Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 28

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 28
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 response to the January 29 Counterproposal. On the call,
the representative of Cooley stated that: (1) the Board may be open to a settlement involving Mr. Santel being appointed to the Board
and one of the Board’s long-tenured directors (none of whom are standing for election at the Annual Meeting) departing the Board
at the Annual Meeting, subject to a customary cooperation agreement, including a voting agreement and a one-year standstill provision,
(2) the Company was open to allowing the Rights Plan to expire by its terms at the Annual Meeting in the context of a settlement, (3)
the Board has already announced its phased declassification strategy and does not intend to change it and (4) there would be no commitment
to increase the Share Repurchase Program, although the Board would take Deep Track’s views into consideration as it continues to
assess the deployment of the Company’s capital (the “January 30 Proposal”). During the call, the representatives of
Cadwalader asked questions regarding certain terms that would be included in the draft cooperation agreement implementing the settlement,
and the representative of Cooley offered to send a draft cooperation agreement immediately following the call to enable Deep Track to
review the terms in full.

Immediately following the call, Cooley sent Cadwalader
a draft cooperation agreement reflecting the January 30 Proposal. Cadwalader did not respond to or acknowledge receipt of the draft cooperation
agreement.

On February 1, 2025, the Board met with the Company’s management and the Advisor Team to discuss
the status of engagement with Deep Track, at which the Board also reviewed the terms of the January 30 Proposal.

Also on February 1, 2025 a representative of Cooley
sent an email to a representative of Cadwalader asking for any updates on timing. The representative of Cadwalader did not respond to
Cooley’s email, nor did Deep Track or any of its representatives further engage with the Company or any of its representatives after
January 30, 2025 through February 18, 2025.

On February 13, 2025, the Board met with the Company’s management for the standing quarterly Board update meeting and discussed,
among other things, a business update and comprehensive corporate strategy update, which included discussion of capital allocation
alternatives, Share Repurchase Program progress and liability management opportunities.

On February 18, 2025, White & Case LLP, new outside
counsel to Deep Track (“White & Case”)