Company: SWKH
Filing Date: 2025-10-10
Form Type: 425
Source: 0001552781-25-000322
Chunk: 6

Company: SWK Holdings Corp
Filing Date: 2025-10-10
Form: 425
Chunk 6
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 that restrict the Company’s ability to solicit, initiate or take any other action which could reasonably be expected
to facilitate the making of any competing proposal or inquiry and to respond to such proposals.

Conditions to the Mergers

The consummation of the First Merger is subject to
the satisfaction or (to the extent permitted by law) waiver of certain customary closing conditions, including (i) obtaining the Company
Stockholder Approval, (ii) the issuance of Parent Common Stock in connection with the First Merger shall have been approved for listing
on NASDAQ, (iii) the Form N-14 shall have become effective under the Securities Act and shall not be the subject of any stop order or
legal proceedings seeking a stop order, and (iv) the expiration or termination of the applicable waiting period, under the U.S. Hart-Rodino
Antitrust Improvements Act of 1976. The obligation of each party to consummate the First Merger is also conditioned upon the other party’s
representations and warranties being true and correct (subject to certain materiality exceptions) and the other party having performed
in all material respects its obligations under the Merger Agreement. Further, the Merger Agreement provides that the Company will not
be obligated to consummate the Mergers should the Lower Collar Amount (as defined in the Merger Agreement) exceed the Estimated Closing
Portfolio Asset Value (as defined in the Merger Agreement) as of the Determination Date

Termination

The Merger Agreement contains customary termination
rights. In particular, at any time prior to receipt of the Company Stockholder Approval, the Company may terminate the Merger Agreement
in order to substantially concurrently enter into a binding definitive agreement providing for the consummation of a Superior Proposal
(as defined in the Merger Agreement), subject to the Company’s compliance with notice and other specified conditions contained in
the non-solicitation covenants, including giving Parent the opportunity to propose revisions to the terms of the transactions contemplated
by the Merger Agreement during a period following notice, and provided that the Company has not otherwise materially breached any provision
of the non-solicitation covenants.

If the Merger Agreement is terminated by Parent pursuant
to the Company adversely changing its recommendation in favor of the Agreement or the Company to enter into a superior competing proposal
and certain other circumstances, the Company must pay Parent a termination fee equal to $8,225,000.

General

The foregoing summary description of the Merger Agreement
and