Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 21

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 21
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 Corporate Governance Committee (the “Nominating and
Corporate Governance Committee”) to meet with Deep Track’s contemplated nominees if Deep Track would share their names as
part of the Nominating and Corporate Governance Committee’s process for evaluating potential director nominees, (2) noted that the
Board has been working on board refreshment pre-dating Deep Track filing its Schedule 13D and is ready to appoint a highly qualified independent
director candidate with significant vaccine expertise (referring to Dr. Emini, although Dr. Emini’s name was not disclosed during
the call) (the “Initial New Director”), but the Board had held off on the appointment to allow discussions with Deep Track
to progress, and (3) stated that if Deep Track was unwilling to share the names of its candidates, the Board may proceed with appointing
the Initial New Director in the near term.

On December 30, 2024, at Cadwalader’s request,
representatives of Cadwalader and Cooley had a call during which representatives of Cadwalader stated that: (1) the Initial New Director
could potentially be part of a negotiated resolution subject to alignment on the overall settlement framework and (2) Deep Track would
share the names of its independent director candidates and allow them to be interviewed if the Company assured Deep Track that the Board
was open to a settlement framework that would permit Deep Track to change a majority of the Board by the end of the 2026 Annual Meeting.
During this discussion, the representatives of Cooley expressed to Cadwalader that the Board was open to making meaningful change to the
Board’s composition in connection with a settlement, but that the Board was not in a position to make any commitments on settlement
terms until it could properly evaluate Deep Track’s contemplated director candidates. Representatives of Cooley asked questions
regarding Deep Track’s position and noted that as part of its refreshment process the Board had identified highly qualified independent
director candidates with public company CFO experience whom the Company believed should also be considered in the context of a negotiated
resolution. Representatives of Cadwalader expressed that Deep Track had a strong preference to have its independent director candidates
selected over independent director candidates identified through the Company’s refreshment process.

On January 2, 2025, following consultation with management
and Mr. Myers, representatives of Cooley held a call with representatives of Cadwalader at Cooley’s request, during which representatives
of Cooley conveyed that: (1) while the Company could not provide firm