From: Dana Whitfield
To: Marcus Oyelaran
Cc: Mira Halvorsen; Tomas Herrera
Date: 2 December 2025
Subject: Corbel rebate - signed agreement

Marcus,

The auditors asked for the signed rebate agreements for their interim
visit, so I read the Corbel one. Section 4.2 says the rates apply only to
purchases within each band: the first band at its rate, the next band at
the next rate, and so on. Your sheet treats Corbel like the others, where
the rate for the tier reached applies to the whole year. Mira, can you
confirm which is right?

Dana

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From: Mira Halvorsen
To: Dana Whitfield
Cc: Marcus Oyelaran; Tomas Herrera
Date: 3 December 2025
Subject: RE: Corbel rebate - signed agreement

Dana,

The contract is right and the summary I sent in January was wrong. I built
it from the term sheet, and Corbel changed the structure before signing.
Corbel's tiers are incremental. The floors and rates on the summary are
correct. Ardent, Bluewater and Dunmore apply the reached tier to the whole
year, as the summary says.

Mira

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From: Marcus Oyelaran
To: Dana Whitfield
Cc: Mira Halvorsen; Tomas Herrera
Date: 3 December 2025
Subject: RE: Corbel rebate - signed agreement

So the Q3 review overstated Corbel. I will fix the calculation for the
year-end true-up.

Marcus

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From: Dana Whitfield
To: Marcus Oyelaran
Cc: Mira Halvorsen; Tomas Herrera
Date: 3 December 2025
Subject: RE: Corbel rebate - signed agreement

Yes. No need to redo Q3, nothing was booked from it. Say in the year-end
memo that Corbel is incremental, and why.

Dana
