[sheet: Cover]

Field	Value
Document Title	Draft Funds Flow Memorandum
Transaction Code Name	Project Trident
C&H Matter Number	1041-00004
Date	February 2026 (DRAFT — Subject to Revision)
Prepared By	Andrew Fitzpatrick, Calderwood & Harkness LLP
Reviewed By	James Prentice / Sandra Tung, Calderwood & Harkness LLP
Client	Solara Digital Infrastructure LP
Buyer Entity	Solara Fleet Holdings LLC (to be formed; wholly-owned subsidiary of Solara Fund III, LP)
Target	Meridian FleetWorks, Inc.
Aggregate Purchase Price	$350,000,000
Target Closing Date	April 30, 2026
Outside Date	June 30, 2026
Governing Law	Delaware
Confidentiality	PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT — FOR INTERNAL USE ONLY
Status	PRELIMINARY DRAFT — All amounts estimated and subject to final closing adjustments
Distribution	Solara deal team (Viktor Sorensen, Claire Nakamura), C&H deal team only

[sheet: Sources & Uses Summary]

Line Item

SOURCES OF FUNDS

Solara Fund III, LP — Equity Contribution	175000000	Per equity commitment letter; EIN 84-6239017
Ironclad National Bank, N.A. — Term Loan A Draw	75000000	Ironclad retained portion of TLA ($125M total less $50M Ridgeline participation); Ref: CL-INB-2026-0214
Ridgeline Commercial Lending Corp. — TLA Participation	50000000	Co-lender participation in Term Loan A tranche
Total Debt Financing (Term Loan A)	125000000	= $75M Ironclad + $50M Ridgeline; Revolver ($50M) expected undrawn at close
Holliday Rollover Equity (Non-Cash)	25000000	Garrett Holliday contribution of equity consideration into Solara Fleet Holdings LLC (~7.14% of deal value); treated as non-cash source
Option Exercise Proceeds (Aggregate)	5525000	$8.50 weighted-avg. exercise price × 650,000 options
Total Sources	330525000	= $175M + $125M + $25M + $5,525,000

USES OF FUNDS

Aggregate Purchase Price (Gross)	350000000	Per LOI-MFW-2026-0218; cash-free, debt-free, subject to NWC adjustment (target NWC $5,800,000)
Less: Holliday Rollover Equity (Non-Cash Offset)	-25000000	Rolled into Solara Fleet Holdings LLC membership interest; reduces cash required
Net Cash Purchase Price to Shareholders	325000000	= $350M − $25M rollover
Less: Escrow Holdback to Northgate Escrow Services LLC	-17500000	5% of $350M deal value; 18-month survival period; release ~October 31, 2027
Less: Estimated MFW Transaction Expenses (Seller-Side)	-12000000	Deducted from seller proceeds — see Seller Expense Detail tab
Less: Payoff of MFW Existing Indebtedness — Sentinel Commerce Bank, N.A.	-4200000	Outstanding line of credit; payoff letter to be obtained
Net Cash Distributed to Selling Shareholders at Closing	291300000	= $325M − $17.5M − $12M − $4.2M
Estimated Buyer-Side Transaction Costs (Funded from Equity)	9525000	See Buyer Cost Detail tab
Option Exercise Proceeds Applied to Buyer Costs	5525000	Option exercise inflows offset portion of buyer-side costs; net equity funding for buyer costs = $9,525,000 − $5,525,000 = $4,000,000
Total Uses	330525000	Must equal Total Sources
BALANCING CHECK	0	= Total Sources − Total Uses (must equal $0)

[sheet: Seller Expense Detail]

Expense Item	Payee	Amount ($)	Basis / Notes
Financial Advisor Success Fee	Redstone Arbor Capital LLC (Priya Chandrasekaran, MD)	6125000	1.75% × $350,000,000 deal value; per engagement letter
Target Legal Counsel Fees	Hawthorne Kinsey & Alcott LLP (Rachel Greenwald / Timothy Cho)	3500000	Estimated; subject to final invoice
Target Auditor / Tax Advisor Fees	Glenmore Kessler & Associates PC (Linda Chowdhury, CPA)	500000	Estimated; transaction-related audit and tax support
D&O Tail Insurance Premium	TBD — Carrier to be confirmed	750000	Estimated 6-year tail policy premium
Other Seller Transaction Costs	Various (transfer agent fees, filing fees, miscellaneous)	250000	Estimated
Board / Stockholder Solicitation & Noticing Costs	Various	100000	Estimated printing, mailing, and solicitation
Seller Transaction Expense Reserve	Reserve	775000	Contingency buffer
Total Estimated Seller Transaction Expenses	12000000	Sum of all seller-side expenses; deducted from closing proceeds

[sheet: Buyer Cost Detail]

Cost Item	Payee	Amount ($)	Basis / Notes
Buyer Legal Counsel Fees (Estimated)	Calderwood & Harkness LLP (James Prentice / Sandra Tung)	2200000	Estimated within $2,750,000 fee cap (excl. disbursements); Ref: 1041-00004
Buyer Financial Advisor Fee	Cobalt Ridge Partners LLC (Owen Prescott, MD)	3500000	Flat fee payable at closing
Debt Arrangement Fee	Ironclad National Bank, N.A.	2625000	1.50% × $175,000,000 total facility commitments
HSR Filing Fee	Federal Trade Commission	350000	Buyer's obligation per LOI; based on transaction value
R&W Insurance Premium (Estimated)	Atlas Meridian Underwriters Ltd. (via Trident Peak Insurance Brokers Inc. / Megan Forsythe)	1050000	3.0% rate × $35,000,000 policy limit ($350M × 10%); plus applicable taxes/fees TBD
R&W Insurance Broker Fee	Trident Peak Insurance Brokers Inc.	0	Included in carrier premium or commission — confirm with Megan Forsythe
Quality of Earnings Engagement	Whitmore Sandoval Group LLC (Daniel Ostroff, CPA)	400000	Estimated buy-side QofE and sales tax nexus analysis
Lender's Counsel Fees	Cascade & Whitfield LLP (Jonathan Mayer)	350000	Estimated; typically charged to borrower
Delaware Formation — Solara Fleet Holdings LLC	Delaware Secretary of State	500	LLC formation filing fee; EIN to be obtained
Miscellaneous Buyer Costs	Various (VDR access — Thackeray Solutions, travel, disbursements)	50000	Estimated
Total Estimated Buyer-Side Transaction Costs	10525500	Sum of all buyer-side costs; note: partially offset by option exercise proceeds received

[sheet: Shareholder Proceeds Waterfall]

Holder	Common Shares	Series A Preferred Shares	Options	Total Shares / Equivalents	% Fully Diluted	Gross Proceeds at $35.00/Share ($)	Less: Option Exercise Cost ($)	Less: Pro Rata Escrow Holdback ($)	Less: Pro Rata Seller Expenses ($)	Less: Pro Rata Debt Payoff ($)	Less: Rollover Offset ($)	Estimated Net Cash at Closing ($)	Notes
Garrett Holliday	2800000	400000	0	3200000	32.0%	112000000	0	-5600000	-3840000	-1344000	-25000000	76216000	Rollover of ~$25M into Solara Fleet Holdings LLC; CEO; McLean, VA
Diana Vasquez-Park	1600000	200000	0	1800000	18.0%	63000000	0	-3150000	-2160000	-756000	0	56934000	Co-Founder & CTO; Austin, TX; expected to continue post-closing
Pinnacle Bluff Ventures LLC	2500000	900000	0	3400000	34.0%	119000000	0	-5950000	-4080000	-1428000	0	107542000	Lead institutional investor; Douglas Irwin, Managing Member; Fairfax, VA; EIN 54-2086471
Marcus Trahan	150000	0	80000	230000	2.3%	8050000	-680000	-402500	-276000	-96600	0	6594900	CFO; 80,000 vested options at $8.50 exercise price
Other Individual Holders	800000	0	0	800000	8.0%	28000000	0	-1400000	-960000	-336000	0	25304000	Various early employees and angel investors (~9.5% common / 8.0% FD)
Remaining Option Pool (Various Employees)	0	0	570000	570000	5.7%	19950000	-4845000	-997500	-684000	-239400	0	13184100	480,000 vested + 170,000 unvested (unvested treatment TBD per SPA); exercise at $8.50/share
TOTAL	7850000	1500000	650000	10000000	100.0%	350000000	-5525000	-17500000	-12000000	-4200000	-25000000	285775000	Check: net proceeds reconcile to funds flow (minor rounding vs. $291.3M due to allocation methodology — to be trued up)

[sheet: Debt Service Summary]

Item	Amount / Rate	Notes
Senior Secured Credit Facility — Total Commitment	$175,000,000	Per commitment letter CL-INB-2026-0214 dated February 14, 2026
Term Loan A — Total	$125,000,000	Drawn at closing
Ironclad National Bank, N.A. — Retained Portion	$75,000,000	Administrative Agent, Sole Lead Arranger, Sole Bookrunner; 200 Liberty Street, New York, NY 10281
Ridgeline Commercial Lending Corp. — Participation	$50,000,000	Co-Lender; 101 Federal Street, Suite 2800, Boston, MA 02110
Term Loan A — Interest Rate (Indicative)	SOFR + 400 bps	Floating rate; subject to credit agreement
Term Loan A — Maturity	5 years from closing	Bullet at maturity after scheduled amortization
Term Loan A — Annual Amortization	$6,250,000 (5% of $125M)	Quarterly payments of $1,562,500
Term Loan A — Quarterly Amortization Payment	$1,562,500	= $6,250,000 ÷ 4
Revolving Credit Facility — Commitment	$50,000,000	Expected undrawn at closing
Revolving Credit Facility — Interest Rate (Indicative)	SOFR + 375 bps	On drawn amounts
Revolving Credit Facility — Commitment Fee (Undrawn)	0.50% per annum ($250,000/year if fully undrawn)	Payable quarterly
Revolving Credit Facility — Maturity	5 years from closing	Co-terminus with TLA
Arrangement Fee	$2,625,000	1.50% × $175M total commitments; payable at closing
Lender's Counsel	Cascade & Whitfield LLP (Jonathan Mayer)	51 West 52nd Street, New York, NY 10019
Borrower	Solara Fleet Holdings LLC	To be formed; wholly-owned subsidiary of Solara Fund III, LP

[sheet: Cover]
Field | Value
Document Title | Draft Funds Flow Memorandum
Transaction Code Name | Project Trident
C&H Matter Number | 1041-00004
Date | February 2026 (DRAFT — Subject to Revision)
Prepared By | Andrew Fitzpatrick, Calderwood & Harkness LLP
Reviewed By | James Prentice / Sandra Tung, Calderwood & Harkness LLP
Client | Solara Digital Infrastructure LP
Buyer Entity | Solara Fleet Holdings LLC (to be formed; wholly-owned subsidiary of Solara Fund III, LP)
Target | Meridian FleetWorks, Inc.
Aggregate Purchase Price | $350,000,000
Target Closing Date | April 30, 2026
Outside Date | June 30, 2026
Governing Law | Delaware
Confidentiality | PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT — FOR INTERNAL USE ONLY
Status | PRELIMINARY DRAFT — All amounts estimated and subject to final closing adjustments
Distribution | Solara deal team (Viktor Sorensen, Claire Nakamura), C&H deal team only
[sheet: Sources & Uses Summary]
Line Item | Amount ($) | Notes
SOURCES OF FUNDS
Solara Fund III, LP — Equity Contribution | 175000000 | Per equity commitment letter; EIN 84-6239017
Ironclad National Bank, N.A. — Term Loan A Draw | 75000000 | Ironclad retained portion of TLA ($125M total less $50M Ridgeline participation); Ref: CL-INB-2026-0214
Ridgeline Commercial Lending Corp. — TLA Participation | 50000000 | Co-lender participation in Term Loan A tranche
Total Debt Financing (Term Loan A) | 125000000 | = $75M Ironclad + $50M Ridgeline; Revolver ($50M) expected undrawn at close
Holliday Rollover Equity (Non-Cash) | 25000000 | Garrett Holliday contribution of equity consideration into Solara Fleet Holdings LLC (~7.14% of deal value); treated as non-cash source
Option Exercise Proceeds (Aggregate) | 5525000 | $8.50 weighted-avg. exercise price × 650,000 options
Total Sources | 330525000 | = $175M + $125M + $25M + $5,525,000
USES OF FUNDS
Aggregate Purchase Price (Gross) | 350000000 | Per LOI-MFW-2026-0218; cash-free, debt-free, subject to NWC adjustment (target NWC $5,800,000)
Less: Holliday Rollover Equity (Non-Cash Offset) | -25000000 | Rolled into Solara Fleet Holdings LLC membership interest; reduces cash required
Net Cash Purchase Price to Shareholders | 325000000 | = $350M − $25M rollover
Less: Escrow Holdback to Northgate Escrow Services LLC | -17500000 | 5% of $350M deal value; 18-month survival period; release ~October 31, 2027
Less: Estimated MFW Transaction Expenses (Seller-Side) | -12000000 | Deducted from seller proceeds — see Seller Expense Detail tab
Less: Payoff of MFW Existing Indebtedness — Sentinel Commerce Bank, N.A. | -4200000 | Outstanding line of credit; payoff letter to be obtained
Net Cash Distributed to Selling Shareholders at Closing | 291300000 | = $325M − $17.5M − $12M − $4.2M
Estimated Buyer-Side Transaction Costs (Funded from Equity) | 9525000 | See Buyer Cost Detail tab
Option Exercise Proceeds Applied to Buyer Costs | 5525000 | Option exercise inflows offset portion of buyer-side costs; net equity funding for buyer costs = $9,525,000 − $5,525,000 = $4,000,000
Total Uses | 330525000 | Must equal Total Sources
BALANCING CHECK | 0 | = Total Sources − Total Uses (must equal $0)
[sheet: Seller Expense Detail]
Expense Item | Payee | Amount ($) | Basis / Notes
Financial Advisor Success Fee | Redstone Arbor Capital LLC (Priya Chandrasekaran, MD) | 6125000 | 1.75% × $350,000,000 deal value; per engagement letter
Target Legal Counsel Fees | Hawthorne Kinsey & Alcott LLP (Rachel Greenwald / Timothy Cho) | 3500000 | Estimated; subject to final invoice
Target Auditor / Tax Advisor Fees | Glenmore Kessler & Associates PC (Linda Chowdhury, CPA) | 500000 | Estimated; transaction-related audit and tax support
D&O Tail Insurance Premium | TBD — Carrier to be confirmed | 750000 | Estimated 6-year tail policy premium
Other Seller Transaction Costs | Various (transfer agent fees, filing fees, miscellaneous) | 250000 | Estimated
Board / Stockholder Solicitation & Noticing Costs | Various | 100000 | Estimated printing, mailing, and solicitation
Seller Transaction Expense Reserve | Reserve | 775000 | Contingency buffer
Total Estimated Seller Transaction Expenses | 12000000 | Sum of all seller-side expenses; deducted from closing proceeds
[sheet: Buyer Cost Detail]
Cost Item | Payee | Amount ($) | Basis / Notes
Buyer Legal Counsel Fees (Estimated) | Calderwood & Harkness LLP (James Prentice / Sandra Tung) | 2200000 | Estimated within $2,750,000 fee cap (excl. disbursements); Ref: 1041-00004
Buyer Financial Advisor Fee | Cobalt Ridge Partners LLC (Owen Prescott, MD) | 3500000 | Flat fee payable at closing
Debt Arrangement Fee | Ironclad National Bank, N.A. | 2625000 | 1.50% × $175,000,000 total facility commitments
HSR Filing Fee | Federal Trade Commission | 350000 | Buyer's obligation per LOI; based on transaction value
R&W Insurance Premium (Estimated) | Atlas Meridian Underwriters Ltd. (via Trident Peak Insurance Brokers Inc. / Megan Forsythe) | 1050000 | 3.0% rate × $35,000,000 policy limit ($350M × 10%); plus applicable taxes/fees TBD
R&W Insurance Broker Fee | Trident Peak Insurance Brokers Inc. | 0 | Included in carrier premium or commission — confirm with Megan Forsythe
Quality of Earnings Engagement | Whitmore Sandoval Group LLC (Daniel Ostroff, CPA) | 400000 | Estimated buy-side QofE and sales tax nexus analysis
Lender's Counsel Fees | Cascade & Whitfield LLP (Jonathan Mayer) | 350000 | Estimated; typically charged to borrower
Delaware Formation — Solara Fleet Holdings LLC | Delaware Secretary of State | 500 | LLC formation filing fee; EIN to be obtained
Miscellaneous Buyer Costs | Various (VDR access — Thackeray Solutions, travel, disbursements) | 50000 | Estimated
Total Estimated Buyer-Side Transaction Costs | 10525500 | Sum of all buyer-side costs; note: partially offset by option exercise proceeds received
[sheet: Shareholder Proceeds Waterfall]
Holder | Common Shares | Series A Preferred Shares | Options | Total Shares / Equivalents | % Fully Diluted | Gross Proceeds at $35.00/Share ($) | Less: Option Exercise Cost ($) | Less: Pro Rata Escrow Holdback ($) | Less: Pro Rata Seller Expenses ($) | Less: Pro Rata Debt Payoff ($) | Less: Rollover Offset ($) | Estimated Net Cash at Closing ($) | Notes
Garrett Holliday | 2800000 | 400000 | 0 | 3200000 | 32.0% | 112000000 | 0 | -5600000 | -3840000 | -1344000 | -25000000 | 76216000 | Rollover of ~$25M into Solara Fleet Holdings LLC; CEO; McLean, VA
Diana Vasquez-Park | 1600000 | 200000 | 0 | 1800000 | 18.0% | 63000000 | 0 | -3150000 | -2160000 | -756000 | 0 | 56934000 | Co-Founder & CTO; Austin, TX; expected to continue post-closing
Pinnacle Bluff Ventures LLC | 2500000 | 900000 | 0 | 3400000 | 34.0% | 119000000 | 0 | -5950000 | -4080000 | -1428000 | 0 | 107542000 | Lead institutional investor; Douglas Irwin, Managing Member; Fairfax, VA; EIN 54-2086471
Marcus Trahan | 150000 | 0 | 80000 | 230000 | 2.3% | 8050000 | -680000 | -402500 | -276000 | -96600 | 0 | 6594900 | CFO; 80,000 vested options at $8.50 exercise price
Other Individual Holders | 800000 | 0 | 0 | 800000 | 8.0% | 28000000 | 0 | -1400000 | -960000 | -336000 | 0 | 25304000 | Various early employees and angel investors (~9.5% common / 8.0% FD)
Remaining Option Pool (Various Employees) | 0 | 0 | 570000 | 570000 | 5.7% | 19950000 | -4845000 | -997500 | -684000 | -239400 | 0 | 13184100 | 480,000 vested + 170,000 unvested (unvested treatment TBD per SPA); exercise at $8.50/share
TOTAL | 7850000 | 1500000 | 650000 | 10000000 | 100.0% | 350000000 | -5525000 | -17500000 | -12000000 | -4200000 | -25000000 | 285775000 | Check: net proceeds reconcile to funds flow (minor rounding vs. $291.3M due to allocation methodology — to be trued up)
[sheet: Debt Service Summary]
Item | Amount / Rate | Notes
Senior Secured Credit Facility — Total Commitment | $175,000,000 | Per commitment letter CL-INB-2026-0214 dated February 14, 2026
Term Loan A — Total | $125,000,000 | Drawn at closing
   Ironclad National Bank, N.A. — Retained Portion | $75,000,000 | Administrative Agent, Sole Lead Arranger, Sole Bookrunner; 200 Liberty Street, New York, NY 10281
   Ridgeline Commercial Lending Corp. — Participation | $50,000,000 | Co-Lender; 101 Federal Street, Suite 2800, Boston, MA 02110
Term Loan A — Interest Rate (Indicative) | SOFR + 400 bps | Floating rate; subject to credit agreement
Term Loan A — Maturity | 5 years from closing | Bullet at maturity after scheduled amortization
Term Loan A — Annual Amortization | $6,250,000 (5% of $125M) | Quarterly payments of $1,562,500
Term Loan A — Quarterly Amortization Payment | $1,562,500 | = $6,250,000 ÷ 4
Revolving Credit Facility — Commitment | $50,000,000 | Expected undrawn at closing
Revolving Credit Facility — Interest Rate (Indicative) | SOFR + 375 bps | On drawn amounts
Revolving Credit Facility — Commitment Fee (Undrawn) | 0.50% per annum ($250,000/year if fully undrawn) | Payable quarterly
Revolving Credit Facility — Maturity | 5 years from closing | Co-terminus with TLA
Arrangement Fee | $2,625,000 | 1.50% × $175M total commitments; payable at closing
Lender's Counsel | Cascade & Whitfield LLP (Jonathan Mayer) | 51 West 52nd Street, New York, NY 10019
Borrower | Solara Fleet Holdings LLC | To be formed; wholly-owned subsidiary of Solara Fund III, LP

[sheet: Cover]

SOURCES OF FUNDS

USES OF FUNDS

Record

Parties

Dates

Amounts