford Jessup & Crane LLP | Tralvendo / Prairie State | July 22, 2025 | Delivered | July 22, 2025 | Insurance deliverables per insurance-deliverables-checklist.xlsx |
| FD-13 | Legal Opinion of Maplewood & Strauss LLP to Lenders (Credit Agreement enforceability opinion) | Maplewood & Strauss LLP | Maplewood & Strauss LLP (Gordon Strauss) | Tralvendo National Bank / Prairie State Bank, N.A. | July 22, 2025 | Delivered | July 22, 2025 | lender-counsel-legal-opinion.docx |
| FD-14 | Lien search results (UCC, tax lien, judgment lien) for VeloPay and domestic subsidiaries — confirmation of no prior liens (other than Meridian being released) | Calderwood & Harkness LLP / Maplewood & Strauss LLP | Maplewood & Strauss LLP | Tralvendo / Prairie State | July 21, 2025 | Delivered | July 21, 2025 | lien-search-results-compilation.docx |
COMPLETION SUMMARY: 14 of 14 deliverables delivered (100%)