Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 124

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 124
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 its terms, and (2) if consummated, would result in a transaction that (x) if structured as an acquisition of Aadi capital stock, is more favorable to Aadi stockholders (in their capacities as such), from a financial point of view, than the Divestiture or (y) if structured otherwise, including as an acquisition of Aadi Sub’s capital stock or the assets of Aadi or Aadi Sub, is more favorable to Aadi, from a financial point of view than the Divestiture, taking into account (in both the case of clause (x) and in the case of clause (y)) (i) any revisions to the Divestiture Agreement or the terms of the Divestiture communicated in writing by Kaken prior to the time of such determination, and (ii) those factors and matters deemed relevant in good faith by Aadi’s board of directors, which factors may include the (A) identity of the person making the proposal, (B) likelihood of consummation in accordance with the terms of such acquisition proposal, and (C) legal, financial (including the financing terms), regulatory, timing and other aspects of such acquisition proposal. For purposes of the reference to an “acquisition proposal” in this definition, all references to “15%” in the definition of “Acquisition Transaction” in the Divestiture Agreement will be deemed to be references to “50%.” Aadi is not entitled to terminate the Divestiture Agreement to enter into an agreement for a Superior Proposal unless it complies with certain procedures in the Divestiture Agreement, including engaging in good faith negotiations with Kaken and its representatives during a specified period. If Aadi terminates the Divestiture Agreement in order to accept a Superior Proposal from a third party, it must pay the termination fee of $3.5 million to Kaken. The Aadi Board of Directors Recommendation; Board Recommendation Change Aadi’s board of directors has recommended that the holders of shares of Aadi common stock vote “FOR” the Divestiture Proposal. Under the Divestiture Agreement, except as set forth below, at no time after the date of the Divestiture Agreement may Aadi’s board of directors:

| • |     | withhold, withdraw, or publicly propose to withhold or withdraw, the Aadi board of directors’ 
 recommendation;                                                                               |

| • |     | amend, qualify or modify, or publicly propose to amend, qualify or modify, the Aadi board of directors’ 
 recommendation in