Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 31

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 31
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 release
with a letter to the Company’s stockholders regarding, among other things, Deep Track’s views on the Convertible Debt Refinancing
(the “March 10 Deep Track Letter”).

Following the release of the March 10 Deep Track Letter,
Mr. Spencer and other members of the Company’s senior management discussed with Mr. Myers, other members of the Board and the Company’s
advisors regarding whether and how the Company should respond to Deep Track and whether it would be possible to arrive at a mutually agreeable
settlement with Deep Track that would be in the best interests of the Company and its stockholders and avoid the cost and distraction
of a proxy contest. Mr. Myers and the other directors expressed support for re-engaging with Deep Track on a potential settlement proposal.

On March 12, 2025, at the request of Mr. Spencer, Mr.
Spencer and Mr. Cox had a call with Mr. Kroin. On the call, Mr. Spencer conveyed a revised settlement proposal (the “March
12 Proposal”) consisting of the appointment of two of Deep Track’s independent nominees to the Board and two additional incumbent
directors resigning from the Board effective at the 2025 Annual Meeting (maintaining the size of the Board at nine directors), subject
to Deep Track agreeing to a cooperation agreement, including a one-year standstill and voting agreement. Mr. Kroin acknowledged the March
12 Proposal as being a meaningful improvement to prior settlement proposals, but indicated that he would continue to require Mr. Erkman’s
appointment to the Board as part of any settlement and would need a commitment to increase the Share Repurchase Program. In response,
Mr. Spencer indicated that he expected the Board would require a two-year standstill restriction before the Board would even consider
adding Mr. Erkman to the Board in the context of a settlement. Additionally, Mr. Spencer explained the rationale for not increasing the
Share Repurchase Program that the Company is still executing, but expressed the Board’s willingness to consider future increases
to the Share Repurchase Program. Mr. Kroin indicated that he would consider the proposal and get back to Mr. Spencer with a counterproposal.

On March 13, 2025, Mr. Kroin and Mr. Spencer held a
call during which Mr. Kroin requested that Mr. Kroin and Mr. Erkman be permitted to give a presentation to the Board regarding Deep Track’s
investment thesis for the Company prior to providing a revised settlement