Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 26

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 26
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 the Rights Plan to expire by its terms at
the Annual Meeting. Mr. Myers and Mr. Spencer also conveyed the Board’s determination that adding Mr. Erkman is
not in the best interests of the Company and its stockholders given his skillset and experience, the needs of the business
and the other highly qualified candidates that had been identified. Mr. Kroin immediately rejected the January 25 Proposal on
the call and reiterated that Deep Track would only be willing to settle upon the terms of the January 22 Counterproposal,
including the appointment of Mr. Erkman.

On January 26, 2025, the Board met with the
Company’s management and the Advisor Team to discuss the status of discussions with Deep Track, including feedback from the
January 25th meeting. The Board determined that Deep Track’s January 22 Counterproposal was not in the best
interests of the Company and its stockholders, and further determined that, given Deep Track’s unwillingness to engage
in constructive negotiations despite the Company making multiple reasonable settlement proposals, it was appropriate to
proceed with the Board’s proactive refreshment program at this time. The Board also discussed various considerations
related to its classified board structure and the appropriate timing and structuring of declassification, which had been
under continuing evaluation by the Board and Nominating and Corporate Governance Committee since early 2024. Following
discussion, the Board determined to appoint Ms. Silvernail and Dr. Emini as members of the Board, effective February 3, 2025,
and to accept the resignations of each of Peggy Phillips and Julie Eastland effective immediately prior to the opening of the
polls at the Annual Meeting, at which time the Board size would be decreased to nine directors. Further, the Board determined
to propose the amendment and restatement of the Company’s Restated Certificate of Incorporation for the
phased declassification of the Board beginning at the 2026 Annual Meeting, which would result in all directors standing for
election annually beginning with the Company’s 2028 annual meeting of stockholders (the “2028 Annual
Meeting”).

On January 27, 2025, the Company issued a press release
announcing the advancement of its Board refreshment program, with the appointments of Dr. Emini and Ms. Silvernail to the Board and the
departures of Ms. Phillips and Ms. Eastland from the Board immediately prior to the 2025 Annual Meeting, following which the Board