Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 34

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 34
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 approve the proposed amendment and restatement of the
Company’s Restated Certificate of Incorporation in the form attached hereto as Appendix C, and submit Proposal 4 for
approval by the Company’s stockholders at the Annual Meeting and to recommend that the Company’s stockholders
vote “FOR” Proposal 4 and (iv) to recommend that the Company’s stockholders vote “AGAINST”
Proposal 5, the Bylaw Proposal. The Board also discussed whether to submit the Rights Plan for ratification by the
Company’s stockholders at the Annual Meeting, taking into account the initial rationale for adopting the Rights Plan.
Following discussion, the Board determined to allow the Rights Plan to expire by its terms on the day following the
certification of voting results for the Annual Meeting and to reassess any need for an additional stockholder rights plan as
and when additional threats to the Company and its stockholders arise.

On April 3, 2025, the Company filed this proxy
statement with the SEC in preliminary form and issued a press release announcing such filing.

On April 10, 2025, at Mr. Erkman's request, Mr. Spencer and Mr. Erkman had a call during which Mr. Erkman made a counterproposal
(the “April 10 Counterproposal”) consisting of: (1) the appointment of Mr. Erkman and Mr. Santel to the Board
to hold office until the 2027 Annual Meeting or 2028 Annual Meeting, (2) the departure of two long-tenured directors, and
(3) the Company implementing an immediate re-balancing of the Board such that there would be three directors in each class
(which would result in three, and not two, directors being up for election at the 2026 Annual Meeting). Mr. Erkman indicated
that Deep Track would not enter into a standstill agreement as part of such settlement.

Later on April 10, 2025 and on April 11, 2025, Mr. Spencer discussed the April 10 Counterproposal with Mr. Myers, the Company's
management and Advisor Team and agreed upon a response to Deep Track.

On April 12, 2025, Mr. Spencer sent an email to Mr. Erkman and Mr. Kroin (1) clarifying the terms of the March 12 Proposal
(including that the Board had never offered to add Mr. Erkman to the Board), (2) noting that the April 10