Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 20

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 20
---
), and potential next
steps for the Company’s engagement with Deep Track. Following discussion, it was the consensus of the Board to inform Deep Track
that: (1) the Board would be willing to engage with Deep Track on potential settlement terms if Deep Track would share the names of its
contemplated director nominees so the Board could assess the nominees in accordance with the Board’s process for reviewing new director
candidates and (2) the Board was planning to appoint a highly qualified independent director to the Board.

On December 18, 2024, Mr. Myers sent an email to Mr.
Kroin and Mr. Erkman, noting that Deep Track’s feedback from their prior call had been shared with the Board and again asking Deep
Track to share the names and resumes of its contemplated director nominees to enable the Board to evaluate them in accordance with its
process for reviewing new director candidates.

| 8 |

Later on December 18, 2024, Mr. Kroin sent an email
to Mr. Myers and Mr. Spencer stating that: (1) Deep Track’s two independent candidates were long-tenured and well-respected public
biotechnology executives, (2) before making a full introduction to the Company of Deep Track’s candidates, Deep Track required a
clear agreement as to next steps, timeline, where the candidates would be placed on the Board and its committees and which directors would
be stepping down and (3) it would be helpful to agree on a potential public announcement date of the new directors to establish the timeline
for completing the Board’s new director candidate review process. The email concluded by noting that time was of the essence given
that Deep Track also needed to prepare for the possibility that the parties would not come to an agreement, which would force Deep Track
to nominate its own candidates for the Annual Meeting.

On December 19, 2024, Mr. Myers sent an email to Mr.
Kroin stating that: (1) the Board is supportive of the ongoing dialogue but could not commit to anything further before Deep Track’s
candidates complete the interview and review process required for all new director candidates, (2) the Company stands ready to evaluate
Deep Track’s candidates, and (3) if Deep Track remains unwilling to share the names of its candidates and have them submit for interviews
and would rather reveal them through formal nomination papers, then the Company leaves that to Deep Track’s discretion.

Later on December 19, 2024, a representative of Cooley reached