Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 23

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 23
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 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 Committee met with and interviewed each of the Initial Deep Track Nominees.

On January 7, 2025, the Nominating and Corporate Governance
Committee held a meeting to discuss the upcoming interviews with the Initial Deep Track Nominees, the current skillsets and composition
of the Board and the status of the Nominating and Corporate Governance Committee’s evaluation of other independent director candidates
identified as part of the Board’s ongoing refreshment process.

On January 14, 2025, Mr. Spencer, Ms. MacDonald and
Mr. Cox met in person with Mr. Erkman as part of normal course activities at an industry investor conference and discussed corporate updates
with respect to the Company. During this meeting, the parties did not discuss matters relating to the ongoing settlement discussions.

On January 16, 2025, the Nominating
and Corporate Governance Committee met with the Company’s management and Advisor Team and discussed the Initial Deep Track
Nominees and the additional potential Board candidates identified as part of the Board’s ongoing refreshment process,
including Dr. Emini and Lauren Silvernail. The Committee noted that they had completed interviews with each of these
candidates and reviewed each candidate’s qualifications to serve on the Board and ability to devote sufficient time to
the business of the Company. The Committee members discussed their perceptions of the independence of Mr. Farrow and Mr.
Santel from Deep Track, and noted the discussion of key elements of the Company’s strategic plan and capital allocation
strategy during their interviews. After discussion, the Committee reached a consensus that: (1) the potential Board
candidates identified through the ongoing Board refreshment process were more qualified than the Initial Deep Track Nominees;
(2) the Committee would be supportive of Mr. Santel joining the Board in the context of a settlement with Deep Track but did
not believe that Mr. Farrow was as desirable a candidate as compared to the other finance expert candidates under
consideration; and (3) Mr. Erkman does not have skills or experience directly relevant to the Company’s business,
operations and strategic objectives given that, among other factors, Mr. Erkman has no prior experience on any public or
private corporate board or any