[sheet: Closing Checklist]
Item No. | Category | Description | APA Reference | Responsible Party | Target Date | Actual Delivery Date | Status | Notes
1 | Transaction Documents — Signing | Asset Purchase Agreement (Execution Version) — executed by Nexford Industrial Holdings Inc. (Buyer), Pinnacle Metal Fabricators LLC and its Members (Gerald T. Brennan, Sandra L. Brennan, Derek J. Kopp) (collectively, Sellers) | — | Calderwood & Harkness LLP / Halverson Burke & Crane LLP | 2023-09-05 | 2023-09-05 | Satisfied | Fully executed APA, including all exhibits (Exhibit C — Acquired Business EBITDA Methodology). Governed by New York law. Total consideration: $30,000,000 ($24,000,000 closing cash + up to $6,000,000 earnout).
2 | Transaction Documents — Signing | Disclosure Schedules to the APA — Seller's disclosure schedules setting forth exceptions to representations and warranties | Article III | Halverson Burke & Crane LLP (Seller's Counsel) | 2023-09-05 | 2023-09-05 | Satisfied | Delivered concurrently with APA execution. Covers material contracts, employee matters (74 employees), environmental, equipment listings, IP (Pinnacle trade name), customer/supplier concentrations, tax, litigation, and assumed liabilities.
3 | Buyer Conditions Precedent — Closing Deliverables | Bill of Sale — executed by Pinnacle Metal Fabricators LLC conveying all tangible personal property to Nexford | Section 8.02 | Halverson Burke & Crane LLP (Seller's Counsel) | 2023-10-20 | 2023-10-24 | Satisfied | Covers CNC plasma and laser cutting equipment (14 machines), two overhead bridge cranes, rolling stock (8 flatbed trucks, 3 forklifts), inventory, and all other tangible Acquired Assets. Delivered at closing.
4 | Buyer Conditions Precedent — Closing Deliverables | Assignment and Assumption Agreement — executed by Pinnacle (assignor) and Nexford (assignee) for Assumed Contracts and Assumed Liabilities | Section 8.02 | Calderwood & Harkness LLP / Halverson Burke & Crane LLP | 2023-10-20 | 2023-10-24 | Satisfied | Assigns Lakeshore Realty Partners LLC facility lease (1127 Industrial Parkway, Hammond, IN; expires 12/31/2028; $66,000/month NNN), Ironclad Bridge & Infrastructure Co. MSA, Calumet Steel Distributors Inc. supply agreement. Assumes trade payables (~$1,100,000) and accrued employee vacation (~$186,000).
5 | Buyer Conditions Precedent — Closing Deliverables | Escrow Agreement — tri-party agreement among Nexford, Gerald T. Brennan (as Seller Representative), and Commonwealth Escrow Services Inc. | Section 8.02 | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | $3,000,000 indemnification escrow. Held for 18 months; release on or after April 24, 2025, net of pending claims. Contact: Margaret H. Velasquez, VP. Commonwealth Escrow Services Inc., 140 Broadway, 30th Floor, New York, NY 10005.
6 | Buyer Conditions Precedent — Closing Deliverables | Transition Services Agreement — executed by Nexford and Gerald T. Brennan | Section 8.02 | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | 12-month consulting engagement at $18,000/month ($216,000 annualized). Includes non-compete (3 years, 150-mile radius from Hammond, IN) and non-solicit (3 years). TSA expires October 24, 2024.
7 | Buyer Conditions Precedent — Closing Deliverables | Non-Competition and Non-Solicitation Agreement — executed by all three Pinnacle Members (Gerald T. Brennan, Sandra L. Brennan, Derek J. Kopp) | Section 8.02 | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Brennan: 3-year non-compete (150-mile radius from Hammond, IN), 3-year non-solicit (expires 10/24/2026). Sandra Brennan: 2-year non-solicit. Kopp: 18-month non-compete, 18-month non-solicit. Governed by New York law.
8 | Third-Party Consents | Lender Consent — Greystone National Bank, N.A. consent under Section 7.04 of the Amended and Restated Senior Secured Revolving Credit Agreement (dated February 10, 2023; original dated March 15, 2021) for acquisitions exceeding $5,000,000 | Section 8.01(d) | Calderwood & Harkness LLP / Danielle K. Cho (Nexford CFO) | 2023-10-06 | 2023-10-06 | Satisfied | Consent letter dated October 6, 2023. Authorizes $20,000,000 revolver draw to partially fund $24,000,000 closing payment. Contact: Andrew F. Liang, Relationship Manager, Greystone National Bank, N.A., 500 West Madison Street, Suite 2800, Chicago, IL 60661.
9 | Buyer Conditions Precedent — Closing Deliverables | Legal Opinion of Seller's Counsel — opinion letter from Halverson Burke & Crane LLP regarding Pinnacle's due organization, authority, enforceability, and no-conflicts | Section 8.02 | Halverson Burke & Crane LLP (Thomas A. Gilroy / Jessica N. Farrow) | 2023-10-20 | 2023-10-24 | Satisfied | Delivered at closing. Covers due organization under Indiana law, authority to execute APA and ancillary documents, enforceability, and absence of conflicts. Halverson Burke & Crane LLP, 350 North Meridian Street, Suite 1400, Indianapolis, IN 46204.
10 | Buyer Conditions Precedent — Closing Deliverables | Officer's Certificate of Seller — certificate of Managing Member of Pinnacle certifying accuracy of representations and warranties and compliance with covenants as of Closing Date | Section 8.02 | Halverson Burke & Crane LLP | 2023-10-20 | 2023-10-24 | Satisfied | Executed by Gerald T. Brennan as Managing Member of Pinnacle Metal Fabricators LLC.
11 | Seller Conditions Precedent — Closing Deliverables | Officer's Certificate of Buyer — certificate of authorized officer of Nexford certifying accuracy of representations and warranties and compliance with covenants as of Closing Date | Section 9.02 | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Executed by Marcus R. Haverford, CEO of Nexford Industrial Holdings Inc.
12 | Buyer Conditions Precedent — Closing Deliverables | FIRPTA Certificate — Seller's certification of non-foreign status pursuant to Treasury Regulations Section 1.1445-2(b)(2) | Section 8.02 | Halverson Burke & Crane LLP | 2023-10-20 | 2023-10-24 | Satisfied | Certificates executed by each Pinnacle Member (Gerald T. Brennan, Sandra L. Brennan, Derek J. Kopp) confirming U.S. person status. Pinnacle EIN: 27-1684352.
13 | Insurance | R&W Insurance Binder — Representations and Warranties insurance policy binder from Sentinel Specialty Insurance Company | Section 8.01(e) | Ashford & Meridian Insurance Brokers LLC (Nathan R. Caldwell) | 2023-10-20 | 2023-10-24 | Satisfied | Policy No. SSI-RW-2023-04718. $9,000,000 limit; $750,000 retention (satisfied first from indemnification escrow). Premium ~$225,000 (~2.5% rate on limit), paid by Buyer. Broker: Ashford & Meridian Insurance Brokers LLC, 70 West Madison Street, Suite 1200, Chicago, IL 60602.
14 | Closing Funding | Closing Funds Flow Memorandum — Calderwood & Harkness LLP memorandum setting forth sources, amounts, and wire instructions for all closing disbursements | — | Ryan Kowalski / Naomi Petersen (Calderwood & Harkness LLP) | 2023-10-20 | 2023-10-24 | Satisfied | Sources: $20,000,000 revolver draw (Greystone) + $4,000,000 cash on hand = $24,000,000. Disbursements: $21,000,000 net cash to Pinnacle Members (Brennan 65% = $13,650,000; Sandra Brennan 20% = $4,200,000; Kopp 15% = $3,150,000) and $3,000,000 to Commonwealth Escrow. Reviewed by Oliver Mackenzie.
15 | Buyer Conditions Precedent — Closing Deliverables | Secretary's Certificate of Seller — certificate of secretary or authorized person of Pinnacle attaching organizational documents, resolutions authorizing transaction, and incumbency | Section 8.02 | Halverson Burke & Crane LLP | 2023-10-20 | 2023-10-24 | Satisfied | Attaches Pinnacle certificate of formation, operating agreement, and member resolutions. Indiana SOS Entity ID: 2006041500237. Registered Agent: Hoosier Registered Agents Inc., 201 South Capitol Avenue, Indianapolis, IN 46225.
16 | Seller Conditions Precedent — Closing Deliverables | Secretary's Certificate of Buyer — certificate of secretary of Nexford attaching certificate of incorporation, bylaws, board resolutions, and incumbency | Section 9.02 | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Nexford Industrial Holdings Inc., a Delaware corporation. EIN: 84-3291047. Headquarters: 4200 West Lake Shore Drive, Suite 800, Chicago, IL 60604. Board resolutions include approval of transaction and authorization of officers to execute closing documents.
17 | Third-Party Consents | Ironclad Bridge & Infrastructure Co. — Consent to assignment of Master Supply Agreement | Schedule 4.04 / Section 8.01(d) | Halverson Burke & Crane LLP / Seller | 2023-10-20 | 2023-10-19 | Satisfied | Ironclad is Pinnacle's largest customer (~28% of LTM revenue, ~$5,152,000). MSA 3-year term through June 2025. Consent received October 19, 2023.
18 | Third-Party Consents | Lakeshore Realty Partners LLC — Landlord consent to assignment of facility lease for 1127 Industrial Parkway, Hammond, IN 46320 | Schedule 4.04 / Section 8.01(d) | Halverson Burke & Crane LLP / Seller | 2023-10-20 | 2023-10-17 | Satisfied | 48,000 sq. ft. fabrication facility. 10-year lease expiring December 31, 2028. Base rent $16.50/sq. ft./yr = $792,000/year ($66,000/month), NNN. Consent received October 17, 2023.
19 | Third-Party Consents | Calumet Steel Distributors Inc. — Consent to assignment of supply agreement (if required) | Schedule 4.04 / Section 8.01(d) | Halverson Burke & Crane LLP / Seller | 2023-10-20 | 2023-10-12 | Satisfied | Primary raw material supplier; annual volume commitment ~$4,800,000; 2-year term through March 2025. Consent received October 12, 2023.
20 | Due Diligence / Reports | Quality of Earnings Report — Whitfield & Pryor LLP financial due diligence report on Pinnacle | — | Whitfield & Pryor LLP (Robert C. Underhill) | 2023-08-25 | 2023-08-22 | Satisfied | QoE completed during diligence phase. Pinnacle LTM Revenue: ~$18,400,000; LTM Adj. EBITDA: ~$3,700,000 (20.1% margin). Implied EV/EBITDA: ~8.1x (total consideration) / ~6.5x (closing cash). Whitfield & Pryor LLP, 155 North Wacker Drive, Suite 2100, Chicago, IL 60606.
21 | Due Diligence / Reports | Phase I Environmental Site Assessment — Clearpath Environmental Advisors Inc. ESA of 1127 Industrial Parkway, Hammond, IN | — | Clearpath Environmental Advisors Inc. (Elena M. Rivas) | 2023-08-25 | 2023-08-18 | Satisfied | No recognized environmental conditions requiring remediation identified. Clearpath Environmental Advisors Inc., 8800 Calumet Avenue, Suite 300, Munster, IN 46321.
22 | Regulatory / Filings | HSR Act Filing | Section 8.01(c) | N/A | N/A | N/A | N/A | Not required — transaction value of $30,000,000 is below the 2023 HSR threshold of $111,400,000.
23 | Regulatory / Filings | Indiana Bulk Sales Compliance — Seller's affidavit of no undisclosed creditors | Section 8.02 | Halverson Burke & Crane LLP / Seller | 2023-10-20 | 2023-10-10 | Satisfied | Indiana has not enacted Article 6 of UCC; parties nonetheless obtained Seller's affidavit as a precautionary measure. Bulk sales waiver obtained.
24 | Regulatory / Filings | Indiana Sales Tax Exemption — Form ST-108E filing for casual sale of business assets | Section 2.07 | Calderwood & Harkness LLP / Nexford | 2023-10-24 | 2023-10-24 | Satisfied | Filed pursuant to IC 6-2.5-5-8 (Indiana sales tax exemption for casual sale of business assets).
25 | Buyer Conditions Precedent — Closing Deliverables | Good Standing Certificate — Pinnacle Metal Fabricators LLC, Indiana Secretary of State | Section 8.02 | Halverson Burke & Crane LLP | 2023-10-20 | 2023-10-16 | Satisfied | Certificate of good standing for Pinnacle Metal Fabricators LLC, Indiana SOS, Entity ID 2006041500237. Dated within 10 business days of Closing Date.
26 | Seller Conditions Precedent — Closing Deliverables | Good Standing Certificate — Nexford Industrial Holdings Inc., Delaware Secretary of State | Section 9.02 | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-18 | Satisfied | Certificate of good standing for Nexford Industrial Holdings Inc., Delaware SOS. Dated within 10 business days of Closing Date.
27 | Closing Funding | Wire Transfer — $20,000,000 revolver draw from Greystone National Bank, N.A. to Calderwood & Harkness LLP closing escrow / trust account | — | Danielle K. Cho (Nexford CFO) / Andrew F. Liang (Greystone) | 2023-10-20 | 2023-10-24 | Satisfied | Draw under $75,000,000 Senior Secured Revolving Credit Facility. Prior outstanding: $32,000,000. Post-draw pro forma availability: $23,000,000.
28 | Closing Funding | Wire Transfer — $4,000,000 cash on hand from Nexford to Calderwood & Harkness LLP closing escrow / trust account | — | Danielle K. Cho (Nexford CFO) | 2023-10-20 | 2023-10-24 | Satisfied | Combined with revolver draw for total closing cash of $24,000,000.
29 | Closing Funding | Wire Transfer — $3,000,000 to Commonwealth Escrow Services Inc. indemnification escrow account | — | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Indemnification escrow funded at closing. Escrow release date: April 24, 2025 (18 months post-closing).
30 | Closing Funding | Wire Transfer — $13,650,000 to Gerald T. Brennan (65% of $21,000,000 net cash to Seller) | — | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Per funds flow memorandum.
31 | Closing Funding | Wire Transfer — $4,200,000 to Sandra L. Brennan (20% of $21,000,000 net cash to Seller) | — | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Per funds flow memorandum.
32 | Closing Funding | Wire Transfer — $3,150,000 to Derek J. Kopp (15% of $21,000,000 net cash to Seller) | — | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Per funds flow memorandum.
33 | Employment / Transition | Derek J. Kopp Employment Agreement — retained as Plant Manager by Nexford | Section 8.01(f) | Calderwood & Harkness LLP | 2023-10-20 | 2023-10-24 | Satisfied | Base salary $145,000/year; eligible for Nexford annual bonus plan; 18-month non-compete and non-solicit.
34 | Employment / Transition | Employee Retention — confirmation of offers to 71 of 74 Pinnacle employees | Section 8.01(f) | Nexford (Philip M. Stanhope / HR) | 2023-10-20 | 2023-10-20 | Satisfied | 3 administrative positions eliminated as redundant with Nexford shared services. 42 shop floor, 18 field installation, and 11 office/management employees retained.
35 | Post-Closing Obligations | Purchase Price Allocation — to be completed within 120 days of Closing per APA Section 2.07 | Section 2.07 | Calderwood & Harkness LLP / Whitfield & Pryor LLP | 2024-02-21 | — | Pending | Deadline: February 21, 2024. Preliminary allocation: Tangible personal property $8,200,000; Real property leasehold $1,400,000; Inventory $2,600,000; Customer contracts/backlog $3,800,000; Trade name $1,500,000; Non-compete agreements $900,000; Goodwill (residual) $11,600,000. Earnout contingent consideration included at estimated fair value.
36 | Post-Closing Obligations | Earnout Period 1 — 12-month measurement period ending October 31, 2024; EBITDA target: $4,200,000; earnout payment up to $3,000,000; due within 90 days (January 29, 2025) | Section 2.06 / Exhibit C | Nexford (Danielle K. Cho, CFO) | 2025-01-29 | — | Pending | Linear pro-rata for EBITDA between $3,700,000 and $4,200,000. Below $3,700,000: $0. EBITDA per Exhibit C methodology, excluding Nexford corporate allocations. Dispute resolution: 30-day negotiation, then Calder & Fitch LLP (Indianapolis).
37 | Post-Closing Obligations | Earnout Period 2 — 12-month measurement period ending October 31, 2025; EBITDA target: $4,800,000; earnout payment up to $3,000,000; due within 90 days (January 29, 2026) | Section 2.06 / Exhibit C | Nexford (Danielle K. Cho, CFO) | 2026-01-29 | — | Pending | Linear pro-rata for EBITDA between $4,200,000 and $4,800,000. Below $4,200,000: $0.
38 | Post-Closing Obligations | Escrow Release — release of $3,000,000 indemnification escrow (net of pending claims) from Commonwealth Escrow Services Inc. to Seller | Escrow Agreement Section 4 | Commonwealth Escrow Services Inc. / Calderwood & Harkness LLP | 2025-04-24 | — | Pending | 18 months post-closing. Indemnification cap: $9,000,000 (30% of $30M). Basket: $300,000 (tipping). De minimis: $25,000/claim. Survival: 18 months (general); 36 months (fundamental reps, to 10/24/2026); SOL+60 days (tax); indefinite (fraud).
39 | Title / Equipment Clearance | Equipment title clearance — UCC search and lien releases for all Acquired Assets (tangible personal property) | Section 8.01(a) | Halverson Burke & Crane LLP / Seller | 2023-10-20 | 2023-10-24 | Satisfied | 4-day delay from target closing date of October 20, 2023, due to final title clearance on equipment. All liens released and UCC-3 termination statements filed prior to actual closing on October 24, 2023.
Prepared by: | Naomi Petersen, Lead Associate, and Ryan Kowalski, Working Associate, Calderwood & Harkness LLP
Reviewed by: | Oliver Mackenzie, Responsible Partner, Calderwood & Harkness LLP
Matter: | Nexford Industrial Holdings Inc. — Asset Acquisition of Pinnacle Metal Fabricators LLC
Key Dates: | APA Date: September 5, 2023 | Target Closing: October 20, 2023 | Actual Closing: October 24, 2023
Firm: | Calderwood & Harkness LLP, 120 South LaSalle Street, Suite 4500, Chicago, IL 60603
[sheet: Key Contacts]
Role | Entity / Firm | Key Contact | Title | Address | Phone / Email
Buyer | Nexford Industrial Holdings Inc. | Philip M. Stanhope | General Counsel | 4200 West Lake Shore Drive, Suite 800, Chicago, IL 60604 | [placeholder]
Buyer — CEO | Nexford Industrial Holdings Inc. | Marcus R. Haverford | CEO | 4200 West Lake Shore Drive, Suite 800, Chicago, IL 60604 | [placeholder]
Buyer — CFO | Nexford Industrial Holdings Inc. | Danielle K. Cho | CFO | 4200 West Lake Shore Drive, Suite 800, Chicago, IL 60604 | [placeholder]
Seller — Managing Member | Pinnacle Metal Fabricators LLC | Gerald T. Brennan | Managing Member (65%) | 1127 Industrial Parkway, Hammond, IN 46320 | [placeholder]
Seller — Member | Pinnacle Metal Fabricators LLC | Sandra L. Brennan | Member (20%) | 1127 Industrial Parkway, Hammond, IN 46320 | [placeholder]
Seller — Member / VP Operations | Pinnacle Metal Fabricators LLC | Derek J. Kopp | Member (15%), VP of Operations | 1127 Industrial Parkway, Hammond, IN 46320 | [placeholder]
Buyer's PE Sponsor | Bramblewood Capital Partners, LP | Catherine E. Moreau | Deal Partner / Board Observer | 200 South Wacker Drive, Suite 3100, Chicago, IL 60606 | [placeholder]
Buyer's PE Sponsor — Managing Partner | Bramblewood Capital Partners, LP | Liam S. Ashford | Managing Partner | 200 South Wacker Drive, Suite 3100, Chicago, IL 60606 | [placeholder]
Buyer's Counsel | Calderwood & Harkness LLP | Oliver Mackenzie | Responsible Partner, M&A | 120 South LaSalle Street, Suite 4500, Chicago, IL 60603 | [placeholder]
Buyer's Counsel — Billing Partner | Calderwood & Harkness LLP | Harrison Wexford | Billing Partner, M&A | 120 South LaSalle Street, Suite 4500, Chicago, IL 60603 | [placeholder]
Buyer's Counsel — Lead Associate | Calderwood & Harkness LLP | Naomi Petersen | Lead Associate, M&A | 120 South LaSalle Street, Suite 4500, Chicago, IL 60603 | [placeholder]
Buyer's Counsel — Working Associate | Calderwood & Harkness LLP | Ryan Kowalski | Working Associate, M&A | 120 South LaSalle Street, Suite 4500, Chicago, IL 60603 | [placeholder]
Seller's Counsel | Halverson Burke & Crane LLP | Thomas A. Gilroy | Lead Partner, M&A | 350 North Meridian Street, Suite 1400, Indianapolis, IN 46204 | [placeholder]
Seller's Counsel — Associate | Halverson Burke & Crane LLP | Jessica N. Farrow | Associate, M&A | 350 North Meridian Street, Suite 1400, Indianapolis, IN 46204 | [placeholder]
Lender | Greystone National Bank, N.A. | Andrew F. Liang | Relationship Manager | 500 West Madison Street, Suite 2800, Chicago, IL 60661 | [placeholder]
Escrow Agent | Commonwealth Escrow Services Inc. | Margaret H. Velasquez | Vice President | 140 Broadway, 30th Floor, New York, NY 10005 | [placeholder]
Financial Diligence Advisor | Whitfield & Pryor LLP | Robert C. Underhill | Engagement Partner | 155 North Wacker Drive, Suite 2100, Chicago, IL 60606 | [placeholder]
Environmental Consultant | Clearpath Environmental Advisors Inc. | Elena M. Rivas | Project Manager | 8800 Calumet Avenue, Suite 300, Munster, IN 46321 | [placeholder]
R&W Insurance Broker | Ashford & Meridian Insurance Brokers LLC | Nathan R. Caldwell | Broker Contact | 70 West Madison Street, Suite 1200, Chicago, IL 60602 | [placeholder]
R&W Insurance Carrier | Sentinel Specialty Insurance Company | — | — | — | Policy No. SSI-RW-2023-04718
Earnout Dispute Accountant | Calder & Fitch LLP | — | (To be engaged if needed) | Indianapolis, IN | [placeholder]
Landlord | Lakeshore Realty Partners LLC | — | — | — | [placeholder]
Key Customer | Ironclad Bridge & Infrastructure Co. | — | — | — | [placeholder]
Key Supplier | Calumet Steel Distributors Inc. | — | — | — | [placeholder]
Seller's Registered Agent | Hoosier Registered Agents Inc. | — | — | 201 South Capitol Avenue, Indianapolis, IN 46225 | [placeholder]
[sheet: Key Dates]
Event | Date | Status | Notes
Engagement Opened / LOI Executed | 2023-07-11 | Complete | Calderwood & Harkness LLP engaged by Nexford; LOI between Nexford and Pinnacle
Exclusivity Period Expires | 2023-09-15 | Expired | 66-day exclusivity window from July 11 to September 15, 2023
Due Diligence Substantially Complete | 2023-08-25 | Complete | Financial DD by Whitfield & Pryor LLP; Environmental ESA by Clearpath Environmental Advisors Inc.
APA Signed | 2023-09-05 | Complete | Asset Purchase Agreement executed by all parties
Greystone Lender Consent Received | 2023-10-06 | Complete | Consent under Section 7.04 of Credit Agreement
Calumet Steel Consent Received | 2023-10-12 | Complete | Consent to assignment of supply agreement
Good Standing Certificate — Pinnacle (Indiana SOS) | 2023-10-16 | Complete | Entity ID 2006041500237; dated within 10 business days of Closing
Lakeshore Realty Landlord Consent Received | 2023-10-17 | Complete | Consent to assignment of facility lease, 1127 Industrial Parkway, Hammond, IN
Good Standing Certificate — Nexford (Delaware SOS) | 2023-10-18 | Complete | Dated within 10 business days of Closing
Ironclad Bridge Consent Received | 2023-10-19 | Complete | Consent to assignment of Master Supply Agreement; Pinnacle's largest customer (~28% LTM revenue)
Target Closing Date | 2023-10-20 | Delayed | 4-day delay due to final equipment title clearance
Actual Closing Date | 2023-10-24 | Complete | All closing deliverables satisfied; funds disbursed
Purchase Price Allocation Deadline | 2024-02-21 | Pending | 120 days post-closing per APA Section 2.07
Brennan TSA Expires | 2024-10-24 | Pending | 12 months post-closing
Earnout Period 1 Ends | 2024-10-31 | Pending | EBITDA target: $4,200,000; max payout: $3,000,000
Earnout Period 1 Payment Due | 2025-01-29 | Pending | 90 days after end of Period 1
Escrow Release Date | 2025-04-24 | Pending | 18 months post-closing; $3,000,000 released net of pending claims
Earnout Period 2 Ends | 2025-10-31 | Pending | EBITDA target: $4,800,000; max payout: $3,000,000
Earnout Period 2 Payment Due | 2026-01-29 | Pending | 90 days after end of Period 2
Fundamental Representations Survival Expires | 2026-10-24 | Pending | 36 months post-closing (organization, authority, title to assets, brokers)
Brennan Non-Compete Expires | 2026-10-24 | Pending | 3 years post-closing; 150-mile radius from Hammond, IN
Facility Lease Expires | 2028-12-31 | Pending | Lakeshore Realty Partners LLC; 1127 Industrial Parkway, Hammond, IN