[sheet: Closing Checklist]
Item No. | Category | Deliverable / Action Item | Document Reference | Responsible Party | Due Date | Status | Date Completed | Notes
1 | Definitive Agreement | Settlement Agreement and Mutual Release — Draft 1 prepared by C&H | settlement-agreement-draft-1.docx | Christy Bauer / Peter Vassiliev (Calderwood & Harkness LLP) | 2025-06-11 | Complete | 2025-06-11 | First draft circulated to Hargrove, Tate & Bennington LLP on 2025-06-11
2 | Definitive Agreement | Settlement Agreement and Mutual Release — Draft 2 (HTB redline received) | settlement-agreement-draft-2-htb-redline.docx | Victoria Stanton (Hargrove, Tate & Bennington LLP) | 2025-06-13 | Complete | 2025-06-13 | Tracked changes and comments from HTB received
3 | Definitive Agreement | Settlement Agreement and Mutual Release — Draft 3 (C&H revisions responding to HTB redline) | settlement-agreement-draft-3-sc-revisions.docx | Christy Bauer (Calderwood & Harkness LLP) | 2025-06-14 | Complete | 2025-06-14 | C&H proposed resolutions to Apex's comments
4 | Definitive Agreement | Settlement Agreement and Mutual Release — Execution Version finalized and circulated for signature | settlement-agreement-execution-version.docx | Marcus Delgado (Calderwood & Harkness LLP) / Victoria Stanton (HTB) | 2025-06-16 | In Progress | Parties: Solstice Biomedical Devices Ltd., Solstice Biomedical, Inc., and Apex Surgical Innovations, Inc. Governed by Delaware law.
5 | Definitive Agreement | Obtain signature — Dr. Fiona Tierney (CEO, Solstice Biomedical Devices Ltd.) | settlement-agreement-execution-version.docx | Eamon Rourke (Solstice GC) | 2025-06-16 | Pending | Coordinate with Solstice Dublin office for execution
6 | Definitive Agreement | Obtain signature — Gerald K. Whitford (CEO, Apex Surgical Innovations, Inc.) | settlement-agreement-execution-version.docx | Victoria Stanton (HTB) | 2025-06-16 | Pending | HTB to coordinate
7 | Exhibit A | Patent License Agreement (Non-Exclusive) — finalize and attach as Exhibit A | exhibit-a-patent-license-agreement.docx | Christy Bauer / Peter Vassiliev | 2025-06-16 | In Progress | Non-exclusive, non-transferable, worldwide license under U.S. Patent Nos. 9,814,237; 10,271,884; 10,932,105 and continuations/divisionals/reissues; field of use: laparoscopic surgical access devices; sublicense right limited to contract manufacturers of Licensed Products
8 | Exhibit B | Covenant Not to Sue — finalize and attach as Exhibit B | exhibit-b-covenant-not-to-sue.docx | Christy Bauer | 2025-06-16 | In Progress | Apex covenants not to assert any patent in Apex Trocar Patent Family (14 issued patents, 6 pending applications) against Solstice or subsidiaries in the licensed field during the term
9 | Exhibit C | List of Licensed Patents and Pending Applications — finalize and attach as Exhibit C | exhibit-c-licensed-patents-list.xlsx | Peter Vassiliev | 2025-06-16 | In Progress | 14 issued U.S. patents and 6 pending continuation applications; includes '237 Patent (exp. 2035-06-22), '884 Patent (exp. 2036-09-15), '105 Patent (exp. 2038-01-10)
10 | Exhibit D | Form of Royalty Report — finalize template and attach as Exhibit D | exhibit-d-form-royalty-report.xlsx | Peter Vassiliev | 2025-06-16 | In Progress | Quarterly reporting of Net Sales of Licensed Products (PE-5000, PE-12000, PE-15000 series and successors); 3.75% running royalty; $500,000 annual floor (from CY 2026); $1,800,000 annual cap
11 | Exhibit E | Form of Stipulation of Dismissal with Prejudice — finalize and attach as Exhibit E | exhibit-e-stipulation-dismissal.docx | Christy Bauer | 2025-06-16 | In Progress | Case No. 1:24-cv-00587-RGA; each party bears own costs and attorneys' fees
12 | Exhibit F | Agreed Joint Public Statement — finalize and attach as Exhibit F | exhibit-f-joint-public-statement.docx | Marcus Delgado / Victoria Stanton | 2025-06-16 | In Progress | Statement: 'the matter has been resolved on mutually agreeable terms'
13 | Escrow | Escrow Agreement among Solstice, Apex, and Tidewater Fiduciary Services, Inc. — finalize and execute | escrow-agreement.docx | Christy Bauer / Jennifer Hsu (Tidewater) | 2025-06-16 | In Progress | Governs deposit and release of Tranche 1 ($5,250,000) and Tranche 2 ($3,500,000); Tidewater office: 300 Delaware Avenue, Suite 1400, Wilmington, DE 19801
14 | Side Letter | Most-Favored Licensee Provision — Side Letter on Notification Protocol | side-letter-mfl-provision.docx | Marcus Delgado / Victoria Stanton | 2025-06-16 | In Progress | If Apex licenses the Licensed Patents to a third party at a running royalty rate below 3.75%, Solstice's rate adjusts prospectively to match
15 | Payment — Tranche 1 | Wire transfer instructions letter — Solstice to Tidewater Fiduciary Services, Inc. | wire-transfer-instructions-letter.docx | Brendan Molloy (CFO, Solstice) | 2025-06-17 | Pending | Instructions for Tranche 1 escrow deposit of $5,250,000
16 | Payment — Tranche 1 | Deposit Tranche 1 payment ($5,250,000) into escrow at Tidewater Fiduciary Services, Inc. | Brendan Molloy (CFO, Solstice) | 2025-06-30 | Pending | Due within 10 business days of execution of Definitive Settlement Agreement
17 | Payment — Tranche 1 | Escrow Deposit Confirmation — Tranche 1 received from Tidewater | escrow-deposit-confirmation-tranche-1.docx | Jennifer Hsu (Tidewater) / Christy Bauer | 2025-06-30 | Pending | Tidewater to issue confirmation; C&H to countersign on behalf of Solstice
18 | Payment — Tranche 1 | Release of Tranche 1 funds from escrow to Apex | Jennifer Hsu (Tidewater) | 2025-07-03 | Pending | Release within 3 business days of deposit per Escrow Agreement
19 | Payment — Tranche 2 | Deposit Tranche 2 payment ($3,500,000) into escrow at Tidewater Fiduciary Services, Inc. | Brendan Molloy (CFO, Solstice) | 2025-09-15 | Pending | Due on or before September 15, 2025
20 | Payment — Tranche 2 | Escrow Deposit Confirmation — Tranche 2 received from Tidewater | Jennifer Hsu (Tidewater) / Christy Bauer | 2025-09-15 | Pending | Tidewater to issue confirmation
21 | Payment — Tranche 2 | Release of Tranche 2 funds from escrow to Apex | Jennifer Hsu (Tidewater) | 2025-09-18 | Pending | Release within 3 business days of deposit
22 | Court Filing | Letter to Court: Notice of Settlement and Request to Vacate Trial Date (September 30, 2025) | notice-settlement-vacate-trial.docx | Marcus Delgado (Calderwood & Harkness LLP) | 2025-06-17 | Pending | Draft prepared; to be sent to Chief Judge Richard G. Andrews, U.S. District Court for the District of Delaware
23 | Court Filing | Stipulation of Dismissal with Prejudice — file in Case No. 1:24-cv-00587-RGA | stipulation-dismissal-filed-version.docx | Marcus Delgado / Victoria Stanton | 2025-07-01 | Pending | Signed by counsel for both parties; dismisses all claims and counterclaims with prejudice
24 | Court Filing | Proposed Order of Dismissal — submit to Court with Stipulation | proposed-order-dismissal-draft.docx | Marcus Delgado | 2025-07-01 | Pending | For Court's signature
25 | Insurance | Settlement Reporting Letter to Halcyon Specialty Insurance Co. | insurance-settlement-reporting-letter.docx | Marcus Delgado | 2025-06-17 | Pending | Policy No. HSI-IP-2023-04891; report settlement; note $8,750,000 settlement and running royalties not covered; total defense fees/costs through June 1, 2025: $2,847,319.42; insurance covered $2,597,319.42 (total less $250,000 SIR). Contact: Sandra Keene, Claims Adjuster
26 | Client Administration | Client Closing Letter — Marcus Delgado to Eamon Rourke | client-closing-letter.docx | Marcus Delgado | 2025-07-02 | Pending | Summary of resolution, outstanding obligations (Tranche 2 by Sept. 15, 2025; ongoing quarterly royalty reporting), document retention instructions
27 | Client Administration | Final Invoice & Fee Summary — Matter No. 10294.0017 | final-invoice-fee-summary.xlsx | Catherine Bloom (Billing Partner) | 2025-07-02 | Pending | Total fees: $2,611,480.00; total costs/disbursements: $235,839.42; grand total: $2,847,319.42; insurance reimbursement: $2,597,319.42; client balance (SIR): $250,000
28 | Regulatory / Compliance | Confirm antitrust analysis memo completed and filed | antitrust-considerations-memo.docx | Christy Bauer | 2025-06-08 | Complete | 2025-06-08 | Analysis of FTC/DOJ guidelines re running royalty, MFL clause, field-of-use restrictions
29 | Regulatory / Compliance | Confirm tax implications memo completed and circulated to client | tax-implications-memo.docx | Peter Vassiliev | 2025-06-09 | Complete | 2025-06-09 | U.S. and Irish tax treatment of $8,750,000 lump sum and 3.75% running royalty; withholding tax under U.S.-Ireland income tax treaty; Solstice Biomedical Devices Ltd. (Ireland, CRO No. 648217) and Solstice Biomedical, Inc. (Delaware, EIN: 84-3291056)
30 | Pre-Settlement Reference | Confirm executed Term Sheet on file | executed-term-sheet.docx | Christy Bauer | 2025-06-10 | Complete | 2025-06-10 | Executed 2025-06-10 by Solstice Biomedical Devices Ltd. and Apex Surgical Innovations, Inc.; $8,750,000 lump sum ($5,250,000 + $3,500,000); 3.75% running royalty; $500K floor / $1.8M cap; non-exclusive worldwide license; mutual release; dismissal with prejudice; Delaware law
31 | Ongoing Obligations | First quarterly royalty report due to Apex (for Q4 2025 if applicable, or Q1 2026) | exhibit-d-form-royalty-report.xlsx | Brendan Molloy (CFO, Solstice) / Niamh Cassidy (VP, Regulatory & IP) | 2026-04-30 | Pending | Net Sales of Licensed Products (PE-5000, PE-12000, PE-15000 and successors) less returns, rebates, chargebacks, freight, sales taxes × 3.75%; Est. CY 2026 royalty: ~$907,500 (based on $24.2M projected Net Sales at 8% growth)
32 | Ongoing Obligations | Apex audit right — calendar-year audit window begins CY 2026 | Eamon Rourke / Brendan Molloy | 2026-12-31 | Pending | Apex may audit once per calendar year at Apex's expense; if underpayment >5%, Solstice bears audit cost
[sheet: Payment Schedule]
Payment Item | Amount | Payor | Payee / Recipient | Escrow Agent | Due Date | Escrow Release Date | Status | Notes
Tranche 1 — Lump Sum | $5,250,000.00 | Solstice Biomedical Devices Ltd. / Solstice Biomedical, Inc. | Apex Surgical Innovations, Inc. | Tidewater Fiduciary Services, Inc. | 2025-06-30 | Within 3 business days of deposit | Pending | Due within 10 business days of execution of Definitive Settlement Agreement (target execution: 2025-06-16)
Tranche 2 — Lump Sum | $3,500,000.00 | Solstice Biomedical Devices Ltd. / Solstice Biomedical, Inc. | Apex Surgical Innovations, Inc. | Tidewater Fiduciary Services, Inc. | 2025-09-15 | Within 3 business days of deposit | Pending | On or before September 15, 2025
Total Lump Sum | $8,750,000.00 | — | — | — | — | — | — | Sum of Tranche 1 + Tranche 2; not covered by Halcyon Specialty Insurance Co. policy
CY 2026 Running Royalty (Estimated) | $907,500.00 | Solstice Biomedical Devices Ltd. / Solstice Biomedical, Inc. | Apex Surgical Innovations, Inc. | N/A — direct payment | Quarterly per license terms | N/A | Future | 3.75% of estimated $24.2M Net Sales (8% growth over FY 2023 U.S. sales of $22.4M); floor: $500,000; cap: $1,800,000 per calendar year
CY 2027 Running Royalty (Illustrative) | $979,125.00 | Solstice Biomedical Devices Ltd. / Solstice Biomedical, Inc. | Apex Surgical Innovations, Inc. | N/A — direct payment | Quarterly per license terms | N/A | Future | Illustrative only; assumes continued 8% growth to ~$26.1M Net Sales × 3.75% = $979,125
CY 2028 Running Royalty (Illustrative) | $1,057,455.00 | Solstice Biomedical Devices Ltd. / Solstice Biomedical, Inc. | Apex Surgical Innovations, Inc. | N/A — direct payment | Quarterly per license terms | N/A | Future | Illustrative only; assumes continued 8% growth to ~$28.2M Net Sales × 3.75% = $1,057,455; floor: $500,000; cap: $1,800,000
CY 2029 Running Royalty (Illustrative) | $1,142,051.40 | Solstice Biomedical Devices Ltd. / Solstice Biomedical, Inc. | Apex Surgical Innovations, Inc. | N/A — direct payment | Quarterly per license terms | N/A | Future | Illustrative only; assumes continued 8% growth to ~$30.5M Net Sales × 3.75% = $1,142,051; floor: $500,000; cap: $1,800,000
[sheet: Key Contacts]
Role | Name | Title | Organization | Address | Notes
Client — Responsible Partner | Marcus Delgado | Responsible Partner, intellectual Property | Calderwood & Harkness LLP | 1201 Market Street, Suite 2500, Wilmington, DE 19801 / 299 Park Avenue, 35th Floor, New York, NY 10171 | C&H Matter No. 10294.0017
Client — Billing Partner | Catherine Bloom | Billing Partner, intellectual Property | Calderwood & Harkness LLP | 299 Park Avenue, 35th Floor, New York, NY 10171 | Final invoice coordination
Client — Lead Associate | Christy Bauer | Lead Associate, intellectual Property | Calderwood & Harkness LLP | 1201 Market Street, Suite 2500, Wilmington, DE 19801 | Checklist preparer; primary day-to-day coordination
Client — Working Associate | Peter Vassiliev | Working Associate, intellectual Property | Calderwood & Harkness LLP | 1201 Market Street, Suite 2500, Wilmington, DE 19801 | Exhibit preparation and patent list verification
Client — General Counsel | Eamon Rourke | General Counsel | Solstice Biomedical Devices Ltd. | Unit 14, Clonskeagh Business Park, Clonskeagh Road, Dublin 14, D14 YF28, Ireland | Primary client contact
Client — CEO | Dr. Fiona Tierney | CEO | Solstice Biomedical Devices Ltd. | Unit 14, Clonskeagh Business Park, Clonskeagh Road, Dublin 14, D14 YF28, Ireland | Settlement Agreement signatory
Client — CFO | Brendan Molloy | CFO | Solstice Biomedical Devices Ltd. | Unit 14, Clonskeagh Business Park, Clonskeagh Road, Dublin 14, D14 YF28, Ireland | Wire transfer instructions; payment coordination
Client — VP, Regulatory & IP | Niamh Cassidy | VP, Regulatory & IP | Solstice Biomedical Devices Ltd. | Unit 14, Clonskeagh Business Park, Clonskeagh Road, Dublin 14, D14 YF28, Ireland | Ongoing royalty reporting coordination
Opposing Party — CEO | Gerald K. Whitford | CEO | Apex Surgical Innovations, Inc. | 1220 North Market Street, Suite 550, Wilmington, DE 19801 | Settlement Agreement signatory for Apex
Opposing Party — General Counsel | Martin Hale | General Counsel | Apex Surgical Innovations, Inc. | 1220 North Market Street, Suite 550, Wilmington, DE 19801
Opposing Counsel — Lead Partner | Victoria Stanton | Lead Partner, Patent Litigation | Hargrove, Tate & Bennington LLP | 900 North King Street, Suite 1200, Wilmington, DE 19801 | Co-signatory on Stipulation of Dismissal
Opposing Counsel — Associate | Derek Loomis | Associate | Hargrove, Tate & Bennington LLP | 900 North King Street, Suite 1200, Wilmington, DE 19801
Escrow Agent | Jennifer Hsu | VP, Escrow Services | Tidewater Fiduciary Services, Inc. | 300 Delaware Avenue, Suite 1400, Wilmington, DE 19801 | Escrow Agreement counterparty; deposit confirmations
Insurance — Claims Adjuster | Sandra Keene | Claims Adjuster | Halcyon Specialty Insurance Co. | 185 Asylum Street, Hartford, CT 06103 | Policy No. HSI-IP-2023-04891; settlement reporting
[sheet: Document Index]
Doc No. | Document Title | Filename | Date | Signatories / Responsible | Execution Status | Notes
1 | Executed Term Sheet — License-and-Dismissal Settlement | executed-term-sheet.docx | 2025-06-10 | Solstice Biomedical Devices Ltd. / Apex Surgical Innovations, Inc. | Executed | Foundational settlement terms
2 | Settlement Agreement and Mutual Release — Draft 1 | settlement-agreement-draft-1.docx | 2025-06-11 | Calderwood & Harkness LLP (author) | Draft | Initial draft prepared by C&H
3 | Settlement Agreement and Mutual Release — Draft 2 (HTB Redline) | settlement-agreement-draft-2-htb-redline.docx | 2025-06-13 | Hargrove, Tate & Bennington LLP (redline) | Draft | HTB tracked changes
4 | Settlement Agreement and Mutual Release — Draft 3 (C&H Revisions) | settlement-agreement-draft-3-sc-revisions.docx | 2025-06-14 | Calderwood & Harkness LLP (revisions) | Draft | C&H responses to HTB comments
5 | Settlement Agreement and Mutual Release — Execution Version | settlement-agreement-execution-version.docx | 2025-06-16 | Solstice Biomedical Devices Ltd., Solstice Biomedical, Inc., Apex Surgical Innovations, Inc. | Pending Execution | Target execution date: 2025-06-16
6 | Exhibit A: Patent License Agreement (Non-Exclusive) | exhibit-a-patent-license-agreement.docx | 2025-06-16 | Solstice / Apex | Pending Execution | Attached to Settlement Agreement
7 | Exhibit B: Covenant Not to Sue | exhibit-b-covenant-not-to-sue.docx | 2025-06-16 | Apex | Pending Execution | 14 issued patents + 6 pending applications
8 | Exhibit C: List of Licensed Patents and Pending Applications | exhibit-c-licensed-patents-list.xlsx | 2025-06-16 | N/A (schedule) | Final | '237 Patent (9,814,237), '884 Patent (10,271,884), '105 Patent (10,932,105) plus 11 additional issued and 6 pending
9 | Exhibit D: Form of Royalty Report | exhibit-d-form-royalty-report.xlsx | 2025-06-16 | N/A (template) | Final | Quarterly template; Net Sales × 3.75%
10 | Exhibit E: Form of Stipulation of Dismissal with Prejudice | exhibit-e-stipulation-dismissal.docx | 2025-06-16 | Marcus Delgado / Victoria Stanton | Pending Execution | Case No. 1:24-cv-00587-RGA
11 | Exhibit F: Agreed Joint Public Statement | exhibit-f-joint-public-statement.docx | 2025-06-16 | Solstice / Apex | Final | 'The matter has been resolved on mutually agreeable terms'
12 | Escrow Agreement | escrow-agreement.docx | 2025-06-16 | Solstice / Apex / Tidewater Fiduciary Services, Inc. | Pending Execution | Governs Tranche 1 and Tranche 2 deposits and releases
13 | Side Letter: Most-Favored Licensee — Notification Protocol | side-letter-mfl-provision.docx | 2025-06-16 | Solstice / Apex | Pending Execution | MFL rate adjustment mechanism
14 | Wire Transfer Instructions Letter | wire-transfer-instructions-letter.docx | 2025-06-17 | Brendan Molloy to Jennifer Hsu | Pending | Tranche 1 wire instructions
15 | Escrow Deposit Confirmation — Tranche 1 | escrow-deposit-confirmation-tranche-1.docx | TBD (~June 2025) | Jennifer Hsu (Tidewater) / Christy Bauer (C&H) | Pending | Template prepared; to be issued upon deposit
16 | Letter to Court: Notice of Settlement / Request to Vacate Trial | notice-settlement-vacate-trial.docx | 2025-06-17 | Marcus Delgado | Draft | To Chief Judge Richard G. Andrews; vacate Sept. 30, 2025 trial date
17 | Stipulation of Dismissal with Prejudice — Filed Version | stipulation-dismissal-filed-version.docx | Target: 2025-07-01 | Marcus Delgado / Victoria Stanton | Pending Filing | For filing in U.S. District Court, District of Delaware
18 | Insurance Settlement Reporting Letter to Halcyon | insurance-settlement-reporting-letter.docx | 2025-06-17 | Marcus Delgado to Sandra Keene | Pending | Policy HSI-IP-2023-04891
19 | Client Closing Letter | client-closing-letter.docx | 2025-07-02 | Marcus Delgado to Eamon Rourke | Pending | Summary of resolution and outstanding obligations
20 | Final Invoice & Fee Summary | final-invoice-fee-summary.xlsx | 2025-07-02 | Catherine Bloom | Pending | Matter No. 10294.0017; total: $2,847,319.42
[sheet: Key Dates & Deadlines]
Date | Event / Deadline | Responsible Party | Status | Notes
2025-06-08 | Antitrust analysis memo completed and filed | Christy Bauer (C&H) | Complete | FTC/DOJ guidelines analysis
2025-06-09 | Tax implications memo completed and circulated to client | Peter Vassiliev (C&H) | Complete | U.S. and Irish tax treatment
2025-06-10 | Term Sheet executed | Solstice / Apex | Complete | Principal settlement terms agreed
2025-06-11 | Settlement Agreement Draft 1 circulated | Christy Bauer (C&H) | Complete
2025-06-12 | Closing Checklist prepared and circulated | Christy Bauer (C&H) | Complete | This document
2025-06-13 | Draft 2 (HTB redline) received | Victoria Stanton (HTB) | Complete
2025-06-14 | Draft 3 (C&H revisions) circulated | Christy Bauer (C&H) | Complete
2025-06-16 | Target: Execution of Definitive Settlement Agreement and all Exhibits (A–F), Escrow Agreement, and Side Letter | Marcus Delgado / Victoria Stanton | Pending | Signatures required from Dr. Fiona Tierney (Solstice), Gerald K. Whitford (Apex), Jennifer Hsu (Tidewater)
2025-06-17 | Wire transfer instructions delivered to Tidewater | Brendan Molloy | Pending
2025-06-17 | Letter to Court — Notice of Settlement / Vacate trial date | Marcus Delgado | Pending
2025-06-17 | Insurance settlement reporting letter to Halcyon Specialty | Marcus Delgado | Pending
2025-06-30 | Deadline: Tranche 1 deposit ($5,250,000) into escrow at Tidewater | Brendan Molloy / Solstice | Pending | 10 business days from execution of Definitive Settlement Agreement
2025-07-01 | Target: File Stipulation of Dismissal with Prejudice | Marcus Delgado / Victoria Stanton | Pending | Case No. 1:24-cv-00587-RGA; U.S. District Court, District of Delaware
2025-07-02 | Client Closing Letter and Final Invoice | Marcus Delgado / Catherine Bloom | Pending
2025-07-03 | Tranche 1 escrow release to Apex | Jennifer Hsu (Tidewater) | Pending | Within 3 business days of deposit
2025-09-15 | Deadline: Tranche 2 deposit ($3,500,000) into escrow at Tidewater | Brendan Molloy / Solstice | Pending
2025-09-18 | Tranche 2 escrow release to Apex | Jennifer Hsu (Tidewater) | Pending | Within 3 business days of deposit
2025-09-30 | Original trial date (vacated upon settlement) | N/A | Vacated
2026-04-30 | First quarterly royalty report due to Apex | Brendan Molloy / Niamh Cassidy | Pending | For Q1 2026 (or Q4 2025 if applicable)
2035-06-22 | '237 Patent (U.S. Patent No. 9,814,237) expiration | N/A | Future | License obligation continues until last Licensed Patent expires
2036-09-15 | '884 Patent (U.S. Patent No. 10,271,884) expiration | N/A | Future
2038-01-10 | '105 Patent (U.S. Patent No. 10,932,105) expiration — final Licensed Patent expiration | N/A | Future | Running royalty obligation ends; last patent in family expires