[sheet: Invoice]

Field	Value
Invoice Date	December 9, 2022
Invoice Number	INV-44891-FINAL
From	Calderwood & Harkness LLP
From Address	150 North Michigan Avenue, Suite 3600, Chicago, Illinois 60601
Billing Partner	Stephanie Okafor
Responsible Partner	Ian Blackwood
Bill To	Greenfield Agricultural Partners LLC
Bill To Address	4100 Grand Prairie Boulevard, Suite 300, Des Moines, Iowa 50309
Attention	Patricia Calloway, CFO
Client Matter No.	1020-00001
Billing Code	GAPABF-2022
Matter Description	Proposed $80,000,000 Senior Secured Asset-Based Revolving Credit Facility — Heartland Commerce Bank, N.A. as Administrative Agent
Engagement Date	August 29, 2022
Service Period	August 29, 2022 – December 9, 2022
Matter Status	Dormant
Governing Law	Illinois
Payment Terms	Net 30 days

[sheet: Time Detail by Timekeeper]

Timekeeper	Title / Role	Hourly Rate	Hours Worked	Fees Incurred
Ian Blackwood	Responsible Partner, Banking & Finance	1150	52	59800
Stephanie Okafor	Billing Partner, Banking & Finance	1075	28	30100
Sophie Tremblay	Lead Associate, Banking & Finance	725	156	113100
Daniel Obi	Working Associate, Banking & Finance	575	78	44850
TOTAL	314	247850

[sheet: Billing Summary]

Description	Amount
Total Professional Fees Incurred (Aug 29 – Dec 9, 2022)	247830
Disbursements and Expenses (UCC search fees, filing fees, travel, copying, etc.)	0
Total Invoiced	247830
Less: Prior Payments Received	-198264
Balance Due	49566

[sheet: Payment History]

Payment Date	Invoice Reference	Amount Received	Payment Method	Running Balance
2022-09-30	INV-1020-00001 (Sept interim)	62500	Wire Transfer	62500
2022-10-31	INV-44891-002 (Oct interim)	72764	Wire Transfer	135264
2022-11-30	INV-44891-003 (Nov interim)	63000	Wire Transfer	198264
TOTAL COLLECTED	198264

[sheet: Fee Estimate Comparison]

Item	Estimated Range	Actual	Notes
Professional Fees — Full Transaction Through Closing	$350,000 – $450,000	247830	Matter paused November 22, 2022; Greenfield elected to renew with Prairie National Bank, N.A. ($65,000,000 facility on improved terms). Facility with Heartland Commerce Bank, N.A. abandoned December 5, 2022. Approximately 370 hours incurred through dormancy date.
Estimated Completion Percentage	N/A	~55%–71%	Fees incurred represent approximately 55%–71% of original estimate range ($247,830 / $450,000 = 55%; $247,830 / $350,000 = 71%)

[sheet: Work Summary by Phase]

Phase	Date Range	Description of Work	Approximate Hours	Approximate Fees
Engagement & Conflicts	Aug 29 – Sep 1, 2022	Engagement letter negotiation and execution; conflicts clearance for GAP, Greenfield Holdings Corp., Greenfield Grain Storage LLC, Greenfield Crop Inputs Inc., HCB, MACC, Tallgrass Capital Fund II LP, and PNB; new matter opening (Matter No. 1020-00001, billing code GAPABF-2022)	12	9500
Term Sheet Review & Analysis	Sep 2 – Sep 9, 2022	Review and comment on HCB indicative term sheet (Aug 22, 2022); analysis of borrowing base mechanics, advance rates (85% AR, 65% crop inventory NOLV, 70% crop-input inventory, 80% warehouse receipts), availability reserves ($5M proposed, negotiated to $3.5M), SOFR + margin pricing grid, springing FCCR; comparative analysis vs. existing PNB facility ($55M, SOFR + 2.75%, 0.50% unused fee); revised term sheet agreed Sep 9	35	26000
Credit Agreement — First Markup	Sep 16 – Sep 23, 2022	Review of KBW initial draft Credit Agreement (Sep 16); preparation of C&H first markup (Sep 23) and accompanying comment letter/issues list; focus on borrowing base eligibility criteria, advance rate definitions, inventory valuation (NOLV vs. cost), Agent discretionary reserve authority, reporting frequency, representation bring-down mechanics	55	40000
Negotiation Call #1 & Second Markup	Oct 3 – Oct 14, 2022	Participation in Oct 3 negotiation call (Blackwood, Tremblay, Calloway, Vasquez, Whitfield, Chisholm, Thorn, Kuo); topics included borrowing base methodology, advance rates, availability reserves, field exam frequency, Pryor & Associates engagement timing; review of KBW second draft (Oct 7); preparation of C&H second markup (Oct 14) and comment letter; focus on reserves ($3.5M), warehouse receipt valuation (CBOT settlement less basis), field exam fee caps ($50,000/exam, max 2/yr outside Trigger Period), commodity hedging negative pledge	72	52000
Negotiation Call #2 & Third Markup	Oct 21 – Nov 1, 2022	Participation in Oct 21 negotiation call; topics included springing FCCR (1.10:1.00 during Trigger Period), distribution baskets (FCCR 1.15:1.00 and excess availability ≥ 20% of BB), change of control (Lindstrom Family Trust 51% of Holdings), CapEx limits ($8M/yr, 50% carryforward, max $12M), investment/acquisition basket ($5M/yr), commodity hedging cap (80%); review of KBW third draft (Oct 28); C&H third markup (Nov 1) and comment letter; remaining open items: MAC definition, cure rights, minimum excess availability ($5M)	68	48000
Ancillary Documents & Collateral Diligence	Nov 1 – Nov 10, 2022	Drafting of Security Agreement, Guaranty Agreement (Holdings, GGS, GCI as guarantors), Pledge Agreement (100% membership interests in GGS, 100% stock of GCI), Mortgage forms (Iowa — 14 elevators + HQ; Illinois — GCI Bloomington distribution center, McLean County), DACA form, Assignment of Insurance form; UCC search summary and lien analysis (existing PNB filings: Iowa SOS Nos. 2018-0041729 and 2018-0041730, filed Apr 2, 2018); collateral description and perfection memo; real property collateral schedule (aggregate appraised value $64.8M); insurance compliance checklist (Northstar Mutual, Redwood Insurance Group broker); entity authorization and good standing memo; participation in Nov 10 negotiation call #3 (DACA timing, insurance endorsements, Pryor field exam findings); preliminary closing checklist; draft legal opinion outline; draft officer's certificate form	105	58000
Client Correspondence & Wind-Down	Nov 14 – Dec 9, 2022	Letter to Calloway re remaining open items and closing timeline (Nov 14); receipt of PNB renewal proposal ($65M facility, improved terms); correspondence confirming engagement pause (Nov 22); status memo on all draft documents; formal confirmation from Greenfield of PNB renewal (Dec 5); preparation of matter pause/dormancy memorandum; final invoice and billing summary; matter status changed to dormant (Dec 9)	23	14330
TOTAL	Aug 29 – Dec 9, 2022	370	247830

[sheet: Invoice]
Field | Value
Invoice Date | December 9, 2022
Invoice Number | INV-44891-FINAL
From | Calderwood & Harkness LLP
From Address | 150 North Michigan Avenue, Suite 3600, Chicago, Illinois 60601
Billing Partner | Stephanie Okafor
Responsible Partner | Ian Blackwood
Bill To | Greenfield Agricultural Partners LLC
Bill To Address | 4100 Grand Prairie Boulevard, Suite 300, Des Moines, Iowa 50309
Attention | Patricia Calloway, CFO
Client Matter No. | 1020-00001
Billing Code | GAPABF-2022
Matter Description | Proposed $80,000,000 Senior Secured Asset-Based Revolving Credit Facility — Heartland Commerce Bank, N.A. as Administrative Agent
Engagement Date | August 29, 2022
Service Period | August 29, 2022 – December 9, 2022
Matter Status | Dormant
Governing Law | Illinois
Payment Terms | Net 30 days
[sheet: Time Detail by Timekeeper]
Timekeeper | Title / Role | Hourly Rate | Hours Worked | Fees Incurred
Ian Blackwood | Responsible Partner, Banking & Finance | 1150 | 52 | 59800
Stephanie Okafor | Billing Partner, Banking & Finance | 1075 | 28 | 30100
Sophie Tremblay | Lead Associate, Banking & Finance | 725 | 156 | 113100
Daniel Obi | Working Associate, Banking & Finance | 575 | 78 | 44850
TOTAL | 314 | 247850
[sheet: Billing Summary]
Description | Amount
Total Professional Fees Incurred (Aug 29 – Dec 9, 2022) | 247830
Disbursements and Expenses (UCC search fees, filing fees, travel, copying, etc.) | 0
Total Invoiced | 247830
Less: Prior Payments Received | -198264
Balance Due | 49566
[sheet: Payment History]
Payment Date | Invoice Reference | Amount Received | Payment Method | Running Balance
2022-09-30 | INV-1020-00001 (Sept interim) | 62500 | Wire Transfer | 62500
2022-10-31 | INV-44891-002 (Oct interim) | 72764 | Wire Transfer | 135264
2022-11-30 | INV-44891-003 (Nov interim) | 63000 | Wire Transfer | 198264
TOTAL COLLECTED | 198264
[sheet: Fee Estimate Comparison]
Item | Estimated Range | Actual | Notes
Professional Fees — Full Transaction Through Closing | $350,000 – $450,000 | 247830 | Matter paused November 22, 2022; Greenfield elected to renew with Prairie National Bank, N.A. ($65,000,000 facility on improved terms). Facility with Heartland Commerce Bank, N.A. abandoned December 5, 2022. Approximately 370 hours incurred through dormancy date.
Estimated Completion Percentage | N/A | ~55%–71% | Fees incurred represent approximately 55%–71% of original estimate range ($247,830 / $450,000 = 55%; $247,830 / $350,000 = 71%)
[sheet: Work Summary by Phase]
Phase | Date Range | Description of Work | Approximate Hours | Approximate Fees
Engagement & Conflicts | Aug 29 – Sep 1, 2022 | Engagement letter negotiation and execution; conflicts clearance for GAP, Greenfield Holdings Corp., Greenfield Grain Storage LLC, Greenfield Crop Inputs Inc., HCB, MACC, Tallgrass Capital Fund II LP, and PNB; new matter opening (Matter No. 1020-00001, billing code GAPABF-2022) | 12 | 9500
Term Sheet Review & Analysis | Sep 2 – Sep 9, 2022 | Review and comment on HCB indicative term sheet (Aug 22, 2022); analysis of borrowing base mechanics, advance rates (85% AR, 65% crop inventory NOLV, 70% crop-input inventory, 80% warehouse receipts), availability reserves ($5M proposed, negotiated to $3.5M), SOFR + margin pricing grid, springing FCCR; comparative analysis vs. existing PNB facility ($55M, SOFR + 2.75%, 0.50% unused fee); revised term sheet agreed Sep 9 | 35 | 26000
Credit Agreement — First Markup | Sep 16 – Sep 23, 2022 | Review of KBW initial draft Credit Agreement (Sep 16); preparation of C&H first markup (Sep 23) and accompanying comment letter/issues list; focus on borrowing base eligibility criteria, advance rate definitions, inventory valuation (NOLV vs. cost), Agent discretionary reserve authority, reporting frequency, representation bring-down mechanics | 55 | 40000
Negotiation Call #1 & Second Markup | Oct 3 – Oct 14, 2022 | Participation in Oct 3 negotiation call (Blackwood, Tremblay, Calloway, Vasquez, Whitfield, Chisholm, Thorn, Kuo); topics included borrowing base methodology, advance rates, availability reserves, field exam frequency, Pryor & Associates engagement timing; review of KBW second draft (Oct 7); preparation of C&H second markup (Oct 14) and comment letter; focus on reserves ($3.5M), warehouse receipt valuation (CBOT settlement less basis), field exam fee caps ($50,000/exam, max 2/yr outside Trigger Period), commodity hedging negative pledge | 72 | 52000
Negotiation Call #2 & Third Markup | Oct 21 – Nov 1, 2022 | Participation in Oct 21 negotiation call; topics included springing FCCR (1.10:1.00 during Trigger Period), distribution baskets (FCCR 1.15:1.00 and excess availability ≥ 20% of BB), change of control (Lindstrom Family Trust 51% of Holdings), CapEx limits ($8M/yr, 50% carryforward, max $12M), investment/acquisition basket ($5M/yr), commodity hedging cap (80%); review of KBW third draft (Oct 28); C&H third markup (Nov 1) and comment letter; remaining open items: MAC definition, cure rights, minimum excess availability ($5M) | 68 | 48000
Ancillary Documents & Collateral Diligence | Nov 1 – Nov 10, 2022 | Drafting of Security Agreement, Guaranty Agreement (Holdings, GGS, GCI as guarantors), Pledge Agreement (100% membership interests in GGS, 100% stock of GCI), Mortgage forms (Iowa — 14 elevators + HQ; Illinois — GCI Bloomington distribution center, McLean County), DACA form, Assignment of Insurance form; UCC search summary and lien analysis (existing PNB filings: Iowa SOS Nos. 2018-0041729 and 2018-0041730, filed Apr 2, 2018); collateral description and perfection memo; real property collateral schedule (aggregate appraised value $64.8M); insurance compliance checklist (Northstar Mutual, Redwood Insurance Group broker); entity authorization and good standing memo; participation in Nov 10 negotiation call #3 (DACA timing, insurance endorsements, Pryor field exam findings); preliminary closing checklist; draft legal opinion outline; draft officer's certificate form | 105 | 58000
Client Correspondence & Wind-Down | Nov 14 – Dec 9, 2022 | Letter to Calloway re remaining open items and closing timeline (Nov 14); receipt of PNB renewal proposal ($65M facility, improved terms); correspondence confirming engagement pause (Nov 22); status memo on all draft documents; formal confirmation from Greenfield of PNB renewal (Dec 5); preparation of matter pause/dormancy memorandum; final invoice and billing summary; matter status changed to dormant (Dec 9) | 23 | 14330
TOTAL | Aug 29 – Dec 9, 2022 | 370 | 247830

[sheet: Invoice]

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