Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 27

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 27
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 Ms. Eastland from the Board immediately prior to the 2025 Annual Meeting, following which the Board would
be comprised of nine directors. The Company also disclosed the Board’s intent to seek stockholder approval at the 2025 Annual Meeting
for the declassification of the Board on a phased basis.

Later on January 27, 2025, Mr. Kroin sent an email to
Mr. Myers and Mr. Spencer asking whether settlement negotiations were over or if the Company intended to send a further settlement proposal.

On January 28, 2025, Mr. Myers and Mr. Spencer sent
an email to Mr. Kroin: (1) explaining that the Board had determined that it was not willing to accept the January 22 Counterproposal as
reiterated by Mr. Kroin on the January 25th call and (2) expressing the Board’s continued openness to a negotiated solution, including
adding Mr. Santel to the Board in the context of a settlement. The email further stated that the Board does not intend to appoint Mr.
Erkman to the Board as part of any settlement and welcomed Deep Track to put forth a revised settlement proposal for the Board’s
consideration.

Later on January 29, 2025, Mr. Kroin sent an email to
Mr. Myers and Mr. Spencer with a counterproposal (the “January 29 Counterproposal”), which consisted of: (1) the appointment
of Mr. Santel to the Board and the departure of another incumbent director to maintain the Board size at nine directors, together with
a request for Mr. Santel to meet with each of Mr. Myers and Mr. Spencer; (2) extinguishment of the Rights Plan; (3) full declassification
of the Board following the Annual Meeting (if approved by the Company’s stockholders) and (4) an increase to the size of the Share
Repurchase Program from $200.0 million to $400.0 million. Mr. Kroin also noted his disappointment in the Board’s refusal to appoint
Mr. Erkman to the Board as a stockholder representative, notwithstanding Mr. Erkman’s lack of prior corporate board experience.
That evening, Mr. Myers and Mr. Spencer responded to Mr. Kroin’s email, offering to meet with Mr. Santel and noting that Cooley
would be in touch with Cadwalader to discuss the January 29 Counterproposal.

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On January 30, 2025,