Company: SUPN
Filing Date: 2025-06-16
Form Type: SC TO-C
Source: 0001104659-25-059761
Chunk: 4

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-06-16
Form: SC TO-C
Chunk 4
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 discussions or negotiations with third parties with respect to a bona fide written alternative acquisition proposal, which alternative
acquisition proposal was made or renewed after the execution and delivery of the Merger Agreement, and the board of directors of Sage
determines in good faith, after consultation with its financial advisors and outside legal counsel, that such alternative acquisition
proposal constitutes or could reasonably be expected to lead to a superior offer.

The Merger Agreement also requires
that Sage’s board of directors unanimously resolve to recommend that the stockholders of Sage tender their Shares to Purchaser pursuant
to the Offer (the “Company Board Recommendation”) and not, among other things, (A) withdraw (or modify in a manner
adverse to Parent or Purchaser), or publicly propose to withdraw (or modify in a manner adverse to Parent or Purchaser), the Company Board
Recommendation, (B) approve, recommend or declare advisable, or publicly propose to approve, recommend or declare advisable, any alternative
acquisition proposal (any such action, a “Company Adverse Change Recommendation”). Notwithstanding these restrictions,
(a)(i) if Sage (or any of its subsidiaries) has received a bona fide written alternative acquisition proposal that has not been withdrawn
and after consultation with Sage’s outside legal counsel, Sage’s board of directors shall have determined, in good faith,
that such alternative acquisition proposal is a superior offer, Sage’s board of directors may make a Company Adverse Change Recommendation,
or Sage may terminate the Merger Agreement to enter into a definitive agreement with respect to such superior alternative acquisition
proposal, in each case, only if, among other conditions, the board of directors determines in good faith, after consultation with Sage’s
outside legal counsel, that the failure to do so would be inconsistent with the fiduciary duties of Sage’s board of directors to Sage’s
stockholders under applicable laws, and (b) other than in connection with an alternative acquisition proposal, Sage’s board of directors
may make a Company Adverse Change Recommendation only if, among other conditions, the board of directors determines in good faith, after
consultation with Sage’s outside legal counsel, that the failure to do so would be inconsistent with the fiduciary duties of the
board of directors to Sage’s stockholders under applicable laws.

The Merger Agreement
includes representations, warranties and covenants of the parties customary for a transaction of this nature. From the date of the
Merger Agreement until the earlier of the Effective Time and the termination of the