Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 87

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 87
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 status of negotiations with Kaken Parent and Bidder B. At the meeting, representatives of the management team and Wilson Sonsini summarized
material terms and key open issues for each of the Divestiture Agreement and the Bidder B APA.

On December 10, 2024, representatives of Leerink
Partners and Bidder B met via videoconference to discuss process and timing related to the Bidder B APA. Representatives of Leerink Partners reiterated the competitive nature of the process and also the need to receive Bidder B’s comments to
the most recent draft of the Bidder B APA as soon as possible.

On that same day, representatives of McDermott delivered to representatives of Wilson
Sonsini a revised draft of the Divestiture Agreement. Among other things, the revised draft of the Divestiture Agreement proposed a termination fee equal to $5 million; reinserted indemnification for breaches of Aadi representations and
warranties; reinserted an indemnity escrow fund equal to 15% of the $85 million base purchase price and a price adjustment escrow fund in an amount not specified; and reinserted a closing condition related to the
Pre-Closing Restructuring. The previously proposed closing condition related to Retained Employees was not included. The revised draft of the Divestiture Agreement also noted that Kaken Parent was considering
obtaining a RWI policy.

On December 10, 2024, Aadi and Bidder H entered into a confidentiality agreement.

On December 11, 2024, representatives of Wilson Sonsini delivered to representatives of McDermott a draft of the schedule to the Divestiture Agreement
setting forth the items required for the Pre-Closing Restructuring (the “Pre-Closing Restructuring Schedule”). On that same day, representatives of McDermott
shared with representatives of Wilson Sonsini a draft of the form of Support Agreement.

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On December 12, 2024, representatives of Wilson Sonsini provided to representatives of McDermott a
revised draft of the Divestiture Agreement and also a draft of the seller disclosure letter under the Divestiture Agreement. Among other things, the revised draft of the Divestiture Agreement proposed a termination fee equal to $2.7 million; an
escrow fund (in an unspecified amount) to satisfy potential claims by Kaken for both indemnification and purchase price adjustments; and a revised closing condition related to the Pre-Closing Restructuring,
making