1032-00005
· Whitfield, Prager & Loomis LLP · Post-Termination
closing-statement-fees-expenses.xlsx
DOCUMENT
M&A / Corporate
[sheet: Cover]
| Field | Value |
| Firm Name | Calderwood & Harkness LLP |
| Firm Address (NY Office) | 599 Lexington Avenue, 38th Floor, New York, NY 10022 |
| Firm Address (DC Office) | 1333 New Hampshire Avenue NW, Suite 700, Washington, DC 20036 |
| Statement Date | January 8, 2024 |
| Client | Halcyon Semiconductor Aktiengesellschaft |
| Client Address | Halcyon-Platz 1, 81739 München, Germany |
| Attention | Markus Ellinger, Chief Financial Officer |
| CC | Dr. Luisa Hartmann, General Counsel |
| Engagement Number | 1032-00005 |
| Matter Description | Proposed Acquisition of Vectris Photonics, Inc. — Reverse Triangular Merger (All Cash, $800,000,000) |
| Engagement Opened | May 22, 2023 |
| Matter Closed | January 15, 2024 |
| Billing Period | May 22, 2023 — January 8, 2024 |
| Responsible Partner | Oliver Mackenzie |
| Billing Partner | Harrison Wexford |
| Deal Status | Terminated (November 30, 2023) |
| Soft Fee Cap (M&A Work) | $6,500,000 (exclusive of antitrust regulatory/litigation) |
| Total Professional Fees — M&A | $5,800,000.00 |
| Total Professional Fees — Antitrust | $2,100,000.00 |
| Total Professional Fees | $7,900,000.00 |
| Total Disbursements & Expenses | $347,612.45 |
| Grand Total Due | $8,247,612.45 |
| Payment Terms | Net 30 days from statement date |
| Governing Law | New York |
[sheet: Timekeeper Summary]
| Timekeeper | Title / Role | Workstream | Standard Hourly Rate | Total Hours | Total Fees |
| Oliver Mackenzie | Responsible Partner, M&A | M&A | $1,850.00 | 412.5 | $763,125.00 |
| Oliver Mackenzie | Responsible Partner, M&A | Antitrust | $1,850.00 | 48.0 | $88,800.00 |
| Harrison Wexford | Billing Partner, M&A | M&A | $1,850.00 | 285.0 | $527,250.00 |
| Howard Bellamy | Specialist Partner, Antitrust & Competition | M&A | $1,750.00 | 95.0 | $166,250.00 |
| Howard Bellamy | Specialist Partner, Antitrust & Competition | Antitrust | $1,750.00 | 892.0 | $1,561,000.00 |
| Derek Okonkwo | Lead Associate, M&A | M&A | $1,050.00 | 2180.0 | $2,289,000.00 |
| Derek Okonkwo | Lead Associate, M&A | Antitrust | $1,050.00 | 265.0 | $278,250.00 |
| Tiffany Rosenthal | Working Associate, M&A | M&A | $875.00 | 2345.0 | $2,051,875.00 |
| Tiffany Rosenthal | Working Associate, M&A | Antitrust | $875.00 | 196.0 | $171,500.00 |
| Other Timekeepers (paralegals, staff attorneys) | Various | M&A | Various | — | $2,500.00 |
| Other Timekeepers (paralegals, staff attorneys) | Various | Antitrust | Various | — | $450.00 |
| SUBTOTAL — M&A | M&A | $5,800,000.00 | |||
| SUBTOTAL — Antitrust | Antitrust | $2,100,000.00 | |||
| GRAND TOTAL — All Professional Fees | $7,900,000.00 |
[sheet: Phase Breakdown — M&A]
| Phase | Description | Date Range | Total Hours | Total Fees | % of M&A Fees |
| Phase 1 | Engagement & Conflicts Clearance | May 22 – May 31, 2023 | 42.0 | $52,500.00 | 0.9% |
| Phase 2 | Board Authorization & Entity Formation | June 1 – June 19, 2023 | 78.5 | $98,125.00 | 1.7% |
| Phase 3 | Exclusivity Negotiation | June 5 – June 20, 2023 | 64.0 | $80,500.00 | 1.4% |
| Phase 4 | Due Diligence (Legal, IP, Contracts, Regulatory) | June 26 – August 7, 2023 | 1620.0 | $1,825,000.00 | 31.5% |
| Phase 5 | Merger Agreement Negotiation & Drafting | July 1 – August 10, 2023 | 1450.0 | $1,690,000.00 | 29.1% |
| Phase 6 | Ancillary Documents (Voting Agreement, Escrow Agreement, Disclosure Schedules, Opinions, Certificates) | July 15 – August 10, 2023 | 785.0 | $895,000.00 | 15.4% |
| Phase 7 | Financing (Commitment Letter Review & Analysis) | July 20 – August 9, 2023 | 210.0 | $248,500.00 | 4.3% |
| Phase 8 | Signing & Closing Checklist | August 8 – August 10, 2023 | 125.0 | $145,875.00 | 2.5% |
| Phase 9 | Post-Signing / Pre-Termination Covenants & Compliance | August 11 – November 29, 2023 | 320.0 | $378,000.00 | 6.5% |
| Phase 10 | Termination Analysis, Board Memorandum & Termination Execution | November 1 – November 30, 2023 | 285.0 | $332,500.00 | 5.7% |
| Phase 11 | Post-Termination (Surviving Obligations, Commitment Termination, Wire Instructions, Administrative) | December 1, 2023 – January 8, 2024 | 68.0 | $54,000.00 | 0.9% |
| TOTAL | May 22, 2023 – January 8, 2024 | 5047.5 | $5,800,000.00 | 100.0% |
[sheet: Phase Breakdown — Antitrust]
| Phase | Description | Date Range | Total Hours | Total Fees | % of Antitrust Fees |
| Phase A1 | Pre-Signing Antitrust Risk Assessment & Competitive Overlap Analysis | June 15 – July 10, 2023 | 120.0 | $168,000.00 | 8.0% |
| Phase A2 | HSR Act Notification Drafting & Filing | August 1 – August 18, 2023 | 95.0 | $132,500.00 | 6.3% |
| Phase A3 | EUMR Form CO Drafting & Filing (Case M.11247) | August 10 – August 25, 2023 | 110.0 | $153,000.00 | 7.3% |
| Phase A4 | DOJ Second Request (CID) — Compliance Strategy & Document Production | September 15 – October 29, 2023 | 385.0 | $520,000.00 | 24.8% |
| Phase A5 | European Commission Phase II — Response & Strategy | October 6 – November 30, 2023 | 175.0 | $243,500.00 | 11.6% |
| Phase A6 | DOJ Advocacy — White Paper & Proposed Remedies / Divestiture Package | September 20 – October 25, 2023 | 210.0 | $290,000.00 | 13.8% |
| Phase A7 | DOJ Complaint Analysis & Litigation Assessment (Case No. 1:23-cv-03187, D.D.C.) | October 30 – November 15, 2023 | 195.0 | $268,000.00 | 12.8% |
| Phase A8 | Litigation Hold & Document Preservation | October 31 – November 15, 2023 | 45.0 | $58,500.00 | 2.8% |
| Phase A9 | Termination-Related Antitrust Work (EC Withdrawal Notification, Regulatory Wind-Down) | November 30 – December 10, 2023 | 66.0 | $86,500.00 | 4.1% |
| Phase A10 | Post-Termination Regulatory Matters & Cooperation | December 10, 2023 – January 8, 2024 | 48.0 | $62,000.00 | 3.0% |
| TOTAL — Antitrust | 1449.0 | $1,982,000.00 | 94.4% | ||
| Antitrust Timekeeper Overhead & Miscellaneous | Various | — | $118,000.00 | 5.6% | |
| GRAND TOTAL — Antitrust | June 15, 2023 – January 8, 2024 | — | $2,100,000.00 | 100.0% |
[sheet: Disbursements & Expenses]
| Category | Description | Amount |
| Filing Fees | HSR Act filing fee (FTC/DOJ — August 18, 2023) | $125,000.00 |
| Filing Fees | EUMR notification filing fee (European Commission — Case M.11247, August 25, 2023) — €35,000.00 | $38,150.00 |
| Filing Fees | Delaware Secretary of State — Certificate of Incorporation, Halcyon Acquisition Sub, Inc. (File No. 7634291) | $245.00 |
| Filing Fees | Delaware good standing certificates (Vectris, File No. 5918437; Merger Sub) | $100.00 |
| Document Production / e-discovery | e-discovery vendor — DOJ Second Request document collection, processing, review platform, and hosting (September–November 2023) | $98,500.00 |
| Travel | Travel to Washington, DC (DOJ meetings, October 2023) — Howard Bellamy, Derek Okonkwo | $12,450.00 |
| Travel | Travel to San Jose, CA (Vectris HQ due diligence site visit, July 2023) — Derek Okonkwo, Tiffany Rosenthal | $8,720.00 |
| Travel | Travel to Brussels (European Commission Phase II discussions, October–November 2023) — Howard Bellamy | $14,800.00 |
| Travel | Travel to Munich, Germany (Halcyon HQ, client meetings, June–November 2023) — Oliver Mackenzie, Derek Okonkwo | $18,950.00 |
| Courier / Delivery | Overnight courier and delivery services (signing packages, regulatory filings) | $3,475.00 |
| Printing / Reproduction | Printing, binding, and reproduction of transaction documents and regulatory submissions | $6,820.00 |
| Online Research | Legal research databases (Westmark Data Systems, Cascade Services Inc., patent databases) | $11,250.00 |
| Telecom / Conference | Videoconference, conference call, and secure data room access fees | $4,652.45 |
| Meals / Working Sessions | Working meals during due diligence, signing, and termination periods | $2,500.00 |
| Miscellaneous | Miscellaneous charges (notarization, apostille, certified copies) | $2,000.00 |
| TOTAL DISBURSEMENTS & EXPENSES | $347,612.45 |
[sheet: Fee Cap Analysis]
| Item | Amount | Notes |
| Soft Fee Cap — M&A Workstream | $6,500,000.00 | Per engagement letter dated May 22, 2023; exclusive of antitrust regulatory and litigation work |
| Actual M&A Professional Fees Billed | $5,800,000.00 | Within soft cap; no write-down required |
| Variance (Under Cap) | $700,000.00 | M&A fees came in $700,000 under the soft cap |
| Antitrust Professional Fees Billed | $2,100,000.00 | No fee cap applies per engagement letter; billed at standard hourly rates |
| Combined Total Professional Fees | $7,900,000.00 | M&A ($5,800,000) + Antitrust ($2,100,000) |
| Total Disbursements & Expenses | $347,612.45 | See Disbursements & Expenses sheet |
| Grand Total — All Fees & Expenses | $8,247,612.45 |