Company: WHWK
Filing Date: 2025-01-31
Form Type: DEFM14A
Source: 0001193125-25-018470
Chunk: 86

Company: Whitehawk Therapeutics, Inc.
Filing Date: 2025-01-31
Form: DEFM14A
Chunk 86
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 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 status of negotiations with Kaken Parent and Bidder B. At the meeting, representatives of the management team and Wilson Sonsini summarized
material terms and key open issues for each of the Divestiture Agreement and the Bidder B APA.

On December 10, 2024, representatives of Leerink
Partners and Bidder B met via videoconference to discuss process and timing related to the Bidder B APA. Representatives of Leerink Partners reiterated the competitive nature of the process and also the need to receive Bidder B’s comments to
the most recent draft of the Bidder B APA as soon as possible.

On that same day, representatives of McDermott delivered to representatives of Wilson
Sonsini a revised draft of the Divestiture Agreement. Among other things, the revised draft of the Divestiture Agreement proposed a termination fee equal to $5 million; reinserted indemnification for breaches of Aadi representations and
warranties; reinserted an indemnity escrow fund equal to 15% of the $85 million base purchase price and a price adjustment escrow fund in an amount not specified; and reinserted a closing condition related to the
Pre-Closing Restructuring. The previously proposed closing condition related to Retained Employees was not included. The revised draft of the Divestiture Agreement also noted that Kaken Parent was considering
obtaining a RWI policy.

On December 10, 2024, Aadi and Bidder H entered into a confidentiality agreement.

On December 11, 2024, representatives of Wilson Sonsini delivered to representatives of McDermott a draft of the schedule to the Divestiture Agreement
setting forth the items required for the Pre-Closing Restructuring (the “Pre-Closing Restructuring Schedule”).