Company: SWKH
Filing Date: 2025-10-10
Form Type: 425
Source: 0001552781-25-000322
Chunk: 3

Company: SWK Holdings Corp
Filing Date: 2025-10-10
Form: 425
Chunk 3
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 Valuation Range
(i) in the event the Company Mark is higher than the highest value in the Asset Valuation Range for such asset, the highest value of such
Asset Valuation Range and (ii) in the event the Company Mark is lower than the lowest value in the Asset Valuation Range for such asset,
the lowest value of such Asset Valuation Range; provided that, in the event the Company Mark is within the Asset Valuation Range for such
asset, the value of such asset is deemed to be the Company Mark.

Two days (excluding Sundays and holidays) prior to
the Closing Date (as defined in the Merger Agreement), the Company shall deliver to Parent a calculation of the estimated Company Net
Asset Value (as defined in the Merger Agreement), as approved by the board of directors of the Company, calculated in good faith and determined
in accordance with the valuation methodology as set forth in the Merger Agreement and the determination of the Adjudicated Portfolio Value
(as defined in the Merger Agreement).

Each person who, as of the date and time when the First
Merger becomes effective (the “Effective Time”), is a record holder of shares of Company Common Stock shall be entitled, with
respect to all or any portion of such shares, to make an election (an “Election”) to receive, with respect to each such share
held by such holder, the Per Share Cash Consideration. With respect to each share held by a record holder of shares of Company Common
Stock with respect to which such holder does not make an Election, such holder will receive the Per Share Stock Consideration; provided,
that with respect to any record holder of shares of Company Common Stock who at the record date who does not make an Election with respect
to any shares held by such holder (such holder, a “Non-Election Holder”), such holder will have been deemed to have made an
Election with respect to a percentage of the total shares of Company Common Stock held by such Non-Election Holder equal to a number,
the numerator of which will be the Aggregate Cash Consideration (as defined and calculated in accordance with the Merger Agreement), and
the denominator of which will be the Closing Company Net Asset Value. For the purpose of making Elections, a record holder of Company
Common Stock that is a registered clearing agency and who has legal title on behalf of multiple ultimate beneficial owners shall be entitled
to submit elections as if each ultimate beneficial owner were a record holder of Company Common Stock.

If, after giving