LV Executive meeting - bi-weekly

• The meeting established a new bi-weekly executive forum to handle management-level issues, coordinate cross-functional staffing and reporting, and surface confidential executive decisions for LV leadership.
• Organizers explained the meeting cadence and recording plan and asked participants to review a circulated Q1 board package to identify seven or eight non-financial items to track regularly and store in the team Box folder for automated reporting and monthly stakeholder sharing.
• The team then reviewed active pipeline items and constraints.
• Klump and Scott have signed term sheets but face a combined $4 million equity gap, giving them a roughly 50/50 chance to proceed; LV will pause bidding on those opportunities until outside investor equity is secured and will reallocate resources toward Francis and three HVN projects that are starting.
• Participants discussed Francis contract and GMP negotiations and agreed there is an MRK construction agreement that satisfies LV’s needs in principle, but unresolved language remains concerning “development cost overruns” and construction guarantees.
• Legal and the CFO must clarify those definitions so closing and cost review can proceed toward the June close window (June 3 target; June 23 outside date).

• ✓
  Chris Aiello Chris Aiello will provide the Read AI portal for meeting notes and access within the next one to two weeks.
  → To-Dos
• ✓
  Bob Kennedy Bob Kennedy will coordinate with Greg Korbel to review contract liability language and join a call with Kyle to resolve construction guarantee language and definitions of “development cost overruns”.
  → To-Dos
• ✓
  Anna Anna will send the GC contract to lender counsel as requested to advance lender review unless she decides otherwise.
  → To-Dos

None.