Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 33

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 33
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 standstill agreement (without specifying a timeframe for such standstill). The
March 20 Counterproposal reflected the first time that Deep Track requested the replacement of Mr. Myers in the context of a settlement.

Later on March 20, 2025, Mr. Spencer sent an email to
Mr. Kroin clarifying that the Board remains happy to have Deep Track make a presentation to the Board so Deep Track has the opportunity
to share its ideas and answer any questions from the Board directly, but that the Company did not believe a non-disclosure 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