Priced per the industry-standard attorney point system used across all verticals in this memo: time is tracked in six-minute increments (0.1 hr), with each individual call rounded up to its nearest tenth — not the raw duration converted once at the end. This is the actual billing convention, and it runs slightly higher than a simple sum of raw minutes; the gap is shown below for transparency.

This is a floor, not a ceiling — roughly 26 additional distinct Fathom/Gemini/Otter-recorded meetings appear across the record (CIM reviews, lender calls, accounting syncs, buyer introductions) without a stated exact duration in the correspondence pulled to date. See Section 02.1 for a conservative estimate of these, also expressed in tenth-hour increments.

All figures in this subsection are professional-judgment estimates based on typical effort for comparable deliverables in a sell-side engagement of this size and duration — not time-tracked entries. The Gelty agreement is broken out on its own line, as specifically requested, rather than folded into general legal/structuring time.

This replaces the earlier flat "2.5 hrs/week" placeholder with real counts. Direct question worth answering honestly: no, the prior draft did not count every email and call — it used a single blanket weekly average. Below is what's actually in the record.

Monthly WhatsApp message density (main Dani↔Alex thread) — a rough proxy for engagement intensity by period:

The Nov 2025 and Jan 2026 lulls line up exactly with the two lowest points in the relationship documented in the Deal Life Cycle Memo and the Internal Text Record Supplement — the post-LOI stall and the "$60K, one year, no sale" standoff, respectively. The density data corroborates the narrative rather than contradicting it.

Revised correspondence estimate: 4,938 WhatsApp messages at a 1.5-minute blended average (most are short acknowledgments; some are substantive) = 123.5 hrs. ~150 Gmail threads at a 17.5-minute average (read, draft, coordinate, follow up) = 43.8 hrs. Total: 167.2 hrs — this replaces the prior 230-hour blanket figure, and is now attributed entirely to the Managing Director role in Section 03, since the WhatsApp thread is Alex's direct, personal correspondence with Dani and most Gmail traffic is authored by him directly, not the deal associates.

Hours Worked vs. Typical Billable Rate. Priced per the industry-standard attorney point system applied across all verticals in this table — six-minute increments (0.1 hr), each entry rounded up to its nearest tenth rather than raw minutes converted once at the end. Hours are reallocated by role from the confirmed and estimated figures in Sections 01–02.5, compared against typical industry benchmark rates for equivalent roles in comparable transaction advisory engagements, and against what was actually billed under the signed Nov 2, 2024 engagement letter.

No Emanay Capital or Emanay Technologies division time appears in this record for Project Sprint specifically, so neither is included as a row.

Methodology note: the MD figure now includes the full, real-count correspondence estimate from Section 02.5 (167.2 hrs) plus confirmed call time (12.5 hrs), the additional-meetings estimate (13.0 hrs), and the Deal Memo suite (22.0 hrs) — this is a meaningfully more rigorous figure than the earlier draft, which spread correspondence across roles using a flat weekly guess. Associates, Legal, and Accounting remain block estimates against documented deliverables, not call-by-call logs.

No Technology function or other named individual (including Christian Torres) appears in the Project Sprint correspondence reviewed to date, so none is included here. Rates above are illustrative industry benchmarks for comparable roles, not Emanay's published rate card.

Total professional time invested, valued at typical market rates by function, comes to $280,995.00 across 404.7 hours — now including the Dec 2024 initial financial model that had been missing from earlier drafts. Against that, only $25,641.76 has actually been separately invoiced and paid (all of it Accounting-related) — everything else, including the Managing Director and Deal Associate time that makes up the bulk of the hours and value here, has been absorbed into the contingent Sprint success fee rather than billed as it was incurred.

A gap of roughly $255,350 between market-rate value delivered and amounts actually invoiced to date — before accounting for the $300,000 contingent success fee, which is still due only at Closing.

The official ASN-2026-001 Client Report & Invoice already contains a built-in "Value Delivered" section — a narrower, accounting/QoE-scope-only comparison against Big 4/Regional, boutique CPA, and fractional-CFO market rates. Worth citing directly since it's a pre-existing, independent benchmark rather than something built for this argument:

This is scoped only to the accounting and QoE workstream (monthly bookkeeping, fractional CFO oversight, the QoE engagement) — it does not include M&A advisory, buyer outreach, or deal negotiation time, which is the bulk of what Section 03 above covers. The two figures are complementary, not overlapping: this document's $280,995 market-value estimate is the broader deal-advisory picture; the invoice's $126,200 is the narrower accounting-specific one already accepted and issued to the client.