Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 125

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 125
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 and their representatives, until 5:00                                                                                                                                       
 p.m. Pacific time on the fifth business day following the date of delivery of such written notice, have (1) negotiated with Kaken and its representatives in good faith (to the extent that Kaken requests to negotiate) to make such adjustments to 
 the terms and conditions of the Divestiture Agreement and the other transaction documents so that Aadi’s board of directors no longer determines in good faith that the failure to make an Aadi Board Recommendation Change in response to such      
 Intervening Event could reasonably be expected to be inconsistent with its fiduciary duties, and (2) permitted Kaken and its representatives to negotiate with Aadi and its representatives throughout such period and to make a presentation to     
 Aadi’s board of directors regarding the Divestiture Agreement and any adjustments with respect thereto (to the extent that Kaken requests to make such a presentation); it being understood and agreed that, if, in light of any adjustments to the  
 terms and conditions of the Divestiture Agreement and the transaction documents proposed by Kaken during such period, Aadi’s board of directors does not reaffirm its determination that the failure to make an Aadi Board Recommendation Change in  
 response to such Intervening Event could reasonably be expected to be inconsistent with its fiduciary duties, then Aadi’s board of directors shall not be permitted to proceed with such Aadi Board Recommendation Change.                           |

For purposes of this proxy statement and the Divestiture Agreement, an “Intervening Event” means any Effect, or any material consequence of such Effect, that (1) as of the date of the Divestiture Agreement was not known or reasonably knowable based on facts known to Aadi’s board of directors or any executive officers of Aadi or Aadi Sub as of the date of the Divestiture Agreement; and (2) does not directly or indirectly relate to an acquisition proposal. The Divestiture Agreement provides that at any time prior to obtaining the requisite stockholder approval, if Aadi or Aadi Sub has received a written acquisition proposal that Aadi’s board of directors has concluded in good faith (after consultation with its financial advisor and outside legal counsel) is a Superior Proposal, then Aadi’s board - 84 -

of directors may (1) effect an Aadi Board Recommendation Change with respect to such Superior Proposal and/or (2) authorize Aadi to terminate the Divestiture Agreement to enter into an Alternative Acquisition Agreement with respect to such Superior Proposal