Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 24

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 24
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 the conclusions it had reached at its January 16meeting and made
its recommendations to the Board regarding the Initial Deep Track Nominees. The Board discussed the Initial Deep Track
Nominees and the additional potential Board candidates, including Dr. Emini and Lauren Silvernail. The Board also discussed
the implications of entering into settlement negotiations with Deep Track and what terms may be in the best interests of the
Company and its stockholders in a potential settlement. Following discussion, the Board approved outreach by Mr. Myers and
Mr. Spencer to Deep Track with an initial offer for settlement and provided input to Mr. Myers and Mr. Spencer on potential
fallback positions that may be acceptable to the Board. The Board also emphasized that in any event, Dr. Emini should be
appointed to the Board by the end of January given the multiple delays in his appointment.

On January 22, 2025, Mr. Myers and Mr.
Spencer called Mr. Kroin with an initial offer for settlement (the “January 22 Proposal”), which consisted of:
(1) the appointment of Mr. Santel and Dr. Emini to the Board immediately upon announcement of the settlement, (2) the
departure of one of the Company’s longer-tenured incumbent directors as of the 2025 Annual Meeting and (3) Deep
Track’s agreement to a customary voting agreement and a two-year standstill to expire prior to the expiration of the
nomination window for the 2027 annual meeting of the Company’s stockholders. Mr. Myers and Mr. Spencer also noted that
the Board had identified an additional independent finance expert director candidate with CFO experience whom the Board
believes would be a more suitable director than Mr. Erkman or Mr. Farrow. Mr. Kroin immediately rejected the January 22
Proposal on the call.

Later on January 22, 2025, Mr. Kroin emailed Mr. Myers
and Mr. Spencer with a counterproposal for settlement (the “January 22 Counterproposal”), which consisted of: (1)
the appointment of Mr. Erkman and Mr. Santel to the Board at the 2025 Annual Meeting, (2) the departure 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