Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 24

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 24
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 senior management experience in the life sciences industry.

On January 21, 2025, the Board met with the
Company’s management and Advisor Team to discuss the path forward with respect to Deep Track. The Nominating and Corporate
Governance Committee reviewed for the Board 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 (the “2027 Annual Meeting”). 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