Company: SUPN
Filing Date: 2025-06-16
Form Type: SC TO-C
Source: 0001104659-25-059761
Chunk: 5

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-06-16
Form: SC TO-C
Chunk 5
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 Merger Agreement, Sage has agreed to use
reasonable efforts to conduct its business in the ordinary course consistent with past practice in all material
respects and has agreed to certain other operating covenants, as set forth more fully in the Merger Agreement.

The Merger Agreement includes a remedy
of specific performance for the parties thereto. The Merger Agreement also includes customary termination provisions for both the Company
and Sage and provides that, in connection with the termination of the Merger Agreement under specified circumstances, including (i) termination
by Sage in order to accept a superior alternative acquisition proposal and enter into a binding written definitive acquisition agreement
for the consummation of a transaction which the board of directors shall have determined, in good faith, constitutes a superior offer;
or (ii) termination by the Parent if Sage’s board of directors shall have failed to include the Company Board Recommendation in the Tender
Offer Solicitation/Recommendation Statement on Schedule 14D-9 when mailed, or if there shall have been a Company Adverse Change Recommendation,
Sage will be required to pay a termination fee of an amount in cash equal to $22,376,056.

The foregoing description of
the Merger Agreement and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference
to the Merger Agreement, which is filed as Exhibit 2.1 hereto and which is incorporated herein by reference. The Merger Agreement has
been filed to provide information to investors regarding its terms. The Merger Agreement is not intended to provide any other factual
information about the Company, Sage or Purchaser, their respective businesses, or the actual conduct of their respective businesses during
the period prior to the consummation of the Offer, the Merger or the other transactions contemplated therein. The Merger Agreement and
this summary should not be relied upon as disclosure about the Company or Sage. None of the Company’s stockholders or any other
third parties should rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual
state of facts or conditions of the Company, Sage, Purchaser or any of their respective subsidiaries or affiliates. The Merger Agreement
contains representations and warranties that are the product of negotiations among the parties thereto and that the parties made to, and
solely for the benefit of, each other as of specified dates. The assertions embodied in those representations and warranties are qualified
in important part by confidential disclosure schedules delivered by Sage to the