| Matter / Workstream | Priority | Status | LW Lead | Who Has the Pen | Summary / Next Steps | Key Dates | |
|---|---|---|---|---|---|---|---|
| CyrusOne PSA | CRITICAL | Active | Hilary Strong | See sub-items | 2.16 GW powered land PSA. LW markup delivered 3/18 with 19 items, Aaron responded 3/19. LW internal catch-up today, full call tomorrow before 11 CT. | 4/17 — Exclusivity | |
| PSA Agreement | Markup in progress | Dom / Dustin | LW (incorporating Aaron's responses) | LW to produce revised draft with Aaron's 3/19 answers + Stephen's comments + Katie's AEP input. | |||
| LOI / First Amendment | Ready for signing | Lauren | Aaron | Grieger sent revised First Amendment with 4/17 date. Aaron needs to approve for DocuSign execution. | |||
| AEP Interconnection Agmt | Not started | Lauren | N/A | Haven't received from AEP. Katie only sent redacted sample. Separate from CyrusOne PSA. | |||
| Sandton Financing | CRITICAL | Active | Lauren Anderson | See sub-items | $100M credit facility. Multiple parallel workstreams. New Bracewell Credit Agreement draft received 3/19. | 4/1 — Close target | |
| Credit Agreement | Active | Pamela Kellet | Aaron (new BW draft 3/19) | New Bracewell draft received 3/19 via Lauren. Pamela addressed 7.01(b) feedback. | |||
| Warrant / Equity Agmt | Being restructured | Lauren / Vera | LW — Vera | Vera restructuring from warrant to equity agreement. | |||
| Letter Agreement | Aaron responded 3/18 | Lauren / Vera | LW — Vera | Aaron replied in Warrant thread 3/18. Ball back with LW. | |||
| Side Letter | Drafting | Lauren / Vera | LW — Vera | Vera drafting with Aaron's feedback (non-compete non-starter). May consolidate into A&R LLCA. | |||
| A&R LLC Agreement | Drafting | Lauren / Vera | LW — Vera | Vera drafting. | |||
| Initial Distribution | Aaron owes valuation | Lauren | Aaron | Aaron owes Lauren valuation amount for Gulf Nexus investment. LW will draft subscription docs + resolution. Consolidates former $1M distribution + comp structure. | |||
| Pref-to-Common Conversion | Depends on valuation | Lauren / Vera | Aaron | Value driven by Aaron's Gulf Nexus investment valuation decision. | |||
| Subscription Docs | Not started | Lauren | Aaron | After valuation; LW to draft making Aaron a common member. | |||
| Board Resolution | Not started | LW | LW | After subscription docs; authorizes investment + distribution. | |||
| Security Agreement | Not started | Pamela | TBD | Pending Credit Agreement progress. | |||
| EDF Acquisition | CRITICAL | Stalled (EDF) | Alice Parker | EDF | 4 agreements, all stalled at EDF. Aaron briefed Alice on LOC mechanics + HV terms after Tuesday Stella call. Back-to-back provisions needed for CyrusOne PSA. | ||
| Apollo MIPA | Awaiting EDF draft | Alice | EDF | Awaiting EDF first draft. Stella briefed on key issues from Tuesday call. | |||
| Cernan MIPA | Awaiting EDF draft | Alice | EDF | Awaiting EDF first draft. | |||
| Land Purchase Agreement | Awaiting EDF draft | Alice | EDF | Awaiting EDF first draft. | |||
| HV Equipment Purchase | Awaiting EDF draft | Alice | EDF | Alice to incorporate Aaron's email re: LOC mechanics and HV terms. | |||
| Tax & Comp Issues | Normal | Active | Jim Cole / Laura S. | See sub-items | $1M distribution restructured as initial distribution (under Sandton). Valuation (Jim/Deloitte) is separate but connected. | 6/1 — DE LLC fees | |
| Valuation (Jim Cole / Deloitte) | Active | Jim Cole | Aaron | Aaron's investment valuation drives pref-to-common conversion + advisor thresholds. Jim/Deloitte call happened. | |||
| Mathis Acquisition | Normal | Active | Lauren Anderson | Sandton | 1GW site via FrontierGen. Aaron rewrote LOI 3/11, with Sandton for review. LW oversight only. |
| # | Matter | Type | Date | From → To | Item | Owner | |
|---|---|---|---|---|---|---|---|
| 1 | Sandton Financing | Action Required | 3/19 | Aaron → Lauren | Provide Gulf Nexus investment valuation amount to Lauren. Drives initial distribution, pref-to-common conversion, and advisor thresholds. | Aaron | |
| 2 | CyrusOne PSA | Action Required | 3/19 | Grieger → Aaron | Approve revised First Amendment (LOI extension to 4/17) so Grieger can send DocuSign execution version. | Aaron | |
| 3 | Sandton Financing | Waiting on LW | 3/19 | Lauren → Joanna | Guarantor scope: Lauren asked Joanna whether Sandton wants guarantors beyond Pledgor + ProjectCo equity. | Joanna Zhao | |
| 4 | CyrusOne PSA | Waiting on LW | 3/19 | Aaron → Dom/Dustin | LW to incorporate Aaron's PSA responses and Stephen's comments into next draft. | LW (Dom/Dustin) | |
| 5 | Sandton Financing | Waiting on LW | 3/10 | Aaron → Vera | Vera drafting side letter markup incorporating Aaron's feedback: non-compete is a non-starter, open to reconsidering if other terms change. | Vera Bespalova |
| # | Matter | Type | Opened | Closed | Item | Resolution |
|---|---|---|---|---|---|---|
| 1 | Sandton Financing | Resolved | 3/5 | 3/18 | Review LW March 5 markup on Letter Agreement | Aaron replied 3/18 in Warrant thread — confirmed Voting Common Units, LLCA integration. Lauren confirmed. |
| 2 | Sandton Financing | Resolved | 3/18 | 3/18 | Confirm Voting Common Units or Non-Voting for Sandton | Aaron confirmed Voting Common Units. |
| 3 | Sandton Financing | Resolved | 3/18 | 3/18 | Should forced sale / negative consent move into LLCA? | Aaron prefers LLCA. Lauren confirmed. |
| 4 | CyrusOne PSA | Resolved | 2/23 | 3/18 | LW to prepare PSA markup | Dominique sent markup 3/18. Aaron responded 3/19. |
| 5 | Sandton Financing | Resolved | 3/3 | 3/19 | Address Aaron's feedback on Credit Agreement 7.01(b) | Pamela addressed. New Bracewell draft received 3/19. |
| 6 | Sandton Financing | Resolved | 3/3 | 3/19 | Send LW Credit Agreement draft to Bracewell | Bracewell received and returned new draft 3/19. |
| 7 | Sandton Financing | Resolved | 2/20 | 1/29 | Review updated Sandton term sheet | Finalized and executed January 2026. |
| 8 | CyrusOne PSA | Resolved | 3/18 | 3/19 | Counsel review of LOI extension strategy | Stephen reviewed 3/18. 4/17 agreed with Grieger. |
| 9 | Tax & Comp | Resolved | 2/20 | 3/19 | Valuation methodology discussion (Jim Cole / Deloitte) | Call happened. Aaron's investment value drives everything. |
| 10 | Tax & Comp | Superseded | 3/4 | 3/19 | Draft services agreement for $1M distribution | Restructured as initial distribution. |
| 11 | Tax & Comp | Superseded | 2/28 | 3/19 | Tax analysis on three comp structure alternatives | Consolidated into valuation/distribution workstream. |
| 12 | EDF | Not an Action | 3/17 | — | Aaron debriefed Alice on Stella call | Informational. Both aligned, waiting on EDF docs. |
| 13 | Sandton | FYI Only | 3/19 | — | Bracewell Credit Agreement draft forwarded by Lauren | FYI. Attorneys handle first pass. |
| Matter | Document | Who Has the Pen | Since | Counterparty | Next Expected Action | |
|---|---|---|---|---|---|---|
| CyrusOne PSA | PSA | LW (incorporating Aaron's 3/19 feedback) | 3/19 | CyrusOne / K&E | LW to produce revised draft | |
| CyrusOne PSA | LOI / First Amendment | Aaron (CyrusOne sent revised 4/17 amdt) | 3/19 | CyrusOne | Aaron to approve → DocuSign | |
| CyrusOne PSA | AEP Interconnection Agmt | N/A | N/A | AEP / CyrusOne | Waiting for AEP to provide | |
| Sandton | Credit Agreement | Aaron (new BW draft 3/19) | 3/19 | Sandton / Bracewell | Aaron to review new Bracewell draft | |
| Sandton | Warrant / Equity Agmt | LW — Vera | 3/10 | Sandton / Bracewell | Vera restructuring as equity agreement | |
| Sandton | Letter Agreement | LW — Vera | 3/18 | Sandton / Bracewell | Ball back with LW | |
| Sandton | Side Letter | LW — Vera | 3/10 | Sandton / Bracewell | Vera drafting; may consolidate into LLCA | |
| Sandton | A&R LLC Agreement | LW — Vera | N/A | Sandton / Bracewell | Vera drafting | |
| Sandton | Subscription Docs | Aaron | N/A | Sandton / Bracewell | After valuation; LW to draft | |
| Sandton | Board Resolution | LW | N/A | N/A | After subscription docs | |
| Sandton | Security Agreement | TBD | N/A | Sandton / Bracewell | Pending Credit Agreement | |
| EDF | Apollo MIPA | EDF | N/A | EDF | Awaiting EDF first draft | |
| EDF | Cernan MIPA | EDF | N/A | EDF | Awaiting EDF first draft | |
| EDF | Land Purchase Agreement | EDF | N/A | EDF | Awaiting EDF first draft | |
| EDF | HV Equipment Purchase | EDF | N/A | EDF | Awaiting EDF first draft | |
| Mathis | LOI / Term Sheet | Sandton (Dave Meckler) | 3/12 | FrontierGen | Awaiting Sandton review |
Lauren Anderson
Lead Partner — M&A / Corporate, Houston
lauren.anderson@lw.com
CyrusOne PSA, Sandton Financing, EDF Acquisition, Mathis
Hilary Strong
Partner — Real Estate / Land, Orange County
hilary.strong@lw.com
CyrusOne PSA, EDF Acquisition
Pamela Kellet
Partner — Finance / Credit, Houston
pamela.kellet@lw.com
Sandton Financing (Credit Agreement)
Jim Cole
Partner — Tax, Houston
james.cole@lw.com
Tax & Comp Issues
Laura Szarmach
Partner — Comp / Benefits, DC
laura.szarmach@lw.com
Tax & Comp Issues
Alice Parker
Counsel — M&A / Corporate, Houston
alice.parker@lw.com
EDF Acquisition, CyrusOne PSA (EDF back-to-back)
Vera Bespalova
Associate — Corporate, Houston
vera.bespalova@lw.com
Sandton (Warrant/Letter/LLCA/Side Letter)
Dustin Paige
Associate — M&A / Corporate, Chicago
dustin.paige@lw.com
CyrusOne PSA
Dominique Gonzales
Associate — M&A / Corporate, Chicago
dominique.gonzales@lw.com
CyrusOne PSA
Joanna Zhao
Associate — Finance / Credit, Houston
joanna.zhao@lw.com
Sandton Financing (Credit Agreement)
Aaron Friberg
Associate, Houston
aaron.friberg@lw.com
EDF Acquisition
Brock Jones
Associate, Houston
brock.jones@lw.com
EDF Acquisition
Tiffany Taubman
Associate, Houston
tiffany.taubman@lw.com
EDF Acquisition
Valerie Martinez
Attorney Support / Billing, Houston
valerie.martinez@lw.com
Billing (all matters)