Company: SUPN
Filing Date: 2025-06-16
Form Type: SC TO-C
Source: 0001104659-25-059761
Chunk: 3

Company: SUPERNUS PHARMACEUTICALS, INC.
Filing Date: 2025-06-16
Form: SC TO-C
Chunk 3
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 any applicable interpretations or positions of the U.S. Securities and Exchange Commission
(the “SEC”), the SEC staff and the Nasdaq Global Market), (ii) for periods of up to 10 business days each until the expiration
or termination of the waiting period (or any extension thereof) applicable to the Transactions under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (the “HSR Act”) and (iii) at the request of Sage, for periods of 10 business days each, if any of the conditions to the Offer have not been satisfied or waived.

The obligation of
Purchaser to promptly irrevocably accept for payment, and promptly thereafter pay for, all Shares validly tendered (and not validly
withdrawn) pursuant to the Offer is subject to satisfaction or waiver of certain conditions set forth in the Merger Agreement,
including (i) there being validly tendered and not validly withdrawn Shares that, considered together with all other Shares (if any)
beneficially owned by Parent and its affiliates (but excluding Shares tendered pursuant to guaranteed delivery procedures that have
not yet been received, as defined by Section 251(h)(6) of the General Corporation Law of the State of Delaware
(“DGCL”)), represent one more Share than 50% of the total number of Shares outstanding at the time of the expiration of
the Offer; (ii) any waiting period (and any extension thereof) applicable to the Offer under the HSR Act of 1976, as amended, having
expired or been earlier terminated; (iii) the accuracy of the representations and warranties of Sage contained in the Merger
Agreement, subject to customary thresholds and exceptions; (iv) Sage’s compliance with, and performance of, in all material
respects, its covenants and agreements contained in the Merger Agreement; (v) the absence of a continuing
Material Adverse Effect (as defined in the Merger Agreement); and (vi) other customary conditions set forth in Annex I to the Merger
Agreement.

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Sage has also agreed to customary
“no-solicitation” restrictions on its ability to solicit alternative acquisition proposals from third parties and engage in
discussions or negotiations with third parties regarding alternative acquisition proposals. Notwithstanding these restrictions, Sage may
under certain circumstances furnish, pursuant to an acceptable confidentiality agreement, information to and engage in or otherwise participate
in