Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 33

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 33
---
losure agreement was
necessary. Mr. Spencer also expressed the Company’s continuing willingness to engage with Deep Track in negotiating a constructive
solution, but that the March 20 Counterproposal went beyond what was anticipated and that the Company’s proposed terms for settlement
remained as presented in the March 12 Proposal.

On March 22, 2025, Mr. Kroin sent an email to Mr. Spencer
further explaining Deep Track’s rationale for requiring a non-disclosure agreement to present to the Board and stating that Deep
Track and the Company are at an impasse and that Deep Track would be moving forward with a proxy contest.

On March 31, 2025, the Board met with the
Company’s management and the Advisor Team and based upon the Company’s criteria for nominations of directors to the
Board, after taking into consideration the respective qualifications and credentials of the Board Nominees and the Deep Track
Nominees and the unanimous recommendation of the Nominating and Corporate Governance Committee (adopted at a meeting of such
committee on March 31, 2025), the Board unanimously determined (i) to nominate the Board Nominees (Brent MacGregor, Scott
Myers, Lauren Silvernail and Elaine Sun) for election to the Board at the Annual Meeting, to serve until the 2028 Annual
Meeting, and not to nominate any of the Deep Track Nominees to be included in the Board’s slate of director nominees
for the Annual Meeting, (ii) to submit the Board Nominees to the Company’s stockholders for election at the Annual
Meeting and recommend that the Company’s stockholders vote, with respect to Proposal 1,“FOR” the election
of only each of the four Board Nominees (Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun) and not in
favor of the election of any of the Deep Track Nominees, (iii) to 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