Company: DAWN
Filing Date: 2025-11-13
Form Type: SC TO-C
Source: 0001104659-25-110815
Chunk: 4

Company: Day One Biopharmaceuticals, Inc.
Filing Date: 2025-11-13
Form: SC TO-C
Chunk 4
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 deduction for any    
 required tax withholding, the Merger Consideration in respect of each share of Target Common Stock subject to such restricted stock unit 
 award immediately prior to the Effective Time.                                                                                           |

The Target has agreed to take such actions with respect to the Target’s
2017 Employee Stock Purchase Plan (the “Target ESPP”) that are necessary to provide that (i) with respect to each offering
period that is in effect as of the date of the Merger Agreement (each a “Current ESPP Offering Period”), no employee who is
not a participant in the Target ESPP as of such date may become a participant in the Target ESPP and no participant may increase the percentage
amount of such participant’s payroll deduction election from that in effect on the date of the Merger Agreement for such Current
ESPP Offering Period, (ii) no additional offering period will commence under the Target ESPP after the date of the Merger Agreement, (iii)
subject to the consummation of the Merger, the Target ESPP will terminate, effective immediately prior to the Effective Time and (iv)
if any Current ESPP Offering Period will still be in effect as of immediately prior to the Effective Time, then each outstanding option
granted pursuant to the Target ESPP will be terminated immediately prior to the Effective Time and the balances in the accounts of participants
in the Target ESPP shall be returned to them.

The Merger Agreement includes customary representations, warranties
and covenants of the Target, Parent and Merger Sub. The Target has agreed, until the earlier of the termination of the Merger Agreement
or the Effective Time, to, among other things, use commercially reasonable efforts to conduct its operations in all material respects
according to its ordinary course of business.

The Target has also agreed to customary non-solicitation restrictions,
including not to initiate, solicit, knowingly encourage or facilitate or participate in any discussions or negotiations with third parties
regarding other proposals for alternative business combination transactions involving the Target or change the recommendation of the Target
Board to the Target’s stockholders regarding the Offer, in each case, except as otherwise permitted by the Merger Agreement, including
to enter into an alternative transaction that constitutes a Superior Proposal (as defined in the Merger Agreement)in compliance with the Target Board’s fiduciary duties under applicable law and subject to payment of a
termination fee.

The Merger Agreement also includes customary termination provisions
for both the Target and Parent, including, among others, the right of