Company: WHWK
Filing Date: 2025-01-21
Form Type: PREM14A
Source: 0001193125-25-009599
Chunk: 86

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-21
Form: PREM14A
Chunk 86
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 Wilson Sonsini

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informed McDermott that the closing conditions regarding the Pre-Closing Restructuring and the Retained Employees required further clarification so as to
make the satisfaction of such closing conditions reasonably within Aadi’s control. Wilson Sonsini also communicated that the indemnity and escrow fund constructs added to the Divestiture Agreement were not present in other competitive proposals
and suggested that Kaken Parent remove these and consider procuring a representation and warranty insurance (“RWI”) policy instead.

On
December 4, 2024, at the direction of Aadi, representatives of Leerink Partners shared a revised draft of the Divestiture Agreement with representatives of Nomura. Among other things, the revised draft removed the proposed indemnity and escrow
fund constructs; removed the proposed indemnification mechanism for breaches of Aadi representations and warranties; replaced the proposed termination fee of $6 million with an amount to be determined; and removed the closing conditions related
to the Pre-Closing Restructuring and the Retained Employees.

On that same day, upon the unsolicited request of a
new potential bidder, Bidder H, and representatives of Leerink Partners met via videoconference with representatives of Bidder H to discuss its interest in the FYARRO business and in participating in the bid process.

On December 5, 2024, representatives of Wilson Sonsini and McDermott met via videoconference to discuss the updated draft of the Divestiture Agreement
including, among other things, the Pre-Closing Restructuring (which McDermott clarified was intended to encompass a series of transactions that would ensure that substantially all operations of Aadi with
respect to FYARRO would be possessed by Aadi Sub and not remain within the publicly listed company), indemnification for breaches of representations and warranties, and the potential procurement of a RWI policy.

On December 5, 2024, Dr. Lennon and the chief executive officer of Bidder B (the “Bidder B CEO”) held a telephone call to discuss the
Bidder B APA and related status and timing. During the call, Dr. Lennon reiterated that Bidder B’s proposed closing conditions requiring amendments and negotiations of third party agreements presented significant deal risk and put Bidder
B’s proposal at a disadvantage.

On December 6, 2024, Aadi’s board of directors held a virtual meeting, with certain representatives of
Aadi’s management team and Wilson Sonsini in attendance, to discuss the strategic process and the