Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 32

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 32
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 any Board presentation.

| 13 |

On March 14, 2025, representatives of White & Case
and Cooley held a call during which the representative of White & Case requested to negotiate a non-disclosure agreement to facilitate
Deep Track’s presentation to the Board, which agreement would prohibit the Company and Deep Track from disclosing, in the context
of a proxy contest or otherwise, the contents of such presentation or any discussions between Deep Track and the Board during such presentation.
The representative of Cooley stated that the Company would allow Deep Track to present to the Board but that a non-disclosure agreement
was unnecessary. The representatives of White & Case and Cooley discussed the appropriate scope of discussions at the meeting, and
the representative of White & Case stated his view that the Company’s response was a rejection of Deep Track’s request.
The Cooley representative disputed this characterization and again made clear that Deep Track could present to the Board.

On March 17, 2025, the Board met with the Company’s management and the Advisor Team to discuss the status of discussions with
Deep Track.

On March 20, 2025, Mr. Kroin sent an email to Mr. Spencer
(1) expressing disappointment in hearing from Deep Track’s counsel that the Board rejected Deep Track’s proposal for a private
discussion under a non-disclosure agreement and (2) rejecting the March 12 Proposal, noting concern that the two Deep Track nominees offered
under the terms of the March 12 Proposal would be at high risk of being “boxed out” by the remaining seven directors that
would be on the Board. In such email, Mr. Kroin made a counterproposal (the “March 20 Counterproposal”) consisting of: (i)
the appointment of Mr. Erkman and two other Deep Track nominees to the Board; (ii) the departure of Mr. Myers and two other existing directors
from the Board; and (iii) Deep Track’s entry into a standstill agreement (without specifying a timeframe for such standstill). The
March 20 Counterproposal reflected the first time that Deep Track requested the replacement of Mr. Myers in the context of a settlement.

Later on March 20, 2025, Mr. Spencer sent an email to
Mr. Kroin clarifying that the Board remains happy to have Deep Track make a presentation to the Board so Deep Track has the opportunity
to share its ideas and answer any questions from the Board directly, but that the Company did not believe a non-disc