FR EA
1041-00004 · Solara Digital Infrastructure LP · Diligence
due-diligence-tracker.xlsx DOCUMENT M&A / Corporate
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Contract analysis Extract to table

[sheet: Tracker Overview]

FieldDetail
Transaction Code NameProject Trident
C&H Matter Number1041-00004
ClientSolara Digital Infrastructure LP
TargetMeridian FleetWorks, Inc.
Target's CounselHawthorne Kinsey & Alcott LLP (Rachel Greenwald / Timothy Cho)
Buyer's CounselCalderwood & Harkness LLP
VDR PlatformThackeray Solutions
DD Request List TransmittedFebruary 19, 2026
DD Request List Transmitted ToHawthorne Kinsey & Alcott LLP
LOI ReferenceLOI-MFW-2026-0218
LOI Execution DateFebruary 18, 2026
Diligence Completion Deadline (per LOI)March 15, 2026
Target SPA Execution DateMarch 31, 2026
Target Closing DateApril 30, 2026
Outside DateJune 30, 2026
Tracker Maintained ByNaomi Petersen (Working Associate, Calderwood & Harkness LLP)
Last UpdatedFebruary 28, 2026
Total Request Items85
Items Received / Complete34
Items Partially Received18
Items Outstanding / Not Yet Received33
Critical Flags / Open Issues5

[sheet: Detail Tracker]

Item No.CategoryDocument DescriptionDate RequestedDate ReceivedVDR ReferenceReviewer AssignedReview StatusFlags / Issues
1.01Corporate & OrganizationalCertificate of Incorporation (as amended) — MFW (Delaware File No. 5582037)2/19/20262/21/2026PT-1.01Naomi PetersenComplete
1.02Corporate & OrganizationalBylaws (as amended and restated)2/19/20262/21/2026PT-1.02Naomi PetersenComplete
1.03Corporate & OrganizationalGood standing certificates — Delaware, Virginia, Texas, Idaho2/19/20262/24/2026PT-1.03Naomi PetersenCompleteDelaware and Virginia received; Texas and Idaho received 2/24
1.04Corporate & OrganizationalBoard of Directors resolutions (all since inception, 2014)2/19/20262/22/2026PT-1.04Naomi PetersenIn Progress
1.05Corporate & OrganizationalStockholder resolutions and written consents (all since inception)2/19/20262/22/2026PT-1.05Naomi PetersenIn Progress
1.06Corporate & OrganizationalStockholders' Agreement and any amendments2/19/20262/23/2026PT-1.06Naomi PetersenIn ProgressReview of transfer restrictions and drag-along provisions ongoing
1.07Corporate & OrganizationalList of all subsidiaries, joint ventures, and minority investments2/19/20262/23/2026PT-1.07Naomi PetersenCompleteMFW confirms no subsidiaries or JVs
1.08Corporate & OrganizationalOfficers and directors list with terms of appointment2/19/20262/21/2026PT-1.08Naomi PetersenCompleteGarrett Holliday (CEO & Director), Diana Vasquez-Park (CTO & Director), Marcus Trahan (CFO)
1.09Corporate & OrganizationalForeign qualification filings — all states of operation2/19/2026OutstandingNaomi PetersenOutstanding
2.01Capitalization & EquityFully diluted capitalization table — all classes2/19/20262/21/2026PT-2.01Andrew FitzpatrickCompleteConfirmed: 7,850,000 common, 1,500,000 Series A Preferred, 650,000 options (480,000 vested / 170,000 unvested) = 10,000,000 fully diluted
2.02Capitalization & EquityStock ledger / transfer records — common stock and Series A Preferred2/19/20262/24/2026PT-2.02Andrew FitzpatrickIn Progress
2.03Capitalization & EquitySeries A Preferred Stock Certificate of Designations / charter provisions2/19/20262/21/2026PT-2.03Andrew FitzpatrickComplete2,000,000 authorized; 1,500,000 issued and outstanding
2.04Capitalization & Equity2016 Stock Incentive Plan — plan document and all amendments2/19/20262/22/2026PT-2.04Andrew FitzpatrickComplete1,300,000 shares authorized under plan; 650,000 options outstanding
2.05Capitalization & EquitySchedule of all outstanding option grants — grantee, grant date, shares, exercise price, vesting schedule, expiration2/19/20262/22/2026PT-2.05Andrew FitzpatrickIn ProgressWeighted-average exercise price confirmed at $8.50/share; reviewing individual grant details
2.06Capitalization & EquityCopies of all option award agreements (form and any non-standard)2/19/20262/25/2026PT-2.06Andrew FitzpatrickPartially ReceivedForm agreement received; requesting non-standard agreements
2.07Capitalization & EquityAny warrants, convertible notes, SAR agreements, phantom equity, or other equity-linked instruments2/19/20262/23/2026PT-2.07Andrew FitzpatrickCompleteMFW confirms none outstanding
2.08Capitalization & EquityInvestor rights agreement / registration rights agreement2/19/20262/23/2026PT-2.08Andrew FitzpatrickIn Progress
2.09Capitalization & EquityRight of first refusal / co-sale agreement2/19/20262/23/2026PT-2.09Andrew FitzpatrickIn Progress
3.01Financial InformationAudited financial statements — FY 2022, FY 2023, FY 2024, FY 2025 (auditor: Glenmore Kessler & Associates PC)2/19/20262/22/2026PT-3.01Andrew FitzpatrickIn ProgressFY 2022–2024 received; FY 2025 audit expected mid-March (engagement partner: Linda Chowdhury, CPA)
3.02Financial InformationUnaudited monthly financial statements — January 2025 through January 20262/19/20262/25/2026PT-3.02Andrew FitzpatrickPartially ReceivedReceived through December 2025; January 2026 pending
3.03Financial InformationAnnual recurring revenue (ARR) schedule — trailing 24 months with breakdown by customer cohort2/19/20262/24/2026PT-3.03Andrew FitzpatrickIn ProgressFY 2025 ARR confirmed at ~$62,000,000; total revenue ~$67,500,000 (incl. ~$5,500,000 professional services)
3.04Financial InformationEBITDA bridge and reconciliation schedule — FY 20252/19/20262/24/2026PT-3.04Andrew FitzpatrickIn ProgressEBITDA ~$14,800,000; EBITDA margin ~21.9%; coordinating with Whitmore Sandoval Group QofE analysis (Daniel Ostroff, CPA)
3.05Financial InformationNet working capital schedule — trailing 12 months as of December 31, 20252/19/20262/25/2026PT-3.05Andrew FitzpatrickIn ProgressTarget NWC peg: $5,800,000 per LOI; validating methodology
3.06Financial InformationSchedule of all outstanding indebtedness and guarantees2/19/20262/22/2026PT-3.06Andrew FitzpatrickCompleteSentinel Commerce Bank, N.A. line of credit — ~$4,200,000 outstanding; to be repaid at closing
3.07Financial InformationAccounts receivable and accounts payable aging reports as of December 31, 20252/19/2026OutstandingAndrew FitzpatrickOutstanding
3.08Financial InformationRevenue retention metrics — NRR and GRR for FY 2023, FY 2024, FY 20252/19/20262/26/2026PT-3.08Andrew FitzpatrickIn ProgressFY 2025 NRR ~112%; GRR ~94%
3.09Financial InformationCustomer count and average contract value (ACV) analysis2/19/20262/26/2026PT-3.09Andrew FitzpatrickIn Progress~4,200 active accounts; ACV ~$14,762
3.10Financial InformationBudget and financial projections — FY 2026 through FY 20282/19/2026OutstandingAndrew FitzpatrickOutstanding
4.01Material ContractsSchedule of all contracts with annual value > $100,000 or term > 1 year2/19/20262/22/2026PT-4.01Andrew FitzpatrickIn Progress
4.02Material ContractsMaster Subscription Agreement — standard form and any material deviations2/19/20262/22/2026PT-4.02Andrew FitzpatrickIn ProgressStandard form received; ~4,200 customers; reviewing for change-of-control and assignment provisions
4.03Material ContractsTerraLink Logistics, Inc. — Strategic Partnership Agreement (dated March 15, 2022)2/19/20262/22/2026PT-4.03Andrew FitzpatrickIn ProgressCRITICAL FLAG: Contains change-of-control consent provision requiring written consent of TerraLink for any change of control of MFW. Consent NOT yet obtained. ~$3,800,000 ARR (~6.1% of total ARR). 5-year term through March 14, 2027.
4.04Material ContractsBrindoval Data Solutions LLC — Cloud Hosting Agreement (dated September 1, 2023)2/19/20262/23/2026PT-4.04Andrew FitzpatrickIn Progress~$2,100,000 annual spend; 3-year initial term through August 31, 2026; auto-renews for successive 1-year periods
4.05Material ContractsSentinel Commerce Bank, N.A. — existing credit facility agreement2/19/20262/22/2026PT-4.05Andrew FitzpatrickComplete~$4,200,000 outstanding; facility to be repaid at closing; reviewing prepayment provisions
4.06Material ContractsAll contracts containing change-of-control, assignment, or consent provisions2/19/2026Partially ReceivedPT-4.06Andrew FitzpatrickPartially ReceivedTerraLink consent flagged as critical path item; reviewing other contracts for similar provisions
4.07Material ContractsTop 20 customer contracts by ARR2/19/20262/26/2026PT-4.07Naomi PetersenIn Progress
4.08Material ContractsAll vendor and supplier agreements with annual spend > $250,0002/19/2026OutstandingNaomi PetersenOutstanding
5.01Intellectual PropertySchedule of all registered trademarks, pending applications, and domain names2/19/20262/24/2026PT-5.01Naomi PetersenIn Progress
5.02Intellectual PropertySchedule of all patents and patent applications2/19/20262/24/2026PT-5.02Naomi PetersenCompleteMFW confirms no patents or patent applications
5.03Intellectual PropertyDescription of proprietary software — fleet management platform architecture, modules2/19/20262/25/2026PT-5.03Naomi PetersenIn ProgressCovers fleet management, route optimization, ELD compliance, maintenance scheduling, embedded payments
5.04Intellectual PropertyEmployee and contractor IP assignment and invention assignment agreements2/19/20262/25/2026PT-5.04Naomi PetersenIn ProgressCRITICAL FLAG: 3 former contractors engaged in 2015–2016 may NOT have executed IP assignment agreements covering their contributions to the MFW platform. Potential gap in chain of title to core software. Recommend obtaining retroactive assignments or SPA indemnification.
5.05Intellectual PropertyOpen-source software inventory and license compliance report2/19/2026OutstandingNaomi PetersenOutstanding
5.06Intellectual PropertyThird-party software license agreements2/19/20262/26/2026PT-5.06Naomi PetersenPartially Received
5.07Intellectual PropertyIP-related litigation, disputes, or cease-and-desist correspondence2/19/20262/24/2026PT-5.07Naomi PetersenCompleteMFW confirms none
5.08Intellectual PropertySource code escrow agreements (if any)2/19/2026OutstandingNaomi PetersenOutstanding
6.01Technology & Data PrivacyData privacy and security policies2/19/20262/25/2026PT-6.01Naomi PetersenIn ProgressMFW processes fleet GPS and driver-behavior data; reviewing compliance with Illinois BIPA, California CCPA, and other state privacy laws
6.02Technology & Data PrivacyDescription of data collected, stored, and processed (including GPS, telemetry, driver-behavior data)2/19/20262/25/2026PT-6.02Naomi PetersenIn Progress
6.03Technology & Data PrivacyData processing agreements / DPAs with customers and vendors2/19/2026OutstandingNaomi PetersenOutstanding
6.04Technology & Data PrivacySecurity audit reports, SOC 2 Type II reports, penetration testing results2/19/2026OutstandingNaomi PetersenOutstanding
6.05Technology & Data PrivacyData breach history and incident response documentation2/19/20262/26/2026PT-6.05Naomi PetersenIn Progress
6.06Technology & Data PrivacyBIPA compliance assessment (Illinois biometric data)2/19/2026OutstandingNaomi PetersenOutstandingFlagged for review — driver-behavior data may implicate biometric information
6.07Technology & Data PrivacyCCPA compliance program documentation (California)2/19/2026OutstandingNaomi PetersenOutstanding
7.01Real Property & LeasesMcLean HQ Lease — Westpark Corporate Center LP (15,000 sq ft; $42.00/sq ft; through June 30, 2029)2/19/20262/22/2026PT-7.01Naomi PetersenIn ProgressAnnual rent $630,000; reviewing change-of-control and assignment provisions
7.02Real Property & LeasesAustin Office Lease — Brazos Tower Management LLC (8,500 sq ft; $38.00/sq ft; through December 31, 2027)2/19/20262/22/2026PT-7.02Naomi PetersenIn ProgressAnnual rent $323,000; reviewing assignment/consent provisions
7.03Real Property & LeasesBoise Office Lease — Clearwater Realty Holdings Inc. (4,000 sq ft; $22.00/sq ft; through March 31, 2027)2/19/20262/22/2026PT-7.03Naomi PetersenIn ProgressAnnual rent $88,000; reviewing assignment/consent provisions
7.04Real Property & LeasesSchedule of all owned real property2/19/20262/22/2026PT-7.04Naomi PetersenCompleteMFW confirms it does not own any real property
7.05Real Property & LeasesLandlord consent requirements analysis — all three leases2/19/2026N/ANaomi PetersenIn ProgressUnder review as part of lease review memos
8.01Employment & BenefitsCensus of all employees by location, title, hire date, compensation2/19/20262/24/2026PT-8.01Andrew FitzpatrickIn Progress~310 employees across McLean (VA), Austin (TX), Boise (ID)
8.02Employment & BenefitsGarrett Holliday — Employment Agreement (effective January 1, 2023)2/19/20262/22/2026PT-8.02Andrew FitzpatrickCompleteBase salary $425,000; bonus target 75% ($318,750); 24-month CIC severance
8.03Employment & BenefitsDiana Vasquez-Park — Employment Agreement (effective January 1, 2023)2/19/20262/22/2026PT-8.03Andrew FitzpatrickCompleteBase salary $385,000; bonus target 60% ($231,000); 18-month CIC severance
8.04Employment & BenefitsAll other employment agreements, offer letters, and compensation arrangements for executive officers2/19/20262/25/2026PT-8.04Andrew FitzpatrickPartially ReceivedMarcus Trahan (CFO) — 150,000 common shares + 80,000 vested options; compensation terms under review
8.05Employment & BenefitsSummary of all employee benefit plans (health, dental, vision, 401(k), etc.)2/19/20262/26/2026PT-8.05Andrew FitzpatrickIn Progress
8.06Employment & BenefitsIndependent contractor agreements — all current engagements2/19/20262/26/2026PT-8.06Andrew FitzpatrickPartially ReceivedCRITICAL FLAG: ~25 independent contractors in product development; classification risk to be assessed. May have misclassification exposure.
8.07Employment & BenefitsSchedule of all severance and change-of-control arrangements2/19/20262/22/2026PT-8.07Andrew FitzpatrickIn ProgressHolliday 24-month CIC severance; Vasquez-Park 18-month CIC severance; reviewing for any other triggered obligations
8.08Employment & BenefitsEmployee handbook / policies manual2/19/2026OutstandingAndrew FitzpatrickOutstanding
8.09Employment & BenefitsNon-competition, non-solicitation, and confidentiality agreements for key employees2/19/20262/26/2026PT-8.09Andrew FitzpatrickPartially Received
8.10Employment & BenefitsPending or threatened employment-related litigation, claims, or agency complaints2/19/20262/26/2026PT-8.10Andrew FitzpatrickIn Progress
9.01TaxFederal and state income tax returns — FY 2022, FY 2023, FY 20242/19/2026OutstandingSylvia HartwellOutstanding
9.02TaxSales and use tax returns — all states where MFW files2/19/2026OutstandingSylvia HartwellOutstandingCRITICAL FLAG: Preliminary Whitmore Sandoval findings indicate MFW may have nexus in 6–8 states where it has NOT been collecting or remitting SaaS sales tax. Estimated exposure: $800,000–$1,400,000.
9.03TaxSchedule of all jurisdictions in which MFW files or is required to file tax returns2/19/2026OutstandingSylvia HartwellOutstandingCoordinating with Whitmore Sandoval Group (Daniel Ostroff) on nexus analysis
9.04TaxTax audit history — federal and state (last 5 years)2/19/2026OutstandingSylvia HartwellOutstanding
9.05TaxNet operating loss carryforward schedule2/19/2026OutstandingSylvia HartwellOutstanding
9.06TaxAnalysis of Section 338(h)(10) election eligibility and tax basis in assets2/19/2026OutstandingSylvia HartwellOutstandingNeeded for Sylvia Hartwell's 338(h)(10) election analysis
9.07TaxTransfer pricing documentation (if any intercompany transactions)2/19/20262/24/2026PT-9.07Sylvia HartwellCompleteMFW confirms no intercompany transactions
10.01Litigation & DisputesSchedule of all pending, threatened, or resolved litigation (last 5 years)2/19/20262/24/2026PT-10.01Andrew FitzpatrickIn Progress
10.02Litigation & DisputesSchedule of all governmental investigations or inquiries2/19/20262/24/2026PT-10.02Andrew FitzpatrickCompleteMFW confirms none
10.03Litigation & DisputesCopies of all settlement agreements (last 5 years)2/19/2026OutstandingAndrew FitzpatrickOutstanding
11.01Regulatory & ComplianceHSR Act filing analysis — transaction value and threshold assessment2/19/2026N/AAndrew FitzpatrickCompleteTransaction value $350,000,000 exceeds applicable HSR thresholds; filing required; estimated filing fee $350,000 (buyer obligation). No CFIUS concerns — all parties U.S.-domiciled.
11.02Regulatory & ComplianceRegulatory licenses, permits, and governmental approvals held by MFW2/19/20262/24/2026PT-11.02Andrew FitzpatrickCompleteMFW does not hold regulated licenses; no state regulatory approvals anticipated
11.03Regulatory & ComplianceELD regulatory compliance documentation (FMCSA)2/19/20262/26/2026PT-11.03Andrew FitzpatrickIn ProgressMFW provides ELD compliance tools; reviewing FMCSA requirements
11.04Regulatory & ComplianceCompliance program documentation and code of conduct2/19/2026OutstandingAndrew FitzpatrickOutstanding
12.01InsuranceSchedule of all insurance policies (D&O, E&O, cyber, general liability, property)2/19/20262/25/2026PT-12.01Naomi PetersenIn Progress
12.02InsuranceClaims history — last 3 years2/19/2026OutstandingNaomi PetersenOutstanding
13.01EnvironmentalEnvironmental compliance documentation and assessments2/19/20262/24/2026PT-13.01Naomi PetersenCompleteMFW is a SaaS company; no material environmental issues identified; leased office spaces only

[sheet: Critical Issues Log]

Issue No.Tracker Item Ref.CategoryIssue DescriptionSeverityOwner / ReviewerStatusRecommended ActionTarget Resolution DateNotes
CI-014.03Material ContractsTerraLink Logistics, Inc. Strategic Partnership Agreement contains change-of-control consent provision requiring written consent of TerraLink for any change of control of MFW. TerraLink is MFW's largest customer (~$3,800,000 ARR, ~6.1% of total ARR). Consent has NOT been obtained.CriticalAndrew FitzpatrickOpenEngage with HKA (Rachel Greenwald) to initiate TerraLink consent process immediately; consider making TerraLink consent a condition to closing in SPA; assess risk of non-consent and impact on deal value.3/15/20265-year term agreement dated March 15, 2022, expiring March 14, 2027. Must be resolved before SPA execution.
CI-025.04Intellectual Property3 former contractors engaged in 2015–2016 may not have executed IP assignment agreements covering their contributions to the MFW platform. Creates potential gap in chain of title to core proprietary software.CriticalNaomi PetersenOpenRequest MFW/HKA to identify the 3 contractors; attempt to obtain retroactive IP assignment agreements; if unable, address via specific indemnification and representations in SPA; flag for R&W insurance underwriting (Atlas Meridian Underwriters Ltd.).3/15/2026May also need to assess materiality of contributions for risk calibration.
CI-039.02TaxMFW may have sales tax nexus in 6–8 states where it has not been collecting or remitting SaaS sales tax. Estimated exposure: $800,000–$1,400,000 per preliminary Whitmore Sandoval Group findings.HighSylvia HartwellOpenCoordinate with Whitmore Sandoval Group (Daniel Ostroff, CPA) to identify specific states and periods; quantify exposure more precisely; consider voluntary disclosure agreements (VDAs); address allocation of liability in SPA (pre-closing tax indemnity or escrow adjustment).3/15/2026Whitmore Sandoval QofE analysis ongoing; awaiting detailed state-by-state breakdown.
CI-048.06Employment & BenefitsMFW utilizes approximately 25 independent contractors in product development roles. Potential worker misclassification risk under federal and state employment laws.HighAndrew FitzpatrickOpenRequest detailed contractor agreements and work descriptions; assess classification under IRS guidelines and applicable state laws (Virginia, Texas, Idaho); quantify potential liability for back wages, taxes, benefits; consider SPA indemnification provision.3/15/2026
CI-056.01 / 6.06 / 6.07Technology & Data PrivacyMFW processes fleet GPS and driver-behavior data; compliance with state biometric and privacy laws (Illinois BIPA, California CCPA, and other state laws) under review. Risk of non-compliance given nature of data collected.MediumNaomi PetersenOpenRequest detailed data mapping and privacy compliance documentation; assess whether driver-behavior data triggers BIPA obligations; review CCPA compliance program; consider privacy-related representations and indemnification in SPA.3/15/2026Awaiting privacy policy documents and SOC 2 reports

[sheet: Category Summary]

CategoryTotal ItemsCompleteIn ProgressPartially ReceivedOutstanding% CompleteCritical Flags
1. Corporate & Organizational9430244%0
2. Capitalization & Equity9341133%0
3. Financial Information10161210%0
4. Material Contracts8132213%1
5. Intellectual Property8221325%1
6. Technology & Data Privacy702050%1
7. Real Property & Leases5130120%0
8. Employment & Benefits10233220%1
9. Tax7100614%1
10. Litigation & Disputes3110133%0
11. Regulatory & Compliance4210150%0
12. Insurance201010%0
13. Environmental11000100%0
TOTAL85341882540%5

[sheet: Key Contacts]

RoleEntityContact NameTitleNotes
Buyer's Counsel — Responsible PartnerCalderwood & Harkness LLPJames PrenticePartner (M&A)277 Park Avenue, 45th Floor, New York, NY 10172
Buyer's Counsel — Billing PartnerCalderwood & Harkness LLPSandra TungPartner (M&A)
Buyer's Counsel — Tax SpecialistCalderwood & Harkness LLPSylvia HartwellPartner (Tax)Tax diligence and Section 338(h)(10) analysis
Buyer's Counsel — Lead AssociateCalderwood & Harkness LLPAndrew FitzpatrickAssociate (7th Year)Lead on contracts, employment, regulatory, financing review
Buyer's Counsel — Working Associate / Tracker OwnerCalderwood & Harkness LLPNaomi PetersenAssociate (4th Year)Maintains this tracker; lead on corporate, IP, real estate, privacy, insurance review
Target's Counsel — Lead PartnerHawthorne Kinsey & Alcott LLPRachel GreenwaldPartner (M&A)1900 K Street NW, Suite 1100, Washington, DC 20006
Target's Counsel — AssociateHawthorne Kinsey & Alcott LLPTimothy ChoAssociate Counsel
Buyer (Client) — Managing PartnerSolara Digital Infrastructure LPViktor SorensenManaging Partner1200 Market Street, Suite 2400, Wilmington, DE 19801
Buyer (Client) — Deal LeadSolara Digital Infrastructure LPClaire NakamuraPartner, Head of Software InvestingPrimary client contact for diligence matters
Target — CEOMeridian FleetWorks, Inc.Garrett HollidayCo-Founder & CEO8750 Westpark Drive, Suite 600, McLean, VA 22102
Target — CTOMeridian FleetWorks, Inc.Diana Vasquez-ParkCo-Founder & CTOAustin, TX
Target — CFOMeridian FleetWorks, Inc.Marcus TrahanCFO
Target's Financial AdvisorRedstone Arbor Capital LLCPriya ChandrasekaranManaging Director350 Park Avenue, 22nd Floor, New York, NY 10022
Buyer's Financial AdvisorCobalt Ridge Partners LLCOwen PrescottManaging Director600 Lexington Avenue, 15th Floor, New York, NY 10022
QofE Advisor (Buy-Side)Whitmore Sandoval Group LLCDaniel Ostroff, CPAEngagement Lead225 West Wacker Drive, Suite 1600, Chicago, IL 60606; coordinating on QofE and sales tax nexus
Target's AuditorsGlenmore Kessler & Associates PCLinda Chowdhury, CPAEngagement Partner7925 Jones Branch Drive, Suite 500, Tysons, VA 22102; auditor since FY 2019
Institutional ShareholderPinnacle Bluff Ventures LLCDouglas IrwinManaging Member4401 Fair Lakes Court, Suite 300, Fairfax, VA 22033; ~34.0% fully diluted
R&W Insurance BrokerTrident Peak Insurance Brokers Inc.Megan ForsytheAccount Executive55 East Monroe Street, Suite 3100, Chicago, IL 60603
R&W Insurance CarrierAtlas Meridian Underwriters Ltd.——140 Broadway, 30th Floor, New York, NY 10005; proposed $35M policy limit
Lender's CounselCascade & Whitfield LLPJonathan MayerLead Partner (Finance)51 West 52nd Street, New York, NY 10019
Lead Arranger / Admin AgentIronclad National Bank, N.A.——200 Liberty Street, New York, NY 10281; Commitment Ref: CL-INB-2026-0214
Co-LenderRidgeline Commercial Lending Corp.——101 Federal Street, Suite 2800, Boston, MA 02110
Escrow AgentNorthgate Escrow Services LLC——100 Summer Street, Suite 800, Boston, MA 02110
Existing Lender (Payoff)Sentinel Commerce Bank, N.A.——2100 Wilson Boulevard, Suite 700, Arlington, VA 22201; ~$4,200,000 outstanding

[sheet: Key Dates & Milestones]

DateMilestone / EventStatusNotes
1/8/2026Solara receives CIM from Redstone Arbor Capital; NDA signedCompleted
1/22/2026Solara submits initial indication of interest ($320M–$370M range)Completed
2/3/2026Solara selected for Phase 2; VDR access granted via Thackeray Solutions (Project Trident)Completed
2/10/2026Calderwood & Harkness engagement letter executed (Ref: 1041-00004)Completed
2/12/2026C&H retainer ($150,000) receivedCompleted
2/14/2026Ironclad National Bank debt commitment letter delivered (Ref: CL-INB-2026-0214)Completed$175M senior secured credit facility
2/18/2026LOI signed (Ref: LOI-MFW-2026-0218); matter opened (1041-00004); exclusivity beginsCompleted60-day exclusivity through April 19, 2026
2/19/2026Due diligence request list transmitted to HKACompleted
2/25/2026Exclusivity deposit due ($2,500,000 to Northgate Escrow Services LLC)Completed5 business days after LOI execution
3/15/2026Buyer's diligence completion deadline (per LOI)UpcomingTARGET DATE — all critical items must be resolved or risk-assessed
3/31/2026Target SPA execution dateUpcomingFirst draft SPA in preparation
4/19/2026Exclusivity period expiresUpcoming60 days from February 18, 2026
4/30/2026Target closing dateUpcomingSubject to HSR clearance and other conditions
6/30/2026Outside date for closingUpcomingDrop-dead date per LOI
8/31/2026Brindoval Data Solutions cloud hosting agreement — initial term expirationUpcomingAuto-renews for successive 1-year periods
3/14/2027TerraLink Strategic Partnership Agreement — 5-year term expirationUpcomingChange-of-control consent must be obtained before closing
3/31/2027Boise office lease expiration (Clearwater Realty Holdings Inc.)Upcoming
10/31/2027R&W escrow 18-month release date (if closing April 30, 2026)Upcoming$17,500,000 escrow at Northgate Escrow
12/31/2027Austin office lease expiration (Brazos Tower Management LLC)Upcoming
6/30/2029McLean HQ office lease expiration (Westpark Corporate Center LP)Upcoming