Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 22

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 22
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 assurances until Deep Track revealed its full slate of director
candidates, in a mutually agreeable negotiated solution, the Company would be open to adding at least one other qualified director in
addition to the Initial New Director, (2) the Company expects at least one individual to be coming off the Board in the near
term, (3) it was not appropriate or acceptable for Deep Track to be permitted to run a proxy contest in 2026 if Mr. Erkman were added
to the Board in a settlement and (4) if Deep Track does not provide the names of its independent candidates over the next few
days, the Board plans to appoint the Initial New Director to the Board, although the Board expects to continue engaging in good faith
with Deep Track regarding a potential negotiated resolution following such appointment. During the call, representatives of Cadwalader
reiterated Deep Track’s requirement that any settlement framework leave open the ability for Deep Track to cause a turnover of a
majority of the Board by the end of the 2026 Annual Meeting.

On January 3, 2025, Mr. Kroin sent an email to Mr. Myers
and Mr. Spencer that included the names of and biographical information regarding the three director nominees Deep Track would propose
in a proxy contest: Brett Erkman, Don Santel and Jeff Farrow (the “Initial Deep Track Nominees”). The email also asked for
Deep Track to be allowed to meet with the Initial New Director. Neither this email nor any Deep Track communication prior to this point
suggested that Deep Track would include a fourth nominee in a proxy contest.

| 9 |

On January 4, 2025, Mr. Myers sent an email to Mr. Kroin
and Mr. Erkman: (1) confirming that the Nominating and Corporate Governance Committee would meet with each of the Initial Deep Track Nominees
over the next two weeks as part of the Committee’s process for evaluating potential director nominees and (2) stating that the Initial
New Director is a former biopharmaceutical executive with world class expertise in the vaccine space, which the Board believes is highly
relevant to the Company’s business and accretive to the Board’s existing capabilities, and that the Company understands Deep
Track’s desire to learn more and can discuss more details once the parties are further along in this process.

Between January 6, 2025 and January 13, 2025, the Nominating
and Corporate Governance