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

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 25
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 of two incumbent directors at
the 2025 Annual Meeting, (3) the Company’s submission of a proposal to its stockholders at the Annual Meeting providing for the
immediate declassification of the Board and the Company’s agreement to use its best efforts to obtain the necessary stockholder
votes at the Annual Meeting to adopt such proposal, (4) capping the size of the Board at nine directors as of the Annual Meeting and (5)
the removal of the Rights Plan. Mr. Kroin also noted that Deep Track would be willing to evaluate the Initial New Director and the Board’s
finance expert candidate only in the context of a nine-director Board (implying that the Company would need to replace existing directors
to appoint such candidates) and reiterated

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that Deep Track would not agree to any settlement which removes its ability to cause a turnover
of a majority of the Board by the end of the 2026 Annual Meeting.

On January 23, 2025, representatives of Cooley and Goldman
Sachs had a call with a representative of Cadwalader at Cooley’s request to discuss the
January 22 Counterproposal. During the call, the Company’s advisors noted that the Company viewed the January 22 Counterproposal
as unconstructive in a number of respects, including because it introduced new conditions into the settlement framework (including the
declassification concept). During the call, the representative of Cadwalader suggested that Deep Track remained primarily focused on the
majority turnover of the Board objective discussed on prior calls and that declassification was not a requirement for a settlement.

On January 24, 2025, Mr. Myers and Mr. Spencer sent an email to Mr. Kroin stating that Mr. Kroin’s January 22 email contained
mischaracterizations of their last conversation and proposed having another discussion.

On January 25, 2025, Mr. Myers and Mr.
Spencer had a call with Mr. Kroin and Mr. Erkman at Mr. Myers’ request. During the call, Mr. Myers and Mr. Spencer
presented a revised settlement proposal (the “January 25 Proposal”), subject to Board approval, which consisted
of: (1) the appointment of Mr. Santel, Dr. Emini and Ms. Silvernail to the Board prior to the Annual Meeting, (2) up to three
incumbent directors resigning prior to the 2026 Annual Meeting and thereafter capping the size of the