# EDGAR Filing Document

**Accession Number:** 0001121404
**File Stem:** 0001193125-26-009651
**Filing Date:** 2026-1
**Character Count:** 947887
**Document Hash:** b122f445d77933885ce0ee4d1f804838
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-009651.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001193125-26-009651

**CONFORMED SUBMISSION TYPE**: SC TO-T

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**GROUP MEMBERS**: SAMBA MERGER SUB, INC.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DYNAVAX TECHNOLOGIES CORP
- **CENTRAL INDEX KEY:** 0001029142
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 330728374
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-80035
- **FILM NUMBER:** 26524560

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 POWELL STREET
- **STREET 2:** SUITE 720
- **CITY:** EMERYVILLE
- **STATE:** CA
- **ZIP:** 94608
- **BUSINESS PHONE:** 5108485100

**MAIL ADDRESS:**
- **STREET 1:** 2100 POWELL STREET
- **STREET 2:** SUITE 720
- **CITY:** EMERYVILLE
- **STATE:** CA
- **ZIP:** 94608
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sanofi
- **CENTRAL INDEX KEY:** 0001121404
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 133529324
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T

**BUSINESS ADDRESS:**
- **STREET 1:** 46 AVENUE DE LA GRANDE ARMEE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75017
- **BUSINESS PHONE:** 33153774400

**MAIL ADDRESS:**
- **STREET 1:** 46 AVENUE DE LA GRANDE ARMEE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANOFI-AVENTIS
- **DATE OF NAME CHANGE:** 20040826

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SANOFI SYNTHELABO SA
- **DATE OF NAME CHANGE:** 20010104

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE TO** 

**Tender Offer Statement under Section 14(d)(1) or 13(e)(1)** 

**of the Securities Exchange Act of 1934** 

## DYNAVAX TECHNOLOGIES CORPORATION
**(Name of Subject Company (Issuer))** 

**SAMBA MERGER SUB, INC.** 

**SANOFI** 

**(Names of Filing Persons — Offerors)** 

**Common Stock, Par Value $0.001 Per Share** 

**(Title of Class of Securities)** 

**09627Y109** 

**(Cusip Number of Class of Securities)** 

**Roy Papatheodorou** 

**Executive Vice President, General Counsel, Head of Legal Ethics & Business Integrity** 

**Sanofi** 

**46, avenue de la Grande Armée, 75017** 

**Paris, France** 

**Telephone: 011 + 33 1 53 77 40 00** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons)** 

***Copies to:***

**Michael J. Aiello, Esq.** 

**Sachin Kohli, Esq.** 

**Weil, Gotshal & Manges LLP** 

**767 Fifth Avenue** 

**New York, New York 10153** 

**(212) 310-8000** 

☐ Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

---

| | |
|:---|:---|
| Amount Previously Paid: N/A. | Filing Party: N/A |
| Form or Registration No.: N/A | Date Filed: N/A |

---

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Third-party tender offer subject to Rule 14d-1.

☐ Issuer tender offer subject to Rule 13e-4.

☐ Going-private transaction subject to Rule 13e-3.

☐ Amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

------

This Tender Offer Statement on Schedule TO (together with any amendments and supplements hereto, this "<u>Schedule TO</u>") is filed by (i) Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>") and (ii) Parent. This Schedule TO relates to the offer by Purchaser to purchase all of the outstanding shares of common stock, par value, $0.001 per share (the "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share in cash (the "<u>Offer Price</u>"), without interest, subject to any withholding of taxes required by applicable legal requirements. Such offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 12, 2026 (together with any amendments or supplements thereto, the "<u>Offer to Purchase</u>") and in the accompanying Letter of Transmittal, which are annexed to and filed with this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively.

All information contained in the Offer to Purchase (including Schedule I to the Offer to Purchase) and the accompanying Letter of Transmittal is hereby expressly incorporated herein by reference in response to Items 1 through 9 and Item 11 of this Schedule TO.

The Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended from time to time, the "<u>Merger Agreement</u>"), by and among the Company, Parent and Purchaser, a copy of which is attached as Exhibit (d)(1) hereto, is incorporated herein by reference with respect to Items 4 through 9 and 11 of this Schedule TO.

***Item 1. Summary Term Sheet.***

The information set forth in the "Summary Term Sheet" of the Offer to Purchase is incorporated herein by reference.

***Item 2. Subject Company Information.***

(a) The name of the subject company and the issuer of the securities to which this Schedule TO relates is Dynavax Technologies Corporation, a Delaware corporation. The Company's principal executive offices are located at 1400 53rd Street, Suite 400, Emeryville, California 94608. The Company's telephone number is (510) 665-4600.

(b) This Schedule TO relates to the outstanding Shares. The Company has advised Purchaser and Parent that, as of the close of business on December 23, 2025, 114,555,453 Shares were issued and outstanding.

(c) The information concerning the principal market, if any, in which the Shares are traded and certain high and low sales prices for Shares in the principal market in which the Shares are traded are set forth in Section 6 (entitled "Price Range of Shares; Dividends on the Shares") of the Offer to Purchase is incorporated herein by reference.

***Item 3. Identity and Background of the Filing Person.***

(a)– (c) This Schedule TO is filed by Purchaser and Parent. The information set forth in Section 8 (entitled "Certain Information Concerning Parent, Purchaser and Certain Related Persons") of the Offer to Purchase and Schedule I to the Offer to Purchase is incorporated herein by reference.

***Item 4. Terms of the Transaction.***

(a)(1)(i) – (viii), (x), (xii), (a)(2)(i) – (iv), (vii) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Introduction"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 1 – "Terms of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 2 – "Acceptance for Payment and Payment for Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 3 – "Procedures for Accepting the Offer and Tendering Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 4 – "Withdrawal Rights"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 5 – "Certain Material U.S. Federal Income Tax Consequences of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 11 – "The Merger Agreement; Other Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12 – "Purpose of the Offer; Plans for the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 13 – "Certain Effects of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 15 – "Conditions of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 16 – "Certain Legal Matters; Regulatory Approvals"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 17 – "Appraisal Rights"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 19 – "Miscellaneous"

(a)(1)(ix) and (xi), (a)(2)(v) – (vi) Not applicable.

***Item 5. Past Contacts, Transactions, Negotiations and Agreements.***

(a), (b) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Introduction"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 7 – "Certain Information Concerning the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8 – "Certain Information Concerning Parent, Purchaser and Certain Related Persons"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 10 – "Background of the Offer; Past Contacts or Negotiations with the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 11 – "The Merger Agreement; Other Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12 – "Purpose of the Offer; Plans for the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Schedule I

***Item 6. Purposes of the Transaction and Plans or Proposals.***

(a), (c)(1) – (7) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Introduction"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 6 – "Price Range of Shares; Dividends on the Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 10 – "Background of the Offer; Past Contacts or Negotiations with the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 11 – "The Merger Agreement; Other Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12 – "Purpose of the Offer; Plans for the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 13 – "Certain Effects of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Schedule I

------

***Item 7. Source and Amount of Funds or Other Consideration.***

(a), (b) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Introduction"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 9 – "Source and Amount of Funds"

(d) Not applicable.

***Item 8. Interest in Securities of the Subject Company.***

(a) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8 – "Certain Information Concerning Parent, Purchaser and Certain Related Persons"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 11 – "The Merger Agreement; Other Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12 – "Purpose of the Offer; Plans for the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Schedule I

(b) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8 – "Certain Information Concerning Parent, Purchaser and Certain Related Persons"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Schedule I

***Item 9. Persons/Assets, Retained, Employed, Compensated or Used.***

(a) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the "Summary Term Sheet"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 3 – "Procedures for Accepting the Offer and Tendering Shares"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 10 – "Background of the Offer; Past Contacts or Negotiations with the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 18 – "Fees and Expenses"

***Item 10. Financial Statements.***

(a), (b) Not applicable.

***Item 11. Additional Information.***

(a)(1) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 8 – "Certain Information Concerning Parent, Purchaser and Certain Related Persons"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 10 – "Background of the Offer; Past Contacts or Negotiations with the Company"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 11 – "The Merger Agreement; Other Agreements"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12 – "Purpose of the Offer; Plans for the Company"

(a)(2) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 12 – "Purpose of the Offer; Plans for the Company"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 15 – "Conditions of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 16 – "Certain Legal Matters; Regulatory Approvals"

(a)(3) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 15 – "Conditions of the Offer"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 16 – "Certain Legal Matters; Regulatory Approvals"

(a)(4) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 13 – "Certain Effects of the Offer"

(a)(5) The information set forth in the following sections of the Offer to Purchase is incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 16 – "Certain Legal Matters; Regulatory Approvals"

(c) The information set forth in the Offer to Purchase is incorporated herein by reference.

***Item 12. Exhibits.***

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (a)(1)(A) | [Offer to Purchase, dated January 12, 2026.\*](d37469dex99a1a.htm) |
| (a)(1)(B) | [Letter of Transmittal (including Guidelines for Certification of Taxpayer Identification Number on IRS Form W-9).\*](d37469dex99a1b.htm) |
| (a)(1)(C) | [Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.\*](d37469dex99a1c.htm) |
| (a)(1)(D) | [Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.\*](d37469dex99a1d.htm) |
| (a)(1)(E) | [Summary Advertisement, dated January 12, 2026.\*](d37469dex99a1e.htm) |
| (a)(5)(A) | [Press Release of Sanofi Corporation, dated December 24, 2025 (incorporated by reference to Exhibit 99.1 to the Schedule TO-C filed by Parent on December 29, 2025).](http://www.sec.gov/Archives/edgar/data/1029142/000119312525335464/d48726dex991.htm) |
| (a)(5)(B) | [Social media posts on Sanofi's LinkedIn and X accounts, dated December 24, 2025 (incorporated herein by reference to Exhibit 99.2 to the Schedule TO-C filed by Parent on December 29, 2025) as Exhibit.](http://www.sec.gov/Archives/edgar/data/1029142/000119312525335464/d48726dex992.htm) |
| (a)(5)(C) | [Internal communication disseminated to all Sanofi employees on December 24, 2025 from Thomas Triomphe, Head of Vaccines (incorporated herein by reference to Exhibit 99.3 to the Schedule TO-C filed by Parent on December 29, 2025).](http://www.sec.gov/Archives/edgar/data/1029142/000119312525335464/d48726dex993.htm) |
| (d)(1) | [Agreement and Plan of Merger, dated as of December 23, 2025, by and among Parent, Purchaser and the Company.\*](d37469dex99d1.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (d)(2) | [Confidentiality Agreement, dated as of January 24, 2025, by and between the Company and Parent.\*](d37469dex99d2.htm) |
| (d)(3) | [Amendment No. 1 to Confidentiality Agreement, dated as of December 5, 2025, by and between the Company and Parent.\*](d37469dex99d3.htm) |
| (d)(4) | [Exclusivity Agreement, dated as of December 11, 2025, by and between the Company and Parent.](d37469dex99d4.htm) |
| (g) | Not applicable. |
| (h) | Not applicable. |
| 107 | [Filing Fee Table.\*](d37469dexfilingfees.htm) |

---

\* Filed herewith

------

**SIGNATURES** 

After due inquiry and to the best knowledge and belief of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: January 12, 2026

---

| | |
|:---|:---|
| **SAMBA MERGER SUB, INC.** | **SAMBA MERGER SUB, INC.** |
| By: | /s/ François-Xavier Dazogbo |
|  | Name: François-Xavier Dazogbo |
|  | Title: President |

---

---

| | |
|:---|:---|
| **GENZYME CORPORATION** | **GENZYME CORPORATION** |
| By: | /s/ Jamie Haney |
|  | Name: Jamie Haney |
|  | Title: Vice President and General Counsel |

---

---

| | |
|:---|:---|
| **SANOFI** | **SANOFI** |
| By: | /s/ Roy Papatheodorou |
|  | Name: Roy Papatheodorou |
|  | Title: General Counsel |

---

## Ex-99.(A)(1)(A)

**Exhibit (a)(1)(A)** 

**Offer To Purchase** 

**All Outstanding Shares of Common Stock of** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

**at** 

**$15.50 Per Share, net in cash** 

**by** 

**SAMBA MERGER SUB, INC.,** 

**an indirect wholly owned subsidiary of** 

**SANOFI** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE FOLLOWING 11:59 P.M., EASTERN TIME, ON FEBRUARY 9, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>"), is offering to purchase all of the outstanding shares of common stock, par value $0.001 per share (each, a "<u>Share</u>" and, collectively, "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share, in cash (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in this Offer to Purchase and in the related letter of transmittal (the "<u>Letter of Transmittal</u>" which, together with this Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>").

The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended from time to time, the "<u>Merger Agreement</u>"), by and among the Company, Parent and Purchaser, pursuant to which, as soon as practicable following consummation of the Offer and subject to the satisfaction or waiver of certain conditions, Purchaser will merge with and into the Company (the "<u>Merger</u>") and the separate existence of Purchaser will cease and the Company will continue as the surviving corporation (the "<u>Surviving Corporation</u>") and as an indirect wholly owned subsidiary of Parent, upon the terms and subject to the conditions set forth in the Merger Agreement. The Merger will be governed by Section 251(h) of the General Corporation Law of the State of Delaware, as amended (the "<u>DGCL</u>"), and will be consummated as soon as practicable following the Offer Acceptance Time (as defined in Section 11 – "The Merger Agreement"). In the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (being such date and at such time as the certificate of merger in respect of the Merger has been duly filed with the Secretary of State of the State of Delaware or at such later time and date as may be agreed upon by the parties and specified in the certificate of merger in accordance with the DGCL, the "<u>Effective Time</u>") (other than Shares (a) held in the treasury of the Company or owned by the Company or any direct or indirect wholly owned subsidiary of the Company (other than, in each case, Shares that are held in a fiduciary or agency capacity and are beneficially owned by third parties), by Parent, Purchaser or any direct or indirect wholly owned subsidiary of Parent, or by stockholders of the Company who have properly exercised and perfected their statutory rights of appraisal under the DGCL, or (b) irrevocably accepted by Purchaser for payment in the Offer) will be converted into the right to receive the Offer Price, without interest, subject to any applicable withholding taxes.

**Under no circumstances will interest be paid on the Offer Price for the Shares accepted for payment in the Offer, regardless of any extension of the Offer or any delay in making payment for the Shares.** 

The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of, among other conditions: (i) the Minimum Condition (as defined below in the "Summary Term Sheet") and (ii) the Regulatory Condition (as defined below in Section 15 – "Conditions of the Offer"). There is no financing condition to the Offer. The Offer is subject to various additional conditions. See Section 15 – "Conditions of the Offer." A summary of the principal terms and conditions of the Offer appears in the "Summary Term Sheet" beginning on page v of this Offer to Purchase.

------

**The Board of Directors of the Company (the "<u>Company Board</u>") has unanimously: (a) determined that the entry into the Merger Agreement and the consummation of the Transactions (as defined below) are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed and effected in accordance with Section 251(h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer.** 

This Offer to Purchase and the Letter of Transmittal contain important information, and you should read both carefully and in their entirety before deciding whether to tender your Shares in the Offer.

**NEITHER THE OFFER NOR THE MERGER HAS BEEN APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "<u>SEC</u>") OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SEC OR ANY STATE SECURITIES COMMISSION PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR THE MERGER OR UPON THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN THIS OFFER TO PURCHASE OR THE LETTER OF TRANSMITTAL. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL AND A CRIMINAL OFFENSE.** 

*The Information Agent for the Offer is:*![LOGO](g37469g01a01.jpg)

Innisfree M&A Incorporated

501 Madison Avenue, 20th floor

New York, New York 10022

Shareholders may call toll free: (877) 750-0831

Banks and Brokers may call collect: (212) 750-5833

------

**IMPORTANT** 

If your Shares are registered in your name and you wish to tender all or a portion of your Shares to Purchaser in the Offer, you must either (i) complete and sign the Letter of Transmittal that accompanies this Offer to Purchase in accordance with the instructions in the Letter of Transmittal and mail or deliver the Letter of Transmittal and all other required documents to the Depositary (as defined below in the "Summary Term Sheet") together with certificates representing the Shares tendered or (ii) follow the procedure for book-entry transfer set forth in Section 3 – "Procedures for Accepting the Offer and Tendering Shares." If your Shares are registered in the name of a broker, dealer, commercial bank, trust company or other nominee, you must contact that institution in order to tender your Shares to Purchaser and request they effect the transaction for you before the expiration of the Offer.

Questions and requests for assistance should be directed to the Information Agent at the address and telephone numbers set forth on the back cover of this Offer to Purchase. Additional copies of this Offer to Purchase, the related Letter of Transmittal and other materials related to the Offer may also be obtained at our expense from the Information Agent. Additionally, copies of this Offer to Purchase, the related Letter of Transmittal and any other materials related to the Offer may be found at www.sec.gov. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance, if your Shares are registered in their name.

**This Offer to Purchase and the related Letter of Transmittal contain important information, and you should read both carefully and in their entirety before making a decision with respect to the Offer.** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **1.** | [Terms of the Offer](#otp37469_1) | 16 |
| **2.** | [Acceptance for Payment and Payment for Shares](#otp37469_2) | 18 |
| **3.** | [Procedures for Accepting the Offer and Tendering Shares](#otp37469_3) | 19 |
| **4.** | [Withdrawal Rights](#otp37469_4) | 22 |
| **5.** | [Certain Material U.S. Federal Income Tax Consequences of the Offer](#otp37469_5) | 22 |
| **6.** | [Price Range of Shares; Dividends on the Shares](#otp37469_6) | 25 |
| **7.** | [Certain Information Concerning the Company](#otp37469_7) | 25 |
| **8.** | [Certain Information Concerning Parent, Purchaser and Certain Related Persons](#otp37469_8) | 26 |
| **9.** | [Source and Amount of Funds](#otp37469_9) | 27 |
| **10.** | [Background of the Offer; Past Contacts or Negotiations with the Company](#otp37469_10) | 28 |
| **11.** | [The Merger Agreement; Other Agreements](#otp37469_11) | 31 |
| **12.** | [Purpose of the Offer; Plans for the Company](#otp37469_12) | 58 |
| **13.** | [Certain Effects of the Offer](#otp37469_13) | 58 |
| **14.** | [Dividends and Distributions](#otp37469_14) | 59 |
| **15.** | [Conditions of the Offer](#otp37469_15) | 59 |
| **16.** | [Certain Legal Matters; Regulatory Approvals](#otp37469_16) | 62 |
| **17.** | [Appraisal Rights](#otp37469_17) | 64 |
| **18.** | [Fees and Expenses](#otp37469_18) | 65 |
| **19.** | [Miscellaneous](#otp37469_19) | 65 |

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**SUMMARY TERM SHEET** 

Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>"), is offering to purchase all of the outstanding shares of common stock, par value $0.001 per share (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company")</u> for $15.50 per Share, in cash (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in this Offer to Purchase and in the related letter of transmittal (the "<u>Letter of Transmittal</u>" which, together with this Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>"). The following are some questions you may have as a stockholder of the Company and answers to those questions. The information contained in this summary term sheet is a summary only, and may not contain all of the information that is important to you, and is not meant to be a substitute for the more detailed descriptions and information contained in the remainder of this Offer to Purchase, the Letter of Transmittal and other related materials. You are urged to read carefully this Offer to Purchase, the Letter of Transmittal and other related materials in their entirety. This summary term sheet includes cross-references to other sections of this Offer to Purchase where you will find more complete descriptions of the topics mentioned below. Except as otherwise set forth herein, the information concerning the Company contained in this summary term sheet and elsewhere in this Offer to Purchase has been based upon publicly available documents or records of the Company on file with the Securities and Exchange Commission (the "<u>SEC</u>") or other public sources or information provided by the Company. Neither Parent nor Purchaser assumes responsibility for the accuracy or completeness of the information concerning the Company contained in such documents and records or accuracy of any such information.

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| | |
|:---|:---|
| **Securities Sought** | All of the issued and outstanding shares of common stock, par value $0.001 per share, of the Company. |
| **Price Offered Per Share** | $15.50 per Share, in cash, without interest, subject to any applicable withholding taxes. |
| **Scheduled Expiration of Offer** | One minute following 11:59 P.M., Eastern Time, on February 9, 2026, unless the Offer is otherwise extended or earlier terminated. |
| **Purchaser** | Samba Merger Sub, Inc., a Delaware corporation and an indirect wholly owned subsidiary of SANOFI. |
| **Company Board Recommendation** | The Company Board unanimously recommends that the holders of Shares accept the Offer and tender their Shares pursuant to the Offer. |

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**Who is offering to buy my securities?** 

Samba Merger Sub, Inc. is offering to purchase all of the outstanding Shares at the Offer Price, on the terms and subject to the conditions set forth in this Offer to Purchase. Purchaser is a Delaware corporation and an indirect wholly owned subsidiary of Parent, and was formed solely for the purpose of engaging in the transactions contemplated by the Merger Agreement, including the Offer and the Merger. Purchaser has not engaged in any business activities to date, except for activities incidental to its formation and activities undertaken in connection with the Offer and the Merger. Parent is dedicated to supporting people through their health challenges. Parent is a global biopharmaceutical company focused on human health. Parent prevents illness with vaccines, and provides innovative treatments to fight pain and ease suffering. Parent stands by the few who suffer from rare diseases and the millions with long-term chronic conditions.

Unless the context indicates otherwise, in this Offer to Purchase, we use the terms "us," "we" and "our" to refer to Purchaser and, where appropriate, Parent. We use the term "Purchaser" to refer to Samba Merger Sub, Inc.

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alone, the term "Parent" to refer to SANOFI alone and the term the "Company" to refer to Dynavax Technologies Corporation. Unless the context otherwise requires, we use the term "Shares" to refer to shares of common stock, par value $0.001 per share, of the Company.

See Section 8 – "Certain Information Concerning Parent, Purchaser and Certain Related Persons."

**What is the class and amount of securities sought pursuant to the Offer?** 

Purchaser is offering to purchase all of the outstanding Shares at the Offer Price, without interest, subject to any applicable withholding taxes, on the terms and subject to the conditions set forth in this Offer to Purchase. In this Offer to Purchase, we use the term "Offer" to refer to this offer and the term "Shares" to refer to the Shares that are the subject of the Offer.

See Section 1 – "Terms of the Offer."

**Why are you making the Offer?** 

We are making the Offer because we want to acquire the Company. Following the consummation of the Offer, we are required to complete the Merger (as defined below) as soon as practicable following consummation of the Offer, but in no event later than the first (1st) business day after the satisfaction or waiver of the conditions to the Merger, unless otherwise agreed by the Company, Parent and Purchaser. Upon completion of the Merger, the Company will become an indirect wholly owned subsidiary of Parent. In addition, we intend to cause the Shares to be delisted from the Nasdaq Global Select Stock Market ("<u>Nasdaq</u>") and deregistered under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), after completion of the Merger.

**Who can participate in the Offer?** 

The Offer is open to all record holders and beneficial owners of Shares.

**How much are you offering to pay?** 

Purchaser is offering to pay $15.50 per Share in cash, without interest, subject to any applicable withholding taxes. We refer to this amount as the "Offer Price."

See the "Introduction" to this Offer to Purchase.

**Will I have to pay any fees or commissions?** 

If you are the holder of record of your Shares and you directly tender your Shares to us (through the Depositary (as defined below)) in the Offer, you will not be obligated to pay brokerage fees, commissions or similar expenses. If you own your Shares through a broker, dealer, commercial bank, trust company or other nominee, and your broker, dealer, commercial bank, trust company or other nominee tenders your Shares on your behalf, your broker, dealer, commercial bank, trust company or other nominee may charge you a fee for doing so. You should consult such institutions as to whether any service fees or commissions will apply.

See the "Introduction" to this Offer to Purchase and Section 18 – "Fees and Expenses."

**Is there an agreement governing the Offer?** 

Yes. The Company, Parent and Purchaser have entered into an Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended from time to time, the "<u>Merger Agreement</u>"). The Merger Agreement provides, among other things, for the terms and conditions of the Offer and the subsequent merger of Purchaser with and into the Company, after which the separate existence of Purchaser will cease and the Company will continue as the surviving corporation and an indirect wholly owned subsidiary of Parent (such merger, the "<u>Merger</u>").

See Section 11 – "The Merger Agreement; Other Agreements" and Section 15 – "Conditions of the Offer."

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**What are the material U.S. federal income tax consequences of tendering my Shares in the Offer or having my Shares exchanged for cash pursuant to the Merger?** 

The receipt of cash in exchange for your Shares in the Offer or, assuming you do not tender your Shares pursuant to the Offer and the Offer is consummated, in exchange for your Shares in the Merger, will be a taxable transaction for U.S. federal income tax purposes if you are a U.S. Holder (as defined in Section 5 –"Certain Material U.S. Federal Income Tax Consequences of the Offer"). See Section 5 – "Certain Material U.S. Federal Income Tax Consequences of the Offer" for a more detailed discussion of the tax treatment of the Offer and the Merger (including for Non-U.S. Holders (as defined in that section)).

**The U.S. federal, state, local and foreign income and other tax consequences to holders or beneficial owners of equity awards participating in the Merger with respect to such equity awards are not discussed herein, and such holders or beneficial owners of equity awards are strongly encouraged to consult their own tax advisors regarding such tax consequences. We urge you to consult with your own tax advisor as to the particular tax consequences to you of the Offer and the Merger.** 

**Do you have the financial resources to pay for all of the Shares that Purchaser is offering to purchase pursuant to the Offer?** 

Yes. We estimate that we will need approximately $2.22 billion to purchase all of the Shares pursuant to the Offer and to complete the Merger. Parent will provide Purchaser with sufficient funds to purchase all Shares validly tendered (and not validly withdrawn) in the Offer and to provide funding for the Merger. Parent expects to fund the Offer and the Merger using cash on hand and borrowings at prevailing effective rates under Parent's commercial paper program. The Offer is not conditioned upon Parent's or Purchaser's ability to finance the purchase of the Shares pursuant to the Offer.

See Section 9 – "Source and Amount of Funds."

**Is Purchaser's financial condition relevant to my decision to tender my Shares in the Offer?** 

We do not think Purchaser's financial condition is relevant to your decision whether to tender Shares and accept the Offer because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offer is being made for all outstanding Shares solely for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through Parent, we will have sufficient funds available to purchase all Shares validly tendered (and not validly
withdrawn) in the Offer and, if we consummate the Offer, all Shares converted into the right to receive the Offer Price in the Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offer and the Merger are not subject to any financing or funding condition.

See Section 9 – "Source and Amount of Funds" and Section 11 – "The Merger Agreement; Other Agreements."

**Is there a minimum number of Shares that must be tendered in order for you to purchase any securities?** 

Yes. The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to various conditions set forth in Section 15 – "Conditions of the Offer," including, among other conditions, the Minimum Condition. The "<u>Minimum Condition</u>" means that there have been validly tendered in the Offer and "received" by the "depositary" (as such terms are defined in Section 251(h) of the DGCL), and not validly withdrawn, prior to the Expiration Date (as defined below) that number of Shares that, together with the number of Shares, if any, then owned beneficially by Parent and Purchaser (together with their wholly owned subsidiaries), represents at least a majority of the Shares outstanding as of the time of the expiration of the Offer.

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**How long do I have to decide whether to tender my Shares in the Offer?** 

You will have until one minute following 11:59 P.M., Eastern Time, on the Expiration Date (the "<u>Offer</u> <u>Expiration Time</u>") to tender your Shares in the Offer. The term "<u>Expiration Date</u>" means February 9, 2026, unless the expiration of the Offer is extended to a subsequent date in accordance with the terms of the Merger Agreement, in which event the term "Expiration Date" means such subsequent date. In addition, if, pursuant to the Merger Agreement, we decide to, or are required to, extend the Offer as described below, you will have an additional opportunity to tender your Shares.

See Section 1 – "Terms of the Offer" and Section 3 – "Procedures for Accepting the Offer and Tendering Shares."

**Can the Offer be extended and under what circumstances?** 

Yes. The Merger Agreement provides that, subject to the parties' respective termination rights under the Merger Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, as of any then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived,
Purchaser may, in its discretion (and without the consent of the Company or any other Person), extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension, to permit such Offer Condition to be
satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall extend the Offer from time to time for any period required by any applicable Law, any
interpretation or position of the SEC or its staff or Nasdaq or its staff, in each case, applicable to the Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, as of any-then scheduled Expiration Date, any Offer Condition is
not satisfied and has not been waived, at the request of the Company delivered at or prior to such Expiration Date, Purchaser shall extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension
(as set forth in the Company's extension request), in order to permit such Offer Condition to be satisfied.

However, in no event shall Purchaser: (1) be required to extend the Offer beyond the earliest to occur of (the "Extension Deadline") (x) the valid termination of the Merger Agreement in compliance with Section 7 of the Merger Agreement and (y) the End Date (as defined in the Merger Agreement); or (2) be permitted to extend the Offer beyond the Extension Deadline without the prior written consent of the Company.

The "End Date" means June 23, 2026; provided, that the End Date may be extended by either Parent or the Company (upon written notice to the other Party prior to the initial End Date) until September 21, 2026 if any of the Regulatory Conditions (as defined below in Section 15 – "Conditions of the Offer") are still outstanding as of the initial End Date; provided, further, that the End Date may be further extended by either Parent or the Company upon written notice to the other Party prior to such extended End Date until December 20, 2026 if any of the Regulatory Conditions are still outstanding as of such extended End Date.

See Section 1 – "Terms of the Offer" and Section 11 – "The Merger Agreement; Other Agreements."

**Will there be a subsequent offering period?** 

No. The Merger Agreement provides that there will not be a "subsequent offering period" in accordance with Rule 14d-11 under the Exchange Act.

See Section 1 – "Terms of the Offer."

**How will I be notified if the Offer is extended?** 

If we extend the Offer, we will inform Continental Stock Transfer & Trust Company, which is the depositary and paying agent for the Offer (the "<u>Depositary</u>"), of any extension, and will issue a press release announcing the

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extension no later than 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date.

See Section 1 – "Terms of the Offer."

**What are the most significant conditions to the Offer?** 

The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of a number of conditions by one minute following 11:59 P.M., Eastern Time, on the scheduled Expiration Date of the Offer, including, among other conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Minimum Condition being satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the waiting period applicable to the Offer under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 having
expired or been terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Regulatory Condition (as defined below in Section 15 – "Conditions of the Offer");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of the Company's representations and warranties set forth in the Merger Agreement as of
specified times, and the performance of the Company's covenants set forth in the Merger Agreement, in each case, to specified standards of materiality; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the condition that there has not been a "Material Adverse Effect" (as described in Section 11)
with respect to the Company that is continuing since December 23, 2025.

The above Offer Conditions are further described, and other Offer Conditions are described, below in Section 15 – "Conditions of the Offer." The Offer is not subject to any financing condition.

**How do I tender my Shares?** 

If you hold your Shares directly as the registered owner and such Shares are represented by stock certificates, you may tender your Shares in the Offer by delivering the certificates representing your Shares, together with a properly completed and signed Letter of Transmittal and any other documents required by the Letter of Transmittal, to the Depositary, not later than the Offer Expiration Time. If you hold your Shares as the registered owner and such Shares are represented by book-entry positions, you may follow the procedures for book-entry transfer set forth in Section 3 of this Offer to Purchase, not later than the Offer Expiration Time. The Letter of Transmittal is enclosed with this Offer to Purchase.

If you hold your Shares in street name through a broker, dealer, commercial bank, trust company or other nominee, you must contact the institution that holds your Shares and give instructions that your Shares be tendered. You should contact the institution that holds your Shares for more details.

See Section 3 – "Procedures for Accepting the Offer and Tendering Shares."

**If I accept the Offer, how will I get paid?** 

If the Offer Conditions are satisfied and we accept your validly tendered Shares for payment, payment will be made by deposit of the aggregate Offer Price for the Shares accepted in the Offer with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments from Purchaser and transmitting payments without interest and less applicable tax withholdings to tendering stockholders whose Shares have been accepted for payment.

See Section 3 – "Procedures for Accepting the Offer and Tendering Shares."

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**Until what time may I withdraw previously tendered Shares?** 

You may withdraw your previously tendered Shares at any time until one minute following 11:59 P.M., Eastern Time, on the Expiration Date. In addition, if we have not accepted your Shares for payment by March 13, 2026 (the 60th day after the date of commencement of the Offer), you may withdraw them at any time after that date until we accept your Shares for payment. See Section 4 – "Withdrawal Rights."

**How do I withdraw previously tendered Shares?** 

To withdraw previously tendered Shares, you must deliver a written notice of withdrawal, or a facsimile of one, with the required information to the Depositary while you still have the right to withdraw Shares. If you tendered Shares by giving instructions to a broker, dealer, commercial bank, trust company or other nominee, you must instruct the broker, dealer, commercial bank, trust company or other nominee to arrange for the withdrawal of your Shares.

See Section 4 – "Withdrawal Rights."

**Has the Offer been approved by the Board of Directors of the Company?** 

Yes. The Company Board has unanimously: (a) determined that entry into the Merger Agreement and the consummation of the Transactions are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed by and effected in accordance with Section 251(h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the stockholders of the Company accept the Offer and tender their Shares pursuant to the Offer.

More complete descriptions of the reasons for the Company Board's recommendation and approval of the Offer and the Merger are set forth in the Company's Solicitation/Recommendation Statement on Schedule 14D-9 (the "<u>Schedule 14D-9</u>") that is being mailed to you together with this Offer to Purchase. Stockholders should carefully read the information set forth in the Schedule 14D-9 in its entirety, including the information set forth in Item 4 under the sub-headings "Background of the Offer" and "Reasons for the Recommendation of the Company Board."

**If Shares tendered pursuant to the Offer are purchased by Purchaser, will the Company continue as a public company?** 

No. We are required to complete the Merger as soon as practicable following consummation of the Offer, unless otherwise agreed in writing by the Company, Parent and Purchaser. Once the Merger takes place, the Company will be an indirect wholly owned subsidiary of Parent. Following the Merger, we intend to cause the Shares to be delisted from Nasdaq and deregistered under the Exchange Act.

See Section 13 – "Certain Effects of the Offer."

**Will a meeting of the Company's stockholders be required to approve the Merger?** 

No. Section 251(h) of the DGCL provides that, unless expressly required by its certificate of incorporation, no vote of stockholders will be necessary to authorize the merger of a constituent corporation whose shares are listed on a national securities exchange or held of record by more than 2,000 holders immediately prior to the execution of the applicable agreement of merger by such constituent corporation if, subject to certain statutory provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the agreement of merger expressly permits or requires that the merger shall be effected by Section 251(h) of
the DGCL and provides that such merger be effected as soon as practicable following the consummation of the tender offer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an acquiring corporation consummates a tender offer for any and all of the outstanding stock of such constituent
corporation that would be entitled to vote on the merger (other than any shares held by the constituent corporation, the corporation making such offer, any person that owns, directly or indirectly, all of the outstanding stock of the corporation
making the offer, and any direct or indirect wholly owned subsidiaries of any of the foregoing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the consummation of the tender offer, the acquiring corporation owns at least such percentage of stock
of such constituent corporation that, absent Section 251(h) of the DGCL, would otherwise be required to adopt the agreement of merger for such constituent corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each outstanding share of each class or series of stock of the constituent corporation that is the subject of and
not irrevocably accepted for payment in the offer is converted in such merger into the same consideration for their stock in the merger as was payable in the tender offer.

If the conditions to the Offer and the Merger are satisfied or waived (to the extent waivable), we are required by the Merger Agreement to effect the Merger pursuant to Section 251(h) of the DGCL without a meeting of the Company's stockholders and without a vote or any further action by the stockholders.

**If I do not tender my Shares but the Offer is consummated, what will happen to my Shares?** 

If the Offer is consummated and no temporary restraining order, preliminary or permanent injunction or other order by any Governmental Body (as defined in Section 11 – "The Merger Agreement") of competent jurisdiction that prevents the consummation of the Merger is in effect, and no applicable law or order promulgated, entered, enforced, enacted, issued or deemed applicable to the Merger by any Governmental Body directly prohibits, or makes illegal the consummation of the Merger, Purchaser is required under the Merger Agreement to effect the Merger pursuant to Section 251(h) of the DGCL. At the effective time of the Merger (being such date and at such time as the certificate of merger in respect of the Merger has been duly filed with the Secretary of State of the State of Delaware or at such later time and date as may be agreed upon by the parties to the Merger Agreement in writing and specified in the certificate of merger in accordance with the DGCL, the "<u>Effective Time</u>"), all of the then issued and outstanding Shares (other than Shares (a) held in the treasury of the Company or owned by the Company or any direct or indirect wholly owned subsidiary of the Company (other than, in each case, Shares that are held in a fiduciary or agency capacity and are beneficially owned by third parties), by Parent, Purchaser or any direct or indirect wholly owned subsidiary of Parent or by stockholders of the Company who have properly exercised and perfected their statutory rights of appraisal under the DGCL or (b) irrevocably accepted by Purchaser for payment in the Offer) will be converted into the right to receive the Offer Price, without interest, subject to any applicable withholding taxes (the "<u>Merger Consideration</u>").

If the Merger is completed, the Company's stockholders who do not tender their Shares in the Offer (other than stockholders who properly exercise appraisal rights) will receive the same amount of cash per Share that they would have received had they tendered their Shares in the Offer. Therefore, if the Offer is consummated and the Merger is completed, the only differences to you between tendering your Shares and not tendering your Shares in the Offer are that (A) you will be paid earlier if you tender your Shares in the Offer and (B) appraisal rights will not be available to you if you tender Shares in the Offer, but will be available to you in the Merger if you do not tender Shares in the Offer and otherwise comply in all respects with the requirements for appraisal under Section 262 of the DGCL. See Section 17 – "Appraisal Rights." However, in the unlikely event that the Offer is consummated but the Merger is not completed, the number of the Company's stockholders and the number of Shares that are still in the hands of the public may be so small that there will no longer be an active public trading market (or, possibly, there may not be any public trading market) for the Shares. Also, in such event, it is possible that the Shares will be delisted from Nasdaq, and the Company will no longer be required to make filings with the SEC under the Exchange Act or will otherwise not be required to comply with the rules relating to publicly held companies to the same extent as it is now.

See the "Introduction" to this Offer to Purchase, Section 11 – "The Merger Agreement; Other Agreements" and Section 13 – "Certain Effects of the Offer."

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**What will happen to my stock options (if any), restricted stock units and performance-based restricted stock units in the Offer and the Merger?** 

The Offer is being made only for Shares, and not for (a) outstanding options to purchase Shares (each, a "<u>Company Stock Option</u>"), (b) outstanding restricted stock units (each, a "<u>Company RSU</u>") or (c) outstanding performance-based restricted stock units (each, a "<u>Company PSU</u>") and together with Company Stock Options and Company RSUs, "<u>Company Stock Awards</u>") in each case, granted under (i) the Company's 2011 Equity Incentive Plan, (ii) the Company's 2018 Equity Incentive Plan, (iii) the Company's 2017 Inducement Award Plan or (iv) the Company's 2021 Inducement Award Plan, each as amended. Holders of outstanding vested but unexercised Company Stock Options may participate in the Offer only if they first exercise such Company Stock Options in accordance with the terms of the applicable equity incentive plan and other applicable agreements of the Company and tender the Shares, if any, issued upon such exercise. Holders of outstanding Company RSUs or Company PSUs may participate in the Offer only if such Company RSUs or Company PSUs are first settled in accordance with the terms of the applicable equity incentive plan and other applicable agreements of the Company and the Shares, if any, issued in connection with such settlement are tendered. Any such exercise or settlement should be completed sufficiently in advance of the Offer Expiration Time to ensure that the holder will have sufficient time to comply with the procedures for tendering Shares described below in Section 3 – "Procedures for Accepting the Offer and Tendering Shares."

Pursuant to the terms of the Merger Agreement, as of the Effective Time, except as otherwise provided below for Company Stock Options, Company RSUs and Company PSUs granted in calendar year 2025, (a) each Company Stock Option that is outstanding immediately prior to the Effective Time, whether vested or unvested, will fully vest (in the case of performance-based Company Stock Options, assuming the attainment of the applicable performance-based vesting conditions at the percentage of target performance level specified in the Merger Agreement), be cancelled and entitle the holder to receive for each Share underlying such Company Stock Option a cash amount equal to the excess of (x) the Merger Consideration over (y) the exercise price payable per Share under such Company Stock Option (without interest and less applicable tax withholdings); (b) each Company RSU that is outstanding immediately prior to the Effective Time, whether vested or unvested, will be cancelled and entitle the holder to receive a cash amount equal to the Merger Consideration for each Share underlying such Company RSU (without interest and less applicable tax withholdings) and (c) each Company PSU that is outstanding immediately prior to the Effective Time, whether vested or unvested, will be cancelled and entitle the holder to receive a cash amount equal to the Merger Consideration for each Share underlying such Company PSU (without interest and less applicable tax withholdings) that would be issuable in settlement of such Company PSU assuming attainment of the applicable performance-based vesting conditions at the percentage of target performance level specified in the Merger Agreement. The foregoing treatment of the Company's outstanding equity incentive awards will not apply to 50% of the unvested Company Stock Options, Company RSUs and Company PSUs that were granted in calendar year 2025 and Company RSUs granted in 2026 (if any) (in each case, excluding any equity incentive awards granted to non-employee directors) that are outstanding immediately prior to the Effective Time. Instead, such equity incentive awards will be cancelled and converted into cash-based awards based on the Merger Consideration less, in the case of Company Stock Options, the applicable exercise price per Share underlying such Company Stock Option. Each such converted cash-based award (and the right to payments in respect thereof) will be subject to the terms and conditions (including vesting, forfeiture and acceleration provisions) applicable to the corresponding equity incentive award immediately prior to the Effective Time, except (i) in the case of converted cash-based awards corresponding to equity incentive awards granted in 2025 (if any), such converted cash-based awards will vest and become payable on the date that is six months following the closing date of the Merger and (ii) in the case of such converted cash-based awards corresponding to equity incentive awards granted in 2026 (if any), such converted cash-based awards will vest and become payable on the date that is one year following the closing date of the Merger. Vesting of each such converted cash-based award is generally accelerated (on a prorated basis for converted cash-based awards corresponding to equity incentive awards granted in 2026) upon the holder's termination of service with Parent or any of its affiliates without "cause," including due to death, prior to the applicable vesting date.

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See Section 11 – "The Merger Agreement" for a more detailed description of the treatment of equity awards in connection with the Merger.

**What is the market value of my Shares as of a recent date?** 

On December 22, 2025 the last full day of trading before we announced the Merger Agreement, the reported closing sales price of the Shares on Nasdaq was $11.16 per Share. On January 9, 2026, the last full day of trading before commencement of the Offer, the reported closing sales price of the Shares on Nasdaq was $15.41 per Share. We encourage you to obtain current market quotations for Shares before deciding whether to tender your Shares.

See Section 6 – "Price Range of Shares; Dividends on the Shares."

**Have any stockholders already agreed to tender their Shares in the Offer or to otherwise support the Offer?** 

No.

**Will I have appraisal rights in connection with the Offer?** 

No appraisal rights will be available to you in connection with the Offer. However, if Purchaser purchases Shares pursuant to the Offer, and the Merger is completed, holders of Shares including beneficial owners immediately prior to the Effective Time who (a) did not tender their Shares in the Offer, (b) follow the procedures set forth in Section 262 of the DGCL and (c) do not thereafter lose such holders' appraisal rights (by withdrawal, failure to perfect or otherwise), will be entitled to have their Shares appraised by the Delaware Court of Chancery and to receive payment of the "fair value" of such shares, exclusive of any element of value arising from the accomplishment or expectation of the Merger, together with interest, thereon. The "fair value" could be greater than, less than or the same as the Offer Price.

See Section 17 – "Appraisal Rights."

**Whom should I call if I have questions about the Offer?** 

You may call Innisfree M&A Incorporated, the Information Agent for the Offer, toll free at (877) 750-0831. See the back cover of this Offer to Purchase for additional contact information.

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**INTRODUCTION** 

Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>"), is offering to purchase all of the outstanding shares of common stock, par value $0.001 per share (each, a "<u>Share</u>" and, collectively, "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share, in cash, without interest, subject to any applicable withholding taxes (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), upon the terms and subject to the conditions set forth in this Offer to Purchase and in the related letter of transmittal (the "<u>Letter of Transmittal</u>" which, together with this Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>").

The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended from time to time, the "<u>Merger Agreement</u>"), among the Company, Parent and Purchaser, pursuant to which, unless other agreed by the Company, Parent and Purchaser, as soon as practicable following consummation of the Offer and subject to the satisfaction or waiver of certain conditions, Purchaser will merge with and into the Company (the "<u>Merger</u>") and the separate existence of Purchaser will cease and the Company will continue as the surviving corporation (the "<u>Surviving Corporation</u>") and an indirect wholly owned subsidiary of Parent, upon the terms and subject to the conditions set forth in the Merger Agreement. The Merger will be governed by Section 251(h) of the General Corporation Law of the State of Delaware, as amended (the "<u>DGCL</u>"), and effected without a vote of the Company stockholders. In the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (being such date and at such time as the certificate of merger in respect of the Merger has been duly filed with the Secretary of State of the State of Delaware or at such later time and date as may be agreed upon by the parties and specified in the certificate of merger in accordance with the DGCL, the "<u>Effective Time</u>") (other than Shares (a) held in the treasury of the Company or owned by the Company or any direct or indirect wholly owned subsidiary of the Company (other than, in each case, Shares that are held in a fiduciary or agency capacity and are beneficially owned by third parties), by Parent, Purchaser or any direct or indirect wholly owned subsidiary of Parent, or by stockholders of the Company who have properly exercised and perfected their statutory rights of appraisal under the DGCL, or (b) irrevocably accepted by Purchaser for payment in the Offer) will be converted into the right to receive the Offer Price. **Under no circumstances will interest be paid on the purchase price for the Shares accepted for payment in the Offer, regardless of any extension of the Offer or any delay in making payment for the Shares.** The Merger Agreement is more fully described in Section 11 – "The Merger Agreement."

Tendering stockholders who are the holders of record of their Shares and who tender directly to the Depositary (as defined above in the "Summary Term Sheet") will not be obligated to pay brokerage fees or commissions or, as provided in Section 6 of the Letter of Transmittal, stock transfer taxes with respect to the purchase of Shares by Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, dealer, commercial bank, trust company or other nominee should consult such institution as to whether it charges any service fees or commissions.

**The Company Board has unanimously: (a) determined that the Merger Agreement and the consummation of the Transactions are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed and effected in accordance with Section 251(h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer.** 

More complete descriptions of the Company Board's reasons for recommending that the Company's stockholders accept the Offer and tender their Shares pursuant to the Offer, and for authorizing and approving the Merger Agreement and the transactions contemplated thereby, including the Offer and the Merger (the "<u>Transactions</u>"), are set forth in the Company's Solicitation/Recommendation Statement on the Schedule 14D-9 (the "<u>Schedule 14D-9</u>") that is being mailed to you together with this Offer to Purchase. Stockholders should

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carefully read the information set forth in the Schedule 14D-9 in its entirety, including the information set forth in Item 4 under the sub-headings "Background of Offer and Merger" and "Reasons for Recommendation."

The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of, among other conditions: (i) the Minimum Condition and (ii) the Regulatory Condition (as defined below in Section 15 – "Conditions of the Offer"). The "<u>Minimum Condition</u>" means that there have been validly tendered in the Offer and "received" by the "depositary" (as such terms are defined in Section 251(h) of the DGCL), and not validly withdrawn, prior to the Expiration Date (as defined below) that number of Shares that, together with the number of Shares, if any, then owned beneficially by Parent and Purchaser (together with their wholly owned subsidiaries), represents at least a majority of the Shares outstanding as of the time of the expiration of the Offer.

See Section 15 – "Conditions of the Offer." There is no financing condition to the Offer.

The Company has advised Parent that at a meeting of the Company Board held on December 23, 2025, Centerview Partners LLC ("<u>Centerview</u>") rendered to the Company Board its oral opinion, which was subsequently confirmed by delivery of a written opinion dated December 23, 2025 to the effect that, as of such date and based upon and subject to the various assumptions made, procedures followed, matters considered, and qualifications and limitations set forth therein, the Offer Price to be paid to the holders of Shares (other than as specified in such opinion) pursuant to the Merger Agreement was fair, from a financial point of view, to such holders. The full text of the written opinion of Centerview, dated December 23, 2025, sets forth the assumptions made, procedures followed, matters considered and qualifications and limitations on the review undertaken by Centerview in connection with its opinion and is attached as Annex A-1 to the Schedule 14D-9. The opinion of Centerview does not constitute a recommendation to any stockholder of the Company as to whether or not such holder should tender Shares in connection with the Offer or otherwise act with respect to the Transactions or any other matter.

The Company has further advised Parent that at a meeting of the Company Board held on December 23, 2025, Goldman Sachs & Co. LLC ("<u>Goldman Sachs</u>") rendered to the Company Board its oral opinion, which was subsequently confirmed by delivery of a written opinion dated December 23, 2025 to the effect that, as of such date and based upon and subject to the various assumptions made, procedures followed, matters considered, and qualifications and limitations set forth therein, the Offer Price to be paid to the holders of Shares (other than as specified in such opinion) pursuant to the Merger Agreement was fair, from a financial point of view, to such holders. The full text of the written opinion of Goldman Sachs, dated December 23, 2025, sets forth the assumptions made, procedures followed, matters considered and qualifications and limitations on the review undertaken by Goldman Sachs in connection with its opinion and is attached as Annex A-2 to the Schedule 14D-9. The opinion of Goldman Sachs does not constitute a recommendation to any stockholder of the Company as to whether or not such holder should tender Shares in connection with the Offer or otherwise act with respect to the Transactions or any other matter.

THIS OFFER TO PURCHASE AND THE RELATED LETTER OF TRANSMITTAL CONTAIN IMPORTANT INFORMATION THAT SHOULD BE READ CAREFULLY IN ITS ENTIRETY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE OFFER.

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**THE TENDER OFFER** 

**1.** **Terms of the Offer** 

Purchaser is offering to purchase all of the outstanding Shares at the Offer Price, without interest and subject to any withholding of taxes required by applicable legal requirements, upon the terms and subject to the conditions set forth in the Offer. Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of such extension or amendment), we will accept for payment and, promptly after the Expiration Date pay for, all Shares validly tendered prior to one minute following 11:59 P.M., Eastern Time, on the Expiration Date (the "<u>Offer Expiration Time</u>") and not validly withdrawn as described in Section 4 – "Withdrawal Rights." The term "Expiration Date" February 9, 2026, unless the Offer is extended or earlier terminated in accordance with the terms of the Merger Agreement, in which event the term "Expiration Date" means such subsequent time and date to which the Offer has been extended.

**The Offer is conditioned upon, among other things, the satisfaction of the Minimum Condition and the other conditions described in Section 15 – "Conditions of the Offer."** 

The Merger Agreement provides that, subject to the parties' respective termination rights under the Merger Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, as of any then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived,
Purchaser may, in its discretion (and without the consent of the Company or any other Person), extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension, to permit such Offer Condition to be
satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall extend the Offer from time to time for any period required by any applicable Law, any
interpretation or position of the SEC or its staff or Nasdaq or its staff, in each case, applicable to the Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, as of any-then scheduled Expiration Date, any Offer Condition is
not satisfied and has not been waived, at the request of the Company delivered at or prior to such Expiration Date, Purchaser shall extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension
(as set forth in the Company's extension request), in order to permit such Offer Condition to be satisfied.

However, in no event shall Purchaser: (1) be required to extend the Offer beyond the earliest to occur of (the "<u>Extension Deadline</u>") (x) the valid termination of the Merger Agreement in compliance with Section 7 of the Merger Agreement and (y) the End Date (as defined in the Merger Agreement); or (2) be permitted to extend the Offer beyond the Extension Deadline without the prior written consent of the Company.

The "<u>End Date</u>" means June 23, 2026; *provided* that the End Date may be extended by either Parent or the Company upon written notice to the other Party prior to the initial End Date until September 21, 2026 if any of the Regulatory Conditions (as defined below in Section 15 – "Conditions of the Offer") are still outstanding as of the initial End Date; *provided*, *further*, that the End Date may be further extended by either Parent or the Company upon written notice to the other Party prior to such extended End Date until December 20, 2026 if any of the Regulatory Conditions are still outstanding as of such extended End Date.

See Section 11 – "The Merger Agreement – Termination."

If we extend the Offer, are delayed in our acceptance for payment of or payment for Shares or are unable to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice to our rights under the Offer, the Depositary may retain tendered Shares on our behalf, and such Shares may not be withdrawn except to the extent that tendering stockholders are entitled to withdrawal rights as described in Section 4 – "Withdrawal

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Rights." However, our ability to delay the payment for Shares that we have accepted for payment is subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) under the Exchange Act, which requires us to pay the consideration offered or return the securities deposited by or on behalf of stockholders promptly after the termination or withdrawal of the Offer.

Subject to the terms of the Merger Agreement and the applicable rules and regulations of the SEC and other applicable laws and regulations, we expressly reserve the right to increase the Offer Price, waive any Offer Condition and make any other changes to the terms and conditions of the Offer not inconsistent with the terms of the Merger Agreement; provided, however, that without the prior written consent of the Company, Purchaser shall not (A) decrease the Offer Price, (B) change the form of consideration payable in the Offer, (C) decrease the maximum number of Shares sought to be purchased in the Offer, (D) impose conditions or requirements to the Offer in addition to the Offer Conditions, (E) amend or modify any of the Offer Conditions in a manner that adversely affects any holder of Shares, (F) change or waive the Minimum Condition, (G) terminate the Offer or accelerate, extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger Agreement or (H) provide any "subsequent offering period" (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act. Any extension, delay, termination or amendment of the Offer will be followed as promptly as practicable by a public announcement thereof, and such announcement, in the case of an extension, will be made no later than 9:00 a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date. Without limiting the manner in which we may choose to make any public announcement, we intend to make announcements regarding the Offer by issuing a press release and making any appropriate filing with the SEC. Upon any determination that an Offer Condition has not been satisfied and gives rise to a right to terminate the Offer by Purchaser or Parent, Parent will promptly notify the Company's stockholders of a decision to either terminate the Offer, or to waive the condition and proceed with the Offer.

If, subject to the terms of the Merger Agreement, we make a material change in the terms of the Offer or the information concerning the Offer or if we waive a material condition of the Offer, we will disseminate additional tender offer materials and extend the Offer, in each case, if and to the extent required by Rules 14d-3(b)(1), 14d-4(d), 14d-6(c) and 14e-1 under the Exchange Act. The minimum period during which the Offer must remain open following material changes in the terms of the Offer or information concerning the Offer, other than a change in price or a change in percentage of securities sought, will depend upon the facts and circumstances, including the relative materiality of the terms or information changes. In the SEC's view, an offer should remain open for a minimum of five (5) business days from the date the material change is first published, sent or given to holders of Shares, and with respect to a change in price or a change in the percentage of securities sought, a minimum ten (10) business day period generally is required to allow for adequate dissemination to holders of Shares and investor response.

If, on or before the Expiration Date, we increase the consideration being paid for Shares accepted for payment in the Offer, such increased consideration will be paid to all holders whose Shares are purchased in the Offer, whether or not such Shares were tendered before the announcement of the increase in consideration.

The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of the Offer Conditions. Under certain circumstances described in the Merger Agreement, we also may terminate the Merger Agreement.

The Company has provided us with its stockholder list and security position listings for the purpose of disseminating the Offer to holders of Shares. This Offer to Purchase and the related Letter of Transmittal, as well as the Schedule 14D-9, will be mailed to record holders of Shares whose names appear on the stockholder list and will be furnished for subsequent transmittal to beneficial owners of Shares to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing for subsequent transmittal to beneficial owners of Shares.

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**2.** **Acceptance for Payment and Payment for Shares** 

Subject to the terms of the Offer and the Merger Agreement and the satisfaction or waiver of the Offer Conditions set forth in Section 15 – "Conditions of the Offer," we will irrevocably accept for payment and pay for all Shares validly tendered and not validly withdrawn pursuant to the Offer promptly (and in any event within one (1) business day) after the Offer Acceptance Time (as defined in Section 11 – "The Merger Agreement"). Subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) promulgated under the Exchange Act, we expressly reserve the right to delay payment for Shares in order to comply in whole or in part with any applicable law or regulation. See Section 16 – "Certain Legal Matters; Regulatory Approvals."

In the case of certificated Shares, we will pay for Shares accepted for payment pursuant to the Offer only after timely receipt by the Depositary of (i) the certificates evidencing such Shares (the "<u>Certificates</u>") pursuant to the procedures set forth in Section 3 – "Procedures for Tendering Shares," (ii) the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, with any required signature guarantees and (iii) any other documents required by the Letter of Transmittal.

In the case of book-entry Shares, we will pay for Shares accepted for payment pursuant to the Offer only after timely receipt by the Depositary of (i) confirmation of a book-entry transfer of such Shares into the Depositary's account at The Depository Trust Company ("<u>DTC</u>") (such a confirmation, a <u>"Book-Entry Confirmation</u>") pursuant to the procedures set forth in Section 3 – "Procedures for Tendering Shares," (ii) the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, with any required signature guarantees and (iii) any other documents required by the Letter of Transmittal; or, in the case of a book-entry transfer, an Agent's Message in lieu of the Letter of Transmittal and such other documents. The term "Agent's Message" means a message, transmitted through electronic means by DTC in accordance with the normal procedures of DTC to, and received by, the Depositary and forming part of a Book-Entry Confirmation, that states that DTC has received an express acknowledgment from the participant in DTC tendering the Shares that are the subject of such Book-Entry Confirmation that such participant has received and agrees to be bound by the terms of, the Letter of Transmittal, and that Purchaser may enforce such agreement against such participant. The term "Agent's Message" also includes any hard copy printout evidencing such message generated by a computer terminal maintained at the Depositary's office.

For purposes of the Offer, we will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered to Purchaser and not validly withdrawn as, if and when we give oral or written notice to the Depositary of our acceptance for payment of such Shares pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the aggregate Offer Price for such Shares with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments from us and transmitting such payments to tendering stockholders whose Shares have been accepted for payment. If we extend the Offer, are delayed in our acceptance for payment of or payment for Shares or are unable to accept Shares for payment pursuant to the Offer for any reason, then, without prejudice to our rights under the Offer, the Depositary may retain tendered Shares on our behalf, and such Shares may not be withdrawn except to the extent that tendering stockholders are entitled to withdrawal rights as described in Section 4 – "Withdrawal Rights." **Under no circumstances will interest be paid on the Offer Price for the Shares accepted for payment in the Offer, regardless of any extension of the Offer or any delay in making payment for the Shares.**

If any tendered Shares are not accepted for payment pursuant to the terms and conditions of the Offer for any reason, or if Certificates are submitted evidencing more Shares than are tendered, Certificates representing unpurchased shares will be returned, without expense to the tendering stockholder (or, in the case of Shares tendered by book-entry transfer into the Depositary's account at DTC pursuant to the procedure set forth in Section 3 – "Procedures for Accepting the Offer and Tendering Shares," such Shares will be credited to an account maintained at DTC), promptly following the expiration or termination of the Offer.

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**3.** **Procedures for Accepting the Offer and Tendering Shares** 

*Valid Tenders*. In order for a stockholder to validly tender Shares pursuant to the Offer, the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, together with any required signature guarantees and any other documents required by the Letter of Transmittal must be received by the Depositary prior to one minute after 11:59 p.m., Eastern Time, on the Expiration Date, and, in the case of a book- entry transfer, an Agent's Message (as defined herein), in lieu of the Letter of Transmittal and such other documents, must be received by the Depositary at one of its addresses set forth on the back cover of this Offer to Purchase and either (i) the Certificates evidencing tendered Shares must be received by the Depositary at such address or (ii) such Shares must be tendered pursuant to the procedure for book-entry transfer described below under "Book-Entry Transfer" and a Book-Entry Confirmation must be received by the Depositary, in each case prior to the Offer Expiration Time.

*Book-Entry Transfer*. The Depositary will establish an account with respect to the Shares at DTC for purposes of the Offer within two (2) business days after the date of this Offer to Purchase. Any financial institution that is a participant in the system of DTC may make a book-entry delivery of Shares by causing DTC to transfer such Shares into the Depositary's account at DTC in accordance with DTC's procedures for such transfer. However, although delivery of Shares may be effected through book-entry transfer at DTC, either the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, together with any required signature guarantees, or an Agent's Message in lieu of the Letter of Transmittal, and any other required documents, must, in any case, be received by the Depositary at one of its addresses set forth on the back cover of this Offer to Purchase prior to the Offer Expiration Time. Delivery of documents to DTC does not constitute delivery to the Depositary.

*Signature Guarantees for Shares*. No signature guarantee is required on the Letter of Transmittal: (i) if the Letter of Transmittal is signed by the registered holder(s) (which term, for purposes of this Section 3, includes any participant in DTC's systems whose name appears on a security position listing as the owner of the Shares) of the Shares tendered therewith, unless such holder or holders have completed either the box entitled "Special Delivery Instructions" or the box entitled "Special Payment Instructions" on the Letter of Transmittal, or (ii) if the Shares are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in good standing of the Security Transfer Agents Medallion Program or any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 of the Exchange Act (each an "<u>Eligible Institution</u>" and collectively "<u>Eligible Institutions</u>"). In all other cases, all signatures on a Letter of Transmittal must be guaranteed by an Eligible Institution. See Instruction 1 of the Letter of Transmittal. If a Certificate is registered in the name of a person or persons other than the signers of the Letter of Transmittal, or if payment is to be made or delivered to, or a Certificate not accepted for payment or not tendered is to be issued in, the name(s) of a person or persons other than the registered holder(s), then the Certificate must be endorsed or accompanied by appropriate duly executed stock powers, in either case signed exactly as the name(s) of the registered holder(s) appear on the Certificate, with the signature(s) on such Certificate or stock powers guaranteed by an Eligible Institution as provided in the Letter of Transmittal.

See Instructions 1 and 5 of the Letter of Transmittal.

Notwithstanding any other provision of the Merger Agreement or this Offer, payment for Shares accepted for payment pursuant to the Offer will in all cases only be made after timely receipt by the Depositary of (i) certificates evidencing such Shares or a Book-Entry Confirmation of a book-entry transfer of such Shares into the Depositary's account at DTC pursuant to the procedures set forth in this Section 3, (ii) the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, with any required signature guarantees and (iii) any other documents required by the Letter of Transmittal or, in the case of a book-entry transfer, an Agent's Message in lieu of the Letter of Transmittal and such other documents. Accordingly, tendering stockholders may be paid at different times depending upon dealer, commercial bank, trust company when the Certificates and Letter of Transmittal, or Book-Entry Confirmations and Agent's Message, in each case, with respect to Shares are actually received by the Depositary.

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**THE METHOD OF DELIVERY OF THE SHARES (OR CERTIFICATES), THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS, INCLUDING DELIVERY THROUGH DTC, IS AT THE ELECTION AND RISK OF THE TENDERING STOCKHOLDER. DELIVERY OF THE SHARES (OR CERTIFICATES), THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS WILL BE DEEMED MADE, AND RISK OF LOSS THEREOF SHALL PASS, ONLY WHEN THEY ARE ACTUALLY RECEIVED BY THE DEPOSITARY (INCLUDING, IN THE CASE OF A BOOK-ENTRY TRANSFER OF SHARES, BY BOOK-ENTRY CONFIRMATION WITH RESPECT TO SUCH SHARES). IF SUCH DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT THE SHARES (OR CERTIFICATES), THE LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS BE SENT BY PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.** 

*Tender Constitutes Binding Agreement.* The tender of Shares pursuant to any one of the procedures described above will constitute the tendering stockholder's acceptance of the Offer, as well as the tendering stockholder's representation and warranty that such stockholder has the full power and authority to tender and assign the Shares tendered, as specified in the Letter of Transmittal. Our acceptance for payment of Shares tendered pursuant to the Offer will constitute a binding agreement between the tendering stockholder and us upon the terms and subject to the conditions of the Offer.

*Determination of Validity*. Purchaser will determine, in its sole discretion, all questions as to the form and validity (including time of receipt) of any notice of withdrawal, and such determination will be final and binding to the fullest extent permitted by law, subject to the rights of holders of Shares to challenge such determination with respect to their Shares in a court of competent jurisdiction. We reserve the absolute right to reject any and all tenders determined by us not to be in proper form or the acceptance for payment of which may, in our opinion, be unlawful. We also reserve the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of Shares will be deemed to have been validly made until all defects and irregularities have been cured or waived to our satisfaction. None of Purchaser, Parent or any of their respective affiliates or assigns, the Depositary, the Information Agent or any other person will be under any duty to give notification of any defects or irregularities in tenders or incur any liability for failure to give any such notification. Subject to applicable law as applied by a court of competent jurisdiction, the terms of the Merger Agreement and the rights of holders of Shares to challenge such interpretation with respect to their Shares in a court of competent jurisdiction, our interpretation of the terms and conditions of the Offer (including the Letter of Transmittal and the instructions thereto) will be final and binding.

*Appointment as Proxy*. By executing the Letter of Transmittal as set forth above, the tendering stockholder will irrevocably appoint designees of Purchaser as such stockholder's attorneys-in-fact and proxies in the manner set forth in the Letter of Transmittal, each with full power of substitution, to the full extent of such stockholder's rights with respect to the Shares tendered by such stockholder and accepted for payment by Purchaser and with respect to any and all other Shares or other securities or rights issued or issuable in respect of such Shares. All such powers of attorney and proxies will be considered irrevocable and coupled with an interest in the tendered Shares. Such appointment will be effective when, and only to the extent that, we accept for payment the Shares tendered by such stockholder as provided herein. Upon such appointment, all prior powers of attorney, proxies and consents given by such stockholder with respect to such Shares or other securities or rights will, without further action, be revoked and no subsequent powers of attorney, proxies, consents or revocations may be given by such stockholder (and, if given, will not be deemed effective). The designees of Purchaser will thereby be empowered to exercise all voting and other rights with respect to such Shares and other securities or rights, including, without limitation, in respect of any annual, special or adjourned meeting of the Company's stockholders, actions by written consent in lieu of any such meeting or otherwise, as they in their sole discretion deem proper. We reserve the right to require that, in order for Shares to be deemed validly tendered, immediately upon our acceptance for payment of such Shares, Purchaser must be able to exercise full voting, consent and

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other rights with respect to such Shares and other related securities or rights, including voting at any meeting of stockholders of the Company.

*Company Equity Awards.* The Offer is being made only for Shares, and not for outstanding Company Stock Options, Company RSUs and Company PSUs (each as defined in Section 11 – "The Merger Agreement") issued by the Company. Holders of outstanding vested but unexercised Company Stock Options may participate in the Offer only if they first exercise such Company Stock Options in accordance with the terms of the applicable equity incentive plan and other applicable agreements of the Company and tender Shares issued upon such exercise. Holders of outstanding Company RSUs or Company PSUs may participate in the Offer only if such Company RSUs or Company PSUs are first settled in accordance with the terms of the applicable equity incentive plan and other applicable agreements of the Company and the Shares, if any, issued in connection with such settlement are tendered. Any such exercise or settlement should be completed sufficiently in advance of the Offer Expiration Time to assure the holder of such outstanding Share, Company Stock Option, Company RSU or Company PSU (as applicable) will have sufficient time to comply with the procedures for tendering Shares described in this Section 3.

See Section 11 – "The Merger Agreement" for additional information regarding the treatment of the Company Stock Options, Company RSUs and Company PSUs in the Merger.

*Information Reporting and Backup Withholding*. Payments made to stockholders of the Company in the Offer or the Merger generally will be subject to information reporting and may be subject to backup withholding of U.S. federal income tax on payments for Shares purchased in the Offer or exchanged in the Merger (currently at a rate of 24%). To avoid backup withholding, a U.S. stockholder or payee should complete and return the Internal Revenue Service ("<u>IRS</u>") Form W-9 included in the Letter of Transmittal, listing such U.S. stockholder's correct taxpayer identification number and certifying that such stockholder is a U.S. person, that the taxpayer identification number provided is correct, and that such stockholder is not subject to backup withholding. Failure to provide the information on the IRS Form W-9 may subject a stockholder to backup withholding on a payment pursuant to the Offer or the Merger for all Shares purchased from or exchanged by such stockholder and the IRS may impose penalties on such stockholder. Certain stockholders or payees (including, among others, certain corporations, certain non-resident foreign individuals and foreign entities) are not subject to these backup withholding and reporting requirements. An exempt U.S. stockholder or payee should indicate its exempt status on IRS Form W-9. Any exempt foreign stockholder or payee should submit an IRS Form W-8BEN or IRS Form W-8BEN-E (or other applicable IRS Form W-8) attesting to such exempt foreign status in order to qualify for an exemption from information reporting and backup withholding. A disregarded domestic entity that has a regarded foreign owner must use the appropriate IRS Form W-8, and not the IRS Form W-9. Information disclosed on an applicable IRS Form by a stockholder or payee may be disclosed to the local tax authorities of the foreign stockholder under an applicable tax treaty or an information exchange agreement.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will generally be allowed as a refund from the IRS or a credit against a stockholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

Each stockholder and payee should consult their tax advisors as to any qualification for exemption from backup withholding and the procedure for obtaining any such exemption.

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**4.** **Withdrawal Rights** 

Except as otherwise provided in this Section 4, or as provided by applicable law, tenders of Shares made pursuant to the Offer are irrevocable.

Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Offer Expiration Time. Thereafter, tenders are irrevocable, except that Shares tendered may also be withdrawn at any time after March 13, 2026 (the date that is 60 days after the date of the commencement of the Offer), if Purchaser has not accepted them for payment by that date.

For a withdrawal of Shares to be effective, the Depositary must timely receive a written or facsimile transmission notice of withdrawal at one of its addresses set forth on the back cover of this Offer to Purchase. Any notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn and the names in which the Certificates are registered, if different from that of the person who tendered such Shares. The signature(s) on the notice of withdrawal must be guaranteed by an Eligible Institution, unless such Shares have been tendered for the account of an Eligible Institution. If Shares have been tendered pursuant to the procedures for book-entry transfer as set forth in Section 3 – "Procedures for Accepting the Offer and Tendering Shares," any notice of withdrawal must specify the name and number of the account at DTC to be credited with the withdrawn Shares. If Certificates representing the Shares to be withdrawn have been delivered or otherwise identified to the Depositary, then, prior to the physical release of such Certificates, the name of the registered owners and the serial numbers shown on such Certificates must also be furnished to the Depositary.

Withdrawals of tenders of Shares may not be rescinded and any Shares validly withdrawn will be deemed not validly tendered for purposes of the Offer. Withdrawn Shares may, however, be retendered by following one of the procedures for tendering Shares described in Section 3 – "Procedures for Accepting the Offer and Tendering Shares" at any time prior to the Offer Expiration Time.

**Purchaser will determine, in its sole discretion, all questions as to the form and validity (including time of receipt) of any notice of withdrawal. Subject to applicable law as applied by a court of competent jurisdiction and the terms of the Merger Agreement, such determination will be final and binding. No withdrawal of Shares shall be deemed to have been properly made until all defects and irregularities have been cured or waived. None of Purchaser, Parent or any of their respective affiliates or assigns, the Depositary, the Information Agent or any other person will be under any duty to give notification of any defects or irregularities in any notice of withdrawal or incur any liability for failure to give such notification.** 

**5.** **Certain Material U.S. Federal Income Tax Consequences of the Offer** 

The following discussion is a summary of certain material U.S. federal income tax consequences of the disposition of the Shares in the Offer and the Merger to stockholders of the Company whose Shares are tendered and accepted for payment pursuant to the Offer or whose Shares are converted into the right to receive cash in the Merger. This summary is for general information purposes only and does not purport to consider all aspects of U.S. federal income taxation that might be relevant to stockholders of the Company. This summary is based on current provisions of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), existing, proposed and temporary regulations thereunder ("<u>Treasury Regulations</u>") published rulings and administrative pronouncements of the IRS and judicial interpretations thereof in effect as of the date of this Offer, all of which are subject to change, possibly with retroactive effect. Any such change could affect the accuracy of the statements and conclusions set forth in this discussion. We have not sought, and do not intend to seek, any ruling from the IRS or any opinion of counsel with respect to the statements made and the conclusions reached in the following summary, and no assurance can be given that the IRS will agree with the views expressed herein, or that a court will not sustain any challenge by the IRS.

The summary applies only to stockholders of the Company who hold their Shares as capital assets within the meaning of Section 1221 of the Code. This summary does not address non-U.S., state or local tax consequences

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of the Offer or the Merger, nor does it address the U.S. federal income tax consequences of the transactions to special classes of taxpayers (e.g., stockholders that beneficially own (actually or constructively) more than 5% of the total fair market value of the Shares (except as specifically described below)), small business investment companies, S corporations, regulated investment companies, real estate investment trusts, controlled foreign corporations, passive foreign investment companies, persons that accumulate earnings to avoid U.S. federal income tax, cooperatives, banks and certain other financial institutions, broker-dealers, insurance companies, tax-exempt organizations, governmental organizations, retirement plans, stockholders that are, or hold Shares through, partnerships (including entities or arrangements treated as partnerships) or other pass-through entities for U.S. federal income tax purposes, trusts, United States persons whose functional currency is not the United States dollar, dealers in securities or foreign currency, traders that mark-to-market their securities, expatriates and former long-term residents of the United States, stockholders holding Shares that are part of a straddle, hedging, constructive sale, conversion or other integrated security transaction for U.S. federal income tax purposes, stockholders who properly exercise appraisal rights with respect to their Shares, stockholders who hold their Shares as "qualified small business stock" or "section 1244 stock," and stockholders who received Shares in compensatory transactions (including pursuant to the exercise of employee stock options, stock purchase rights or stock appreciation rights, as restricted stock or otherwise as compensation). The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed, nor are the effects of the Medicare contribution tax on net investment income, any alternative minimum tax or the special tax accounting rules in Section 451(b) of the Code. Important Note: If you are a citizen or tax resident or subject to the tax laws of more than one country, you should be aware that there might be additional or different tax consequences that may apply to you.

This discussion does not address the tax consequences of acquisitions or dispositions of Shares outside the Offer and the Merger, or transactions pertaining to equity awards that are canceled and converted into the right to receive cash in connection with the Merger.

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of Shares that, for U.S. federal income tax purposes, is or is treated as: (i) an individual who is a citizen or resident of the United States; (ii) a corporation, or an entity treated as a corporation for U.S. federal income tax purposes, created or organized under the laws of the United States, any state thereof or the District of Columbia; (iii) an estate, the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust, if (A) a United States court is able to exercise primary supervision over the trust's administration and one or more United States persons (within the meaning of Section 7701(a)(30) of the Code) have authority to control all of the trust's substantial decisions or (B) the trust has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes. This summary uses the term "Non-U.S. Holder" to mean a beneficial owner of Shares (other than a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. Holder.

If a partnership, or another entity or arrangement treated as a partnership for U.S. federal income tax purposes, holds Shares, the tax treatment of its partners or members generally will depend upon the status of the partner or member and the activities of the partnership or other pass-through entity. Accordingly, partnerships or other entities treated as partnerships for U.S. federal income tax purposes that hold Shares, and partners or members in those entities, are urged to consult their tax advisors regarding the specific U.S. federal income tax consequences to them of the Offer and the Merger.

*Tax Consequences to U.S. Holders.* The exchange of Shares for cash pursuant to the Offer or the Merger will be a taxable transaction to U.S. Holders for U.S. federal income tax purposes. In general, a U.S. Holder who sells Shares pursuant to the Offer or receives cash in exchange for Shares pursuant to the Merger will recognize capital gain or loss for U.S. federal income tax purposes in an amount equal to the difference, if any, between (i) the amount of cash received (determined before the deduction of withholding taxes, if any) and (ii) the U.S. Holder's adjusted tax basis in the Shares sold pursuant to the Offer or exchanged for cash pursuant to the Merger.

Gain or loss will be determined separately for each block of Shares (that is, Shares acquired at the same cost in a single transaction) sold pursuant to the Offer or exchanged for cash pursuant to the Merger. Such gain or loss

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would be long-term capital gain or loss, provided that the holding period for such block of Shares is more than one year at the time of consummation of the Offer or the Merger, as the case may be. In general, long-term capital gain recognized by certain non-corporate U.S. Holders is currently subject to U.S. federal income tax at preferential rates. The deductibility of capital losses by a U.S. Holder is subject to certain limitations.

*Tax Consequences to Non-U.S. Holders.* Any gain recognized on the receipt of Offer Price pursuant to the Offer or the Merger by a Non-U.S. Holder will not be subject to U.S. federal income tax, unless: (i) the Non-U.S. Holder is an individual who was present in the United States for 183 days or more during the taxable year of the disposition and certain other conditions are met; (ii) the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States and, if required by an applicable tax treaty, attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or (iii) the Company is or has been a United States real property holding corporation, or "USRPHC," for U.S. federal income tax purposes at any time within the shorter of the Non-U.S. Holder's holding period and the five-year period preceding the disposition, and, if the Shares are "regularly traded on an established securities market" ("<u>regularly traded</u>"), the Non-U.S. Holder owned (directly, indirectly or constructively) more than 5% of the Shares at any time within such period, and certain other conditions are satisfied.

In the case of clause (i) of the preceding paragraph, gain generally will be subject to tax at a flat rate of 30% (or such lower rate as may be specified under an applicable income tax treaty), which may be offset by certain U.S.-source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States); provided that the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses. In the case of clause (ii) of the preceding paragraph, unless a tax treaty provides otherwise, gain will be subject to U.S. federal income tax at the rates generally applicable to a U.S. Holder (and such Non-U.S. Holder should generally provide an IRS Form W-8ECI). A Non-U.S. Holder that is a foreign corporation also may be subject to a 30% branch profits tax (or applicable lower treaty rate) with respect to gain recognized under clause (ii). In the case of clause (iii) of the preceding paragraph, although there can be no assurance in this regard, the Company does not believe that it is, and does not anticipate it becoming, a USRPHC. Further, so long as the Shares are considered to be regularly traded at any time during the calendar year, a Non-U.S. Holder generally will not be subject to tax on any gain recognized on the exchange of Shares pursuant to the Offer or the Merger, unless the Non-U.S. Holder owned (actually or constructively) more than 5% of the total outstanding Shares at any time during the applicable period described in clause (iii).

Non-U.S. Holders are urged to consult their tax advisors with respect to the particular U.S. federal, state, and local, or foreign tax consequences of the Offer and the Merger and the effect of any applicable tax treaties.

*FATCA*. Sections 1471 through 1474 of the Code (commonly referred to as "FATCA") impose a U.S. federal withholding tax of 30% on certain payments made to a "foreign financial institution" (as specially defined under these rules) unless such institution enters into an agreement with the U.S. government to withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding certain U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or an exemption applies. FATCA also generally will impose a U.S. federal withholding tax of 30% on certain payments made to a non-financial foreign entity unless such entity provides the withholding agent a certification identifying certain direct and indirect U.S. owners of the entity or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under certain circumstances, a Non-U.S. Holder might be eligible for refunds or credits of such taxes. The Treasury Department has released proposed Treasury Regulations which, if finalized in their present form, would eliminate the federal withholding tax of 30% applicable to the gross proceeds of a sale or other disposition of our common stock. In its preamble to such proposed regulations, the Treasury Department stated that taxpayers generally may rely on the proposed regulations until final regulations are issued.

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In general, no withholding under FATCA will be required with respect to a person that timely provides certifications that establish an exemption from FATCA withholding on a valid IRS Form W-8. A Non-U.S. Holder may be able to claim a credit or refund of the amount withheld under certain circumstances.

Stockholders are encouraged to consult with their own tax advisors regarding the possible implications of FATCA on the disposition of Shares pursuant to the Offer and the Merger.

**The tax discussion set forth above is included for general information only and is not tax advice. You are urged to consult your tax advisor to determine the particular tax consequences to you of the Offer and the Merger, including the applicability and effect of U.S. federal, state, local, foreign and other tax laws and treaties. The U.S. federal income and other tax consequences to holders or beneficial owners of equity awards participating in the Offer or Merger with respect to such equity awards are not discussed herein and such holders or beneficial owners are strongly encouraged to consult their own tax advisors regarding such tax consequences.** 

**6.** **Price Range of Shares; Dividends on the Shares** 

The Shares currently trade on Nasdaq under the symbol "DVAX." The following table sets forth the high and low sale prices per Share for each quarterly period within the preceding fiscal year, as reported by Nasdaq:

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| | | |
|:---|:---|:---|
|  | **High** | **Low** |
|  **Fiscal Year Ending December 31, 2025** |  |  |
|  First Quarter | $14.63 | $11.81 |
|  Second Quarter | $13.03 | $9.22 |
|  Third Quarter | $12.06 | $9.20 |
|  Fourth Quarter | $15.49 | $9.71 |

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On December 23, 2025, the last full day of trading before the public announcement of the execution of the Merger Agreement, the closing price of the Shares on Nasdaq was $11.13 per Share. On January 9, 2026, the last full day of trading before commencement of the Offer, the closing price of the Shares on Nasdaq was $15.41 per Share. Stockholders are urged to obtain current market quotations for the Shares.

The Company has not declared or paid dividends to date and does not anticipate doing so.

**7.** **Certain Information Concerning the Company** 

The summary information set forth below is qualified in its entirety by reference to the Company's public filings with the SEC (which may be obtained and inspected as described below under "Additional Information") and should be considered in conjunction with the financial and other information in such filings and other publicly available information regarding the Company. Neither Parent nor Purchaser has any knowledge that would indicate that any statements contained in this Offer to Purchase based on such filings and information is untrue. However, neither Parent nor Purchaser assumes any responsibility for the accuracy or completeness of the information concerning the Company, whether furnished by the Company or contained in such filings, or for any failure by the Company to disclose events that may have occurred or that may affect the significance or accuracy of any such information but which are unknown to Parent or Purchaser.

*General*. The Company was incorporated in California on August 29, 1996 and was reincorporated in Delaware on March 26, 2001. The Company is a commercial-stage biopharmaceutical company developing and commercializing innovative vaccines to help protect the world against infectious diseases. Dynavax has two commercial products, HEPLISAV-B® vaccine [Hepatitis B Vaccine (Recombinant), Adjuvanted], which is approved in the U.S., the European Union and the United Kingdom for the prevention of infection caused by all known subtypes of hepatitis B virus in adults 18 years of age and older, and CpG 1018® adjuvant, currently used in HEPLISAV-B and multiple adjuvanted COVID-19 vaccines.

Dynavax Technologies Corporation

2100 Powell Street, Suite 720

Emeryville, CA 94608

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The information contained in Section 6 – "Price Range of Shares; Dividends on the Shares" is incorporated herein by reference.

*Additional Information*. The Shares are registered under the Exchange Act. Accordingly, the Company is subject to the information and reporting requirements of the Exchange Act and, in accordance therewith, is required to file periodic reports, proxy statements and other information with the SEC relating to its business, principal physical properties, capital structure, material pending litigation, operating results, financial condition, directors and officers (including their remuneration and equity awards granted to them) and other matters. Information concerning the Company's directors and officers, their compensation and equity awards granted to them, the principal holders of the Company's securities, any material interests of such persons in transactions with the Company and other matters will be available in the Schedule 14D-9. The SEC maintains a web site on the Internet at http://www.sec.gov that contains reports, proxy statements and other information regarding registrants, including the Company, that file electronically with the SEC. The Company also maintains an Internet website at http://www.dynavax.com. The information contained in, accessible from or connected to the Company's website is not incorporated into, or otherwise a part of, this Offer to Purchase or any of the Company's filings with the SEC. The website addresses referred to in this paragraph are inactive text references and are not intended to be actual links to the websites.

**8.** **Certain Information Concerning Parent, Purchaser and Certain Related Persons** 

Purchaser is a Delaware corporation and an indirect wholly owned subsidiary of Parent, and was formed solely for the purpose of facilitating the acquisition of the Company. Purchaser has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the Transactions.

Upon consummation of the Merger, Purchaser will merge with and into the Company and the separate existence of Purchaser will cease and the Company will continue as the surviving corporation and an indirect wholly owned subsidiary of Parent. The business address and business telephone number of Purchaser are as set forth below:

Samba Merger Sub, Inc.

450 Water Street

Cambridge, Massachusetts 02141

+ 33 1 53 77 40 00

Parent is a French *société anonyme*. Parent is dedicated to supporting people through their health challenges. Parent is a global biopharmaceutical company focused on human health. Parent prevents illness with vaccines, provides innovative treatments to fight pain and ease suffering. Parent stands by the few who suffer from rare diseases and the millions with long-term chronic conditions. The business address and business telephone number of Parent are as set forth below:

SANOFI

46, avenue de la Grande Armée

75017 Paris, France

+ 33 1 53 77 40 00

The summary information set forth in this Section 8 is qualified in its entirety by reference to Parent's public filings with the SEC (which may be obtained and inspected as described below under "Additional Information") and should be considered in conjunction with the more comprehensive financial and other information in such filings and other publicly available information.

The name, business address, citizenship, current principal occupation or employment, and five-year employment history of each director and executive officer of Purchaser and Parent and certain other information are set forth in Schedule I to this Offer to Purchase.

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During the last five years, none of Purchaser or Parent or, to the best knowledge and belief of Purchaser and Parent after due inquiry, any of the persons listed in Schedule I to this Offer to Purchase (i) has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

As of January 12, 2026, Parent does not own, directly or indirectly, any Shares.

Except as set forth in Schedule I to, or elsewhere in, this Offer to Purchase: (i) none of Purchaser, Parent, or, to the best knowledge and belief of Purchaser and Parent after due inquiry, the persons listed in Schedule I to this Offer to Purchase beneficially owns or has a right to acquire any Shares or any other equity securities of the Company; (ii) none of Purchaser, Parent or, to the best knowledge and belief of Purchaser and Parent after due inquiry, any of the other persons listed in Schedule I to this Offer to Purchase has effected any transaction with respect to the Shares or any other equity securities of the Company during the past 60 days; (iii) none of Purchaser, Parent or, to the best knowledge and belief of Purchaser and Parent after due inquiry, the persons listed in Schedule I to this Offer to Purchase has any contract, arrangement, understanding or relationship with any other person with respect to any securities of the Company (including any contract, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guaranties of loans, guaranties against loss or the giving or withholding of proxies, consents or authorizations); (iv) during the two years before the date of this Offer to Purchase, there have been no transactions between any of Purchaser, Parent, their subsidiaries or, to the best knowledge and belief of Purchaser and Parent after due inquiry, any of the persons listed in Schedule I to this Offer to Purchase, on the one hand, and the Company or any of its executive officers, directors or affiliates, on the other hand, that would require reporting under SEC rules and regulations; and (v) during the two years before the date of this Offer to Purchase, there have been no contracts, negotiations or transactions between Purchaser, Parent, their subsidiaries or, to the best knowledge and belief of Purchaser and Parent after due inquiry, any of the persons listed in Schedule I to this Offer to Purchase, on the one hand, and the Company or any of its affiliates, on the other hand, concerning a merger, consolidation or acquisition, a tender offer or other acquisition of securities, an election of directors or a sale or other transfer of a material amount of assets.

*Additional Information*. Pursuant to Rule 14d-3 under the Exchange Act, we have filed with the SEC a Tender Offer Statement on Schedule TO (the "<u>Schedule TO</u>"), of which this Offer to Purchase forms a part, and exhibits to the Schedule TO. The Schedule TO and the exhibits thereto, as well as other information filed by Parent and Purchaser with the SEC, are available for inspection at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. Copies of such information may be obtainable by mail, upon payment of the SEC's customary charges, by writing to the SEC at the address above. The SEC also maintains a web site on the Internet at www.sec.gov that contains the Schedule TO and the exhibits thereto and other information that Purchaser has filed electronically with the SEC. Parent also maintains an Internet website at http://www.sanofi.com. The information contained in, accessible from or connected to Parent's website is not incorporated into, or otherwise a part of, this Offer to Purchase or any of the Parent's filings with the SEC. The website addresses referred to in this paragraph are inactive text references and are not intended to be actual links to the websites.

**9.** **Source and Amount of Funds** 

The Offer is not subject to any financing condition. We estimate that we will need approximately $2.22 billion to purchase all of the Shares pursuant to the Offer and to complete the Merger, and to pay related fees and expenses. Parent, or one of Parent's controlled affiliates, will provide us with sufficient funds to purchase all Shares validly tendered (and not validly withdrawn) in the Offer and to provide funding for the Merger and the other transactions contemplated by the Merger Agreement. Parent expects to fund such cash requirements from its cash

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on hand and borrowings at prevailing effective rates under Parent's commercial paper program. We have no specific alternative financing arrangements or alternative financing plans in connection with the Offer or the Merger.

**10.** **Background of the Offer; Past Contacts or Negotiations with the Company** 

As a part of Parent's ongoing evaluation of its business and strategic opportunities, the Strategic Committee of Parent's board of directors and members of senior management of Parent regularly evaluate a variety of potential licensing, partnering, research and development, collaboration and strategic acquisition transactions with third parties, including companies that have developed products in clinical areas that complement or further Parent's product portfolio and strategic plan, such as the Company.

On December 12, 2024, Ryan Spencer, the Company's Chief Executive Officer, held a call with Parent's Executive Vice President, Vaccines, ("<u>Parent's EVP, Vaccines</u>") at Parent's request. During the call, Parent's EVP, Vaccines stated that Parent was interested in potentially exploring an acquisition of the Company and asked if the Company would be willing to engage in discussions. Mr. Spencer stated that he would discuss Parent's interest with the Company Board.

On January 14, 2025, Mr. Spencer and other members of the Company's senior management met with Parent's EVP, Vaccines, Parent's Global Head of M&A, and other representatives of Parent at the J.P. Morgan Healthcare Conference and provided a high level overview of the Company's business. Following this meeting, representatives of Parent indicated that Parent remained interested in pursuing a potential acquisition of the Company and requested that the Company provide a management presentation to Parent under a confidentiality agreement to address certain high priority diligence focus areas.

On January 24, 2025, the Company and an affiliate of Parent executed the Confidentiality Agreement (as defined below) (replacing a prior confidentiality agreement between the parties which had been executed in June 2023 to facilitate ordinary course business development discussions), which included a one-year standstill provision but did not prevent Parent from making a confidential proposal to the Company Board and contained a provision that would terminate the standstill if the Company entered into a definitive agreement with a third party for a change of control transaction or sale of all or substantially all the Company's assets.

On January 27, 2025, members of the Company's senior management gave a management presentation to representatives of Parent at Parent's offices in New Jersey.

Following the meeting, representatives of Parent indicated that Parent would be presenting the potential transaction to an internal committee in early February and would have an update regarding its level of interest in pursuing an acquisition following that meeting.

On February 11, 2025, Mr. Spencer and Parent's EVP, Vaccines had a call at Parent's request during which Parent's EVP, Vaccines indicated that Parent's internal committee had expressed support for continuing to pursue a potential acquisition of the Company, and that the next step would be to review the potential acquisition with the transaction committee of Parent's board of directors in mid-March. Mr. Spencer indicated that the Company did not intend to make available further non-public due diligence information to Parent unless and until Parent submitted an acquisition proposal.

On March 17, 2025, Mr. Spencer and Parent's EVP, Vaccines had a call at Parent's request during which Parent's EVP, Vaccines indicated that Parent's board of directors was supportive of pursuing an acquisition of the Company and that Parent would provide an acquisition proposal in April, with a target deal announcement in June. Parent's EVP, Vaccines also stated that Parent's Chief Executive Officer would like to meet with Mr. Spencer in May during Parent's Chief Executive Officer's scheduled trip to San Francisco.

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On May 2, 2025, Mr. Spencer and Parent's EVP, Vaccines had a call at Parent's request during which Parent's EVP, Vaccines stated that Parent remained interested in pursuing an acquisition of the Company, but indicated that Parent's timeline for submitting an acquisition proposal was now uncertain given the current macro and biopharmaceutical industry environment and other competing strategic priorities for Parent.

On May 16, 2025, Mr. Spencer met with Parent's Chief Executive Officer in San Francisco at Parent's request. During the meeting, Mr. Spencer and Parent's Chief Executive Officer discussed the strategic rationale for a potential transaction and Parent's Chief Executive Officer indicated that Parent remained interested in the Company but did not commit to any specific timetable for making an acquisition proposal.

Also on May 16, 2025, in connection with the Company's search for a partner for its shingles program, a representative of Parent held a call with Andrew Davis, the Company's Chief Business Officer, to indicate interest in a potential partnership involving the Company's shingles program if a whole-company acquisition did not occur. From this time through October 29, 2025, Mr. Davis and this representative of Parent had a number of discussions regarding a potential partnership involving the Company's shingles program.

In late August 2025, following the Company's release of top-line data for its shingles product candidate, the Company resumed its partnering process for its shingles product candidate. Parent was subsequently afforded access to a limited data room containing non-public due diligence information relating to the shingles program. Parent indicated an interest in pursuing an acquisition of the Company beyond the potential shingles partnership.

On September 9, 2025, Mr. Spencer and Parent's EVP, Vaccines had a call at Parent's request during which Parent's EVP, Vaccines congratulated Mr. Spencer on the recent shingles data and stated that Parent remained interested in pursuing an acquisition of the Company, reviewed the key outstanding internal governance processes that remained to be completed by Parent before it would be prepared to make a proposal and indicated that Parent was targeting the 4<sup>th</sup> quarter of 2025 for an acquisition proposal. Mr. Spencer reiterated that the Company was executing on its standalone strategy and that Parent was included, among other parties, in a potential partnership process relating to the ex-U.S. rights to the Company's shingles program.

On September 19, 2025, members of the Company's management held a call with representatives of Parent to review the Company's recently released data from its shingles program.

On December 2, 2025, Mr. Spencer and Parent's EVP, Vaccines had a call at Parent's request during which Parent's EVP, Vaccines reviewed the terms of a non-binding proposal to acquire the Company that would be forthcoming that day. Parent's EVP, Vaccines noted that speed was an important factor and that Parent would like to sign and announce the acquisition in the shortest time possible.

Shortly following the call, Parent's Global Head of M&A sent Mr. Spencer a non-binding written proposal to acquire 100% of the outstanding shares of the Company for $14.40 per share in cash, subject to confirmatory due diligence, internal approvals and negotiation and execution of definitive agreements.

On December 4, 2025, Mr. Spencer and Parent's Global Head of M&A held a call at Mr. Spencer's request during which Mr. Spencer rejected the December 2<sup>nd</sup> proposal, delivering feedback including that the Company would be willing to provide a confidential business update to Parent in order to assist Parent with providing a revised proposal, subject to execution of an amendment to the existing Confidentiality Agreement to extent the standstill restriction and employee non-solicitation provisions. Parent's Global Head of M&A expressed interest and stated his expectation that Parent would be prepared to submit a revised proposal on December 9<sup>th</sup> assuming the management presentation was held on December 8<sup>th</sup>, and reiterated Parent's strong desire to sign by December 22<sup>nd.</sup>

Later that day, representatives of Parent sent the Company a list of high priority diligence topics to be covered in the management presentation.

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On December 5, 2025, the parties to the Confidentiality Agreement executed an amendment to the Confidentiality Agreement extending the standstill and non-solicitation restrictions until December 5, 2026.

On December 8, 2025, members of the Company's senior management gave a management presentation to representatives of Parent.

On December 9, 2025, Parent's Global Head of M&A sent Mr. Spencer a revised non-binding written proposal to acquire 100% of the outstanding shares of the Company for $15.00 per share in cash. The revised proposal otherwise reiterated the other terms set forth in the December 2<sup>nd</sup> proposal, and Parent's Global Head of M&A indicated Parent's desire to move rapidly to an announcement and that if an agreement with the Company could not be reached, Parent would look to move on to other external opportunities it was evaluating.

Later on December 9, 2025, representatives of the Company's financial advisors held a call with Parent's Global Head of M&A, during which they made the counterproposal of $16.00 per Share in cash authorized by the Board, and indicated that if Parent accepted this price, the Company would agree to enter into exclusive negotiations with Parent through December 25<sup>th</sup>, with a goal of announcing a transaction on December 22<sup>nd</sup>.

On December 10, 2025, Parent's Global Head of M&A sent Mr. Spencer a revised non-binding written proposal, which Parent characterized as its final proposal, to acquire 100% of the outstanding shares of the Company for $15.50 per share in cash. The proposal otherwise reiterated the other terms set forth in the December 2<sup>nd</sup> proposal.

Later on December 10, 2025, Mr. Spencer confirmed to Parent's Global Head of M&A via email that the Board had agreed to proceed with the transaction on the terms proposed in the December 10<sup>th</sup> proposal and indicated that the Company would provide a draft merger agreement to Parent by end of day on December 11<sup>th</sup>.

Later on December 10, 2025, representatives of Parent sent a draft exclusivity agreement to the Company. From that time through its execution on December 11, 2025, representatives of the Company, Cooley LLP, legal advisor to the Company ("<u>Cooley</u>"), Parent and Weil, Gotshal & Manges LLP ("<u>Weil</u>"), legal advisor to Parent, negotiated the terms of the exclusivity agreement.

Also on December 11, 2025, Parent was given access to a virtual data room.

Later on December 11, 2025, representatives of Cooley sent representatives of Weil a draft merger agreement, and the Company and Parent executed the Exclusivity Agreement (as defined below) providing for an exclusivity period through 11:59 p.m., New York time, on December 25, 2025, subject to early termination in certain specified circumstances.

From this time through the execution of the Merger Agreement, Parent and its representatives engaged in confirmatory due diligence with respect to the Company, including through reviewing a virtual data room maintained by the Company and the Company's financial advisors, on behalf of the Company, participating in a number of calls with subject matter expert representatives of the Company's management and for the intellectual property call, the Company's outside patent counsel, submitting questions and data requests through a due diligence tracker and engaging in a site visit to the Company's manufacturing facility in Germany.

On December 15, 2025, representatives of Weil sent representatives of Cooley a revised draft merger agreement, which among other matters increased the termination fee payable by the Company in certain circumstances from 2% of transaction equity value to 4% and reduced the reverse termination fee payable by Parent in certain circumstances from 7% to 5%. From that time through the execution of the Merger Agreement, the parties negotiated the terms of the merger agreement, exchanged a number of drafts thereof and held a number of related discussions.

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On December 17, 2025, Mr. Spencer and Parent's Global Head of M&A had a call at Mr. Spencer's request to discuss transaction status and timing. During the call, the parties agreed to continue seeking to sign and announce a transaction by December 24<sup>th</sup> and discussed open items in due diligence and in the merger agreement.

Also on December 17, 2025, representatives of Cooley sent a draft of the Company disclosure letter to representatives of Weil. From that time through the execution of the Merger Agreement, the parties negotiated the terms of the Company disclosure letter and exchanged a number of drafts thereof.

On December 19, 2025, Mr. Spencer, Mr. Davis and Parent's Global Head of M&A had a call to discuss open items in due diligence and the transaction documents and the potential timeline for announcement.

Later that day, following Mr. Spencer's consultation with Scott Myers, Chairman of the Board, Mr. Spencer and Parent's Global Head of M&A had a call during which Mr. Spencer informed Parent's Global Head of M&A that he had received an unsolicited email from the Chief Executive Officer of a third party ("<u>Party A</u>") stating that Party A was working on an all-cash offer at a competitive premium for the Company, but that Party A would likely need more time to submit a formal offer. Mr. Spencer did not disclose the identity of Party A.

On December 23, 2025, following Mr. Spencer's consultation with Mr. Myers, Mr. Spencer and Parent's Global Head of M&A had a call during which Mr. Spencer notified Parent's Global Head of M&A of the receipt of a proposal from Party A and the terms thereof (without disclosing the identity of Party A). Mr. Spencer indicated that based on the feedback of a subset of the Company Board, the Company was prepared to proceed to signing later that day, although he would need to discuss with the full Company Board. On the call, Parent's Global Head of M&A indicated that Parent did not intend to increase its proposal in response to Party A's proposal, but that Parent was committed to progressing to a signing later that day.

Later on December 23, 2025, representatives of the parties executed the Merger Agreement.

On December 24, 2025, and before the opening of trading on Nasdaq, Parent and the Company each issued press releases announcing the execution of the Merger Agreement.

**11.** **The Merger Agreement; Other Agreements** 

The following summary of the material provisions of the Merger Agreement and all other provisions of the Merger Agreement discussed herein are qualified in their entirety by reference to the Merger Agreement, a copy of which is filed as Exhibit (d)(1) to the Schedule TO and is incorporated herein by reference. For a complete understanding of the Merger Agreement, you are encouraged to read the full text of the Merger Agreement. The Merger Agreement may be examined and copies may be obtained at the places and in the manner set forth in Section 7 – "Certain Information Concerning the Company." Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Merger Agreement.

The summary description has been included in this Offer to Purchase to provide you with information regarding the terms of the Merger Agreement and is not intended to modify or supplement any rights or obligations of the parties under the Merger Agreement or any factual information about Parent, Purchaser or the Company or the Transactions contained in public reports filed by Parent or the Company with the SEC. Such information can be found elsewhere in this Offer to Purchase. The Merger Agreement has been filed as an exhibit to the Current Report on Form 8-K filed by the Company with the SEC on December 23, 2025. The Merger Agreement and the summary of its terms contained in the Current Report on Form 8-K filed by the Company with the SEC on December 29, 2025, are incorporated herein by reference as required by applicable SEC regulations and solely to inform investors of its terms. The Merger Agreement contains representations, warranties and covenants, which were made only for the purposes of such agreement and as of specific dates, were made solely for the benefit of the parties to the Merger Agreement (and, in the case of certain covenants relating to indemnification of directors and officers, for the benefit of directors and officers of the Company designated as third-party beneficiaries), and

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are intended not as statements of fact, but rather as a way of allocating risk to one of the parties if those statements prove to be inaccurate. In addition, such representations, warranties and covenants may have been qualified by certain disclosures in the confidential disclosure letter delivered by the Company to Parent and Purchaser in connection with the signing of the Merger Agreement, and may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, the Company. The holders of Shares and other investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or conditions of the Company, Parent, Purchaser or any of their respective subsidiaries or affiliates.

Accordingly, the representations and warranties contained in the Merger Agreement and summarized in this Section 11 should not be relied on by any persons as characterizations of the actual state of facts and circumstances of the Company at the time they were made and the information in the Merger Agreement should be considered in conjunction with the entirety of the factual disclosure about the Company in the Company's public reports filed with the SEC. Information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the Company's public disclosures. The Merger Agreement should not be read alone, but should instead be read in conjunction with the other information regarding the Offer, the Transactions, the Company, Parent, Purchaser, their respective affiliates and their respective businesses that are contained in, or incorporated by reference into, the Tender Offer Statement on Schedule TO and related exhibits, including this Offer to Purchase, and the Company's Solicitation/Recommendation Statement on Schedule 14D-9 filed by the Company on January 12, 2026, as well as in the Company's other public filings.

**The Offer** 

*Principal Terms of the Offer* 

*The Offer*. Purchaser's obligation to accept for payment and pay for any Shares validly tendered (and not validly withdrawn) in the Offer is subject to the satisfaction or waiver of the Minimum Condition and the other conditions that are described in Section 15 – "Conditions of the Offer" (each, an "<u>Offer Condition</u>" and collectively, the "<u>Offer Conditions</u>"). Subject to the satisfaction of the Minimum Condition and the satisfaction (or waiver) of the other Offer Conditions, the Merger Agreement provides that Purchaser will, and Parent will cause Purchaser to, irrevocably accept for payment, and pay for, all Shares validly tendered (and not validly withdrawn) pursuant to the Offer promptly (and in any event within one (1) business day) after the Offer Acceptance Time (as defined below). Acceptance of all such validly tendered Shares for payment pursuant to and subject to the conditions of the Offer will occur on or about February 10, 2026, following the Expiration Date, unless one or more Offer Conditions is not satisfied as of such Expiration Date, in which case we will extend the Offer pursuant to the terms of the Merger Agreement (as further described below). Upon any determination that an Offer Condition has not been satisfied and gives rise to a right to terminate the Offer by Purchaser or Parent, Parent will promptly notify the Company's stockholders of a decision to either terminate the Offer, or to waive the condition and proceed with the Offer.

The time at which Purchaser first accepts for payment such number of Shares validly tendered and not properly withdrawn pursuant to the Offer as satisfies the Minimum Condition is referred to herein as the "<u>Offer Acceptance Time</u>." Purchaser will not terminate the Offer prior to any scheduled Expiration Date without the prior written consent of the Company except if the Merger Agreement is terminated pursuant to its terms.

Purchaser expressly reserves the right to (i) increase the Offer Price, (ii) waive any Offer Condition and (iii) make any other changes to the terms and conditions of the Offer not inconsistent with the terms of the Merger Agreement; provided, however, that without the prior written consent of the Company, Purchaser will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease the Offer Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the form of consideration payable in the Offer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decrease the maximum number of Shares sought to be purchased in the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impose conditions or requirements to the Offer in addition to the Offer Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a manner
that adversely affects, or would reasonably be expected to adversely affect, any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair
the ability of Parent or Purchaser to consummate the Offer, the Merger or the other Transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change or waive the Minimum Condition or the Regulatory Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as required or permitted by the Merger Agreement, terminate the Offer or accelerate, extend or otherwise
change the Expiration Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide any "subsequent offering period" (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act.

The Merger Agreement contains provisions to govern the circumstances in which Purchaser is required or permitted to extend the Expiration Date. Specifically, subject to our rights to terminate the Merger Agreement in accordance with its terms, the Merger Agreement provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser must extend the Offer from time to time for any period required by any applicable law, any
interpretation or position of the SEC or its staff or Nasdaq or its staff, in each case, applicable to the Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, as of any then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, and
if permitted by the Merger Agreement and under any applicable laws, Purchaser may, in its discretion (and without the consent of the Company or any other Person), extend the Offer on one or more occasions, for an additional period of up to ten
(10) business days per extension, to permit such Offer Condition to be satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, as of any then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, at
the request of the Company delivered at or prior to such Expiration Date, Purchaser shall extend the Offer on one or more occasions, for an additional period of up to ten (10) business days per extension, in order to permit such Offer Condition
to be satisfied.

However, Purchaser is not required to extend the Offer beyond the earliest to occur of (x) a valid termination of the Merger Agreement and (y) the End Date (such date, the "<u>Extension Deadline</u>"), and Purchaser will not extend the Offer beyond the Extension Deadline without the prior written consent of the Company.

*Offer Conditions* 

The Offer Conditions are described in Section 15 – "Conditions of the Offer".

*Schedule 14D-9 and Board Recommendation* 

The Merger Agreement provides that as promptly as practicable on the Offer Commencement Date, following the filing by Parent and Purchaser of the Schedule TO, the Company will file with the SEC and disseminate to holders of Shares, to the extent required by applicable federal securities laws and regulations, including Rule 14d-9 under the Exchange Act, a Tender Offer Solicitation/Recommendation Statement on Schedule 14D-9 that reflects the Company Board Recommendation (unless the Company Board has effected a Change of Board Recommendation in accordance with the Merger Agreement) and includes a notice of appraisal rights in accordance with Section 262(d)(2) of the DGCL.

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**The Merger** 

*Principal Terms of the Merger* 

The Merger Agreement provides that, as soon as practicable following consummation of the Offer and upon the terms and subject to the conditions of the Merger Agreement, and in accordance with the DGCL, at the Effective Time, Purchaser will be merged with and into the Company, and the separate corporate existence of Purchaser will cease, and the Company will continue as the Surviving Corporation of the Merger. The Merger will be governed by Section 251(h) of the DGCL and, assuming the conditions to the Merger have been satisfied or waived, will be effected as soon as practicable following consummation of the Offer, but in no event later than the first (1st) business day after the satisfaction or waiver of the conditions to the Merger (or on such other date, time or place is agreed to in writing by the Company, Parent and Purchaser).

The certificate of incorporation and the bylaws of the Surviving Corporation will be amended and restated as of the Effective Time to conform to the forms previously agreed to by the parties.

Under the Merger Agreement, as of immediately after the Effective Time, the directors of Purchaser immediately prior to the Effective Time will be the directors of the Surviving Corporation, and the officers of Purchaser immediately prior to the Effective Time will be the officers of the Surviving Corporation, in each case, until their respective successors are duly elected or appointed and qualified, or until their earlier death, resignation or removal in accordance with the organizational documents of the Surviving Corporation.

The obligations of the Company, Parent and Purchaser to complete the Merger are subject to the satisfaction of the following conditions: (i) no temporary restraining order, preliminary or permanent injunction or other order by any Governmental Body (as defined in Section 11 – "The Merger Agreement") of competent jurisdiction that prevents the consummation of the Merger is in effect, and no applicable law or order promulgated, entered, enforced, enacted, issued or deemed applicable to the Merger by any Governmental Body directly prohibits, or makes illegal the consummation of the Merger, subject to the parties' performance of their efforts obligations; and (ii) Purchaser (or Parent on Purchaser's behalf) shall have accepted for payment and paid for all Shares validly tendered pursuant to the Offer and not validly withdrawn.

The Offer Conditions are described in Section 15 – "Conditions of the Offer."

*Conversion of Capital Stock at the Effective Time* 

At the Effective Time, by virtue of the Merger and without further action: (i) each Share held in the treasury of the Company (other than, in each case, Shares that are held in a fiduciary or agency capacity and are beneficially owned by third parties) or owned by the Company or any direct or indirect wholly owned subsidiary of the Company immediately prior to the Effective Time will be cancelled without consideration; (ii) each Share held immediately prior to the Effective Time by Parent, Purchaser or any other direct or indirect wholly owned subsidiary of Parent will be cancelled without consideration; (iii) each Share irrevocably accepted for purchase in the Offer will be cancelled without any additional consideration; (iv) each other Share outstanding immediately prior to the Effective Time (other than Dissenting Shares) will be converted into the right to receive the Offer Price (without interest and less applicable tax withholdings); and (v) each share of common stock of Purchaser outstanding immediately prior to the Effective Time will be converted into one share of common stock of the Surviving Corporation.

*Surrender of Shares; Stock Transfer Books* 

Promptly after the Effective Time, the Paying Agent will mail or otherwise provide to former record holders of certificated and certain book-entry Shares appropriate transmittal materials with instructions to surrender their Certificates or Book-Entry Shares in exchange for the Merger Consideration. With respect to book-entry positions held through DTC, settlement will occur through customary DTC procedures established with the

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Paying Agent. At the close of business on the closing date of the merger, the stock transfer books of the Company with respect to the Shares will be closed, and thereafter there will be no further registration of transfers of Shares.

*Appraisal Rights* 

Holders of Shares who comply with the applicable requirements of Section 262 of the DGCL will be entitled to appraisal rights, and Dissenting Shares will be cancelled at the Effective Time in exchange for the right to receive payment of the fair value of such Shares in accordance with Section 262, and will not receive the Offer Price unless such holders fail to perfect, withdraw or lose their appraisal rights.

*Treatment of Company Equity Awards in the Merger* 

The Merger Agreement provides that, at the Effective Time, by virtue of the Merger and without any action on the part of the holder thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) each <u>Company Stock Option</u> that is outstanding, whether vested or unvested, as of immediately prior to
the Effective Time, other than 50% of unvested Company Stock Options (excluding Company Stock Options granted to non-employee directors) granted during the 2025 calendar year (each such Company Stock Option, a " <u>Converted Option</u> "),
will fully vest (in the case of performance-based Company Stock Options, assuming attainment of the applicable performance-based vesting conditions at the percentage of target performance level specified in the Merger Agreement) be cancelled and
entitle the holder to receive for each Share underlying such Company Stock Option a cash amount equal to the excess of (x) the Merger Consideration over (y) the exercise price payable per Share under such option (without interest and less
applicable tax withholdings) (the " <u>Option Consideration</u> ") and (b) each Converted Option that is outstanding immediately prior to the Effective Time will be cancelled and converted into a cash-based award which will entitle
the holder thereof to receive an amount in cash equal to the Option Consideration. Each such converted cash-based award (and the right to payment in respect thereof) will be subject to the same terms and conditions (including vesting, forfeiture and
acceleration provisions) applicable to the corresponding Converted Option immediately prior to the Effective Time, provided that such converted cash-based award will vest and become payable on the date that is six (6) months following the closing
date of the Merger. Vesting of each such converted cash-based award is accelerated upon the holder's termination of service with Parent or any of its affiliates without "cause," including due to death, prior to such vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) each <u>Company RSU</u> that is outstanding, whether vested or unvested, as of immediately prior to the
Effective Time, other than 50% of unvested Company RSUs granted during the 2025 calendar year and any Company RSUs granted during the 2026 calendar year, if any (in each case, excluding Company RSUs granted to non-employee directors) (each such
Company RSU, a " <u>Converted RSU</u> "), will be cancelled and entitle the holder to receive a cash amount equal to the Merger Consideration for each Share issuable in settlement of such Company RSU (without interest and less applicable
tax withholdings) (the " <u>RSU Consideration</u> ") and (b) each Converted RSU that is outstanding immediately prior to the Effective Time will be cancelled and converted into a cash-based award which will entitle the holder thereof
to receive an amount in cash equal to the RSU Consideration. Each such converted cash-based award (and the right to payment in respect thereof) will be subject to the same terms and conditions (including vesting, forfeiture and acceleration
provisions) applicable to the corresponding Converted RSU immediately prior to the Effective Time, provided that (i) in the case of converted cash-based awards corresponding to Converted RSUs granted in 2025, such converted cash-based awards
will vest and become payable on the date that is six (6) months following the closing date of the Merger and (ii) in the case of converted cash-based awards corresponding to Converted RSUs granted in 2026, such converted cash-based award will
vest and become payable on the date that is one year following the closing date of the Merger. Vesting of each such converted cash-based award is accelerated (on a prorated basis for converted cash-based awards corresponding to Converted RSUs

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granted in 2026) upon the holder's termination of service with Parent or any of its affiliates without "cause," including due to death, prior to the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) each <u>Company PSU</u> that is outstanding, whether vested or unvested, as of immediately prior to the
Effective Time, other than 50% of Company PSUs that were granted during the 2025 calendar year (each such Company PSU, a " <u>Converted PSU</u> "), will be cancelled and entitle the holder to receive a cash amount equal to the Merger
Consideration for each Share (without interest and less applicable tax withholdings) that would be issuable in settlement of such Company PSU assuming attainment of the applicable performance-based vesting conditions at the percentage of target
performance level specified in the Merger Agreement (without interest and less applicable tax withholdings) (the " <u>PSU Consideration</u> ") and (b) each Converted PSU that is outstanding immediately prior to the Effective Time,
will be cancelled and converted into a cash-based award which will entitle the holder thereof to receive an amount in cash equal to the PSU Consideration. Each such converted cash-based award (and the right to payment in respect thereof) will be
subject to the terms and conditions (including vesting (other than the performance-based vesting conditions), forfeiture and acceleration provisions) applicable to the corresponding Converted PSU immediately prior to the Effective Time, provided
that such converted cash-based award will vest and become payable on the date that is six (6) months following the closing date of the Merger. Vesting of each such converted cash-based award is accelerated upon the holder's termination of
service with Parent or any of its affiliates without "cause," including due to death, prior to such vesting date.

*Treatment of Stock Plans in the Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Effective Time, the Company will take all actions necessary to terminate (i) the
Company's 2011 Equity Incentive Plan, (ii) the Company's 2018 Equity Incentive Plan, (iii) the Company's 2017 Inducement Award Plan or (iv) the Company's 2021 Inducement Award Plan, each as amended, effective
as of the Effective Time.

*Treatment of Employee Stock Purchase Plan in the Merger* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will take all actions necessary to terminate the Company's Amended and Restated 2014 Employee
Stock Purchase Plan (the " <u>ESPP</u> ") and all outstanding rights thereunder, effective as of the day prior to the Effective Time, and to effectuate the treatment of the ESPP as contemplated by the Merger Agreement. The offering or
purchase period under the ESPP that would be in effect as of the Effective Time (the " <u>Final Offering Period</u> ") will terminate no later than the day immediately prior to the Effective Time (and if the closing of the Merger will
occur before the end of any ongoing offering period in existence under the ESPP on the date of the Merger Agreement, any such offering period (and purchase period thereunder) will be shortened so that a new purchase date occurs no later than the
last business day prior to the Effective Time), and the Company will cause the exercise date applicable to the Final Offering Period to accelerate and occur on the termination date of the ESPP with respect to any then-outstanding purchase rights.
All amounts allocated to each participant's account under the ESPP at the end of the Final Offering Period will thereupon be used to purchase whole Shares under the terms of the ESPP for such offering period, which Shares will be canceled at
the Effective Time in exchange for the right to receive the Merger Consideration following the purchase of the Shares, and the Company will return to each participant the funds, if any, that remain in such participant's account after such
purchase. The Company will take all actions necessary to ensure that between the date of the Merger Agreement and the Effective Time (a) no new participants may commence participation in the ESPP, (b) no current participant in the ESPP may
increase his or her rate of contribution under the ESPP and (c) no new offering period will commence after the date of the Merger Agreement.

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***Adjustments to the Offer Price***

The Merger Agreement provides that if, between December 23, 2025 (the "<u>Agreement Date</u>") and the Offer Acceptance Time (for the Offer) or the Effective Time (for the Merger), the outstanding Shares are changed into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Offer Price and the Merger Consideration, as applicable, will be appropriately adjusted to provide the same economic effect as prior to such event.

***Representations and Warranties***

In the Merger Agreement, the Company has made customary representations and warranties to Parent and Purchaser with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organization; corporate power; authorization; existence of subsidiaries of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certificate of incorporation and bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capitalization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ownership of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SEC filings; financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Absence of certain developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• title to assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• data protection; company systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee matters; benefit plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal proceedings; orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authority; binding nature of agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Section 203 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merger approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-contravention; consents;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• opinion of financial advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engagement of financial advisors.

Some of the representations and warranties in the Merger Agreement made by the Company are qualified as to "materiality" or "Material Adverse Effect." For purposes of the Merger Agreement, a "<u>Material Adverse Effect</u>" means any fact, event, occurrence, effect, change, development or circumstance (each, an "Effect") that has had a material adverse effect on the business, financial condition or results of operations of the Company and its subsidiaries, taken as a whole; *provided*, *however*, that none of the following shall be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Effect affecting any industries in which the Acquired Companies (as defined in the Merger Agreement) operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, legislative, regulatory or political conditions or conditions in any securities, credit, financial or
other capital markets, in each case in the United States or any other country or region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Effect arising directly or indirectly from or otherwise relating to changes in interest rates, inflation
rates, tariffs or fluctuations in the value of any currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Effect in general regulatory, legislative or political conditions in the United States or any other country
of region in the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any act of terrorism, war, civil unrest, national or international calamity, weather, earthquakes, hurricanes,
tornados, natural disasters, climatic conditions, pandemic or epidemic or any other similar event (and any escalation or worsening of any of the foregoing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in, or any compliance with or action taken for the purpose of complying with, any laws or GAAP or
interpretation of any laws or GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change in the market price, credit rating or trading volume of the Company's stock or other securities
or any change affecting the ratings or the ratings outlook for the Company (*provided* that the underlying factors contributing to any such change shall not be excluded unless such underlying factors would otherwise be excluded from the
definition of Material Adverse Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Effect arising out of or relating to the announcement, execution, pendency or performance of the Merger
Agreement and the Transactions, including (A) any action taken (or not taken) by the Acquired Companies that is required to be taken (or not taken) pursuant to the Merger Agreement, or is consented to by Parent (including the failure of any
Acquired Company to take any action which it is prohibited from taking under the Merger Agreement if the Company seeks Parent's consent to take such action and Parent fails to grant such consent), (B) any action taken by Parent or its
Affiliates to obtain any Consent from any Governmental Body to the consummation of the Offer, the Merger and the other Transactions, and, in each case, the result of any such actions, (C) any claim or Legal Proceeding arising out of or related
to the Merger Agreement or the Transactions, (D) any change in customer, supplier, distributor, employee, financing source, stockholder, regulatory, partner or similar relationships of the Acquired Companies resulting therefrom or (E) any
Effect that arises out of or relates to the identity of, or any facts or circumstances relating to, Parent or any of its Affiliates (as defined in the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the Company to meet any internal or external projection, budget, forecast, estimate or prediction
in respect of revenues, earnings or other financial or operating metrics for any period (*provided*, that the underlying factors contributing to any such failure shall not be excluded unless such underlying factors would otherwise be excluded
from the definition of Material Adverse Effect);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Effect resulting or arising from Parent's or Purchaser's breach of the Merger Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Effect arising from any requirements imposed by any Governmental Body as a condition to obtaining approval or
expiration of any waiting period under the HSR Act or other Antitrust and FDI Laws (as defined in the Merger Agreement) with respect to the Transactions, including the Offer and the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) regulatory, manufacturing or clinical Effects resulting directly or indirectly from any nonclinical or
clinical studies sponsored by the Company or any competitor of the Company, results of meetings with the United Sates Food and Drug Administration ("FDA") or other Governmental Body (including any communications from any Governmental
Body in connection with such meetings), or any increased incidence or severity of any previously identified side effects, adverse effects, adverse events or safety observations or reports of new side effects, adverse events or safety observations
with respect to the Company's or any competitor's product candidates, (B) the determination by, or the delay of a determination by, the FDA or any other Governmental Body, or any panel or advisory body empowered or appointed
thereby, with respect to the clinical hold, acceptance, filing, designation, approval, clearance, non-acceptance, hold, refusal to file, refusal to designate, non-approval, disapproval or non-clearance of any of the Company's or any competitor's product candidates, (C) FDA or other Governmental Body approval
(or other clinical or regulatory developments), market entry or threatened market entry of any product competitive with or related to any of the Company's products or product candidates, or any guidance, announcement or publication by the FDA
or other Governmental Body relating to any product candidates of the Company or any competitor, or (D) any manufacturing or supply chain disruptions or delays in manufacturing validation affecting products or product candidates of the Company
or developments relating to reimbursement, coverage or payor rules with respect to any product or product candidates of the Company or the pricing of products; *provided*, *however* that nothing in this bulleted section will apply to any
Effect to the extent such Effect results in HEPLISAV-B **  being withdrawn from the market in the United States, in which case such Effect may be taken into account in determining whether there has been, or
would reasonably be expected to be, a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of or cost of equity, debt or other financing to Parent or Purchaser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matters disclosed in the confidential disclosure letter to the Merger Agreement and any Effect related
thereto.

In the Merger Agreement, Parent and Purchaser have made representations and warranties to the Company with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• organization and corporate power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorization; binding nature of agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-contravention; consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• absence of litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitive holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers and other advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliance on representations.

Certain of Parent's representations and warranties contained in the Merger Agreement are qualified as to "materiality" or "Parent Material Adverse Effect."

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None of the representations and warranties of the parties to the Merger Agreement contained in the Merger Agreement (or in any instrument delivered pursuant to the Merger Agreement) survive the Merger.

***Covenants***

*Conduct of Business Pending the Merger* 

The Company has agreed that, during the period from the date of the Merger Agreement until the earlier of the Offer Acceptance Time and the termination of the Merger Agreement pursuant to its terms (the "<u>Pre-Closing Period</u>"), except (a) as required or otherwise contemplated under the Merger Agreement, (b) or as required by applicable laws or the extent necessary to comply with contractual obligations, (c) with the prior written consent of Parent, which consent shall not be unreasonably withheld, delayed or conditioned or (d) as set forth in the confidential disclosure letter to the Merger Agreement, the Company will, and will cause of its Subsidiaries to, (i) use its commercially reasonable efforts to conduct in all material respects its business and operations in the ordinary course, (ii) use its commercially reasonable efforts to maintain its existence in good standing pursuant to applicable law; properties, Contracts licenses and business organizations and (y) preserve the current relationships with material customers, vendors, distributors, partners, lessors, licensors, creditors and other Persons with which the Company and its Subsidiaries have material business relations; provided, that (1) no action by the Company to the extent addressed by the subject matter of any of the subclauses of Section 5.2(b) of the Merger Agreement shall constitute a breach of Section 5.2(a), and (2) any failure to take any action prohibited by Section 5.2(b) shall not be deemed a breach of Section 5.2(a).

The Company has further agreed that, during the Pre-Closing Period, except (a) as required or otherwise contemplated under the Merger Agreement, (b) or as required by applicable laws or the extent necessary to comply with contractual obligations, (c) with the prior written consent of Parent, which consent shall not be unreasonably withheld, delayed or conditioned or (d) as set forth in the confidential disclosure letter to the Merger Agreement, the Company shall not and shall not permit any of its subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) establish a record date for, declare, accrue, set aside or pay any dividend or make any other distribution in
respect of any shares of its capital stock (including the Shares) or other equity or voting interests or (B) repurchase, redeem or otherwise reacquire any of its shares of capital stock (including any Shares) or other equity or voting
interests, or any rights, warrants or options to acquire any shares of its capital stock or other equity or voting interests, other than: (1) repurchases or reacquisitions of Shares outstanding as of the Agreement Date pursuant to the
Company's right (under written commitments in effect as of the Agreement Date) to purchase or reacquire Shares held by a Company Associate only upon termination of such associate's employment or engagement by the Company;
(2) repurchases of Company Stock Awards (or shares of capital stock issued upon the exercise or vesting thereof) outstanding on the Agreement Date (in cancellation thereof) pursuant to the terms of the Employee Plan evidencing any such Company
Stock Award (in effect as of the Agreement Date) between the Company and a Company Associate or member of the Company Board only upon termination of such Person's employment or engagement by the Company; (3) in connection with withholding
to satisfy the exercise price and/or Tax obligations with respect to Company Stock Awards outstanding on the Agreement Date as required by the terms of the Employee Plan evidencing any such Company Stock Award (as in effect as of the Agreement
Date); (4) the exercise of the Capped Call Transactions (as defined below) in accordance with the terms thereof; or (5) in connection with the conversion or maturity of the Convertible Notes (as defined below) pursuant to the terms of the
applicable Convertible Notes Indenture (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• split, combine, subdivide or reclassify any shares of its capital stock (including the Shares) or other equity
interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell, issue, grant, deliver, pledge, transfer, encumber, dispose of, or authorize the issuance, sale, delivery,
pledge, transfer, encumbrance, disposition or grant by the Company (other than pursuant to agreements in effect as of the Agreement Date) of (A) any capital stock, equity interest or other

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security of the Company or any of its Subsidiaries, (B) any option, call, warrant, restricted securities or right to acquire any capital stock, equity interest or other security of the Company or any of its Subsidiaries or (C) any instrument convertible into or exchangeable for any capital stock, equity interest or other security of the Company or any of its subsidiaries (except that the Company may (1) take any action required to issue Shares as required to be issued upon the settlement of Company RSUs or Company PSUs, and the exercise of Company Stock Options or pursuant to purchase rights under the ESPP, in each case, as required by the terms of the ESPP or the Employee Plan evidencing any such Company Stock Award, (2) the exercise of the Capped Call Transactions in accordance with the terms thereof; or (3) in connection with the conversion or maturity of the Convertible Notes pursuant to the terms of the applicable Convertible Notes Indenture); <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as required by the express terms of any Employee Plan (as defined in the Merger Agreement) as in effect on
the Agreement Date or as required to comply with applicable laws, (i) establish, adopt, enter into, terminate or amend any Employee Plan (or any plan, program, arrangement, practice, policy or agreement that would be an Employee Plan if it were
in existence on the Agreement Date), (ii) take any action (or commit to take any action) to amend or waive any rights under, or accelerate the vesting, funding, or payment of any compensation or benefits under, any provision of any of any Employee
Plans (or any plan, program, arrangement, practice, policy or agreement that would be an Employee Plan if it were in existence on the Agreement Date) or otherwise, (iii) grant (or commit to grant) any current or former Company Associate (as
defined in the Merger Agreement) an increase in compensation, bonuses or other benefits (including severance or termination pay) or (iv) grant or pay (or commit to grant or pay) any cash incentive or equity or equity-based awards, or amend or
modify the terms of any outstanding equity or equity-based awards, in each case, under any Employee Plan or otherwise (except that the Company: may change the title of its employees or promote employees in the ordinary course of business), provided
that such changes in title or promotion do not involve increases in the applicable employee's compensation other than in the ordinary course of business and commensurate with similarly situated employees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) enter into (1) any change-of-control agreement with any current or former Company Associate or (2) any retention agreement with any current or former Company Associate, (B) enter
into (1) any employment, severance or other agreement with any current or former Company Associate or (C) hire or engage any employee or individual independent contractor with an annual compensation in excess of $150,000 or terminate any
employee or individual independent contractor with an annual base salary greater than $150,000 other than for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend or permit the adoption of any amendment to its certificate of incorporation or bylaws (or similar
organizational or governing documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• form any subsidiary or branch, acquire any equity interest in any other entity (including by merger) or enter
into any joint venture, partnership, limited liability corporation or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make or authorize any capital expenditure except (A) in the ordinary course of business or in amounts not in
excess of the Company's capital expenditure budget made available to Parent or (B) capital expenditures that do not exceed $2,000,000 in the aggregate during any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, lease, license, sublicense, pledge, sell or otherwise dispose of, divest or spin-off, abandon, waive, relinquish or fail to renew, permit to lapse (other than any patent expiring at the end of its statutory term), transfer, assign, guarantee, exchange or swap, mortgage or otherwise encumber
(including pursuant to a sale-leaseback transaction or securitization) or subject to any material encumbrance (other than an encumbrance permitted under the Merger Agreement) any material right or other material asset or property (except, in the
case of any of the foregoing (A) in the ordinary course of business (including entering into non-exclusive license agreements and materials transfer agreements in the ordinary course of business),
(B) pursuant to dispositions of obsolete, surplus or worn out assets that are no longer useful in the conduct of the business of any Acquired Company and (C) as provided for in subsection (viii));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except with respect to any intercompany arrangements, (A) incur any indebtedness in excess of $1,000,000 in
the aggregate, renew or extend any existing credit or loan arrangements, enter into any "keep well" or other agreement to maintain any financial condition of another person or enter into any agreement or arrangement having the economic
effect of any of the foregoing, except for short-term Indebtedness incurred in the ordinary course of business or (B) repurchase, prepay or refinance any Indebtedness in an amount greater than $1,000,000 in the aggregate per calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other than in the ordinary course of business, (A) enter into any contract that would constitute a
"Material Contract" (as defined in the Merger Agreement) if it had been in effect on the Agreement Date or (B) amend or modify in any material respect, or voluntarily waive or release any material rights under, any Material Contract
(other than expirations at the end of the term of such contract);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• forgive any loans or make any loans, advances or capital contributions to, or investments in, any other Person,
except for (A) advances for employee expenses in the ordinary course of business or intercompany loans solely between Acquired Companies, (B) the extension of trade credit in the ordinary course of business or (C) loans, advances,
capital contributions or investments in persons representing non-controlling minority interests of less than five percent (5%) of the total outstanding share capital of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) make, rescind or change any material tax election, (B) change any annual tax accounting period or change
any material method of tax accounting, (C) enter into any material "closing agreement" as described in Section 7121 of the Code (or any corresponding or similar provision of state, local, or non-U.S. law), tax allocation agreement or tax sharing agreement (other than any commercial agreement entered into in the ordinary course of business that does not relate primarily to taxes) relating to or
affecting any tax liability of the Company or its subsidiary, (D) settle or compromise, or otherwise resolve, any material tax liability assessment or other material tax liability, (E) file any amended income or other material tax Return,
(F) surrender any right to claim a refund, offset, or other reduction in a material tax liability, (G) consent to any extension or waiver of the limitation period applicable to any tax claim or assessment relating to the Company or its
subsidiary (other than pursuant to automatic extensions of the due date, not more than seven (7) months), for filing a tax return obtained in the ordinary course of business of, (H) request any ruling or similar guidance with respect to
taxes of the Acquired Companies, or (I) agree to any final "determination" within the meaning of Section 1313(a) of the Code (or any corresponding or similar provision of state, local, or non-U.S. law) with respect to taxes of the Acquired Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any material changes in financial accounting methods, principles or practices materially affecting the
consolidated assets, liabilities, or results of operations of the Acquired Companies except insofar as required by (A) GAAP, (B) Regulation S-X under the Securities Act or other applicable Law or
(C) by any Governmental Body or quasi-governmental authority, including the Financial Accounting Standards Board or any similar organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commence any legal proceeding, except with respect to: (A) routine matters in the ordinary course of
business; (B) in such cases where the Company reasonably determines in good faith that the failure to commence suit would result in a material impairment of a valuable aspect of its business (provided that the Company consults with Parent and
considers the views and comments of Parent with respect to any such legal proceeding prior to commencement thereof); or (C) in connection with a breach of the Merger Agreement or any other agreements contemplated hereby or to otherwise enforce
the terms of the Merger Agreement or any other agreements contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• settle, release, waive or compromise any legal proceeding or other claim (or threatened legal proceeding or other
claim), other than (A) any legal proceeding relating to a breach of the Merger Agreement or any other agreements contemplated hereby, (B) a settlement that results solely in a monetary obligation involving only the payment of monies by the
Acquired Companies (net of recoveries under insurance policies or indemnity obligations) of not more than $5,000,000 in the aggregate or (C) a settlement that results in no monetary obligation of an Acquired Company or an

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Acquired Company's receipt of payment; provided, that no such settlement may involve any material injunctive or equitable relief, or impose material restrictions, on the business activities of any Acquired Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiate, modify, extend, or enter into any collective bargaining agreement or other agreement with any labor
organization, works council, or similar labor organization (" <u>Collective Bargaining Agreement</u> ") or recognize or certify any labor union, labor organization, works council, or group of employees of the Acquired Companies as the
bargaining representative for any employees of the Company (except to the extent required by applicable laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implement any employee layoffs, plant closings, reductions in force, furloughs, temporary layoffs, salary or wage
reductions, work schedule changes or other such actions that would reasonably be expected to require advance notice under the WARN Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt or implement any stockholder rights plan or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waive or release any noncompetition, nonsolicitation, nondisclosure, noninterference, nondisparagement, or other
restrictive covenant obligation of any current or former employee or independent contractor of the Acquired Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt a plan or agreement of complete or partial liquidation or dissolution, merger, consolidation,
restructuring, recapitalization or other reorganization of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into any new material line of business (it being understood that commencement of preclinical or clinical
studies in compliance with the Merger Agreement shall not be deemed to constitute a new line of business) or enter into any agreement, arrangement or commitment that materially limits or otherwise materially restricts any Acquired Company, including
following the Effective Time, Parent and its affiliates (other than, in the case of Parent and its affiliates, due to the operation of Parent's or its affiliates' own Contracts) following the Closing, from engaging or competing in any
line of business or in any geographic area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) commence any clinical study of which Parent has not been informed prior to the date of the Merger Agreement,
(B) unless mandated by any regulatory authority or Governmental Body, discontinue, terminate or suspend any ongoing clinical study or (C) except as required by applicable laws, as determined in good faith by the Company, discontinue,
terminate or suspend any ongoing IND-enabling preclinical study, in each case with respect to clauses (A)-(C), without first providing reasonable prior notice to Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (A) abandon, surrender or fail to timely pay any application, issuance, registration or renewal fees that fall
due in respect of any Company Registration (as defined in the Merger Agreement) included in the Company Owned IP (as defined in the Merger Agreement) or any Company Registration included in the Company Exclusively Licensed IP (as defined in the
Merger Agreement) for which an Acquired Company has responsibility for prosecution and maintenance activities (other than for immaterial or obsolete Intellectual Property Rights (as defined in the Merger Agreement)), or fail to diligently prosecute
(in accordance with all requirements regarding the duty of disclosure, candor and good faith) in the ordinary course of the business any applications for the foregoing; provided, in each case, that the foregoing shall not be construed to prohibit
ordinary course prosecution actions, including amending, or agreeing to amend, the scope of a claim of a pending patent application within any such Company Registration, or, solely to the extent the Company provides Parent with reasonable advance
written notice and a reasonable opportunity to consult with the Company in respect thereto, filing a terminal disclaimer with respect to or abandoning a claim of a pending patent application within any such Company Registration in favor of a related
claim contained in another patent application filed by such Acquired Company that would constitute a Company Registration included in the applicable Company Owned IP or Company Exclusively Licensed IP; (B) enter into any agreements which
require any Acquired Company to pay any material royalty or make any other material payment as a condition to using or exploiting any Company Owned IP and Company Exclusively Licensed IP, other than in the

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ordinary and usual course of business; or (C) fail to take reasonable security and other measures, including measures against unauthorized disclosure, to protect and maintain the secrecy, confidentiality, and value of any Acquired Company's confidential information, including by disclosing to any third party any of the Acquired Company's confidential information, except in the ordinary course of business and on the basis that such information is to be treated as confidential; or <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize any of, or agree or commit to take, any of the foregoing actions. Neither Parent nor Purchaser,
directly or indirectly, has the right to control or direct the operations of the Company prior to the Effective Time. Prior to the Effective Time, the Company will exercise, consistent with the terms and conditions hereof, complete control and
supervision of the operations of the Acquired Companies.

*No Solicitation* 

During the period beginning on the Agreement Date through Closing, the Company will not, and will cause its subsidiaries not to, and will direct its Representatives (as defined in the Merger Agreement) not to: (a) initiate, solicit, or knowingly facilitate or knowingly encourage any Acquisition Proposal (as defined below) or any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal, (b) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other person any non-public information relating to the Acquired Companies, with respect to any Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal, or (c) enter into any letter of intent, acquisition agreement, agreement in principal or similar agreement providing for an Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal (each, a "Company Acquisition Agreement").

In addition, as soon reasonably practicable after the Agreement Date, the Company will (i) terminate access by any third party (other than Parent and its Representatives) to any physical or electronic data room relating to any Acquisition Proposal and (ii) deliver a written notice to each person that entered into a confidentiality agreement in anticipation of potentially making an Acquisition Proposal within the twelve (12) months preceding the execution of the Merger Agreement requesting the prompt return or destruction of all confidential information previously furnished to any person. The Company agrees that in the event any director or officer of the Company, or any other Representative of the Company acting at the direction of any such director or officer, takes any action which, if taken by the Company, would constitute a breach of the non-solicitation obligations set forth in the Merger Agreement, the Company shall be deemed to be in breach of such obligations.

For purposes of the Merger Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term " <u>Acquisition Proposal</u> " shall mean any proposal or offer from any Person (other than
Parent and its Affiliates) or "group", within the meaning of Section 13(d) of the Exchange Act, relating to, in a single transaction or series of related transactions, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition or exclusive license of or partnership, collaboration or revenue sharing arrangement with respect to,
assets of the Company equal to 20%) or more of the fair market value of the Company's assets or to which 20% or more of the Company's revenues or earnings are attributable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuance or acquisition of 20% or more of the outstanding Shares (on an as converted to common basis),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recapitalization, tender offer or exchange offer that if consummated would result in any Person or group
beneficially owning 20% or more of the outstanding Shares (on an as converted to common basis) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merger, consolidation, amalgamation, share exchange, business combination, recapitalization, liquidation,
dissolution or similar transaction involving the Company that if consummated would result in any Person or group beneficially owning 20% or more of the outstanding Shares (on an as

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converted to common basis) or 20% or more of the aggregate voting power of the Company, the surviving entity or the resulting direct or indirect parent of the Company or the surviving entity, in each case other than the Transactions. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term " <u>Superior Proposal</u> " shall mean a *bona fide* written Acquisition Proposal
providing for a transaction or series of related transactions that the Company Board (or committee thereof) determines in its good faith judgment, after consultation with its outside legal counsel and its financial advisors, (a) is reasonably
likely to be completed in accordance with its terms, taking into account all legal, regulatory and financing aspects of the proposal and the Person making the proposal and other aspects of the Acquisition Proposal that the Company Board deems
relevant and (b) if consummated, would result in a transaction more favorable to the Company's stockholders (solely in their capacities as such) from a financial point of view than the Transactions; provided, that for purposes of the
definition of "Superior Proposal", the references to "20%" in the definition of Acquisition Proposal shall be deemed to be references to "75%;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The term "*Acceptable Confidentiality Agreement*" shall mean a confidentiality agreement that
(i) is in effect as of the execution and delivery of the Merger Agreement or (ii) entered into after the execution and delivery thereof and contains confidentiality and non-use and other provisions
that are not materially less favorable in the aggregate to the Company than those contained in the Confidentiality Agreement; *provided*, that any such confidentiality agreement (A) need not contain any standstill or similar provision and
(B) shall not include any provision calling for any exclusive right to negotiate with such party or having the effect of prohibiting the Company or Parent, as applicable, from satisfying any of its non-solicitation obligations under the Merger Agreement.

Notwithstanding the restrictions described above or any other provisions in the Merger Agreement, if at any time prior to the Offer Acceptance Time the Company or any of its Representatives receives written Acquisition Proposal from any person or group of persons, which was made or renewed after the execution of the Merger Agreement, the Company and its Representatives may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contact and engage in discussions with the person or group making the Acquisition Proposal to clarify the terms
and conditions of such Acquisition Proposal, request that any oral Acquisition proposal be provided in written form or inform such person or group of the terms of the Merger Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Company Board determines in good faith, after consultation with its financial advisors and outside legal
counsel, that such Acquisition Proposal constitutes or could reasonably be expected to lead to a Superior Proposal and the failure to take such action would reasonably be expected to be inconsistent with fiduciary duties of the Company Board under
applicable law, then the Company and its Representatives may (A) enter into an Acceptable Confidentiality Agreement or furnish pursuant to an Acceptable Confidentiality Agreement information (including non-public information) with respect to the Acquired Companies to the person or group of persons who has made such Acquisition Proposal and their respective Representatives and financing sources; *provided,* that the Company shall promptly provide to Parent any material non-public information concerning the Acquired Companies that is provided to any Person given such access which was not previously provided to
Parent or its Representatives and (B) engage in or otherwise participate in discussions or negotiations with the Person or group of Persons making such Acquisition Proposal and their respective Representatives and financing sources, including
soliciting the submission of a revised Acquisition Proposal.

Prior to Closing, the Company will not be required to enforce, and will be permitted to waive, any provision of any standstill or confidentiality agreement that prohibits or purports to prohibit an Acquisition Proposal being made to the Company if the Company Board determines in good faith, after consultation with its outside legal counsel, that the failure to take such action would reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable Law.

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In addition, the Company must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly (and in any event within one (1) business day) notify Parent if any inquiries, proposals or offers
that would reasonably be expected to lead to an Acquisition Proposal are received by any Acquired Company (as defined in the Merger Agreement) or any of its Representatives during the Pre-Closing Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide Parent a copy of any written Acquisition Proposal received by the Company and a summary of the material
terms and conditions of any oral Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• keep Parent reasonably informed of any material developments regarding any Acquisition Proposal on a prompt
basis.

*Change of the Company Board Recommendation* 

As described above, and subject to the provisions described below, the Company Board has unanimously resolved to recommend that the Company's stockholders accept the Offer and tender all of their Shares pursuant to the Offer. The foregoing recommendation is referred to herein as the "<u>Company Board Recommendation</u>." Unless the Company Board has made a Change of Board Recommendation (as defined below), the Company Board has also agreed to include the Company Board Recommendation in the Schedule 14D-9 and to permit Parent to refer to such recommendation in this Offer to Purchase and other documents related to the Offer.

Except as described below, during the Pre-Closing Period, the Company Board or the Company, as applicable, may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) withdraw or qualify (or modify in a manner adverse to Parent or Purchaser), or publicly propose to withdraw
or qualify (or modify in a manner adverse to Parent or Purchaser), the Company Board Recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) approve, recommend or declare advisable, or publicly propose to approve, recommend or declare advisable,
any Acquisition Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) fail to include the Company Board Recommendation in the Schedule 14D-9

(any action described in the foregoing clauses (a), (b) or (c) is referred to as a "<u>Company Adverse Change Recommendation</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (d) approve, recommend or declare advisable, or propose to approve, recommend or declare advisable, or allow the
Company to execute or enter into any Company Acquisition Agreement (other than an Acceptable Confidentiality Agreement).

However, notwithstanding the foregoing, at any time prior to the Offer Acceptance Time, in the event that the Company receives a *bona fide* written Acquisition Proposal that has not been withdrawn and did not result from a material breach of Section 5.4(b) of the Merger Agreement, and the Company Board determines, after consultation with the Company's financial advisors and outside legal counsel, is a Superior Proposal, the Company Board may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make a Company Adverse Change Recommendation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize the Company to terminate the Merger Agreement to enter into a company acquisition agreement with
respect to the Superior Proposal.

Additionally, at any time prior to the Offer Acceptance Time, the Company Board or a committee thereof may make a Change of Board Recommendation (an "<u>Acquisition Proposal Change of Board Recommendation</u>") if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company Board determines in good faith, after consultation with the Company's outside legal counsel,
that the failure to do so in the manner contemplated by the Merger Agreement would

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reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company shall have given Parent prior written notice of its intention to make a Company Adverse Change
Recommendation or terminate the Merger Agreement at least five (5) business days prior to making any such Company Adverse Change Recommendation or effecting such termination (a " <u>Determination Notice</u> ") (which notice, or the
public disclosure thereof, shall not constitute a Company Adverse Change Recommendation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (x) the Company shall have provided to Parent a summary of the material terms and conditions of the
Acquisition Proposal, in accordance with the Merger Agreement, (y) the Company shall have given Parent four (4) business days (the " <u>Match Period</u> ") after delivery of the Determination Notice to propose revisions to the
terms of the Merger Agreement or make other proposals so that such Acquisition Proposal would cease to constitute a Superior Proposal and shall have made itself and its Representatives reasonably available to negotiate in good faith with Parent (to
the extent Parent desires to negotiate) during the Match Period with respect to such proposed revisions or other proposal, if any, and (z) after considering the terms of the Merger Agreement and any binding written proposals (which continue to
remain able to be accepted by the Company) made by Parent, if any, prior to 11:59 p.m. Eastern Time on the last day of the Match Period, the Company Board shall have determined, in good faith, that such Acquisition Proposal continues to constitute a
Superior Proposal and that the failure to make the Company Adverse Change Recommendation or terminate the Merger Agreement would be inconsistent with the fiduciary duties of the Company Board under applicable Laws.

The above will also apply to any material amendment to the financial terms of any applicable Superior Proposal with respect to an alternative acquisition termination and an Acquisition Proposal Change of Board Recommendation, and will require a revised Determination Notice, except that the Match Period shall be deemed to be two (2) business days.

Finally, at any time prior to the Offer Acceptance Time, the Company Board may make a Company Adverse Change Recommendation in response to a Change in Circumstance, if and only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company Board determines in good faith, after consultation with the Company's outside legal counsel,
that the failure to do so in the manner contemplated by the Merger Agreement would be reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company shall have given Parent a Determination Notice at least four (4) business days prior to making
any such Company Adverse Change Recommendation (which notice describes the Change in Circumstance in reasonable detail and which notice, or the public disclosure thereof, shall not constitute a Company Adverse Change Recommendation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (1) the Company shall have given Parent three (3) business days after the delivery of the Determination
Notice to propose revisions to the terms of the Merger Agreement or make another proposal, and shall have made its Representatives reasonably available to negotiate in good faith with Parent (to the extent Parent desires to do so) during such three
business day period with respect to such proposed revisions or make other proposals such that such Change in Circumstance would no longer necessitate a Company Adverse Change Recommendation, if any, and (2) after considering the terms of the
Merger Agreement and any binding written proposals made by Parent, if any, prior to 11:59 p.m. Eastern Time on the fourth (4th) business day following delivery of the Determination Notice, the Company Board shall have determined, in good faith, that
the failure to make the Company Adverse Change Recommendation in response to such Change in Circumstance would still reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable Laws.

For purposes of the Merger Agreement, a "<u>Change in Circumstance</u>" means any event, occurrence, fact, development or change in circumstances that materially affects the business, assets or operations of the Company

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(other than any event, occurrence, fact or change primarily resulting from a material breach of the Merger Agreement by the Company) that was neither known to the Company Board nor reasonably foreseeable as of or prior to the Agreement Date, which event, occurrence, fact or change becomes known to the Company Board prior to the Offer Acceptance Time, other than (i) changes in the Company common stock price, in and of itself (however, the underlying reasons for such changes may constitute a Change in Circumstances), (ii) any Acquisition Proposal or (iii) the fact that, in and of itself, the Company exceeds any internal or published projections, estimates or expectations of the Company's revenue, earnings or other financial performance or results of operations for any period, in and of itself (however, the underlying reasons for such events may constitute a Change in Circumstances).

None of the provisions described above under "*– Acquisition Proposals*" or elsewhere in the Merger Agreement will prohibit the Company or the Company Board from (nor shall any of the following constitute a Company Adverse Change Recommendation) (i) taking and disclosing to the stockholders of the Company a position contemplated by Rule 14e-2(a), Rule 14d-9 or Item 1012(a) of Regulation M-A promulgated under the Exchange Act, (ii) making any disclosure to the stockholders of the Company that is required by applicable Laws (iii) making any "stop, look and listen" communication pursuant to Rule 14d-9(f) promulgated under the Exchange Act, (iv) electing to take no position with respect to an Acquisition Proposal until the close of business on the tenth (10) business day after the commencement of such Acquisition Proposal pursuant to Rule 14e-2 under the Exchange Act, (v) informing any Person of the existence of certain related provisions contained in the Merger Agreement, (vi) making any disclosure to the stockholders of the Company (including regarding the business, financial condition or results of operations of the Company) that the Company Board has determined to make in good faith, it being understood that any such statement or disclosure made by the Company Board must be subject to the terms and conditions of the Merger Agreement or (vii) making a factually accurate public statement that describes the Company's receipt of an Acquisition Proposal, the identity of the Person making such Acquisition Proposal, the material terms of such Acquisition Proposal and the operation of the Merger Agreement with respect thereto.

*Reasonable Best Efforts to Consummate the Merger; Regulatory Filings* 

Pursuant to the Merger Agreement, each of the parties has agreed to use its, and to cause its respective subsidiaries and affiliates to use their, respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper, or advisable under applicable legal requirements to consummate the Offer, the Merger and the other Transactions as promptly as possible and, in any event, by or before the End Date. The parties have agreed to, or to cause their respective affiliates, if applicable, to, (i) promptly, but in no event later than fifteen (15) business days after the date hereof (or such later date as may be agreed in writing between antitrust counsel for each party), make an appropriate filing of all Notification and Report forms as required by the HSR Act with respect to the Transactions; and (ii) promptly, but in no event later than fifteen (15) business days after the Agreement Date, make all other filings, notifications or other consents as may be required to be made or obtained by such Party under Antitrust and FDI Laws (as defined in the Merger Agreement) in those jurisdictions identified in the confidential disclosure letter to the Merger Agreement, which contains the list of the only jurisdictions where filing, notification, expiration or termination of a waiting period or consent or approval is a condition to Closing.

Each of the parties has also agreed to use its respective reasonable best efforts to (a) cooperate in all respects and consult with each other in connection with any filing or submission in connection with any investigation or other inquiry by a Governmental Body or third party before a Governmental Body, (b) give each other prompt notice of any request, inquiry, investigation or legal proceeding brought by a Governmental Body or brought by a third party before any Governmental Body, (c) promptly and regularly keep each other informed as to the status of any such request, inquiry, investigation, action or legal proceeding, (d) promptly inform each other of any communication to or from the FTC, DOJ or any other Governmental Body in connection with any such request, inquiry, investigation, action or legal proceeding, (e) promptly furnish to the other party copies of documents, communications or materials provided to or received from any Governmental Body and promptly furnish to the

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other party copies of documents and material details of any oral communications in connection with any such request, inquiry, investigation, action or legal proceeding, subject to certain requirements listed in the Merger Agreement, to the extent reasonably required in order to (i) remove references to valuation of the Company or the identity of alternative acquirers, (ii) comply with existing contractual arrangements, or (iii) protect attorney-client privilege, (f) to the extent reasonably practicable, consult in advance and cooperate with the other parties and consider in good faith the views of the other parties in connection with any substantive communication, analysis, appearance, presentation, memorandum, brief, argument, opinion or proposal to be made or submitted in connection with any such request, inquiry, investigation or legal proceeding and (vii) except as may be prohibited by any Governmental Body or by any applicable law, in connection with any such request, inquiry, investigation, action or legal proceeding in respect of the Transactions. Each party will respond as promptly as practicable to requests for information, documentation, other material or testimony that may be reasonably requested by any Governmental Body, including by substantially complying at the earliest reasonably practicable date with any reasonable request for additional information, documents or other materials, including any "second request" under the HSR Act, received by any party or any of their respective subsidiaries from any Governmental Body in connection with such applications or filings for the Offer or Merger under applicable antitrust laws.

Parent agrees that it shall not, and shall not permit any of its controlled affiliates to, directly or indirectly, acquire or agree to acquire any assets, business or any Person, whether by merger, consolidation, licensing, purchasing a substantial portion of the assets of or equity in any Person or by any other manner or engage in any other transaction or take any other action, if the entering into of an agreement relating to or the consummation of such acquisition, merger, consolidation, license or purchase or other transaction or action would reasonably be expected to materially delay, impede or prevent the consummation of the Offer, the Merger and the other transactions contemplated by the Merger Agreement.

The parties agreed to promptly take, and cause its controlled affiliates to take, any and all actions reasonably necessary to cause the prompt expiration or termination of any applicable waiting period, including (i) negotiating, committing to and effecting, by consent decree, hold separate order or otherwise, the sale, lease, license, divestiture or disposition of any assets, rights, intellectual property, product lines, service lines, or businesses of the Company and its Affiliates, (ii) terminating existing relationships, contractual rights or obligations of the Company and its Affiliates, (iii) terminating any venture or other arrangement of the Company and its Affiliates, (iv) creating any relationship, contractual rights or obligations of the Company and its Affiliates, (v) effectuating any other change or restructuring of the Company and its Affiliates and (vi) otherwise taking or committing to take any actions with respect to the businesses, product lines, assets, contractual rights, intellectual property, product lines, or service lines of the Company and its Affiliates; *provided,* that in no event will anything in the Merger Agreement require Parent, the Company, or any of their respective subsidiaries and affiliates, to take, or agree to take, any such actions unless all actions collectively are not reasonably likely to be material to the business, operations, condition (financial or otherwise) or results of operations of the Company and its subsidiary, taken as a whole; and *provided further*, that under no circumstances will Parent or any of its affiliates (which, for the avoidance of doubt, shall not include the Company or any of its subsidiaries for this purpose) be required to take any of the foregoing actions with respect to their respective assets, businesses, relationships, contractual rights, obligations or arrangements.

The parties also agreed to oppose and defend through litigation or another Legal Proceeding on the merits any claim asserted in court or another venue by any Person, including any Governmental Body, under Antitrust and FDI Laws in order to avoid entry of, or to promptly have vacated or terminated, any decree, order or judgment (whether temporary, preliminary or permanent) that could restrain, delay, or prevent the Closing.

Each party has also agreed to use commercially reasonable efforts to obtain any consents, approvals, or waivers of third parties with respect to any contracts to which it is a party as may be necessary for the consummation of the Transactions or required by the terms of any contract as a result of the execution, performance, or consummation of the Transactions (except that in no event will the Company or any of its subsidiaries be required to pay, prior to the Effective Time, any fee, penalty, or other consideration or make any other

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accommodation to any third party to obtain any consent, approval, or waiver required with respect to any such contract).

*Access to Information* 

During the Pre-Closing Period, upon reasonable advance notice to the Company, the Company will and will cause its Representatives (as defined in the Merger Agreement) to: provide Parent and Parent's Representatives with reasonable access to the Company's properties, offices, books and records, Contracts, commitments and personnel (other than any of the foregoing to the extent specifically related to the negotiation and execution of the Merger Agreement or any sale process preceding the execution and delivery of the Merger Agreement), in each case as Parent reasonably requests solely for purposes of furthering the consummation of the Transactions, subject to customary exceptions.

*Employee Benefits and Compensation* 

During the period commencing at the Effective Time and ending on the first anniversary of the Effective Time (or, if earlier, until the date of termination of employment of the applicable Continuing Employee), Parent will provide, or cause to be provided, to each employee of the Company who is employed by the Company as of immediately prior to the Effective Time and who continues to be employed by the Surviving Corporation (or any Affiliate thereof) (each, a "<u>Continuing Employee</u>") during such period: (i) a base salary (or base wages, as the case may be) and target annual cash incentive opportunities (expressed as a percentage of base salary), which is no less favorable than the base salary (or base wages, as the case may be) and target cash annual incentive opportunities provided to such Continuing Employee immediately prior to the Effective Time; (ii) health, welfare and retirement benefits (excluding any post-employment health and welfare benefits and defined benefit pension plans) that are no less favorable in the aggregate to the health, welfare and retirement benefits (excluding any post-employment health and welfare benefits and defined benefit pension plans) provided to such Continuing Employee immediately prior to the Effective Time; and (iii) severance pay and benefits that are no less favorable than the severance pay and benefits provided to such Continuing Employee immediately prior to the Effective Time as set forth in the confidential disclosure letter to the Merger Agreement. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Continuing Employee will be given service credit for all purposes, including for eligibility to participate,
benefit levels (including levels of benefits under Parent's and/or the Surviving Corporation's vacation policy) and eligibility for vesting under Parent and/or the Surviving Corporation's health and welfare benefit plans and
arrangements in which such Continuing Employee is eligible to participate following the Effective Time, with respect to his or her length of service with the Company (and its predecessors) prior to the Effective Time to the same extent such service
credit was taken into account under the corresponding Employee Plan in which such Continuing Employee participated immediately prior to Effective Time, *provided* that the foregoing will not result in the duplication of benefits or to benefit
accrual under any pension plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to any accrued but unused personal, sick or vacation time to which any Continuing Employee is
entitled pursuant to the personal, sick or vacation policies applicable to such Continuing Employee immediately prior to the Effective Time, Parent will, or will cause the Surviving Corporation to and instruct its Affiliates to, as applicable (and
without duplication of benefits), assume, as of the Effective Time, the liability for such accrued personal, sick or vacation time and allow such Continuing Employee to use such accrued personal, sick or vacation time in accordance with the practice
and policies of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For purposes of any health or welfare benefit plan of Parent and/or the Surviving Corporation in which Continuing
Employees are eligible to participate, Parent will use commercially reasonable efforts to (i) waive all limitations as to pre-existing conditions, exclusions and waiting periods with respect to
participation and coverage requirements applicable to the Continuing Employees, to the extent that such conditions, exclusions and waiting periods did not apply under the corresponding Employee Plan

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in which such employees participated prior to the Effective Time and (ii) ensure that such health or welfare benefit plan will, for purposes of eligibility, vesting, deductibles, copayments and out-of-pocket maximums and allowances (including paid time off), credit Continuing Employees for service and amounts paid prior to the Effective Time with the Company (and its predecessors) under applicable Employee Plans for the plan year in which the Effective Time occurs to the same extent that such service and amounts paid was recognized prior to the Effective Time under the corresponding Employee Plan of the Company. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If annual bonuses in respect of the Company's 2025 fiscal year have not been paid prior to the Closing
Date, Parent will, or will cause the Surviving Corporation to and instruct its Affiliates to, pay each Continuing Employee a 2025 annual bonus in an amount equal to the annual bonus to which such Continuing Employee would be entitled based on the
Company's actual performance under the applicable bonus arrangements of the Company in effect as of the Agreement Date, with such bonus payments to be made no later than the second payroll date following the Closing Date.

Upon the request of Parent in writing at least ten (10) Business Days prior to the Closing Date, effective as of the day immediately preceding the Closing and contingent upon the Closing, the Company will (i) take any and all necessary actions to terminate any Employee Plans that are intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code (the "<u>Company 401(k) Plans</u>"), (ii) provide Parent with a copy of any and all resolutions or other corporate action (the form and substance of which shall be subject to prior reasonable review and comment by Parent, which comments shall be considered by the Company in good faith) evidencing that any such plans will be terminated effective as of no later than the day immediately preceding the Closing and (iii) prior to and conditioned upon termination of any such plans, authorize through corporate resolution any and all necessary amendments to the plan documents to effect such terminations, fully vest affected participants, and comply with all requirements of applicable Law as of the effective date of such terminations; provided, that, the Company shall not take any further steps to effect any such plan terminations prior to the Closing. If Parent requests that the Company terminate the Company 401(k) Plan, Parent will, or will cause its Affiliates to, have in effect one or more defined contribution plans that qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code (collectively, the "<u>Parent 401(k) Plan</u>") that will, as of the Closing Date, permit participation for the Continuing Employees, credit all service that was credited under the Company 401(k) Plan for purposes of the eligibility, vesting and match eligibility requirements of the Parent 401(k) Plan, provide for tax-deferred contributions pursuant to Section 401(k) of the Code and for the 90-day period following the Closing Date, accept elective direct rollovers of the Continuing Employees' accounts (including any loans) under the Company 401(k) Plan.

Prior to making any written or broad-based oral communications to any current or former Company Associate pertaining to compensation or benefit matters described in the Merger Agreement or to compensation or benefits that will be provided by Parent or an Affiliate thereof following Closing (in each case other than (i) communications that are consistent in all material respects with information previously publicly released by the Parties or (ii) communications previously reviewed by Parent that are provided to the same group of Company Associates as the prior communication), the Company will provide Parent with a copy of the intended communication, Parent will have a reasonable period of time to review and comment on the communication, and the Company will consider any such comments in good faith.

The Merger Agreement does not confer upon any person (other than the Company and Parent) any rights with respect to the employee matters provisions of the Merger Agreement.

*Directors' and Officers' Indemnification and Insurance* 

All rights to indemnification, advancement of expenses, and exculpation in favor of individuals who are, or have been, directors or officers of the Company for acts and omissions occurring prior to the Effective Time, as set forth in the Company's certificate of incorporation and bylaws (as in effect on the Agreement Date) and any

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written indemnification agreements in effect on the Agreement Date, will survive the Merger. These rights will not be amended, repealed, or otherwise modified in a manner adverse to such individuals and will be observed by the Surviving Corporation and its subsidiaries to the fullest extent permitted under Delaware (or other applicable) law for six (6) years from the Effective Time. Any claim made within that six-year period remains subject to these protections until it is finally resolved.

From the Effective Time until the sixth anniversary thereof, Parent will cause the Surviving Corporation and their respective successors and assigns to indemnify and hold harmless each such current and former director and officer against all losses, claims, damages, liabilities, fees, expenses, judgments, and fines arising out of the fact that the person is or was a director or officer of the Company at or prior to the Effective Time, including matters relating to the Transactions, whether asserted before, at, or after the Effective Time. During this period, the Surviving Corporation will, to the fullest extent permitted by law, advance reasonable and documented out-of-pocket expenses (including reasonable and documented attorneys' fees) incurred in connection with indemnifiable matters within 15 days after receipt of a written request, subject to an undertaking to repay if a final, non-appealable judgment determines the individual is not entitled to indemnification.

From the Effective Time until the sixth anniversary thereof, the Surviving Corporation will maintain the Company's existing directors' and officers' liability insurance policy for the benefit of covered individuals with respect to pre-Effective Time acts and omissions on terms (including coverage, deductibles, and amounts) no less favorable than the existing policy, or purchase a six-year "tail" policy effective as of the Effective Time. In no event will the Surviving Corporation be required to spend in any one year more than 300% of the current annual premium; if premiums exceed that amount, the Surviving Corporation will obtain the greatest coverage available for a cost equal to such cap.

If Parent, the Surviving Corporation, or any of their respective successors or assigns consolidates with or merges into another entity and is not the surviving entity, or transfers all or substantially all of its properties and assets, Parent will ensure that the applicable successor or assign (or Parent, at Parent's option) assumes these indemnification and insurance obligations.

These indemnification and insurance provisions survive the acceptance of Shares for payment pursuant to the Offer and the consummation of the Merger. They are intended for the benefit of, and are enforceable by, the covered current and former directors and officers and their respective successors, assigns, and heirs, and are in addition to any other rights to indemnification or contribution they may have. Unless required by applicable law, these provisions may not be amended, altered, or repealed after the Offer Acceptance Time in a manner adverse to any such individual without that person's prior written consent.

*Stockholder Litigation* 

The Company has agreed to notify Parent of litigation against the Company or any of its directors or officers relating to the Merger Agreement or the Transactions. The Merger Agreement provides that Parent will have the right to participate in the defense of any such litigation, the Company will consult with Parent regarding the defense of any such litigation, and the Company will not settle or compromise any such litigation without the prior written consent of Parent, not to be unreasonably withheld, delayed, or conditioned.

*Convertible Notes and Capped Call Transactions* 

The Company shall use reasonable best efforts to (i) take all actions necessary in accordance with the terms of the indentures (the "<u>Convertible Notes Indentures</u>") governing the Company's 2.50% Convertible Senior Notes due 2026 (the "<u>2026 Convertible Notes</u>") and 2.00% Convertible Senior Notes due 2030 issued pursuant to the 2030 (the "<u>2030 Convertible Notes</u>" and, together with the 2026 Convertible Notes, the "<u>Convertible Notes</u>") including the giving of any notices that may be required in connection with any repurchases or conversions of Convertible Notes occurring as a result of the Merger and the other transactions contemplated by the Merger

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Agreement constituting a "Fundamental Change" or "Make-Whole Fundamental Change" as such terms are defined in the Convertible Notes Indentures, (ii) prepare any supplemental indentures required in connection with the Merger and the other transactions contemplated by the Merger Agreement and the consummation thereof to be executed and delivered to the Trustee at or prior to the Effective Time, in form and substance reasonably satisfactory to the Trustee and Parent, and (iii) deliver any opinions of counsel required to be delivered at or prior to the Effective Time and any officer's certificates or other documents or instruments, as may be necessary to comply with all of the terms and conditions of the Convertible Notes Indentures in connection with the Merger and the other transactions contemplated by the Merger Agreement.

Prior to the Effective Time, the Company will use its reasonable best efforts to cooperate with Parent to enter into arrangements with the counterparties of the Company's letter agreements related to call options on the shares of Company common stock, dated as of May 10, 2021 by and between the Company and each applicable counterparty, together with any related side letters of other ancillary documents (as may be amended, restated or otherwise modified from time to time) (the letter agreements together, the "<u>Capped Call Documentation</u>" and the transactions contemplated by the Capped Call Documentation, the "<u>Capped Call Transactions</u>") entered into in connection with the issuance of the Convertible Notes to exercise, settle, cancel, unwind, or otherwise terminate the Capped Call Transactions as of the closing date of the Merger, and to enter into any documents required to effect the foregoing. The settlement of any amounts payable pursuant to such actions will be subject to the mutual agreement of Parent, the Company and the documentation related to such capped calls. The Company will not modify, transfer or terminate any Capped Call Transactions without the written consent of Parent (it being understood that such limitations shall not apply to any modification, adjustment or termination made unilaterally by any counterparty to a capped call transaction pursuant to the terms of the documentation to the applicable capped call or conditioned on termination or abandonment of the Merger Agreement). Prior to the Effective Time, the Company has given permission to Parent and its representatives to initiate and engage in discussions and negotiations with each counterparty to any Capped Call Transaction regarding the settlement of such Capped Call Transaction at or promptly following the Effective Time and the terms of such settlement, provided that the Company and its counsel will have a right to participate in such discussions and negotiations.

*Takeover Laws* 

If any "moratorium," "control share acquisition," "fair price," "supermajority," "affiliate transactions," or "business combination statute or regulation" or other similar state anti-takeover laws and regulations (each, a "<u>Takeover Law</u>") may become, or may purport to be, applicable to the Transactions, each of Parent and the Company and the members of their respective boards of directors will use their respective reasonable best efforts to grant such approvals and take such actions as are necessary so that the Transactions may be consummated as promptly as practicable on the terms and conditions contemplated by the Merger Agreement and otherwise act to lawfully eliminate the effect of any Takeover Law on any of the Transactions.

*Section 16 Matters* 

The Company, and the Company Board (or committee thereof), shall, to the extent necessary, take appropriate action, prior to or as of the Offer Acceptance Time, to approve, for purposes of Section 16(b) of the Exchange Act, the disposition and cancellation or deemed disposition and cancellation of Shares and Company Stock Awards in the Transactions by applicable individuals and to cause such dispositions or cancellations to be exempt under Rule 16b-3 promulgated under the Exchange Act.

*Approval of Compensation Actions*

Prior to the Offer Acceptance Time and to the extent permitted by applicable laws, the Compensation Committee of the Company Board will approve, as an "employment compensation, severance or other employee benefit arrangement" within the meaning of Rule 14d-10(d)(2) under the Exchange Act, each agreement, arrangement or understanding between the Company or any of its affiliates and any of the officers, directors or employees of the

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Company that are effective as of the Agreement Date pursuant to which compensation is paid to such officer, director or employee. The Company will also take all other action reasonably necessary to satisfy the requirements of the non-exclusive safe harbor set forth in Rule 14d-10(d)(2) under the Exchange Act.

*Stock Exchange Delisting and Deregistration* 

Prior to the Closing Date, the Company will cooperate with Parent and use its reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things, reasonably necessary, proper or advisable on its part under applicable laws and rules and policies of Nasdaq to enable the delisting of the Shares from Nasdaq and the deregistration of the Shares under the Exchange Act as promptly as practicable after the Effective Time, and in any event no more than ten (10) days after the Closing Date.

*Termination* 

The Merger Agreement may be terminated, and the Offer and the Merger may be abandoned, under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by mutual written consent of Parent and Company at any time prior to the Offer Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either Parent or the Company if a court of competent jurisdiction or other Governmental Body has issued an
order, decree or ruling, or has taken any other action, having the effect of permanently restraining, enjoining or otherwise prohibiting the acceptance for payment of Shares pursuant to the Offer or the Merger or making consummation of the Offer or
the Merger illegal, which order, decree, ruling or other action that is final and nonappealable; *provided, however,* that none of Parent, Purchaser or the Company may terminate the Merger Agreement if the issuance of such final and
nonappealable order, decree, ruling or other action is attributable to a failure on the part of such party to perform in any material respect any covenant or obligation in the Merger Agreement required to be performed by such Party at or prior to
the Effective Time (a " <u>Permanent Injunction Termination</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Parent at any time prior to the Offer Acceptance Time, if the Company Board (or a committee thereof) makes and
has not withdrawn a Company Adverse Change Recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by either Parent or the Company if the Offer Acceptance Time has not occurred on or prior to the End Date; *provided* that the End Date may be extended by either Parent or the Company upon written notice to the other party prior to the initial End Date until September 21, 2026 if any of the Regulatory Conditions are still outstanding as of the
initial End Date; *provided, further*, that the End Date may be further extended by either Parent or the Company upon written notice to the other party prior to such extended End Date until December 20, 2026 if any of the Regulatory
Conditions are still outstanding as of such extended End Date; *provided, however*, that none of Parent, Purchaser or the Company may terminate the Merger Agreement if the failure of the Offer Acceptance Time to occur prior to the End Date is
attributable to the failure on the part of such party to perform in any material respect any covenant or obligation in the Merger Agreement required to be performed by such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by the Company, at any time prior to the Offer Acceptance Time, in order to accept a Superior Proposal and enter
into a binding written definitive acquisition agreement providing for the consummation of a transaction constituting a Superior Proposal (a " <u>Specified Agreement</u> ") with respect to such Superior Proposal and concurrently pays, or
causes to be paid, the Termination Fee in accordance with the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by Parent at any time prior to the Offer Acceptance Time, if a breach of any representation or warranty contained
in the Merger Agreement or failure to perform any covenant or obligation in the Merger Agreement on the part of the Company has occurred such that the condition set forth in clause "(b)" or "(c)" of Annex I of the Merger
Agreement would not be satisfied and cannot be cured by the Company by the End Date, or if capable of being cured, shall not have commenced to have been cured within 30 days of the date Parent gives the Company notice of such breach or failure
to perform; provided,

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however, that, Parent will not have the right to terminate the Merger Agreement if either Parent or Purchaser is then in material breach of any representation, warranty, covenant or obligation under the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by the Company at any time prior to the Offer Acceptance Time, if a breach by the Company at any time prior to
the Offer Acceptance Time, if a breach of any representation or warranty contained in the Merger Agreement or failure to perform any covenant or obligation in the Merger Agreement on the part of Parent or Purchaser shall have occurred, in each case
if such breach or failure has had or would reasonably be expected to prevent Parent or Purchaser from consummating the Transactions and such breach or failure cannot be satisfied and cannot be cured by Parent or Purchaser, as applicable, by the End
Date, or if capable of being cured, has not commenced to have been cured within 30 days of the date the Company gives Parent notice of such breach or failure to perform; *provided, however*, that, the Company will not have the right to
terminate the Merger Agreement if the Company is then in material breach of any representation, warranty, covenant or obligation hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by the Company if Purchaser has failed to commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer within the period specified in the Merger Agreement, other than to the extent resulting from a material breach by the Company of the Merger Agreement, or if Purchaser
has failed to accept and pay for all Shares validly tendered (and not validly withdrawn) as of the expiration of the Offer (as may be extended) when required to do so in accordance with the terms of the Merger Agreement.

If the Merger Agreement is terminated, it will be void and of no effect and there will be no liability on the part of any party (or any of its Representatives), except that (a) certain specified provisions of the Merger Agreement, as well as the confidentiality agreement between Parent and the Company, will survive such termination, and (b) except in a circumstance where the Termination Fee (as defined below) or the Reverse Termination Fee (as defined below) is paid, no such termination will relieve any person of any liability for damages resulting from actual and intentional fraud under the laws of the State of Delaware by a party to the Merger Agreement in any representation or warranty of such party in the Merger Agreement (*provided*, under no circumstances will "Fraud" include any equitable fraud, constructive fraud, negligent misrepresentation, or other fraud or torts to the extent such other fraud or torts are based on recklessness or negligence) or any material breach of any covenant or agreement set forth in the Merger Agreement prior to of its valid termination that is a consequence of an intentional act or intentional failure to act undertaken by any officer, director, employee or agent of a breaching party with actual knowledge that such officer, director, employee or agent of the breaching party's act or failure to act would or would reasonably be expected to result in or constitute a breach of the Merger Agreement (in the case of agents, only to the extent such agent is acting on the breaching party's behalf). Nothing will limit or prevent any party from exercising any rights it may have to specific performance in lieu of terminating the Merger Agreement pursuant to the terms of the Merger Agreement.

*Termination Fees* 

Except as described below, each party will bear its own fees and expenses incurred in connection with the Merger Agreement and the Transactions, whether or not the Offer and the Merger are consummated.

The Company has agreed to pay Parent a termination fee of $77,849,503 in cash (the "<u>Termination Fee</u>") in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (i) the Merger Agreement is terminated by the Company pursuant to an acceptance of a Superior Proposal and entry
into a binding written definition acquisition agreement providing for the consummation of a transaction constituting a Superior Proposal (a Superior Proposal Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (ii) the Merger Agreement is terminated by Parent if the Company Board (or a committee thereof) makes and has not
withdrawn a Company Adverse Change Recommendation; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (iii) (a) the Merger Agreement is terminated pursuant to the Offer Acceptance Time not having occurred on or
prior to the End Date or pursuant to certain other specified termination rights (and, in the case of a termination by the Company, only if at such time Parent would not be prohibited from terminating the Merger Agreement), (b) any person has
publicly disclosed a *bona fide* Acquisition Proposal after the date of the Merger Agreement and prior to the applicable termination event (and such Acquisition Proposal has not been publicly withdrawn prior to the applicable time specified
therein) and (c) within twelve (12) months after such termination, the Company enters into a definitive agreement with respect to, or consummates, an Acquisition Proposal (provided, that, for purposes of clause (c) of this provision,
references to "20%" in the definition of Acquisition Proposal will be substituted for "80%").

Any payment of the Termination Fee required to be made (i) pursuant to the foregoing clause (i) will be paid on the date the applicable definitive agreement is executed (or, if executed on a non-business day, the next business day), (ii) pursuant to the foregoing clause (ii) will be paid within two (2) business days after such termination and (iii) pursuant to the foregoing clause (iii) in accordance with the final bullet point above will be paid within two (2) business days after entry into the definitive agreement referenced therein. The Company will not be required to pay the Termination Fee more than once.

Parent has agreed to pay the Company a reverse termination fee of $116,774,254 in cash (the "<u>Reverse Termination Fee</u>"), promptly and in any event no later than two (2) business days after such termination, in the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parent or the Company terminates the Merger Agreement after a court of competent jurisdiction or other
Governmental Body has issued an order, decree or ruling, or shall have taken any other action, having the effect of permanently restraining, enjoining or otherwise prohibiting the acceptance for payment of Shares pursuant to the Offer or the Merger
or making consummation of the Offer or the Merger illegal, which order, decree, ruling or other action shall be final and nonappealable, subject to the terms of the Merger Agreement (to the extent the underlying order or other action arises under
the HSR Act or any other antitrust or foreign direct investment law); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) Parent or the Company terminates the Merger Agreement pursuant to the Offer Acceptance Time not having
occurred on or prior to the End Date, (b) at the time of such termination, any condition related to antitrust or foreign direct investment law (including the Regulatory Condition as it relates to the HSR Act and any other antitrust or foreign
direct investment law and the Offer Condition set forth in clause (e) of Annex I of the Merger Agreement) has not been satisfied and (c) all other Offer Conditions (other than those that by their nature are to be satisfied at the Offer
Acceptance Time) have been satisfied or waived.

Parent will not be required to pay the Reverse Termination Fee more than once.

If paid, Parent's and Purchaser's receipt of the Termination Fee will constitute liquidated damages and the sole and exclusive remedy of Parent, Purchaser and their related parties in respect of the Merger Agreement, the Transactions or any matter forming the basis for such termination, and, if paid, the Company's receipt of the Reverse Termination Fee will constitute liquidated damages and the sole and exclusive remedy of the Company and its related parties in respect of the Merger Agreement, the Transactions or any matter forming the basis for such termination; provided, that such remedies do not limit the rights of Parent, Purchaser or the Company to specific performance under certain circumstances pursuant to the Merger Agreement or in the case of the other party's Fraud or Willful Breach (each as defined in the Merger Agreement).

*Specific Performance* 

Parent, Purchaser and the Company have agreed that irreparable harm, for which monetary damages (even if available) would not be an adequate remedy, would occur in the event that the parties to the Merger Agreement do not perform their obligations under the provisions of the Merger Agreement in accordance with its specified

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terms or if they otherwise breach such provisions. Accordingly, each party will be entitled to an injunction or injunctions, specific performance, or other equitable relief to prevent breaches of the Merger Agreement and to enforce specifically the terms and provisions of the Merger Agreement, without proof of damages or otherwise or the posting of a bond or undertaking, in addition to any other remedy to which they are entitled under the terms of the Merger Agreement.

*Expenses* 

Except in limited circumstances expressly specified in the Merger Agreement, all fees and expenses incurred in connection with the Merger Agreement and the Transactions will be paid by the party incurring such fees or expenses, whether or not the Offer and the Merger are consummated.

*Governing Law* 

The Merger Agreement is governed by and will be construed in accordance with the laws of the State of Delaware, without giving effect to any laws, rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware.

**Other Agreements** 

***Confidentiality Agreements***

Parent and the Company entered into a Confidentiality Agreement, dated as of January 24, 2025 (the "<u>Confidentiality Agreement</u>"), in connection with a possible business transaction Parent and the Company subsequently entered into Amendment No. 1 to Confidentiality Agreement (the "<u>First Confidentiality</u> <u>Amendment</u>"), dated as of December 5, 2025. The Confidentiality Agreement included a customary twelve (12) month standstill provision for the benefit of the Company, and the First Confidentiality Amendment extended the standstill provision and the non-solicitation provision to expire on December 5, 2026. The standstill provision did not restrict Parent or its representatives from making confidential proposals to Dynavax's Chief Executive Officer and included certain fallaway provisions in the event of the Company entering into a definitive agreement providing for a change of control transaction or the Company Board failing to recommend against, or recommending in favor of, a third party tender offer providing for a change of control transaction.

The foregoing summary of the Confidentiality Agreement is only a summary and is qualified in its entirety by reference to the full text of the Confidentiality Agreement, which is filed as Exhibit (d)(2) of the Schedule TO and is incorporated herein by reference.

***Exclusivity Agreement***

Prior to signing the Merger Agreement, Parent and the Company entered into a letter agreement, dated as of December 11, 2025 (the "<u>Exclusivity Agreement</u>"), pursuant to which the Company agreed to negotiate exclusively with Parent regarding an acquisition of the Company until the first to occur of (i) 11:59 p.m. (New York time) on December 25, 2025; (ii) the execution of a definitive agreement between the parties with respect to the proposed acquisition or (iii) the time that Parent proposed either any reduction in share purchase price or any material revision adverse to the Company to any other material terms in respect of the possible transaction between the parties from the terms provided to the Company in the "Revised Non-Binding Proposal" dated December 10, 2025. The Exclusivity Agreement also contemplated that, in the event that execution of a definitive agreement was not likely to occur prior to 11:59 p.m. (New York time) on December 25, 2025, the Company and Parent would meet to discuss in good faith a mutually agreeable extension of the exclusivity period, if any.

The foregoing summary and description of the Exclusivity Agreement is only a summary and is qualified in its entirety by reference to the Exclusivity Agreement, which is filed as Exhibit (d)(5) of the Schedule TO and incorporated herein by reference.

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**12.** **Purpose of the Offer; Plans for the Company** 

*Purpose of the Offer* 

The purpose of the Offer is for Parent, through Purchaser, to acquire control of, and the Offer, if consummated, would be the first step in Parent's acquisition of the entire equity interest in the Company. The Offer is intended to facilitate the acquisition of all outstanding Shares. The purpose of the Merger is to acquire all outstanding Shares not tendered and purchased pursuant to the Offer. If the Offer is consummated, Purchaser intends to complete the Merger as promptly as practicable thereafter subject to the satisfaction and waiver of the other conditions to the Merger set forth in the Merger Agreement.

The Company Board has unanimously: (a) determined that the entry into the Merger Agreement and the consummation of the Transactions are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed and effected in accordance with Section 251(h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer. The Merger will be consummated in accordance with Section 251(h) of the DGCL, which provides that following consummation of a successful tender offer for a public corporation, and subject to certain statutory provisions, if the acquirer holds at least the amount of shares of each class of stock of the constituent corporation that would otherwise be required to approve a merger for the constituent corporation, and the other stockholders receive the same consideration for their stock in the merger as was payable in the tender offer, the acquirer can effect a merger without the action of the other stockholders of the constituent corporation. Accordingly, if we consummate the Offer, we are required pursuant to the Merger Agreement to complete the Merger without a vote of the Company's stockholders in accordance with Section 251(h) of the DGCL.

*Plans for the Company* 

After completion of the Offer and the Merger, the Company will be an indirect wholly owned indirect subsidiary of Parent. In connection with Parent's consideration of the Offer, Parent is developing a plan, on the basis of available information, for the combination of the business of the Company with that of Parent. Parent plans to partially integrate the Company's business into Parent. Parent will continue to evaluate and refine the plan and may make changes to it as additional information is obtained.

From and after the consummation of the Merger, until successors are duly elected or appointed and qualified in accordance with applicable law, or until their earlier death, resignation or removal, the directors and officers of Purchaser as of immediately prior to the Effective Time will be the directors and officers of the Company as of immediately after the Effective Time.

Except as set forth in this Offer to Purchase and the Merger Agreement, Parent and Purchaser have no present plans or proposals that would relate to or result in (a) any extraordinary corporate transaction involving the Company (such as a merger, reorganization, liquidation, relocation of any operations or sale or other transfer of a material amount of assets), (b) any sale or transfer of a material amount of assets of the Company, (c) any material change in the Company's capitalization, indebtedness or dividend policy or (d) any other material change in the Company's corporate structure or business.

**13.** **Certain Effects of the Offer** 

Because the Merger will be governed by Section 251(h) of the DGCL, no vote of the Company's stockholders will be required to consummate the Merger. Promptly after the consummation of the Offer, and subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, we and the Company will consummate the Merger as soon as practicable following consummation of the Offer, but in no event later than the first (1st) business day after the satisfaction or waiver of the conditions to the Merger (unless otherwise

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agreed by the Company, Parent and Purchaser), pursuant to Section 251(h) of the DGCL. Immediately following the Merger, all of the outstanding shares of the Company's common stock will be held indirectly by Parent.

*Market for the Shares*. The purchase of Shares pursuant to the Offer will reduce the number of holders of Shares and the number of Shares that might otherwise trade publicly, which could adversely affect the liquidity and market value of the remaining Shares. We cannot predict whether the reduction in the number of Shares that might otherwise trade publicly would have an adverse or beneficial effect on the market price for, or marketability of, the Shares or whether such reduction would cause future market prices to be greater or less than the Offer Price. If the Offer is successful, there will be no market for the Shares because Purchaser intends to consummate the Merger as soon as practicable following the consummation of the Offer.

*Stock Quotation*. The Shares are currently listed on Nasdaq. Immediately following the consummation of the Merger (which is required to occur as soon as practicable following consummation of the Offer, but in no event later than the first (1st) business day after the satisfaction or waiver of the conditions to the Merger, unless otherwise agreed by the Company, Parent and Purchaser), the Shares will no longer meet the requirements for continued listing on Nasdaq, and Parent will seek to cause the listing of Shares on Nasdaq to be discontinued as soon as the requirements for termination of the listing are satisfied.

*Margin Regulations*. The Shares are currently "margin securities" under the Regulations of the Board of Governors of the Federal Reserve System (the "<u>Federal Reserve Board</u>"), which has the effect, among other things, of allowing brokers to extend credit based on the use of Shares as collateral. Depending upon factors similar to those described above regarding the market for the Shares and stock quotations, it is possible that, following the Offer, the Shares would no longer constitute "margin securities" for the purposes of the margin regulations of the Federal Reserve Board and, therefore, could no longer be used as collateral for loans made by brokers.

*Exchange Act Registration*. The Shares are currently registered under the Exchange Act. Such registration may be terminated upon application of the Company to the SEC if the Shares are neither listed on a national securities exchange nor held by 300 or more holders of record. Termination of registration of the Shares under the Exchange Act would substantially reduce the information required to be furnished by the Company to its stockholders and to the SEC and would make certain provisions of the Exchange Act no longer applicable to the Company, such as the short-swing profit recovery provisions of Section 16(b) of the Exchange Act, the requirement of furnishing a proxy statement pursuant to Section 14(a) of the Exchange Act in connection with stockholders' meetings and the related requirement of furnishing an annual report to stockholders and the requirements of Rule 13e-3 under the Exchange Act with respect to "going private" transactions. Furthermore, the ability of "affiliates" of the Company and persons holding "restricted securities" of the Company to dispose of such securities pursuant to Rule 144 under the Securities Act of 1933, as amended, may be impaired or eliminated. If registration of the Shares under the Exchange Act were terminated, the Shares would no longer be "margin securities" or be eligible for listing on Nasdaq. Parent intends to, and will cause the Surviving Corporation to, terminate the registration of the Shares under the Exchange Act as soon as practicable after consummation of the Merger as the requirements for termination of registration are met.

**14.** **Dividends and Distributions** 

The Merger Agreement provides that from the date of the Merger Agreement to the Effective Time, without the prior written consent of Parent, the Company will not declare, accrue, set aside or pay any dividends or make any other distributions in respect of the Company's capital stock.

**15.** **Conditions of the Offer** 

For purposes of this Section 15, capitalized terms used but not defined in this Section 15 and defined in the Merger Agreement have the meanings set forth in the Merger Agreement, a copy of which is filed as

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Exhibit (d)(1) to the Schedule TO and is incorporated herein by reference. The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of the Minimum Condition and the other conditions below.

The Offer is not subject to any financing condition. Purchaser will not be required to accept for payment or, subject to any applicable rules and regulations of the SEC, including Rule 14e-l(c) under the Exchange Act (relating to Purchaser's obligation to pay for or return tendered Shares promptly after the termination or withdrawal of the Offer), to pay for, and may delay the acceptance for payment of, or (subject to any such rules and regulations) the payment for, any validly tendered (and not validly withdrawn) Shares, and, to the extent permitted by the Merger Agreement, may (i) terminate the Offer: (A) upon termination of the Merger Agreement; and (B) at any scheduled Expiration Date (subject to any extensions of the Offer pursuant to Section 1.1(c) of the Merger Agreement) or (ii) amend the Offer as otherwise permitted by the Merger Agreement, if: (A) the Minimum Condition has not been satisfied as of one minute following 11:59 p.m. Eastern Time on the Expiration Date of the Offer; or (B) any of the additional conditions set forth below has not been satisfied or waived in writing by Parent as of one minute following 11:59 p.m. Eastern Time on the Expiration Date of the Offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (a) there have been validly tendered and not validly withdrawn Shares that, considered together with all other
Shares (if any) beneficially owned by Parent or any of its wholly owned Subsidiaries, would represent a majority of Shares outstanding at the time of the expiration of the Offer (the " <u>Minimum Condition</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (b) (i) the representations and warranties of the Company as set forth in Section 3.1(a) and (b)
(*Due Organization*; *Subsidiaries, Etc*.); subsections (a) (second sentence only), (b), (c) (second and last sentences only) and (e) of Section 3.3 (*Capitalization, Etc*.); Section 3.22 (*Authority*; *Binding Nature of Agreement*); and Section 3.24 (*Merger Approval*) of the Merger Agreement are accurate in all material respects at and as of the Offer Acceptance Time and the Agreement Date as if made on and as of such time (*it being understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in the Merger Agreement) only as of such date);
(ii) the representations and warranties of the Company as set forth in the first sentence of Section 3.5 (*Absence of Changes*) of the Merger Agreement are accurate at and as of the Offer Acceptance Time and the Agreement Date as if made
on and as of such time (it being understood that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this clause
(b)(ii)) only as of such date); (iii) the representations and warranties of the Company as set forth in subsections (a) (first sentence only), (c) (first sentence only) and (d) of Section 3.3 (*Capitalization, Etc*.) are accurate in
all respects at and as of the Offer Acceptance Time and the Agreement Date as if made on and as of such time, except to the extent the failures of such representations and warranties to be true and correct individually and in the aggregate are *de minimis* (*it being understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this clause (b)(iii)
only as of such date); and (iv) the representations and warranties of the Company as set forth in the Merger Agreement (other than referred to in clauses (i), (ii), and (iii) above) are accurate in all respects at and as of the Offer
Acceptance Time and the Agreement Date as if made on and as of such time, except that any inaccuracies in such representations and warranties will be disregarded if such inaccuracies (considered collectively) do not constitute, and would not
reasonably be expected to have, a Material Adverse Effect (*it being understood* that, for purposes of determining the accuracy of such representations and warranties, (A) all "Material Adverse Effect" qualifications and other
materiality qualifications contained in such representations and warranties will be disregarded (except in the case of the standard for what constitutes a defined term hereunder and the use of such defined term herein) and (B) the accuracy of
those representations or warranties that address matters only as of a specific date will be measured (subject to the applicable materiality standard as set forth in this clause (b)(iv)) only as of such date);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (c) the Company has complied with, or performed, in all material respects all of the Company's covenants
and agreements it is required to comply with or perform at or prior to the Offer Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (d) Parent and Purchaser have received a certificate executed on behalf of the Company by the Company's
Chief Executive Officer or Chief Financial Officer confirming that the two conditions set forth immediately above have been duly satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (e) (i) any applicable waiting period (and any extensions thereof) under the HSR Act has expired or been
terminated, (ii) any agreement mutually entered by Parent and the Company with a Governmental Body to not consummate the Offer or the Merger has expired or been terminated and (iii) any consent, approval or clearance with respect to, or
terminations or expiration of any applicable mandatory waiting period (and any extensions thereof) imposed under any other Antitrust and FDI Laws identified in Section 5.5(b) of the confidential disclosure letter to the Merger Agreement have
been obtained, have been received or have terminated or expired, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (f) there has not been issued by any court of competent jurisdiction and remains in effect any judgment,
temporary restraining order, preliminary or permanent injunction or other order preventing the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Offer or the Merger nor has any applicable law been promulgated,
entered, enforced, enacted, issued or deemed applicable to the Offer or the Merger by any Governmental Body which remains in effect and directly prohibits, or makes illegal, the acquisition of or payment for Shares pursuant to the Offer, or the
consummation of the Merger; provided, however, that Parent and Purchaser will not be permitted to invoke this condition unless they have taken all actions required under the Merger Agreement to have any such order or law lifted or otherwise deemed
inapplicable to the Offer and the Merger (each of the conditions in clauses "(e)" and "(f)" (in case of "(f)", as such condition relates to the HSR Act and any other Antitrust and FDI Laws), the
" <u>Regulatory Condition</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (g) after the Agreement Date, there has not have occurred a Material Adverse Effect that is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (h) the Merger Agreement has not been terminated in accordance with its terms.

The foregoing conditions are in addition to, and not a limitation of, the rights of Parent and Purchaser to extend, terminate or modify the Offer pursuant to the terms of the Merger Agreement.

Purchaser expressly reserves the right to increase the Offer Price, waive any Offer Condition and make any other changes to the terms and conditions of the offer not inconsistent with the terms of the Merger Agreement. However, except as otherwise expressly provided in the Merger Agreement, without the prior written consent of the Company, Purchaser is not permitted to: (a) decrease the Offer Price, (b) change the form of consideration payable in the Offer, (c) decrease the maximum number of Shares sought to be purchased in the Offer, (d) impose conditions or requirements to the Offer in addition to the Offer Conditions, (e) amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a manner that adversely affects, or would reasonably be expected to adversely affect, any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the ability of Parent or Purchaser to consummate the Offer, the Merger or the other Transactions, (f) change or waive the Minimum Condition or the Regulatory Condition, (g) terminate the Offer or accelerate, extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger Agreement or (h) provide any "subsequent offering period" (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act. Parent and Purchaser shall, and each of Parent and Purchaser shall ensure that all of their respective controlled Affiliates shall, tender any Shares held by them into the Offer. Upon any determination that an Offer Condition has not been satisfied and gives rise to a right to terminate the Offer by Purchaser or Parent, Parent will promptly notify the Company's stockholders of a decision to either terminate the Offer, or to waive the condition and proceed with the Offer.

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**16.** **Certain Legal Matters; Regulatory Approvals** 

*General*. Based on our examination of publicly available information filed by the Company with the SEC and other publicly available information concerning the Company, we are not aware of any governmental license or regulatory permit that appears to be material to the Company's business that would be adversely affected by our acquisition of Shares pursuant to the Offer or, except as set forth below in this Section 16, of any approval or other action by any government or governmental administrative or regulatory authority or agency, domestic or foreign, that would be required for our purchase of Shares pursuant to the Offer. Should any such approval or other action be required or desirable, we currently contemplate that, except for takeover laws in jurisdictions other than Delaware as described below under "State Takeover Laws," such approval or other action will be sought. However, except for observance of the waiting periods and the obtaining of the required approvals summarized under "Antitrust Compliance" below in this Section 16, we do not anticipate delaying the purchase of Shares tendered pursuant to the Offer pending the outcome of any such matter. There can be no assurance that any such approval or action, if needed, will be obtained or, if obtained, that it will be obtained without substantial conditions; and there can be no assurance that, in the event that such approvals were not obtained or such other actions were not taken, adverse consequences might not result to the Company's business or that certain parts of the Company's business might not have to be disposed of or held separate, any of which may give us the right to terminate the Offer at any Expiration Date without accepting for payment any Shares validly tendered (and not validly withdrawn) pursuant to the Offer. Our obligation under the Offer to accept for payment and pay for Shares is subject to the Offer Conditions, including, among other conditions, the Regulatory Condition. See Section 15 – "Conditions of the Offer."

***Antitrust Compliance***

*U.S. Antitrust Compliance* 

Under the HSR Act, certain acquisition transactions, including Purchaser's purchase of Shares pursuant to the Offer, may not be consummated until certain information and documentary material has been furnished for review by the U.S. Federal Trade Commission ("FTC") and the Antitrust Division of the DOJ (the "<u>Antitrust Division</u>") and certain waiting period requirements have been satisfied.

Under the HSR Act, the purchase of Shares may not be completed until the expiration or termination of a 15-calendar day waiting period following the filing of certain required information and documentary material concerning the Offer with the FTC and the Antitrust Division, unless the waiting period is earlier terminated by the FTC and the Antitrust Division. Each of Parent and the Company intend to file their Premerger Notification and Report Form under the HSR Act with the FTC and the Antitrust Division in connection with the purchase of Shares in the Offer and the Merger such that the waiting period will expire before or on January 30, 2026, unless earlier terminated by the FTC and the Antitrust Division, Parent receives a request for additional information or documentary material prior to that time, or Parent pulls and refiles its notification so as to provide the FTC and the Antitrust Division an additional fifteen (15) calendar days to review the transaction. Expiration or termination of the HSR Act waiting period is a condition to the consummation of the Offer.

The FTC and the Antitrust Division frequently scrutinize the legality under the U.S. antitrust laws of transactions like the Offer and the Merger. At any time, the FTC or the Antitrust Division could take any action under the antitrust laws that it considers necessary or desirable in the public interest, including seeking (a) to enjoin the purchase of Shares pursuant to the Offer, (b) to enjoin the Merger, (c) to require Purchaser (or, after completion of the Merger, Parent) to divest the Shares, or (d) to require us or the Company to divest substantial assets or seek other conduct relief as a condition of consummating the acquisition. Private parties, as well as state attorneys general, also may bring legal actions under the antitrust laws under certain circumstances. At any time before or after the consummation of the Merger, notwithstanding the expiration or early termination of the applicable waiting period under the HSR Act, any state or private party could file suit seeking to enjoin the consummation of the Merger or seeking other structural or conduct relief or damages. See Section 15 – "Conditions of the Offer."

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Based upon an examination of publicly available information and other information relating to the businesses in which the Company is engaged, Parent and the Company believe that neither the purchase of Shares by Purchaser pursuant to the Offer nor the consummation of the Merger should violate applicable antitrust laws.

Nevertheless, neither Parent nor the Company can be certain that a challenge to the Offer or the Merger on antitrust grounds will not be made, or, if such challenge is made, what the result will be. See Section 15 – "Conditions of the Offer."

*Germany Merger Control Compliance* 

Under part I chapter VII of the Act against Restraints of Competition ("<u>ARC</u>"), certain acquisitions, including the Purchaser's purchase of Shares pursuant to the Offer, may not be consummated until certain information has been furnished for review by the Federal Cartel Office ("<u>FCO</u>") and either the FCO has confirmed that it does not assume jurisdiction over the Transaction, or has declared clearance of the transaction or certain waiting periods have expired, which the Parent and the Company, without prejudice to Section 15 – "Conditions of the Offer," anticipate to be by February 5, 2026 (assuming that the FCO will not open a further examination of the concentration pursuant to section 40(1) ARC). The parties submitted a notification to the FCO on January 5, 2026.

*Germany Foreign Direct Investment Compliance* 

Under Sections 55 et seqq. German Foreign Trade and Payments Ordinance ("<u>AWV</u>"), certain acquisitions, including the Purchaser's purchase of Shares pursuant to the Offer, may not be consummated without the applicable statutory review periods under the Foreign Trade and Payments Act and the Foreign Trade and Payments Ordinance (the "AWG/AWV") having expired without the Federal Ministry for Economic Affairs and Energy (the "BMWE") having opened an in-depth review or prohibiting the transaction or without the BMWE having (i) issued a certificate of non-objection (*Unbedenklichkeitsbescheinigung*) pursuant to Section 58 AWV, or (ii) issued a clearance decision, or (iii) confirmed that it does not assume jurisdiction over the Transactions. The parties submitted a notification on January 5, 2026 and, without prejudice to Section 15 – "Conditions of the Offer," anticipate the relevant review period to expire within two months (2) of filing.

***State Takeover Laws***

The Company is incorporated under the laws of the State of Delaware. In general, Section 203 of the DGCL ("<u>Section</u> <u>203</u>") prevents a Delaware corporation from engaging in a "business combination" (defined to include mergers and certain other actions) with an "interested stockholder" (including a person who owns or has the right to acquire 15% or more of a corporation's outstanding voting stock) for a period of three years following the date such person became an "interested stockholder" unless, among other things, the "business combination" is approved by the board of directors of such corporation before such person became an "interested stockholder." The Company Board approved the Merger Agreement and the Transactions, and the restrictions on "business combinations" described in Section 203 are inapplicable to the Merger Agreement and the Transactions.

The Company may be deemed to be conducting business in a number of states throughout the United States, some of which have enacted takeover laws. We do not know whether any of these laws will, by their terms, apply to the Offer or the Merger and have not attempted to comply with any such laws. Should any person seek to apply any state takeover law, we will take such action as then appears desirable, which may include challenging the validity or applicability of any such statute in appropriate court proceedings. In the event any person asserts that the takeover laws of any state are applicable to the Offer or the Merger, and an appropriate court does not determine that it is inapplicable or invalid as applied to the Offer or the Merger, we may be required to file certain information with, or receive approvals from, the relevant state authorities. In addition, if enjoined, we may be unable to accept for payment any Shares tendered pursuant to the Offer, or be delayed in continuing or consummating the Offer and the Merger. In such case, we may not be obligated to accept for payment any Shares tendered in the Offer. See Section 15 – "Conditions of the Offer."

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**17.** **Appraisal Rights** 

No appraisal rights are available to the holders of Shares in connection with the Offer. If the Merger is completed, appraisal rights will be available in connection with the Merger as further described below, but, although the availability of appraisal rights depends on the Merger being completed, stockholders (including beneficial owners) who wish to exercise such appraisal rights must do so prior to the later of the time of the consummation of the Offer and twenty (20) days after the mailing of the Schedule 14D-9, even though the Merger will not have been completed as of such time. If the Merger is completed, the holders of Shares who (a) did not tender their Shares in the Offer (or, if tendered, validly and subsequently withdrew such Shares prior to the Offer Acceptance Time), (b) followed the procedures set forth in Section 262 of the DGCL to exercise and perfect their appraised demand, (c) do not thereafter lose their appraisal rights (by withdrawal, failure to perfect or otherwise) and (d) in the case of a beneficial owner, has submitted a demand that (i) reasonably identifies the holder of record of the Shares for whom the demand is being made, (ii) is accompanied by documentary evidence of such beneficial owner's beneficial ownership of the Shares and a statement that such documentary evidence is a true and correct copy of what it purports to be and (iii) provides an address at which such beneficial owner consents to receive notices given by the Surviving Corporation and to be set forth on the verified list to be filed with the Delaware Register in the Delaware Court of Chancery, in each case in accordance with the DGCL, will be entitled to have their Shares appraised by the Delaware Court of Chancery and receive payment of the "fair value" of such Shares, exclusive of any element of value arising from the accomplishment or expectation of the Merger, together with a fair rate of interest, as determined by such court. Unless the Delaware Court of Chancery in its discretion determines otherwise for good cause shown, interest from the effective date of the Merger through the date of payment of the judgment will be compounded quarterly and will accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the Merger and the date of payment of the judgment.

The "fair value" of any Shares could be based upon considerations other than, or in addition to, the price paid in the Offer and the market value of such Shares. Moreover, the "fair value" so determined could be higher or lower than, or the same as, the Offer Price. Moreover, we may argue in an appraisal proceeding that, for purposes of such proceeding, the fair value of such Shares is less than the Offer Price.

Section 262 of the DGCL provides that, if a merger was approved pursuant to Section 251(h), either a constituent corporation before the effective date of the merger or the surviving corporation within ten (10) days thereafter shall notify each of the holders of any class or series of stock of such constituent corporation who are entitled to appraisal rights of the approval of the merger and that appraisal rights are available for any or all shares of such class or series of stock of such constituent corporation, and shall include in such notice a copy of Section 262 of the DGCL. **The Schedule 14D-9 constitutes the formal notice by the Company to its stockholders (including beneficial owners) of appraisal rights in connection with the Merger under Section 262 of the DGCL.**

As described more fully in the Schedule 14D-9, if a stockholder or beneficial owner wishes to elect to exercise appraisal rights under Section 262 of the DGCL in connection with the Merger, such stockholder or beneficial owner must do all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to the later of the consummation of the Offer and twenty (20) days after the date of mailing of the
Schedule 14D-9, deliver to the Company a written demand for appraisal of Shares held, which demand must reasonably inform the Company of the identity of the stockholder or beneficial owner and that the
stockholder or beneficial owner is demanding appraisal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not tender such stockholder's or beneficial owner's Shares in the Offer (or, if tendered, validly and
subsequently withdraw such Shares prior to the Offer Acceptance Time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuously hold of record the Shares from the date on which the written demand for appraisal is made through
the Effective Time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with the procedures of Section 262 of the DGCL for perfecting appraisal rights thereafter.

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The foregoing summary of the appraisal rights of stockholders and beneficial owners under the DGCL does not purport to be a complete statement of the procedures to be followed by the stockholders and beneficial owners desiring to exercise any appraisal rights available thereunder and is qualified in its entirety by reference to Section 262 of the DGCL. The proper exercise of appraisal rights requires strict and timely adherence to the applicable provisions of the DGCL. A copy of Section 262 of the DGCL is included as Annex B to the Schedule 14D-9.

The information provided above is for informational purposes only with respect to your alternatives if the Merger is completed. If you tender your Shares into the Offer (and do not withdraw the tendered shares prior to the Offer Acceptance Time), you will not be entitled to exercise appraisal rights with respect to your Shares, but, instead, upon the terms and subject to the conditions to the Offer, you will receive the Offer Price for your Shares.

**18.** **Fees and Expenses** 

Purchaser has retained Innisfree M&A Incorporated to be the Information Agent, and Continental Stock Transfer & Trust Company to be the Depositary in connection with the Offer. The Information Agent may contact holders of Shares by mail, telephone, telecopy and personal interview and may request banks, brokers, dealers and other nominees to forward materials relating to the Offer to beneficial owners of Shares.

The Information Agent and the Depositary each will receive reasonable and customary compensation for their respective services in connection with the Offer, will be reimbursed for reasonable out-of-pocket expenses and will be indemnified against certain liabilities and expenses in connection therewith, including certain liabilities under federal securities laws.

Neither Parent nor Purchaser will pay any fees or commissions to any broker or dealer or to any other person (other than to the Depositary and the Information Agent) in connection with the solicitation of tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks and trust companies will, upon request, be reimbursed by Purchaser for customary mailing and handling expenses incurred by them in forwarding offering materials to their customers. In those jurisdictions where applicable laws or regulations require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

**19.** **Miscellaneous** 

The Offer is being made to all holders of Shares. We are not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If we become aware of any U.S. state in which the making of the Offer or the acceptance of Shares pursuant thereto would not be in compliance with an administrative or judicial action taken pursuant to a U.S. state statute, we will make a good faith effort to comply with any such law. If, after such good faith effort, we cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of Shares in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

No person has been authorized to give any information or to make any representation on behalf of Parent or Purchaser not contained herein or in the Letter of Transmittal, and, if given or made, such information or representation must not be relied upon as having been authorized. No broker, dealer, bank, trust company, fiduciary or other person shall be deemed to be the agent of Parent, Purchaser the Depositary or the Information Agent for the purposes of the Offer.

Parent and Purchaser have filed with the SEC a Tender Offer Statement on Schedule TO pursuant to Rule 14d-3 under the Exchange Act, together with exhibits furnishing certain additional information with respect to the

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Offer, and may file amendments thereto. In addition, the Company has filed or will file, pursuant to Rule 14d-9 under the Exchange Act, the Schedule 14D-9 with the SEC, together with exhibits, setting forth the recommendation of the Company Board with respect to the Offer and the reasons for such recommendation and furnishing certain additional related information. A copy of such documents, and any amendments thereto, may be examined at, and copies may be obtained from, the SEC in the manner set forth in Section 7 – "Certain Information Concerning the Company" above.

**Samba Merger Sub, Inc.** 

**January 12, 2026** 

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**SCHEDULE I** 

**DIRECTORS AND EXECUTIVE OFFICERS OF PURCHASER AND PARENT** 

**1.** **PURCHASER** 

The name, business address, present principal occupation or employment and material occupations, positions, offices or employment for the past five years of the directors and executive officers of Purchaser are set forth below. The business address of each such director and executive officer is c/o Samba Merger Sub, Inc., 450 Water Street, Cambridge, Massachusetts 02141. The telephone of such office is (617) 252-7500. Except as otherwise indicated, all directors and executive officers listed below are citizens of the United States.

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| **Name and Position** | **Present Principal Occupation or Employment; Material**<br> **Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
| **François-Xavier Dazogbo**<br> Director, President | François-Xavier Dazogbo holds a Master of Science in Finance from the École Supérieure de Commerce Et de Management (Tours-Poitiers, France). He has served as Head of Treasury, North America, of Sanofi US Services Inc. since October 2025. Prior to serving as Head of Treasury, François-Xavier Dazogbo held various positions within Sanofi since 2011.<br>Prior to joining Sanofi, François-Xavier Dazogbo served as a Middle Office Analyst at Alstom S.A. from 2009 to 2010.<br>François-Xavier Dazogbo is a citizen of France and Benin. |

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**2.** **GENZYME CORPORATION** 

The name, business address, present principal occupation or employment and material occupations, positions, offices or employment for the past five years of the directors and executive officers of Genzyme Corporation are set forth below. The business address of each such director and executive officer is c/o Genzyme Corporation, 450 Water Street, Cambridge, Massachusetts 02141. The telephone of such office is (617) 252-7500. Except as otherwise indicated, all directors and executive officers listed below are citizens of the United States.

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| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
| **Brian Foard**<br> Director, President | Brian joined Sanofi in March 2017 as the Global Head of Dermatology and Respiratory, and held roles of increasing responsibility, including as Head of Global Immunology for Sanofi and then as US Country Lead and Head of Specialty Care for North America.<br>He has over 20 years' experience in the specialist biopharma industry, and began his career with Galderma where he spent more than 10 years in the US before relocating to Paris to lead global marketing and launch readiness. During his time at Galderma, Brian also served in roles including General Manager for Australia & New Zealand and Vice President & General Manager of the global prescription business unit.<br>Brian received a degree in business from East Carolina University and has completed an executive education course at Wharton. |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
| **François-Xavier Dazogbo**<br> Director, President | François-Xavier holds a Master of Science in Finance from the École Supérieure de Commerce Et de Management (Tours-Poitiers, France). He has served as Head of Treasury, North America, of Sanofi US Services Inc. since October 2025. Prior to serving as Head of Treasury, François-Xavier held various positions within Sanofi since 2011.<br>Prior to joining Sanofi, François-Xavier served as a Middle Office Analyst at Alstom S.A. from 2009 to 2010.<br>François-Xavier is a citizen of France and Benin. |
| **Deborah Glasser**<br> Vice President | Deborah holds an MBA from the University of Chicago and a BA from Tufts University. Prior to joining Sanofi, Deborah was Senior Vice President for Alzheimer's at Biogen. Deborah joined Sanofi in 2022, currently holds the position of Head of North America Specialty Care and US country lead, and oversees Sanofi's US and Canadian commercial operations. She sits on the board of BIO, an industry trade association, and is a Trustee at the Museum of Fine Arts Boston. |
| **Jamie Haney**<br> Vice President and Secretary | Jamie has a law degree from DePaul University College of Law and a B.A. in English (with a minor in Spanish) from Purdue University. She has served as General Counsel, Sanofi North America and Head of Legal Specialty Care GBU since late 2022.<br>Prior to joining Sanofi, she served as General Counsel at Novo Nordisk, Inc. from 2020-2022. She served as Managing Director at Eli Lilly Suisse from 2018-2020 and as Senior Director, Integrated Health at Eli Lilly USA LLC from 2016-2018. |
| **Susan A. Manardo**<br> Vice President and Head of NA Litigation & Investigations | Susan has a law degree from Marshall-Wythe School of Law at the College of William in Mary and a B.A. in Political Science and French from the University of Michigan.<br>Susan joined Hoechst Marion Roussel, a predecessor company of Sanofi, as a litigation attorney in November 1997. She took on her current role as Head of the NA Litigation & Investigations group in July 2009. |
| **Ulrich Otte**<br> Vice President and Chief Financial Officer | Ulrich has a Master's in Business, Economics and Auditing from Copenhagen Business School.<br>Ulrich joined Sanofi in 2025 as Chief Financial Officer. Prior to joining Sanofi, Ulrich served as Vice President of Marketing and Patient Solutions at Novo Nordisk and as Chief Financial Officer for Novo Nordisk North America. Ulrich has over 25 years' experience in the global pharmaceutical industry.<br>Ulrich is a citizen of Denmark. |
| **Todd Paporello**<br> Vice President, Regulatory | Todd has a Doctorate in Pharmaceutical Sciences and an MBA in Business from Fairleigh Dickinson University.<br>Todd joined Sanofi in 2022 as Vice President of Reglatory Affairs. Prior to joining Sanofi, Todd served as Vice President of Global |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | Regulatory Affairs at Bayer for over 8 years. Todd has also gained regulatory expertise in his prior roles at Roche Pharmaceuticals, Merck, and the Schering-Plough Research Institute. |
| **Rafael Toribio**<br> Vice President, Tax, NA | Rafael holds a B.A. in Accounting from Universidade Federal do Rio Grande do Sul (UFRGS) and a Post-Graduate degree in Tax Law from Fundação Getulio Vargas (FGV).<br>Rafael joined Sanofi in 2013 as Head of Tax for Latin America, later moving to Paris in 2020 to lead the tax function across Africa, Asia, Latin America, and the Middle East, and most recently relocating to Morristown in September 2025 to head the North America tax function. Before Sanofi, he gained over 15 years of tax expertise at Arthur Andersen, Deloitte, and The AES Corporation, with leadership roles in Brazil, the United States, and the United Kingdom.<br>Rafael is a citizen of Brazil. |

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**3.** **PARENT** 

The name, business address, present principal occupation or employment and material occupations, positions, offices or employment for the past five years of each of the directors and executive officers of Parent are set forth below. The business address of each such director and executive officer is c/o Sanofi, 46, avenue de la Grande Armée, 75017 Paris, France, + 33 1 53 77 40 00. Except as otherwise indicated, each director and executive officer is a citizen of France.

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
| **Paul Hudson**<br> Director; Chief Executive Officer; Chairman of the Executive Committee; Member of the Strategy Committee | Paul Hudson joined Sanofi as CEO on September 1, 2019. Previously CEO of Novartis Pharmaceuticals (2016-2019), where he was a member of the Executive Committee, Paul has an expansive international career in healthcare that spans the U.S., Japan and Europe.<br>Prior to Novartis, he worked for AstraZeneca from 2006 to 2016, where he held several increasingly senior positions and most recently carried out the roles of president, AstraZeneca United States and executive vice president, North America. He began his career in sales and marketing roles at GlaxoSmithKline UK and Sanofi-Synthélabo U.K.<br>Paul holds a degree in economics from Manchester Metropolitan University in the U.K. and in July 2018 his alma mater awarded him an honorary Doctor of Business Administration for his achievements in industry. He also holds a diploma in marketing from the Chartered Institute of Marketing, also in the U.K.<br>Paul Hudson is a citizen of the United Kingdom. |
| **Christophe Babule**<br> Director; Member of the Audit Committee | Christophe Babule is a graduate of HEC (Ecole des Hautes Etudes Commerciales) Paris and holds a Master of Business Administration (MBA) in finance. |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | <br> He has been a Director of Sanofi since early 2019.<br>On November 19, 2018, Christophe Babule was appointed Executive Vice-President, Chief Financial Officer and has been a member of L'Oréal's Executive Committee as of mid-February 2019.<br>Christophe Babule has spent his career with L'Oréal, which he joined in 1988. He spent 7 years in the Luxury Division in Italy before being appointed as Director of Administration & Finance based in China. In 2007, he was appointed Administration & Financial Director for Mexico. In 2010, he returned to France to join Christian Mulliez's Executive Committee as Director of Internal Audit for nearly 5 years. Afterwards he was appointed to the position of Administration & Financial Director for the Asia Pacific Zone based in Shanghai and then in Hong Kong.<br>Christophe Babule is a citizen of France. |
| **Clotilde Delbos**<br> Independent Director; Member of the Audit Committee; Chairwoman of the Compensation Committee | Clotilde Delbos is currently director of AXA, Alstom and Schneider Electric. She held various positions in internal audit, merger and acquisitions and treasury, in California, Brussels and France, notably at Price Waterhouse and the Pechiney group, before becoming Division Chief Financial Officer. In 2012, she joined the Renault Group. In 2016, Clotilde Delbos was appointed Group Chief Financial Officer and Chairman of Board of Directors of RCI Banque. She was then appointed Interim Chief Executive Officer of Renault SA, Deputy Chief Executive Officer of the group and Chief Executive Officer of Mobilize*,* and held those functions until 2022.<br>Clotilde Delbos was awarded the *Légion d'Honneur* in 2021.<br>Clotilde Delbos graduated from EM Lyon with a specialization in accounting.<br>Clotilde Delbos is a citizen of France. |
| **Humberto de Sousa**<br> Director representing employees (designated by the French Democratic Confederation of Labour – CFDT) | Humberto de Sousa has worked for Sanofi since 2007. He began his career with various assignments as a maintenance technician in several industrial groups, notably at Rhône Poulenc between 1999 and 2000. He joined Sanofi Pasteur in 2007 and has progressed within the Sanofi Group, holding various maintenance technician positions. In 2018, he became Group Maintenance Coordinator.<br>Humberto de Sousa has been involved in employee representation since 2013, particularly within the *CFDT* union, which appointed him in April 2025 as a director representing employees on Sanofi's Board of Directors. During his union mandates, he worked on employee savings plans for eight years and demonstrated strong commitment to CSR-related topics, particularly professional equality and the duty of care within the group.<br>He therefore has solid experience in management, high-stakes social negotiation, and in analyzing the economic and social impacts of corporate policies. |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | <br> Humberto de Sousa holds a STI Baccalaureate (*Baccalauréat STI*) in Electrical Engineering.<br>Humberto de Sousa is a citizen of France. |
| **Rachel Duan**<br> Independent Director; Member of the Compensation Committee | Rachel Duan holds a bachelor's degree in Economics and International Business from Shanghai International Studies University, China and an MBA from The University of Wisconsin – Madison, USA.<br>She has been an independent Director of Sanofi since 2020. Rachel Duan joined GE in 1996 and worked at GE across multiple businesses in the U.S., Japan and China. Since 2006, she has held senior leadership positions including CEO of GE Advanced Materials China and then Asia Pacific, CEO of GE Healthcare China, and CEO of GE China. Most recently,<br>Ms. Duan served as President & CEO of GE's Global Markets where she was responsible for driving GE's growth in global emerging markets including China, APAC, India, Africa, Middle East and Latin America. Ms. Duan also serves as an independent Director of Kering, HSBC and Adecco Group.<br>Rachel Duan is a citizen of China. |
| **Carole Ferrand**<br> Independent Director; Chairwoman of the Audit Committee | Carole Ferrand began her career in 1992 at PricewaterhouseCoopers, where she worked first in audit and then in financial consultancy. After ten years at Sony France, first as Chief Financial Officer (2000-2002) and then as General Secretary, she was appointed Chief Financial Officer of the EuropaCorp Group in 2011. In 2013, she was appointed Finance Director of the Artémis Group, function she holds until 2018.<br>She then served on the Board of Directors of Capgemini for two years (2016-2018) and was then appointed Group Financial Director until December 2023.<br>Carole Ferrand is a graduate of École des Hautes Études Commerciales (HEC Paris).<br>Carole Ferrand is a citizen of France. |
| **Lise Kingo**<br> Independent Director; Member of the Appointments, Governance and CSR Committee | Lise Kingo holds a bachelor's degree in Religions and Ancient Greek Art from the University of Aarhus in Denmark, a bachelor's degree in Marketing and Economics from the Copenhagen Business School and a master's degree in Responsibility & Business from the University of Bath in the UK.<br>Lise Kingo has been an independent director of Sanofi since March 2020 and currently serves as member of the Appointments, Governance and CSR Committee. Lise Kingo was CEO & Executive Director of the United Nations Global Compact, a position she has held, from 2015 to June 2020. The UN Global Compact is the world's largest corporate sustainability initiative uniting business to create a better world through universal principles and the UN Sustainable Development Goals. |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | <br> Lise Kingo began her career in 1986 in business-to-business advertising at JP Bureau in Copenhagen and joined Novo Industries (now Novo Nordisk after the merger with Nordisk Gentofte) in 1988, where she remained for 26 years. She served as Chief of Staff, Executive Vice President and member of the Executive Management team since 2002, where she was instrumental in defining Novo Nordisk's sustainable business strategy. Prior to 2002, she held various positions in Novozymes, Novo Holding and Novo Nordisk, including internal audit, compliance, people & organization, branding and sustainability.<br>She is an independent Director of Danone and Covestro AG.<br>Lise Kingo is also certified as a director by INSEAD in France. Throughout her career, she has held positions in Denmark, the United Kingdom, Norway, the Netherlands and the United States.<br>Lise Kingo is a citizen of Denmark. |
| **Jean-Paul Kress**<br> Independent Director; Member of the Strategy Committee; Member of the Scientific Committee | Jean-Paul Kress, M.D., served as the CEO of MorphoSys from 2019 until it was acquired by Novartis in 2024.<br>Prior to this, Jean-Paul Kress was the CEO of Syntimmune, where he sharpened the company's focus on late-stage clinical development in auto-immune diseases until the company's acquisition by Alexion. He has also held several senior leadership roles at other pharmaceutical companies in the US and in Europe. Jean-Paul Kress served as Chairman of the Board of Directors at ERYTECH Pharma and was a member of Sarepta Therapeutics' Board of Directors.<br>He received his M.D. from Faculté Necker-Enfants Malades in Paris and Master of Sciences in molecular and cellular pharmacology from Ecole normale supérieure (Ulm) in Paris.<br>Jean-Paul Kress is a citizen of France. |
| **Frédéric Oudéa**<br> Chairman of the Board of Directors; Chairman of Foundation S; Chairman of the Strategy Committee; Member of the Appointments, Governance and CSR Committee; Member of the Scientific Committee | Frédéric Oudéa is a graduate of France's *École polytechnique* and *École nationale d'administration*. From 1987 to 1995, he held a number of positions in the French senior civil service, the Audit Department of the Ministry of Finance, the Ministry of the Economy and Finance, the Budget Ministry and the Cabinet of the Minister of the Treasury and Communication.<br>He joined Société Générale in 1995, successively holding the positions of Deputy Head and Head of the Corporate Banking arm in London. In 1998, he was appointed Head of Global Supervision and Development of the Equities Department. He became Deputy Chief Financial Officer of Société Générale group in May 2002 and later Chief Financial Officer in January 2003.<br>In 2008, he was appointed Chief Executive Officer of the Group. He was both Chairman and Chief Executive Officer of Société Générale from May 2009 to May 2015. He has served as Chief Executive Officer since the separation in May 2015 of the functions of Chairman of the Board of Directors and Chief Executive Officer. He held this position until May 2023. |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | <br> He is Chairman of the Foundation of *École polytechnique* and member of Board of Directors of *École polytechnique*. Frédéric Oudéa is also a director of Cap Gemini and a Senior Executive Advisor of Group Bruxelles Lambert (GBL).<br>Frédéric Oudéa is a citizen of France. |
| **Patrick Kron**<br> Independent Director; Member of the Compensation Committee; Member of the Appointments, Governance and CSR Committee; Member of the Strategy Committee | Patrick Kron is a graduate of École polytechnique and the Paris École des mines.<br>He has been an independent Director of Sanofi since 2014 and currently serves as Chairman of the Compensation Committee of Sanofi and Member of the Appointments, Governance and CSR Committee and the Strategy Committee of Sanofi. Patrick Kron started his career in the French Ministry of Industry where he served from 1979 until 1984. He then joined the Pechiney Group where from 1984 until 1988 he held operational responsibilities in one of the Group's most important factories in Greece, becoming manager of the Greek subsidiary. From 1988 to 1993, he occupied several senior operational and financial positions within Pechiney, first managing a group of activities in the processing of aluminium and eventually as President of the Electrometallurgy Division. In 1993, he became a member of the Executive Committee of the Pechiney Group and was appointed Chairman of the Board of the Carbone Lorraine Company, a position he held until 1997. From 1995 to 1997, he ran the Food and Health Care Packaging Sector of Pechiney and held the position of Chief Operating Officer of the American National Can Company in Chicago (USA). From 1998 to 2002, Patrick Kron was Chief Executive Officer of Imerys before joining Alstom in 2002. Between 2003 and 2016, he was Chief Executive Officer, then Chairman and Chief Executive of Alstom. Patrick Kron was awarded the Légion d'honneur in 2004 and is Officer of National Order of Merit since 2007.<br>Additionally, he is Chairman of the Board of Imerys, and a Director of SGS and Viohalco.<br>Patrick Kron is a citizen of France. |
| **Wolfgang Laux**<br> Director representing employees (designated by the European Works Council) | Wolfgang Laux has worked for Sanofi and Aventis since 2000. Until 2006 he worked as Senior Scientist in Process Development in Frankfurt/Höchst and since 2006 as Industrialization Coordinator for new products in Manufacturing and Supply's central organization at Croix-de-Berny and Gentilly.<br>Involved in employee representation since 2014 for the trade union organization "CFE-CGC", he has been a member of the Works council of the Sanofi Chimie central organization (since 2014), member of the Committee on hygiene, safety and working conditions (CHSCT, 2016-2019) and trade union delegate (since 2016).<br>Wolfgang Laux holds a Ph.D. in organic chemistry from the University of Frankfurt am Main and has been a post-doctoral research fellow at the State University of New York at Stony Brook |

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|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | (US, 1998-2000) and at the University of Montpellier (France, 1996-1997).<br>He holds a Corporate Director's Certificate from SciencesPo / IFA (*Certificat Administrateur de Sociétés*). He also holds the European Board Diploma by ecoDa.<br>Wolfgang Laux is a citizen of Germany. |
| **Barbara Lavernos**<br> Director; Member of the Appointments, Governance and CSR Committee; Member of the Strategy Committee | Barbara Lavernos has served as Director of Sanofi since 2021 and is currently a member of the Member of the Appointments, Governance and CSR Committee. She spent her entire career with L'Oréal, whom she joined in 1991. In 2004, she was appointed Global Chief Procurement Officer, and was Managing Director of Travel Retail in 2011. In 2014, she was appointed Executive Vice President Operations and became a member of the L'Oréal group Executive Committee. At the end of 2018, she became Chief Technology and Operations Officer at L'Oréal.<br>Since February 2021, she has served as the L'Oréal group's President for Research, Innovation and Technologies, and in May 2021, she was appointed Deputy CEO of L'Oréal.<br>Barbara Lavernos is a graduate of the HEI chemical engineering school at Lille (France). In December 2020, she was named "Chevalier of the Legion of Honor".<br>Barbara Lavernos is a citizen of France. |
| **Anne-Françoise Nesmes**<br> Independent Director; Member of the Audit Committee | Anne-Françoise Nesmes was Chief Financial Officer of Smith + Nephew PLC until the end of the first quarter of 2024. She joined the Board of Compass Group PLC as a non-executive director in 2018 and currently serves as Senior Independent Director, Chair of the Audit Committee and a member of the Corporate Responsibility, Nomination and Remuneration Committees. She held a number of finance positions in international companies before joining GlaxoSmithKline PLC in 1997, where she worked for 16 years, including as Senior Vice President of Finance for global vaccines. She then became Chief Financial Officer of Dechra Pharmaceuticals PLC and Merlin Entertainments PLC (2013-2020).<br>Anne-Françoise Nesmes holds a Master's degree from Grenoble Business School and a Master's degree in Business Administration from Henley Management College. She is also a Chartered Management Accountant.<br>Anne-Françoise Nesmes is a prospective director of Vodafone (UK).<br>Anne-Françoise Nesmes is a citizen of France and the United Kingdom. |
| **John Sundy**<br> Independent Director; Member of the Scientific Committee | John Sundy is currently Chief Medical Officer and Head of Research and Development at Seismic Therapeutic, a machine learning immunology company and is Adjunct Professor of Medicine in the Division of Rheumatology and Immunology at Duke University School of Medicine. He was a tenured faculty member at Duke |

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| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | University before moving to the biotech industry in 2014. Between 2014 and 2021, he held several management positions including Senior Vice President at Gilead Sciences, and Chief Medical Officer at Pandion Therapeutics.<br>He is also a director of Neutrolis, Inc, and the Childhood Arthritis and Rheumatology Research Alliance, and serves on the Steering Committee of the NIH Immune Tolerance Network.<br>John Sundy obtained a B.S. in biology from Bucknell University and a M.D./Ph.D from Hahnemann University with a specialization in immunology, and completed clinical training in rheumatology and allergy/immunology at Duke.<br>John Sundy is a citizen of the United States of America. |
| **Emile Voest**<br> Independent Director; Member of the Scientific Committee | Emile Voest obtained a Ph.D. in medicine from the University of Utrecht.<br>Emile has been an independent Director of Sanofi since 2022 and currently serves as a member of the Scientific Committee. Emile Voest is currently chairman of the board of Cancer Core Europe, a collaboration of seven top comprehensive cancer centers in Europe and was Executive Medical Director of the Netherlands Cancer Institute (NKI) until 2021. He is also the Founder and a Strategic Advisor for Mosaic Therapeutics.<br>He has been Professor of Medical Oncology at the University of Utrecht (UMC) since 1999 and leads his research group at the NKI and Oncode Institute. He has founded and leads several innovative precision medicine initiatives in oncology. He is co-founder and non-executive board member of the Hartwig Medical Foundation (large scale DNA analyses), is a board member of the Center for Personalized Cancer Treatment and leads several innovative precision oncology clinical trials. Over recent years, he also played several leadership roles in medical societies such as ESMO (European Society for Medical Oncology) and ASCO (American Society of Clinical Oncology).<br>Emile Voest is a citizen of the Netherlands. |
| **Antoine Yver**<br> Independent Director; Chairman of the Scientific Committee; Member of the Strategy Committee | Antoine has been an independent Director of Sanofi since 2022 and currently serves as chairman of the Scientific Committee and a member of the Strategy Committee. In 2021 and 2022, Antoine was chariman of the Development of Centessa Pharmaceuticals, Ltd.<br>Antoine Yver was in charge of the Development of Centessa Pharmaceuticals, Ltd. as Chairman in 2021 and 2022.<br>He began his oncology development career at Rhône Poulenc Rorer Inc. in 1990. In 1999, he joined the Aventis Group as Senior Director, Oncology Global Clinical Development. In 2005, he was appointed Senior Director of Oncology at Johnson & Johnson and in 2006, Executive Director of Oncology at Schering-Plough. From 2009 to 2016, he led global oncology development at AstraZeneca, delivering |

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| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | TAGRISSO and LYNPARZA, including Senior Vice President, GMD Head of Oncology and Lead, China GMD (2013-2016). Subsequently, he was Executive Vice President, Global Head of Oncology Research and Development at Daiichi Sankyo and developed ENHERTU.<br>Antoine Yver is a former intern in medicine at the Hôpitaux de Paris as well as a former assistant at the Hôpitaux de Paris in pediatrics and oncology and former head of clinic at the Universities. He is a Doctor of Medicine and Pediatrics from the University of Paris-Sud 11. He also obtained a Master's degree in Immunology from the University of Paris.<br>Antoine Yver is a citizen of the United States of America, France, and Switzerland. |
| **Houman Ashrafian**<br> Executive Vice President, Head of Research and Development | Houman Ashrafian joined Sanofi on September 11, 2023.<br>Houman joined Sanofi from SV Health Investors where he was Managing Partner of the global private equity and venture capital investment platform which has a special focus on biotechnology, healthcare growth equity, and medtech. He has a robust track record in building high value, successful companies in the healthcare space, that brought transformational medicines from discovery to market: he co-founded and chaired the biotechs Alchemab Therapeutics, Dualitas, Enara Bio, Mestag Therapeutics, Sitryx and Trex Bio. Previously, he was Vice President and head of the Clinical Science Group at UCB with a main focus on precision medicine strategies and early clinical activities across the R&D portfolio. He also co-founded Cardiac Report, a cardiac services company, Heart Metabolics, Catamaran Bio, as well as Weatherden, a boutique clinical consultancy.<br>Houman is an Honorary Consultant Cardiologist at the John Radcliffe Hospital in Oxford, and a Visiting Professor at the University of Oxford in the UK. He has received numerous prestigious awards and recognitions over the course of his career, including the Michael Davies Early Career Award from the British Cardiovascular Society and the Schuldham Prize.<br>Houman has a bachelor's and master's degree from the University of Cambridge (UK) and a BM BCh and DPhil from the University of Oxford (UK).<br>Houman Ashrafian is a citizen of the United Kingdom. |
| **Natalie Bickford**<br> Executive Vice President, Chief People Officer | Natalie Bickford joined Sanofi on August 1, 2020. She has worked in HR and HR leadership for more than 20 years and brings a wealth of experience in consumer-facing industries to Sanofi.<br>Prior to joining Sanofi, Natalie was Group HR Director at Merlin Entertainments, the world's second largest location-based entertainment business, where she was responsible for 30,000 employees across Europe, North America, and Asia Pacific. She also held senior HR positions at Sodexo, AstraZeneca and Kingfisher Plc.<br>Natalie has a strong track record of transforming organizations, with a strong focus on inclusion and diversity. She was awarded "HR |

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| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | Diversity Champion of the Year" at the European Diversity Awards in November 2019. Natalie is also Board member of the Kronos Workforce Institute, a reflection of her deep interest in understanding and shaping the future of work. Natalie is a Board Advisor to the Coalition for Epidemic Preparedness Innovation (CEPI).<br>Natalie holds a degree in French and International Politics from the University of Warwick in the UK.<br>Natalie Bickford is a citizen of the United Kingdom. |
| **Olivier Charmeil**<br> Executive Vice President, General Medicines | Olivier Charmeil is a graduate of HEC (École des Hautes Études Commerciales) and of the Institut d'Études Politiques in Paris.<br>From 1989 to 1994, he worked in the Mergers & Acquisitions department of Banque de l'Union Européenne. He joined Sanofi Pharma in 1994 as head of Business Development. Subsequently, he held various positions within Sanofi, including Chief Financial Officer (Asia) of Sanofi- Synthélabo in 1999 and Attaché to the Chairman, Jean-François Dehecq, in 2000, before being appointed as Vice President, Development within the Sanofi- Synthélabo International Operations Directorate, where he was responsible for China and support functions. In 2003, Olivier Charmeil was appointed – Chairman and Chief Executive Officer of Sanofi- Synthélabo France, before taking the position of Senior Vice President, Business Management and Support within the Pharmaceutical Operations Directorate. In this role, he piloted the operational integration of Sanofi-Synthélabo and Aventis. He was appointed Senior Vice President Asia/Pacific, Pharmaceutical Operations in February 2006; Operations Japan reported to him from January 1, 2008, as did Asia/Pacific and Japan Vaccines from February 2009. On January 1, 2011, Olivier Charmeil was appointed Executive Vice President Vaccines, and joined Sanofi's Executive Committee.<br>In May 2015, Olivier Charmeil and André Syrota were appointed as Co-Leaders of "Medicine of the Future", an initiative developed by the French Minister for Economy, Industry and Digital Affairs, the French Minister for Social Affairs, Health and Women's Rights and the French Minister for National and Higher Education and Research. They have been tasked with assembling a group of industrialists and academics, with the objective of imagining how French industry can accelerate the launch and export of innovative industrial products, with an emphasis on new biotechnologies.<br>From June 2016 to December 2018, Olivier Charmeil served as Executive Vice President of our General Medicines and Emerging Markets Global Business Unit.<br>In 2019, he served as Executive Vice President, China and Emerging Markets. In February 2020, he was appointed to lead SANOFI's General Medicines unit, a diversified portfolio of iconic brands and essential medicines to meet the needs of millions of patients with chronic conditions. Additionally, in 2020, Olivier became a Board |

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| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | Member of the European Federation of Pharmaceutical Industries and Associations (EFPIA).<br>Olivier Charmeil is a citizen of France. |
| **Audrey Duval**<br> Executive Vice President, Corporate Affairs | Audrey Duval joined Sanofi in September 2022, as President, Sanofi France.<br>Audrey began her career in public hospitals in Paris and went on to work as a Researcher at the Pasteur Research Center of Hong Kong University and then as a Scientific Expert at Salusmed, based in Hong Kong. She later returned to France to join Pfizer, working in medical affairs in the areas of Endocrinology, Transplant and Rheumatology and continues to retain that role, supporting and coordinating Sanofi's representation to its various external stakeholders in France. Prior to joining Sanofi, Audrey worked for Novartis, where she served as Business Franchise Head for Ophthalmology and then Country President for the company's operations in Ireland.<br>Audrey holds a Medical Doctorate from the Paris Faculty of Medicine Cochin, and a Bachelor of Science in Medical Biology.<br>Audrey Duval is a citizen of France. |
| **Brian Foard**<br> Executive Vice President, Head of Specialty Care | As head of our Specialty Care GBU, Brian oversees an extensive portfolio of medicines in immunology, neuro-inflammation, rare diseases, and oncology. Brian and his colleagues are responsible for launching treatments in those fields, and for implementing the strategy to bring Sanofi's scientific breakthroughs to patients.<br>Brian joined Sanofi in March 2017 as the Global Head of Dermatology and Respiratory, and held roles of increasing responsibility, including as Head of Global Immunology for Sanofi and then as US Country Lead and Head of Specialty Care for North America.<br>He has over 20 years' experience in the specialist biopharma industry, and began his career with Galderma where he spent more than 10 years in the US before relocating to Paris to lead global marketing and launch readiness. During his time at Galderma, Brian also served in roles including General Manager for Australia & New Zealand and Vice President & General Manager of the global prescription business unit.<br>Brian received a degree in business from East Carolina University and has completed an executive education course at Wharton.<br>Brian Foard is a citizen of the United States. |
| **Emmanuel Frenehard**<br> Executive Vice President, Chief Digital Officer | Emmanuel joined Sanofi in 2020 as Global Head of Digital, and was appointed to the Executive Committee on August 31, 2023.<br>Prior to being appointed Chief Digital Officer, he held the positions of Global Head, Digital GBU teams and Digital Products. He also led the Sanofi Digital Accelerator and a number of digital commerce initiatives. |

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| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | <br> Before joining Sanofi, Emmanuel spent 20 years leading large global organizations as well as three years in startups. He has built and launched multiple global digital products in support of existing and new business models. In particular, he managed iflix's rollout across Southeast Asia and led the launch of DisneyLife, Disney's direct-to-consumer digital subscription service, in the UK.<br>Emmanuel is a graduate of the European Business School (EBS) and holds a Master II in Business, Finance and Audit from the *Institut Supérieur de Gestion* (ISG).<br>Emmanuel Frenehard is a citizen of France. |
| **Brendan O'Callaghan**<br> Executive Vice President, Manufacturing & Supply | Brendan O'Callaghan joined Sanofi on January 1, 2015. He joined the Executive Committee on October 1, 2021.<br>Brendan joined Sanofi in 2015 and was previously Global Head of Biologics and Industrial Affairs Head of the Specialty Care portfolio. He has played a key role in supporting our transformation to a fully integrated BioPharmaceutical company and advancing the digital transformation of our manufacturing network.<br>Prior to Sanofi, Brendan worked at Schering-Plough before moving to Merck/MSD as Head of Biologics and later Vice President of its Europe, Middle East and Africa Operations.<br>Brendan graduated in chemical engineering from the University College of Dublin, where he currently serves as an honorary adjunct Professor of Chemical and Biochemical Engineering.<br>Brendan O'Callaghan is a citizen of Ireland. |
| **Roy Papatheodorou**<br> Executive Vice President, General Counsel, Head of Legal, Ethics & Business Integrity and Global Security | Roy Papatheodorou completed a Legal Practice Course from BPP School of Law in London and a LLB in Law from King's College London. He is a qualified solicitor in England & Wales. Roy was appointed to his current position as Executive Vice President, General Counsel & Head of Legal, Ethics & Business Integrity and Global Security in 2022.<br>Before joining Sanofi, Roy was the General Counsel of Novartis Pharmaceuticals since 2017. Prior to that, he headed Legal Transactions at Novartis. From 2011 to 2013, he was the Group General Counsel and Secretary to Board of Directors at Actavis, a global generic pharmaceutical leader. Prior to this, Roy spent several years at Linklaters London, Moscow and Sao Paulo, advising mainly on corporate, international mergers & acquisitions, private equity and restructurings.<br>Roy Papatheodorou is a citizen of Cyprus and Italy. |
| **Madeleine Roach**<br> Executive Vice President, Business Operations | Madeleine Roach joined Sanofi in 2022 as Head of Internal Audit and Risk Management, before being appointed to the Executive Committee on October 1, 2023.<br>Prior to joining Sanofi, Madeleine served at AstraZeneca as Head of Group Finance Services, Asia-Pacific and Head of Global Business Services Site Lead in Malaysia, delivering a wide range of business |

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| | |
|:---|:---|
| **Name and Position** | **Present Principal Occupation or Employment; Material<br>Positions Held During the Last Five Years;<br>Citizenship (if not United States)** |
|  | services to stakeholders and further expanding the site with the addition of value-added services and digitalization capabilities, whilst attracting top talent through strong employer branding.<br>Madeleine also held positions of growing responsibility in Finance and Global Business Services at AstraZeneca, after starting her career at PricewaterhouseCoopers and KPMG in Assurance and Advisory services, in Germany and the UK.<br>Madeleine holds a BA (Hons) in Economics and Politics from the School of Oriental and African Studies, University of London.<br>Madeleine Roach is a citizen of Germany. |
| **François Roger**<br> Executive Vice President, Chief Financial Officer | François Roger has served as Chief Financial Officer of Sanofi since April 2024, leading a team that manages financial risk and capital allocation to create value and growth for Sanofi.<br>François joined Sanofi from Nestlé where he was CFO for nearly nine years. Before Nestlé, he served from 2013 to 2015 as CFO of Takeda Pharmaceuticals, based in Japan. He spent the first 14 years of his career working in the pharmaceutical industry, first at Roussel, Hoechst and later Aventis, serving in various countries. He worked at Danone from 2000 to 2008 in various finance roles and was CFO of Millicom, a Nasdaq listed, global mobile phone operator from 2008 to 2013. He has lived and worked in Europe, the United States, Asia, Africa and Latin America.<br>François holds an MBA from Ohio State University in the US and a Major in Accounting from Audencia Business School in France.<br>François Roger is a citizen of France. |
| **Thomas Triomphe**<br> Executive Vice President, Vaccines | Thomas Triomphe earned his MSc in industrial engineering from Ponts et Chaussées and he also holds an MBA from INSEAD.<br>Thomas joined Sanofi Pasteur in 2004 and has since advanced within the company in several roles of increasing responsibility in sales and marketing, at the country, regional and global levels. From 2015 to 2018, he was Head of the Asia Pacific Region, based in Singapore. Before that, he served as Head of Sanofi Pasteur Japan from 2012 to 2015. In 2010, he became Associate Vice President, Head of the Influenza-Pneumo Franchise after three years as Director for the same franchise, based in the US. Earlier in his career, Thomas worked in banking and strategic consulting.<br>Thomas was the Vice President and Head of Franchise & Product Strategy for Sanofi Pasteur from 2018 to 2020.<br>Thomas Triomphe is a citizen of France. |

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Manually signed facsimiles of the Letter of Transmittal, properly completed, will be accepted. The Letter of Transmittal and certificates evidencing Shares and any other required documents should be sent by each holder or such holder's broker, dealer, commercial bank, trust company or other nominee to the Depositary at one of its addresses set forth below:

*The Depositary for the Offer is:* 

Continental Stock Transfer & Trust Company

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| | |
|:---|:---|
| *If delivering by mail:*<br>Continental Stock Transfer & Trust Company Attn: Corporate Actions \| Dynavax Technologies<br>Corporation<br> One State Street - 30th Floor<br> New York, NY 10004 | *If delivering by hand, express mail, courier<br>or any other expedited service:*<br> Continental Stock Transfer & Trust Company<br>Attn: Corporate Actions \| Dynavax Technologies<br>Corporation<br> One State Street - 30th Floor<br> New York, NY 10004 |
| *If delivering by Facsimile:*<br> (212) 616-7610 | *If delivering by Facsimile:*<br> (212) 616-7610 |

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Questions or requests for assistance may be directed to the Information Agent at the address and telephone numbers listed below. Additional copies of this Offer to Purchase, the Letter of Transmittal and any related materials may also be obtained from the Information Agent. Stockholders may also contact brokers, dealers, commercial banks or trust companies for assistance concerning the Offer.

*The Information Agent for the Offer is:*![LOGO](g37469g00k00.jpg)

Innisfree M&A Incorporated

501 Madison Avenue, 20th floor

New York, New York 10022

Shareholders may call toll free: (877) 750-0831

Banks and Brokers may call collect: (212) 750-5833

## Ex-99.(A)(1)(B)

**Exhibit (a)(1)(B)** 

**LETTER OF TRANSMITTAL** 

**To Tender Shares of Common Stock** 

**of** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

**at** 

**$15.50 PER SHARE, NET IN CASH** 

**Pursuant to the Offer to Purchase dated January 12, 2026** 

**by** 

**SAMBA MERGER SUB, INC.** 

**an indirect wholly owned subsidiary** 

**of** 

**SANOFI** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE FOLLOWING 11:59 P.M., EASTERN TIME, ON FEBRUARY 9, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

*The Depositary for the Offer is:* 

Continental Stock Transfer & Trust Company

Method of delivery of the certificate(s) is at the option and risk of the owner thereof. *See Instruction 2.*

Mail or deliver this Letter of Transmittal, or a facsimile, together with the certificate(s) representing your shares, to:

*If delivering by secure upload:* [https://cstt.sharefile.com/r-r6026cde1bb454c3f91248acf31010502]

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|:---|:---|
| *If delivering by mail:* | *If delivering by hand, express mail, courier*<br> *or any other expedited service:*<br>|
| Continental Stock Transfer & Trust Company<br> Attn: Corporate Actions \| Dynavax<br>Technologies Corporation<br> One State Street - 30th Floor<br> New York, NY 10004 | Continental Stock Transfer & Trust Company<br> Attn: Corporate Actions \| Dynavax<br>Technologies Corporation<br> One State Street - 30th Floor<br> New York, NY 10004 |

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*If delivering by Facsimile:*

(212) 616-7610

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**DESCRIPTION OF SHARES TENDERED** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name(s) and Address(es)<br>of Registered Owner(s)<br>(If blank, please fill in<br>exactly as name(s)<br>appear(s) on share<br>certificate(s))** | **Shares Tendered**<br>**(attach additional list if necessary)** | **Shares Tendered**<br>**(attach additional list if necessary)** | **Shares Tendered**<br>**(attach additional list if necessary)** | **Shares Tendered**<br>**(attach additional list if necessary)** |
|  | **Certificated Shares\*\*** | **Certificated Shares\*\*** | **Certificated Shares\*\*** | **Book entry Shares** |
|  | **Certificate<br>Number(s)\*** | **Total Number<br>of Shares<br>Represented by<br>Certificate(s)\*** | **Number of Shares<br>Represented by<br>Certificate(s)<br>Tendered\*\*** | **Book Entry<br>Shares<br>Tendered** |
|  | **Total Shares** |  |  |  |

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\* Need not be completed by stockholders tendering solely by book-entry transfer.

\*\* Unless otherwise indicated, it will be assumed that all shares of common stock represented by certificates described above are being tendered hereby. *See Instruction 4.* 

**THE INSTRUCTIONS ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.** 

**DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OR FACSIMILE NUMBER OTHER THAN AS SET FORTH ABOVE FOR THE DEPOSITARY WILL NOT CONSTITUTE VALID DELIVERY. YOU MUST SIGN THIS LETTER OF TRANSMITTAL IN THE APPROPRIATE SPACE PROVIDED BELOW, WITH SIGNATURE GUARANTEE, IF REQUIRED, AND COMPLETE THE IRS FORM W-9 SET FORTH BELOW (OR AN APPROPRIATE IRS FORM W-8 IF YOU ARE A NON-U.S. STOCKHOLDER).** 

**ALL QUESTIONS REGARDING THE OFFER SHOULD BE DIRECTED TO THE INFORMATION AGENT, INNISFREE M&A INCORPORATED (THE "<u>INFORMATION AGENT</u>"), AT (877) 750-0831 (TOLL FREE IN THE UNITED STATES) OR THE ADDRESS SET FORTH ON THE BACK PAGE OF THE OFFER TO PURCHASE.** 

**IF YOU WOULD LIKE ADDITIONAL COPIES OF THIS LETTER OF TRANSMITTAL OR ANY OF THE OTHER OFFERING DOCUMENTS, YOU SHOULD CONTACT THE INFORMATION AGENT AT (877) 750-0831 (TOLL FREE IN THE UNITED STATES).** 

This Letter of Transmittal is being delivered to you in connection with the offer by Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>"), to purchase all of the outstanding shares of common stock, par value $0.001 per share (each, a "<u>Share</u>" and, collectively, "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share in cash (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 12, 2026 (the "<u>Offer to Purchase</u>") and in this related Letter of Transmittal (which, together with the Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>"). The Offer expires at one minute following 11:59 P.M., Eastern Time, on the Expiration Date. The "<u>Expiration Date</u>" means the date that is the twentieth (20th) business day following (and including the day of) the commencement of the Offer (determined as set forth in Rule 14d-1(g)(3) and Rule 14e-1(a) under the Securities Exchange Act of 1934, as amended), unless Purchaser, in accordance<u> </u>with the Agreement and Plan of Merger, dated as of December 23, 2025, by and among the Company, Parent, and Purchaser (as it may be amended, supplemented or otherwise modified from time to

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time, the "<u>Merger Agreement</u>"), extends the period during which the Offer is open, in which event the term "Expiration Date" means the latest time and date at which the Offer, as so extended, expires.

You should use this Letter of Transmittal to deliver to Continental Stock Transfer & Trust Company (the "<u>Depositary</u>"), Shares represented by stock certificates, or held in book-entry form on the books of the Company, for tender. If you are delivering your Shares by book-entry transfer to an account maintained by the Depositary at The Depository Trust Company ("<u>DTC</u>"), you must use an Agent's Message (as defined in Instruction 2 below). In this Letter of Transmittal, stockholders who deliver certificates representing their Shares are referred to as "Certificate Stockholders."

If any certificate representing any Shares you are tendering with this Letter of Transmittal has been lost, stolen, destroyed or mutilated, you should contact the Company's stock transfer agent, Computershare Trust Company, N.A. (the "<u>Transfer Agent</u>") at (877) 373-6374 (toll free in the United States) or +1 (781) 575-3100 (international) regarding the requirements for replacement. **You may be required to post a bond to secure against the risk that such certificates may be subsequently recirculated. You are urged to contact the Transfer Agent immediately in order to receive further instructions, for a determination of whether you will need to post a bond and to permit timely processing of this documentation. *See Instruction 10.***

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☐ **CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER TO THE ACCOUNT MAINTAINED BY THE DEPOSITARY WITH DTC AND COMPLETE THE FOLLOWING (ONLY FINANCIAL INSTITUTIONS THAT ARE PARTICIPANTS IN DTC MAY DELIVER SHARES BY BOOK-ENTRY TRANSFER):** 

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| |
|:---|
|  Name of Tendering Institution: |
|  DTC Participant Number: |
|  Transaction Code Number: |

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**NOTE: SIGNATURES MUST BE PROVIDED BELOW.** 

**PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.** 

Ladies and Gentlemen:

The undersigned hereby tenders to Purchaser the above-described Shares, pursuant to the Offer to purchase each outstanding Share that is validly tendered and not validly withdrawn, unless Purchaser, in accordance with the Agreement and Plan of Merger, dated as of December 23, 2025, by and among the Company, Parent, and Purchaser (as it may be amended, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), extends the period during which the Offer is open, in which event the term "Expiration Date" means the latest time and date at which the Offer, as so extended, expires.

Upon the terms and subject to the conditions of the Offer (including, if the Offer is extended or amended, the terms and conditions of such extension or amendment), subject to, and effective upon, acceptance for payment for the Shares validly tendered herewith and not validly withdrawn on or prior to the Expiration Date in accordance with the terms of the Offer, the undersigned hereby sells, assigns and transfers to, or upon the order of, Purchaser, all right, title and interest in and to all of the Shares being tendered hereby and any and all cash dividends, distributions, rights, other Shares or other securities issued or issuable in respect of such Shares on or after the date hereof (collectively, "<u>Distributions</u>"). In addition, the undersigned hereby irrevocably appoints the Depositary as the true and lawful agent and attorney-in-fact and proxy of the undersigned with respect to such Shares and any Distributions with full power of substitution (such proxies and power of attorney being deemed to be an irrevocable power coupled with an interest in the tendered Shares and any Distributions) to the full extent of such stockholder's rights with respect to such Shares and any Distributions (a) to deliver certificates representing such Shares (the "<u>Share Certificates</u>") and any Distributions, or transfer of ownership of such Shares and any Distributions on the account books maintained by The Depository Trust Company ("<u>DTC</u>") or otherwise held in book-entry form, together, in either such case, with all accompanying evidence of transfer and authenticity, to or upon the order of Purchaser, (b) to present such Shares and any Distributions for transfer on the books of the Company and (c) to receive all benefits and otherwise exercise all rights of beneficial ownership of such Shares and any Distributions, all upon the terms and subject to the conditions of the Offer.

The undersigned hereby irrevocably appoints each of the designees of Purchaser the attorneys-in-fact and proxies of the undersigned, each with full power of substitution, to the full extent of such stockholder's rights with respect to the Shares tendered hereby which have been accepted for payment and with respect to any Distributions. The designees of Purchaser will, with respect to such Shares and associated Distributions, be empowered to exercise all voting and any other rights of such stockholder, as they, in their sole discretion, may deem proper at any annual, special or adjourned meeting of the Company's stockholders, by written consent in lieu of any such meeting or otherwise as such designee, in its, his or her sole discretion, deems proper with respect to all Shares and any associated Distributions. This proxy and power of attorney shall be irrevocable and coupled with an interest in the tendered Shares and any Distributions. Such appointment is effective when, and only to the extent that, Purchaser accepts the Shares tendered with this Letter of Transmittal for payment pursuant to the Offer. Upon the effectiveness of such appointment, without further action, all prior powers of attorney, proxies and consents given by the undersigned with respect to such Shares and any associated Distributions (other than prior powers of attorney, proxies or consent given by the undersigned to Purchaser or the Company) will be revoked, and no subsequent powers of attorney, proxies, consents or revocations (other than powers of attorney, proxies, consents or revocations given to Purchaser or the Company) may be given (and, if given, will not be deemed effective).

Purchaser reserves the right to require that, in order for Shares to be deemed validly tendered, immediately upon Purchaser's acceptance for payment of such Shares, Purchaser must be able to exercise full voting, consent and other rights, to the extent permitted under applicable law, with respect to such Shares and any associated Distributions, including voting at any meeting of stockholders or executing a written consent concerning any matter.

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The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer the Shares and any Distributions tendered hereby and, when the same are accepted for payment by Purchaser, Purchaser will acquire good, marketable and unencumbered title thereto, free and clear of all liens, restrictions, charges and encumbrances, and that the same will not be subject to any adverse claim. The undersigned hereby represents and warrants that the undersigned is the registered owner of the Shares, or the Share Certificate(s) have been endorsed to the undersigned in blank, or the undersigned is a participant in DTC whose name appears on a security position listing as the owner of the Shares. The undersigned will, upon request, execute and deliver any additional documents deemed by the Depositary or Purchaser to be necessary or desirable to complete the sale, assignment and transfer of the Shares tendered hereby and any associated Distributions. In addition, the undersigned shall promptly remit and transfer to the Depositary for the account of Purchaser any and all Distributions in respect of the Shares tendered hereby, accompanied by appropriate documentation of transfer and, pending such remittance or appropriate assurance thereof, Purchaser shall be entitled to all rights and privileges as owner of any such Distributions and may withhold the entire Offer Price or deduct from the Offer Price the amount or value thereof, as determined by Purchaser in its sole discretion.

It is understood that the undersigned will not receive payment for the Shares unless and until the Shares are accepted for payment and until the Share Certificate(s) owned by the undersigned are received by the Depositary at the address set forth above, together with such additional documents as the Depositary may require, or, in the case of Shares held in book-entry form, ownership of Shares is validly transferred on the account books maintained by DTC, and until the same are processed for payment by the Depositary.

**THE METHOD OF DELIVERY OF THE SHARES (OR SHARE CERTIFICATES), THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS IS AT THE ELECTION AND RISK OF THE SURRENDERING STOCKHOLDER. DELIVERY OF THE SHARES (OR SHARE CERTIFICATES), THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS WILL BE DEEMED MADE, AND RISK OF LOSS OF THE SHARE CERTIFICATES SHALL PASS, ONLY WHEN THEY (OR EFFECTIVE AFFIDAVITS OF LOSS IN LIEU THEREOF) ARE ACTUALLY RECEIVED BY THE DEPOSITARY (INCLUDING, IN THE CASE OF A BOOK-ENTRY TRANSFER OF SHARES, BY BOOK-ENTRY CONFIRMATION WITH RESPECT TO SUCH SHARES). IF SUCH DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT THE SHARES (OR SHARE CERTIFICATES OR EFFECTIVE AFFIDAVITS OF LOSS IN LIEU THEREOF), THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS BE SENT BY PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.** 

All authority conferred or agreed to be conferred pursuant to this Letter of Transmittal shall not be affected by, and shall survive, the death or incapacity of the undersigned and any obligation of the undersigned hereunder shall be binding upon the heirs, executors, administrators, trustees in bankruptcy, personal representatives, successors and assigns of the undersigned. Except upon the terms and subject to the conditions of the Offer, this tender is irrevocable.

The undersigned understands that the acceptance for payment by Purchaser of Shares tendered pursuant to one of the procedures described in Section 3 of the Offer to Purchase and in the instructions hereto will constitute a binding agreement between the undersigned and Purchaser upon the terms and subject to the conditions of the Offer. The undersigned recognizes that under certain circumstances, upon the terms and subject to the conditions of the Offer, Purchaser may not be required to accept for payment any of the Shares tendered hereby.

Unless otherwise indicated herein under "Special Payment Instructions," please issue the check for the Offer Price of any Shares purchased, and/or return any Share Certificates representing Shares not tendered or accepted for payment to, the registered owner(s) appearing under "Description of Shares Tendered." Similarly, unless otherwise indicated under "Special Delivery Instructions," please mail the check for the Offer Price of any Shares purchased, and/or return any Share Certificates representing Shares not tendered or accepted for payment

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(and accompanying documents, as appropriate) to the address(es) of the registered owner(s) appearing under "Description of Shares Tendered."

In the event that both the Special Delivery Instructions and the Special Payment Instructions are completed, please issue the check for the Offer Price of any Shares purchased, and/or issue any Share Certificates representing Shares not tendered or accepted for payment (and any accompanying documents, as appropriate) in the name of, and deliver such check and/or return such Share Certificates (and any accompanying documents, as appropriate) to, the person or persons so indicated. Unless otherwise indicated herein in the box titled "Special Payment Instructions," please credit any Shares tendered hereby or by an Agent's Message and delivered by book-entry transfer, but which are not purchased, by crediting the account at DTC designated above. The undersigned recognizes that Purchaser has no obligation pursuant to the Special Payment Instructions to transfer any Shares from the name of the registered owner thereof if Purchaser does not accept for payment any of the Shares so tendered.

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**SPECIAL PAYMENT INSTRUCTIONS** 

**(See Instructions 1, 4, 5 and 7)** 

To be completed ONLY if Share Certificate(s) not tendered or not accepted for payment and/or the check for the Offer Price in consideration of Shares accepted for payment are to be issued in the name of someone other than the undersigned or if Shares tendered by book-entry transfer which are not accepted for payment are to be returned by credit to an account maintained at DTC other than that designated above.

Issue: ☐ Check and/or ☐ Share Certificates to:

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: |
| (**Please Print)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: |

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**(Include Zip Code)**

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| | |
|:---|:---|
|  ☐ **Credit Shares tendered by book-entry transfer that are not accepted for payment to the DTC account set forth below.** | ☐ **Credit Shares tendered by book-entry transfer that are not accepted for payment to the DTC account set forth below.** |
| **(DTC Account Number)** | **(DTC Account Number)** |

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**SPECIAL DELIVERY INSTRUCTIONS** 

**(See Instructions 1, 4, 5 and 7)** 

To be completed ONLY if Share Certificate(s) not tendered or not accepted for payment and/or the check for the Offer Price of Shares accepted for payment are to be sent to someone other than the undersigned or to the undersigned at an address other than that shown in the box titled "Description of Shares Tendered" above.

Issue: Check and/or Share Certificates to:

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|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: |
|  (**Please Print)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address: |
|  **(Include Zip Code)** |

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**IMPORTANT—SIGN HERE** 

**(U.S. Holders Please Also Complete the Enclosed IRS Form W-9)** 

**(Non-U.S. Holders Please Obtain and Complete IRS Form W-8BEN, W-8BEN-E or Other** 

**Applicable IRS Form W-8)** 

**(Signature(s) of Stockholder(s))** 

Dated: , 20

(Must be signed by registered owner(s) exactly as name(s) appear(s) on Share Certificate(s) or on a security position listing or by person(s) authorized to become registered owner(s) by certificates and documents transmitted herewith. If signature is by trustees, executors, administrators, guardians, attorneys-in-fact, agents, officers of corporations or others acting in a fiduciary or representative capacity, please set forth full title and see Instruction 5. For information concerning signature guarantees, see Instruction 1.)

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| |
|:---|
|  Name(s): |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Please Print)** |
|  Capacity (full title): |
|  Address: |
|  **(Include Zip Code)** |
|  Area Code and Telephone Number: |

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**GUARANTEE OF SIGNATURE(S)** 

**(For use by Eligible Institutions only;** 

**see Instructions 1 and 5)** 

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| |
|:---|
|  Name of Firm: |
|  **(Include Zip Code)** |
|  Authorized Signature: |
|  Name: |
|  **(Please Type or Print)** |
|  Area Code and Telephone Number: |
|  Dated: , 20  |
|  **Place medallion guarantee in space below:** |

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**INSTRUCTIONS** 

**Forming Part of the Terms and Conditions of the Offer** 

1. **Guarantee of Signatures for Shares.** No signature guarantee is required on this Letter of Transmittal (a) if this Letter of Transmittal is signed by the registered holder(s) (which term, for purposes of this Section 1, includes any participant in DTC's systems whose name appears on a security position listing as the owner of the Shares) of the Shares tendered therewith, unless such holder or holders have completed either the box entitled "Special Delivery Instructions" or the box entitled "Special Payment Instructions" on the cover of this Letter of Transmittal or (b) if the Shares are tendered for the account of a financial institution (including most commercial banks, savings and loan associations and brokerage houses) that is a member in good standing of the Security Transfer Agents Medallion Program or any other "eligible guarantor institution," as such term is defined in Rule 17Ad-15 of the Exchange Act (each an "<u>Eligible Institution</u>" and collectively "<u>Eligible Institutions</u>") (for example, the Security Transfer Agents Medallion Program, the New York Stock Exchange Medallion Signature Program and the Stock Exchanges Medallion Program). In all other cases, all signatures on this Letter of Transmittal must be guaranteed by an Eligible Institution. *See Instruction 5*.

2. **Delivery of Letter of Transmittal and Certificates or Book-Entry Confirmations**. This Letter of Transmittal is to be completed by stockholders if Share Certificates are to be forwarded herewith. A manually executed facsimile of this Letter of Transmittal may be used in lieu of the original. If Shares represented by Share Certificates are being tendered, such Share Certificates, as well as this Letter of Transmittal properly completed and duly executed with any required signature guarantees, and any other documents required by this Letter of Transmittal, must be received by the Depositary at its address set forth herein on or prior to the Offer Expiration Time. If Shares are to be tendered by book-entry transfer, the procedures for tender by book-entry transfer set forth in Section 3 of the Offer to Purchase must be followed, and an Agent's Message and confirmation of a book-entry transfer into the Depositary's account at DTC of Shares tendered by book-entry transfer (such a confirmation, a "<u>Book-Entry Confirmation</u>") must be received by the Depositary on or prior to the Offer Expiration Time.

The term "Agent's Message" means a message, transmitted through electronic means by DTC in accordance with the normal procedures of DTC to, and received by, the Depositary and forming part of a Book-Entry Confirmation, that states that DTC has received an express acknowledgment from the participant in DTC tendering the Shares that are the subject of such Book-Entry Confirmation that such participant has received and agrees to be bound by the terms of, this Letter of Transmittal, and that Purchaser may enforce such agreement against such participant. The term "Agent's Message" also includes any hard copy printout evidencing such message generated by a computer terminal maintained at the Depositary's office.

**THE METHOD OF DELIVERY OF THE SHARES (OR SHARE CERTIFICATES), THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS, INCLUDING DELIVERY THROUGH DTC, IS AT THE ELECTION AND RISK OF THE TENDERING STOCKHOLDER. DELIVERY OF THE SHARES (OR SHARE CERTIFICATES), THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS WILL BE DEEMED MADE, AND RISK OF LOSS OF THE SHARE CERTIFICATES SHALL PASS, ONLY WHEN THEY ARE ACTUALLY RECEIVED BY THE DEPOSITARY (INCLUDING, IN THE CASE OF A BOOK-ENTRY TRANSFER OF SHARES, BY BOOK-ENTRY CONFIRMATION WITH RESPECT TO SUCH SHARES). IF SUCH DELIVERY IS BY MAIL, IT IS RECOMMENDED THAT THE SHARES (OR SHARE CERTIFICATES), THIS LETTER OF TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS BE SENT BY PROPERLY INSURED REGISTERED MAIL WITH RETURN RECEIPT REQUESTED. IN ALL CASES, SUFFICIENT TIME SHOULD BE ALLOWED TO ENSURE TIMELY DELIVERY.** 

No alternative, conditional or contingent tenders will be accepted and no fractional Shares will be purchased. All tendering stockholders, by execution of this Letter of Transmittal (or facsimile thereof), waive any right to receive any notice of the acceptance of their Shares for payment.

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All questions as to the validity, form and eligibility (including time of receipt) will be determined by Purchaser, in its reasonable discretion, which determination shall be final and binding on all parties. Purchaser reserves the absolute right to reject any and all tenders determined by it not to be in proper or complete form or the acceptance for payment of which may, in its opinion, be unlawful. Purchaser also reserves the absolute right to waive any defect or irregularity in the tender of any Shares of any particular stockholder, whether or not similar defects or irregularities are waived in the case of other stockholders. No tender of Shares will be deemed to have been validly made until all defects and irregularities have been cured or waived. None of Purchaser, Parent or any of their respective affiliates or assigns, the Depositary, the Information Agent, the Company or any other person will be under any duty to give notification of any defects or irregularities in tenders or incur any liability for failure to give any such notification. No alternative, conditional or contingent tenders will be accepted and no fractional Shares will be purchased.

3. **Inadequate Space**. If the space provided herein is inadequate, the Share Certificate numbers and/or the number of Shares should be listed on a separate schedule attached hereto and separately signed on each page thereof in the same manner as this Letter of Transmittal is signed.

4. **Partial Tenders (Applicable to Certificate Stockholders Only)**. If fewer than all the Shares evidenced by any Share Certificate delivered to the Depositary are to be tendered, stockholders should contact the Company's stock transfer agent, Computershare Trust Company, N.A. (the "<u>Transfer Agent</u>") at (877) 373-6374 (toll free in the United States) or +1 (781) 575-3100 (international) to arrange to have such Share Certificate divided into separate Share Certificates representing the number of Shares to be tendered and the number of Shares to not be tendered. The stockholder should then tender the Share Certificate representing the number of Shares to be tendered as set forth in this Letter of Transmittal. All Shares represented by Share Certificates delivered to the Depositary will be deemed to have been tendered.

5. **Signatures on Letter of Transmittal; Stock Powers and Endorsements**. If this Letter of Transmittal is signed by the registered owner(s) of the Shares tendered hereby, the signature(s) must correspond with the name(s) as written on the face of the Share Certificate(s) without alteration or any other change whatsoever.

If any Shares tendered hereby are owned of record by two or more joint owners, all such owners must sign this Letter of Transmittal.

If any tendered Shares are registered in the names of different holder(s), it will be necessary to complete, sign and submit as many separate Letters of Transmittal (or facsimiles thereof) as there are different registrations of such Shares.

If this Letter of Transmittal or any certificates or stock powers are signed by trustees, executors, administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, such persons should so indicate when signing, and proper evidence satisfactory to Purchaser of their authority so to act must be submitted.

If this Letter of Transmittal is signed by the registered owner(s) of the Shares listed and transmitted hereby, no endorsements of Share Certificates or separate stock powers are required unless payment is to be made to, or Share Certificates representing Shares not tendered or accepted for payment are to be issued in the name of, a person other than the registered owner(s), in which case the Share Certificates representing the Shares tendered

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by this Letter of Transmittal must be endorsed or accompanied by appropriate stock powers, in either case, signed exactly as the name(s) of the registered owner(s) or holder(s) appear(s) on the Share Certificates. Signatures on such Share Certificates or stock powers must be guaranteed by an Eligible Institution.

If this Letter of Transmittal is signed by a person other than the registered owner(s) or holder(s) of the Share(s) listed, the Share Certificate(s) must be endorsed or accompanied by the appropriate stock powers, in either case, signed exactly as the name or names of the registered owner(s) or holder(s) appear(s) on the Share Certificate(s). Signatures on such Share Certificates or stock powers must be guaranteed by an Eligible Institution.

6. **Transfer Taxes**. Except as otherwise provided in this Instruction 6, all transfer taxes with respect to the exchange of Shares contemplated hereby shall be paid by Parent and Purchaser when due (for the avoidance of doubt, transfer taxes do not include U.S. federal income taxes or withholding taxes). If payment of the Offer Price is to be made to, or (in the circumstances permitted hereby) if Share Certificates not tendered or accepted for payment are to be registered in the name of, any person other than the registered owner(s) or holder(s), or if tendered Share Certificates are registered in the name of any person other than the person signing this Letter of Transmittal, payment of the Offer Price will be conditioned on the Depositary's receipt of satisfactory evidence that any transfer taxes required by reason of payment of the Offer Price to a person other than the registered owner(s) or holder(s) have been paid or are not applicable.

7. **Special Payment and Delivery Instructions**. If a check for the Offer Price of any Shares purchased is to be issued, and/or Share Certificates representing Shares not tendered or accepted for payment are to be issued or returned to, a person other than the signer(s) of this Letter of Transmittal or to an address other than that shown in the box titled "Description of Shares Tendered" above, the appropriate boxes on this Letter of Transmittal must be completed. Stockholders delivering Shares tendered hereby or by Agent's Message by book-entry transfer may request that Shares not purchased be credited to an account maintained at DTC as such stockholder may designate in the box titled "Special Payment Instructions" herein. If no such instructions are given, all such Shares not purchased will be returned by crediting the same account at DTC as the account from which such Shares were delivered.

8. **Requests for Assistance or Additional Copies**. Questions or requests for assistance may be directed to Innisfree M&A Incorporated (the "<u>Information Agent</u>") at its address and telephone number set forth below or to your broker, dealer, commercial bank or trust company. Additional copies of the Offer to Purchase, this Letter of Transmittal and other tender offer materials may be obtained from the Information Agent as set forth below, and will be furnished at Purchaser's expense.

9. **Backup Withholding**. Under U.S. federal income tax laws, the Depositary may be required to withhold a portion of the amount of any payments made to certain stockholders pursuant to the Offer. In order to avoid such backup withholding, each tendering stockholder or payee that is or is treated as a United States person (for U.S. federal income tax purposes), must provide the Depositary with such stockholder's or payee's correct taxpayer identification number ("<u>TIN</u>") and certify that such stockholder or payee is not subject to such backup withholding by completing the attached IRS Form W-9. If a tendering U.S. stockholder has been notified by the IRS that such stockholder is subject to backup withholding, such stockholder must cross out item 2 in Part II of the IRS Form W-9, unless such stockholder has since been notified by the IRS that such stockholder is no longer subject to backup withholding. Failure to provide the information on the IRS Form W-9 may subject the tendering stockholder to backup withholding on the payment of the Offer Price for all Shares purchased from such stockholder. If the tendering U.S. stockholder has not been issued a TIN and has applied for one or intends to apply for one in the near future, such stockholder should write "Applied For" in Part I of the IRS Form W-9, and sign and date the IRS Form W-9. If the tendering stockholder wrote "Applied For" in Part I and the Depositary is not provided with a TIN by the time of payment, the Depositary will withhold a portion of all payments of the Offer Price to such stockholder until a TIN is provided to the Depositary.

Certain stockholders or payees (including, among others, certain corporations, non-resident foreign individuals and foreign entities) are not subject to these backup withholding and reporting requirements. Exempt

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United States persons should indicate their exempt status on IRS Form W-9. A tendering stockholder who is a foreign individual or a foreign entity should complete, sign, and submit to the Depositary the appropriate IRS Form W-8. The appropriate IRS Form W-8 may be downloaded from the IRS's website at the following address: https:// www.irs.gov. Failure to complete the IRS Form W-9 or the appropriate IRS Form W-8 will not, by itself, cause Shares to be deemed invalidly tendered, but may require the Depositary to withhold a portion of the amount of any payments made of the Offer Price pursuant to the Offer and may result in penalties imposed by the IRS. Tendering stockholders should consult their tax advisors as to any qualification for exemption from backup withholding, and the procedure for obtaining the exemption.

**NOTE: FAILURE TO COMPLETE AND RETURN THE IRS FORM W-9 (OR APPROPRIATE IRS FORM W-8, AS APPLICABLE) MAY RESULT IN U.S. FEDERAL BACKUP WITHHOLDING OF A PORTION OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE OFFER AND MAY RESULT IN PENALTIES IMPOSED BY THE IRS. PLEASE REVIEW THE "IMPORTANT TAX INFORMATION" SECTION BELOW.** 

10. **Lost, Destroyed, Mutilated or Stolen Share Certificates**. If any Share Certificate has been lost, destroyed, mutilated or stolen, the stockholder should promptly notify the Transfer Agent at (877) 373-6374. The stockholder will then be instructed as to the steps that must be taken in order to replace the Share Certificate. This Letter of Transmittal and related documents cannot be processed until the procedures for replacing lost, mutilated, destroyed or stolen Share Certificates have been followed.

11. **Waiver of Conditions**. Purchaser expressly reserves the right, in its sole discretion, to, upon the terms and subject to the conditions of the Offer, increase the Offer Price, waive any Offer Condition (as defined in the Offer to Purchase) or make any other changes to the terms and conditions of the Offer.

**IMPORTANT: THIS LETTER OF TRANSMITTAL (OR A MANUALLY EXECUTED FACSIMILE COPY THEREOF) OR AN AGENT'S MESSAGE, TOGETHER WITH SHARE CERTIFICATE(S) OR BOOK-ENTRY CONFIRMATION OR A PROPERLY COMPLETED AND ALL OTHER REQUIRED DOCUMENTS, MUST BE RECEIVED BY THE DEPOSITARY ON OR PRIOR TO THE OFFER EXPIRATION TIME.** 

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**IMPORTANT TAX INFORMATION** 

Under United States federal income tax law, a stockholder that is or is treated as a non-exempt United States person (for U.S. federal income tax purposes) whose tendered Shares are accepted for payment, is required by law to provide the Depositary (as payer) with such stockholder's correct TIN on the IRS Form W-9 below. If such stockholder is an individual, the TIN is generally such stockholder's social security number. If the Depositary is not provided with the correct TIN, the stockholder may be subject to penalties imposed by the IRS and payments that are made to such stockholder with respect to Shares purchased pursuant to the Offer may be subject to U.S. federal backup withholding.

If backup withholding of U.S. federal income tax on payments for Shares made in the Offer applies, the Depositary is required to withhold 24% (or the then applicable rate) of any payments of the Offer Price made to the stockholder. Backup withholding is not an additional tax. Taxpayers may use amounts withheld as a credit against their U.S. federal income tax liability, if any, or may claim a refund of such amounts if they timely provide certain required information to the IRS.

**IRS Form W-9** 

To prevent backup withholding on payments that are made to a U.S. stockholder with respect to Shares purchased pursuant to the Offer, the stockholder is required to notify the Depositary of such stockholder's correct TIN by completing the IRS Form W-9 below, certifying, under penalties of perjury, (i) that the TIN provided on the IRS Form W-9 is correct (or that such stockholder is awaiting a TIN), (ii) that such stockholder is not subject to backup withholding because (a) such stockholder has not been notified by the IRS that such stockholder is subject to backup withholding as a result of a failure to report all interest or dividends, (b) the IRS has notified such stockholder that such stockholder is no longer subject to backup withholding or (c) such stockholder is exempt from backup withholding, and (iii) that such stockholder is a United States person.

**What Number to Give the Depositary** 

Each U.S. stockholder is generally required to give the Depositary its TIN (generally a social security number or employer identification number). If the tendering stockholder has not been issued a TIN and has applied for a number or intends to apply for a number in the near future, the stockholder should write "Applied For" in Part I, sign and date the IRS Form W-9 below. Notwithstanding that "Applied For" is written in Part I, the Depositary will withhold 24% (or the then applicable rate) of all payments of the Offer Price to such stockholder until a TIN is provided to the Depositary. Such amounts will be refunded to such surrendering stockholder if a TIN is provided to the Depositary within 60 days. If the Share Certificate(s) are held in more than one name or are not held in the name of the actual owner, consult the instructions following the IRS Form W-9 for additional guidance on which number to report.

**Exempt Stockholders** 

Certain stockholders (including, among others, corporations, non-resident foreign individuals and foreign entities) are not subject to these backup withholding and reporting requirements. A tendering stockholder who is a foreign individual or a foreign entity should complete, sign, and submit to the Depositary the appropriate IRS Form W-8. The appropriate IRS Form W-8 may be downloaded from the IRS's website at the following address: *https://www.irs.gov.*

**Please consult your accountant or tax advisor for further guidance regarding the completion of the IRS Form W-9, IRS Form W-8BEN or W-8BEN-E, or another version of IRS Form W-8 to claim exemption from backup withholding, or contact the Depositary. Failure to complete the IRS Form W-9 or the appropriate IRS Form W-8 will not, by itself, cause Shares to be deemed invalidly tendered, but may require the Depositary to withhold a portion of the amount of any payments of the Offer Price pursuant to the Offer.** 

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| Form **W-9**<br> (Rev. March 2024)<br> Department of the Treasury<br> Internal Revenue Service | **Request for Taxpayer**<br>**Identification Number and Certification**<br>**Go to *www.irs.gov/FormW9* for instructions and the latest information.** | &nbsp;&nbsp;&nbsp; **Give form to the requester. Do not send to the IRS.** |
| **Before you begin.** For guidance related to the purpose of Form W-9, see *Purpose of Form*, below. | **Before you begin.** For guidance related to the purpose of Form W-9, see *Purpose of Form*, below. | **Before you begin.** For guidance related to the purpose of Form W-9, see *Purpose of Form*, below. |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) | &nbsp;&nbsp; **1** Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | **2** Business name/disregarded entity name, if different from above. | **2** Business name/disregarded entity name, if different from above. | **2** Business name/disregarded entity name, if different from above. | **2** Business name/disregarded entity name, if different from above. | **2** Business name/disregarded entity name, if different from above. | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **3a** Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only **one** of the following seven boxes. | **4** Exemptions (codes apply only to certain entities, not individuals; see instructions on page 3): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | ☐ Individual/sole proprietor | ☐ C corporation | ☐ | S corporation | ☐ | Partnership | ☐ | Trust/estate | <br> Exempt payee code (if any)<u> </u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . . . .<u> </u> <br>**Note:** Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.<br>☐ Other (see instructions)  | <br> Exemption from Foreign Account Tax Compliance Act (FATCA) reporting code (if any)<u> </u><br>*(Applies to accounts maintained outside the United States.)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ | **3b** If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax classification, and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, check this box if you have any foreign partners, owners, or beneficiaries. See instructions . . . . . . . . . ☐ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Print or type**.<br> See***Specific Instructions*** on<br>page 3. | <br> **5** Address (number, street, and apt. or suite no.). See instructions. | <br> **5** Address (number, street, and apt. or suite no.). See instructions. | <br> **5** Address (number, street, and apt. or suite no.). See instructions. | <br> **5** Address (number, street, and apt. or suite no.). See instructions. | <br> **5** Address (number, street, and apt. or suite no.). See instructions. |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) |
|  | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code | <br> **6** City, state, and ZIP code |  | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requester's name and address (optional) |
|  | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) | <br> **7** List account number(s) here (optional) |  |  |  |  |

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| **Part I** | **Taxpayer Identification Number (TIN)** |

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| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. See also *What Name and Number To Give the Requester* for guidelines on whose number to enter. |  |  |  |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. See also *What Name and Number To Give the Requester* for guidelines on whose number to enter. | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** | &nbsp;&nbsp;&nbsp;&nbsp; **Social security number** |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. See also *What Name and Number To Give the Requester* for guidelines on whose number to enter. | | – | – |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. See also *What Name and Number To Give the Requester* for guidelines on whose number to enter. | **or** | **or** | **or** |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. See also *What Name and Number To Give the Requester* for guidelines on whose number to enter. | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** | &nbsp;&nbsp;&nbsp;&nbsp; **Employer identification number** |
| <br> Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see *How to get a TIN*, later.<br>**Note:** If the account is in more than one name, see the instructions for line 1. See also *What Name and Number To Give the Requester* for guidelines on whose number to enter. |  |  |  |

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| **Part II** | **Certification** |

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<br> Under penalties of perjury, I certify that:<br>1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and<br>2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and<br>3. I am a U.S. citizen or other U.S. person (defined below); and<br>4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.<br>**Certification instructions.** You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and, generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.<br>

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| **Sign<br>Here** | **Signature of<br>U.S. person** | **Date** |

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**General Instructions** 

Section references are to the Internal Revenue Code unless otherwise noted.

**Future developments**. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to *www.irs.gov/FormW9*.

**What's New** 

Line 3a has been modified to clarify how a disregarded entity completes this line. An LLC that is a disregarded entity should check the appropriate box for the tax classification of its owner. Otherwise, it should check the "LLC" box and enter its appropriate tax classification.

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| Cat. No. 10231X | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form **W-9** (Rev. 3-2024) |

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| Form W-9 (Rev. 3-2024) | Page<sub>2</sub> |

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New line 3b has been added to this form. A flow-through entity is required to complete this line to indicate that it has direct or indirect foreign partners, owners, or beneficiaries when it provides the Form W-9 to another flow-through entity in which it has an ownership interest. This change is intended to provide a flow-through entity with information regarding the status of its indirect foreign partners, owners, or beneficiaries, so that it can satisfy any applicable reporting requirements. For example, a partnership that has any indirect foreign partners may be required to complete Schedules K-2 and K-3. See the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).

**Purpose of Form** 

An individual or entity (Form W-9 requester) who is required to file an information return with the IRS is giving you this form because they must obtain your correct taxpayer identification number (TIN), which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.

• Form 1099-INT (interest earned or paid).

• Form 1099-DIV (dividends, including those from stocks or mutual funds).

• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds).

• Form 1099-NEC (nonemployee compensation).

• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers).

• Form 1099-S (proceeds from real estate transactions).

• Form 1099-K (merchant card and third-party network transactions).

• Form 1098 (home mortgage interest), 1098-E (student loan interest), and 1098-T (tuition).

• Form 1099-C (canceled debt).

• Form 1099-A (acquisition or abandonment of secured property). Use Form W-9 only if you are a U.S. person (including a resident alien), to
provide your correct TIN.

**Caution:** If you don't return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See *What is backup withholding*, later.

**By signing the filled-out form**, you:

&nbsp;&nbsp;&nbsp;&nbsp;1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued);

&nbsp;&nbsp;&nbsp;&nbsp;2. Certify that you are not subject to backup withholding; or

&nbsp;&nbsp;&nbsp;&nbsp;3. Claim exemption from backup withholding if you are a U.S. exempt payee; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Certify to your non-foreign status for purposes of withholding under chapter 3 or 4 of the Code (if applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;5. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting is correct. See *What Is FATCA Reporting*, later, for further information.

**Note:** If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester's form if it is substantially similar to this Form W-9.

**Definition of a U.S. person.** For federal tax purposes, you are considered a U.S. person if you are:

• An individual who is a U.S. citizen or U.S. resident alien;

• A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States;

• An estate (other than a foreign estate); or

• A domestic trust (as defined in Regulations section 301.7701-7).

**Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding.** Payments made to foreign persons, including certain distributions, allocations of income, or transfers of sales proceeds, may be subject to withholding under chapter 3 or chapter 4 of the Code (sections 1441-1474). Under those rules, if a Form W-9 or other certification of non-foreign status has not been received, a withholding agent, transferee, or partnership (payor) generally applies presumption rules that may require the payor to withhold applicable tax from the recipient, owner, transferor, or partner (payee). See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

The following persons must provide Form W-9 to the payor for purposes of establishing its non-foreign status.

• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the disregarded entity.

• In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the grantor trust.

• In the case of a U.S. trust (other than a grantor trust), the U.S. trust and not the beneficiaries of the trust.

See Pub. 515 for more information on providing a Form W-9 or a certification of non-foreign status to avoid withholding.

**Foreign person.** If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person (under Regulations section 1.1441-1(b)(2)(iv) or other applicable section for chapter 3 or 4 purposes), do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515). If you are a qualified foreign pension fund under Regulations section 1.897(l)-1(d), or a partnership that is wholly owned by

qualified foreign pension funds, that is treated as a non-foreign person for purposes of section 1445 withholding, do not use Form W-9. Instead, use Form W-8EXP (or other certification of non-foreign status).

**Nonresident alien who becomes a resident alien.** Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a saving clause. Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.

If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.

&nbsp;&nbsp;&nbsp;&nbsp;1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.

&nbsp;&nbsp;&nbsp;&nbsp;2. The treaty article addressing the income.

&nbsp;&nbsp;&nbsp;&nbsp;3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;4. The type and amount of income that qualifies for the exemption from tax.

&nbsp;&nbsp;&nbsp;&nbsp;5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.

***Example.*** Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if their stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first Protocol) and is relying on this exception to claim an exemption from tax on their scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.

If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.

**Backup Withholding** 

**What is backup withholding?** Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called "backup withholding." Payments that may be subject to backup withholding include, but are not limited to, interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third-party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.

You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.

**Payments you receive will be subject to backup withholding if:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You do not furnish your TIN to the requester;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You do not certify your TIN when required (see the instructions for Part II for details);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The IRS tells the requester that you furnished an incorrect TIN;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. You do not certify to the requester that you are not subject to backup withholding, as described in item 4 under "*By signing the filled-out form*" above (for reportable interest and dividend accounts opened after 1983 only).

Certain payees and payments are exempt from backup withholding. See *Exempt payee code*, later, and the separate Instructions for the Requester of Form W-9 for more information.

See also *Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding,* earlier. 

**What Is FATCA Reporting?** 

The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all U.S. account holders that are specified U.S. persons. Certain payees are exempt from FATCA reporting. See *Exemption from FATCA reporting code*, later, and the Instructions for the Requester of Form W-9 for more information.

**Updating Your Information** 

You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you are no longer tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account, for example, if the grantor of a grantor trust dies.

**Penalties** 

**Failure to furnish TIN.** If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.

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|:---|:---|
| Form W-9 (Rev. 3-2024) | Page<sub>3</sub> |

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**Civil penalty for false information with respect to withholding.** If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.

**Criminal penalty for falsifying information.** Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.

**Misuse of TINs.** If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.

**Specific Instructions** 

**Line 1** 

You must enter one of the following on this line; **do not** leave this line blank. The name should match the name on your tax return.

If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.

• **Individual.** Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.

**Note for ITIN applicant:** Enter your individual name as it was entered on your Form W-7 application, line 1a. This should also be the same as the name you entered on the Form 1040 you filed with your application.

• **Sole proprietor.** Enter your individual name as shown on your Form 1040 on line 1. Enter your business, trade, or "doing business as" (DBA) name on line 2.

• **Partnership, C corporation, S corporation, or LLC, other than a disregarded entity.** Enter the entity's name as shown on the entity's tax return on line 1 and any business, trade, or DBA name on line 2.

• **Other entities.** Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. Enter any business, trade, or DBA name on line 2.

• **Disregarded entity.** In general, a business entity that has a single owner, including an LLC, and is not a corporation, is disregarded as an entity separate from its owner (a disregarded entity). See Regulations section 301.7701-2(c)(2). A disregarded entity should check the appropriate box for the tax classification of its owner. Enter the owner's name on line 1. The name of the owner entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner's name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity's name on line 2. If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.

**Line 2** 

If you have a business name, trade name, DBA name, or disregarded entity name, enter it on line 2.

**Line 3a** 

Check the appropriate box on line 3a for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3a.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**IF the entity/individual on line 1 is a(n) . . .** | **THEN check the box for . . .** |
| &nbsp;&nbsp;&nbsp;• Corporation | Corporation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Individual or<br>• Sole proprietorship | Individual/sole proprietor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • LLC classified as a partnership for U.S. federal tax purposes or<br>• LLC that has filed Form 8832 or 2553 electing to be taxed as a corporation | Limited liability company and enter the appropriate tax classification:<br>P = Partnership,<br> C = C corporation, or<br> S = S corporation. |
| &nbsp;&nbsp;&nbsp;• Partnership | Partnership. |
| &nbsp;&nbsp;&nbsp;• Trust/estate | Trust/estate. |

---

**Line 3b** 

Check this box if you are a partnership (including an LLC classified as a partnership for U.S. federal tax purposes), trust, or estate that has any foreign partners, owners, or beneficiaries, and you are providing this form to a partnership, trust, or estate, in which you have an ownership interest. You must check the box on line 3b if you receive a Form W-8 (or documentary evidence) from any partner, owner, or beneficiary establishing foreign status or if you receive a Form W-9 from any partner, owner, or beneficiary that has checked the box on line 3b.

**Note:** A partnership that provides a Form W-9 and checks box 3b may be required to complete Schedules K-2 and K-3 (Form 1065). For more information, see the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).

If you are required to complete line 3b but fail to do so, you may not receive the information necessary to file a correct information return with the IRS or furnish a correct payee statement to your partners or beneficiaries. See, for example, sections 6698, 6722, and 6724 for penalties that may apply.

**Line 4 Exemptions** 

If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.

**Exempt payee code.** 

• Generally, individuals (including sole proprietors) are not exempt from backup withholding.

• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends.

• Corporations are not exempt from backup withholding for payments made in settlement of payment card or third-party network transactions.

• Corporations are not exempt from backup withholding with respect to attorneys' fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.

The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space on line 4.

1 — An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2).

2 — The United States or any of its agencies or instrumentalities.

3 — A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.

4 — A foreign government or any of its political subdivisions, agencies, or instrumentalities.

5 — A corporation.

6 — A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or territory.

7 — A futures commission merchant registered with the Commodity Futures Trading Commission.

8 — A real estate investment trust.

9 — An entity registered at all times during the tax year under the Investment Company Act of 1940.

10 — A common trust fund operated by a bank under section 584(a).

11 — A financial institution as defined under section 581.

12 — A middleman known in the investment community as a nominee or custodian.

13 — A trust exempt from tax under section 664 or described in section 4947.

The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.

---

| | |
|:---|:---|
| **IF the payment is for...** | **THEN the payment is exempt for…** |
| &nbsp;&nbsp;&nbsp;&nbsp;• Interest and dividend payments | All exempt payees except for 7. |
| &nbsp;&nbsp;&nbsp;&nbsp;• Broker transactions | Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities acquired prior to 2012. |
| &nbsp;&nbsp;&nbsp;&nbsp;• Barter exchange transactions and patronage dividends | Exempt payees 1 through 4. |
| &nbsp;&nbsp;&nbsp;&nbsp;• Payments over $600 required to be reported and direct sales over $5,000<sup>1</sup> | Generally, exempt payees 1 through 5.<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;• Payments made in settlement of payment card or third-party network transactions | Exempt payees 1 through 4. |

---

<sup>1</sup> See Form 1099-MISC, Miscellaneous Information, and its instructions. 

<sup>2</sup> However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys' fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency. 

**Exemption from FATCA reporting code.** The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with "Not Applicable" (or any similar indication) entered on the line for a FATCA exemption code.

A — An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37).

B — The United States or any of its agencies or instrumentalities.

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|:---|:---|
| Form W-9 (Rev. 3-2024) | Page<sub>4</sub> |

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C — A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.

D — A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i).

E — A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i).

F — A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state.

G — A real estate investment trust.

H — A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940.

I — A common trust fund as defined in section 584(a).

J — A bank as defined in section 581.

K — A broker.

L — A trust exempt from tax under section 664 or described in section 4947(a)(1).

M — A tax-exempt trust under a section 403(b) plan or section 457(g) plan.

**Note:** You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.

**Line 5** 

Enter your address (number, street, and apartment or suite number). This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, enter "NEW" at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.

**Line 6** 

Enter your city, state, and ZIP code.

**Part I. Taxpayer Identification Number (TIN)** 

**Enter your TIN in the appropriate box.** If you are a resident alien and you do not have, and are not eligible to get, an SSN, your TIN is your IRS ITIN. Enter it in the entry space for the Social security number. If you do not have an ITIN, see *How to get a TIN* below.

If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.

If you are a single-member LLC that is disregarded as an entity separate from its owner, enter the owner's SSN, (or EIN, if the owner has one). If the LLC is classified as a corporation or partnership, enter the entity's EIN.

**Note:** See *What Name and Number To Give the Requester*, later, for further clarification of name and TIN combinations.

**How to get a TIN.** If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local SSA office or get this form online at *www.SSA.gov*. You may also get this form by calling 800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at *www.irs.gov/EIN*. Go to *www.irs.gov/Forms* to view, download, or print Form W-7 and/or Form SS-4. Or, you can go to *www.irs.gov/OrderForms* to place an order and have Form W-7 and/or Form SS-4 mailed to you within 15 business days.

If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and enter "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, you will generally have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide your TIN to the requester.

**Note:** Entering "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon. See also *Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding*, earlier, for when you may instead be subject to withholding under chapter 3 or 4 of the Code.

**Caution:** A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.

**Part II. Certification** 

To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.

For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see *Exempt payee* code, earlier.

**Signature requirements.** Complete the certification as indicated in items 1 through 5 below.

&nbsp;&nbsp;&nbsp;&nbsp;**1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983.** You must give your correct TIN, but you do not have to sign the certification.

&nbsp;&nbsp;&nbsp;&nbsp;**2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983.** You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;**3. Real estate transactions.** You must sign the certification. You may cross out item 2 of the certification.

&nbsp;&nbsp;&nbsp;&nbsp;**4. Other payments.** You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third-party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).

&nbsp;&nbsp;&nbsp;&nbsp;**5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions.** You must give your correct TIN, but you do not have to sign the certification.

**What Name and Number To Give the Requester** 

---

| | | |
|:---|:---|:---|
| | **For this type of account:** | **Give name and SSN of:** |
| 1. | Individual | The individual |
| 2. | Two or more individuals (joint account) other than an account maintained by an FFI | The actual owner of the account or, if combined funds, the first individual on the account<sup>1</sup> |
| 3. | Two or more U.S. persons (joint account maintained by an FFI) | Each holder of the account |
| 4. | Custodial account of a minor (Uniform Gift to Minors Act) | The minor<sup>2</sup> |
| 5. | a. The usual revocable savings trust (grantor is also trustee) | The grantor-trustee<sup>1</sup> |
|  | b. So-called trust account that is not a legal or valid trust under state law | The actual owner<sup>1</sup> |
| 6. | Sole proprietorship or disregarded entity owned by an individual | The owner<sup>3</sup> |
| 7. | Grantor trust filing under Optional Filing Method 1 (see Regulations section 1.671-4(b)(2)(i)(A))\*\* | The grantor\* |
| **For this type of account:** | **For this type of account:** | **Give name and EIN of:** |
| 8. | Disregarded entity not owned by an individual | The owner |
| 9. | A valid trust, estate, or pension trust | Legal entity<sup>4</sup> |
| 10. | Corporation or LLC electing corporate status on Form 8832 or Form 2553 | The corporation |
| 11. | Association, club, religious, charitable, educational, or other tax-exempt organization | The organization |
| 12. | Partnership or multi-member LLC | The partnership |
| 13. | A broker or registered nominee | The broker or nominee |
| 14. | Account with the Department of Agriculture in the name of a public entity (such as a state or local government, school district, or prison) that receives agricultural program payments | The public entity |
| 15. | Grantor trust filing Form 1041 or under the Optional Filing Method 2, requiring Form 1099 (see Regulations section 1.671-4(b)(2)(i)(B))\*\* | The trust |

---

<sup>1</sup> List first and circle the name of the person whose number you furnish. If only one person on a joint account has an SSN, that person's number must be furnished.

<sup>2</sup> Circle the minor's name and furnish the minor's SSN.

<sup>3</sup> You must show your individual name on line 1, and enter your business or DBA name, if any, on line 2. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN.

<sup>4</sup> List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.)

\* **Note:** The grantor must also provide a Form W-9 to the trustee of the trust.

\*\* For more information on optional filing methods for grantor trusts, see the Instructions for Form 1041.

**Note:** If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.

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|:---|:---|
| Form W-9 (Rev. 3-2024) | Page<sub>5</sub> |

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**Secure Your Tax Records From Identity Theft** 

Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.

To reduce your risk:

• Protect your SSN,

• Ensure your employer is protecting your SSN, and

• Be careful when choosing a tax return preparer.

If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.

If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity, or a questionable credit report, contact the IRS Identity Theft Hotline at 800-908-4490 or submit Form 14039.

For more information, see Pub. 5027, Identity Theft Information for Taxpayers.

Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake line at 877-777-4778 or TTY/TDD 800-829-4059.

**Protect yourself from suspicious emails or phishing schemes.** Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.

The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.

If you receive an unsolicited email claiming to be from the IRS, forward this message to *phishing@irs.gov*. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 800-366-4484. You can forward suspicious emails to the Federal Trade Commission at *spam@uce.gov* or report them at *www.ftc.gov/complaint*. You can contact the FTC at *www.ftc.gov/idtheft* or 877-IDTHEFT (877-438-4338). If you have been the victim of identity theft, see *www.IdentityTheft.gov* and Pub. 5027.

Go to *www.irs.gov/IdentityTheft* to learn more about identity theft and how to reduce your risk.

**Privacy Act Notice** 

Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and territories for use in administering their laws. The information may also be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payors must generally withhold a percentage of taxable interest, dividends, and certain other payments to a payee who does not give a TIN to the payor. Certain penalties may also apply for providing false or fraudulent information.

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| | |
|:---|:---|
| *The Depositary for the Offer to Purchase is:*<br> Continental Stock Transfer & Trust Company | *The Depositary for the Offer to Purchase is:*<br> Continental Stock Transfer & Trust Company |
| *If delivering by mail:* | *If delivering by hand, express mail, courier*<br> *or any other expedited service:* |
| Continental Stock Transfer & Trust Company<br> Attn: Corporate Actions \| Dynavax Technologies Corporation<br> One State Street - 30th Floor<br> New York, NY 10004 | Continental Stock Transfer & Trust Company<br> Attn: Corporate Actions \| Dynavax Technologies Corporation<br> One State Street - 30th Floor<br> New York, NY 10004 |

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*If delivering by Facsimile:* (212) 616-7610

**DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID DELIVERY TO THE DEPOSITARY.** 

Any questions or requests for assistance may be directed to the Information Agent at its telephone number and location listed below. Requests for additional copies of this Letter of Transmittal and the Offer to Purchase may be directed to the Information Agent at its telephone number and location listed below. You may also contact your broker, dealer, commercial bank or trust company or other nominee for assistance concerning the Offer.

*The Information Agent for the Exchange Offer is:*![LOGO](g37469g00k00.jpg)

Innisfree M&A Incorporated

501 Madison Avenue, 20th floor

New York, New York 10022

Shareholders may call toll free: (877) 750-0831

Banks and Brokers may call collect: (212) 750-5833

## Ex-99.(A)(1)(C)

**Exhibit (a)(1)(C)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

**at** 

**$15.50 PER SHARE, NET IN CASH** 

**Pursuant to the Offer to Purchase dated January 12, 2026** 

**by** 

**SAMBA MERGER SUB, INC.** 

**an indirect wholly owned subsidiary of** 

**SANOFI** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE FOLLOWING 11:59 P.M., EASTERN TIME, ON FEBRUARY 9, 2026, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

January 12, 2026

To Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees:

We have been engaged by Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>"), to act as information agent (the "<u>Information Agent</u>") in connection with Purchaser's offer to purchase all of the outstanding shares of common stock, par value $0.001 per share (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>") of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share, in cash (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 12, 2026 (the "<u>Offer to Purchase</u>") and in the related letter of transmittal (the "<u>Letter of Transmittal</u>," which, together with the Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>") enclosed herewith. The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), by and among the Company, Parent and Purchaser. Please furnish copies of the enclosed materials to those of your clients for whom you hold Shares registered in your name or in the name of your nominee.

**THE BOARD OF DIRECTORS OF THE COMPANY UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS TENDER ALL OF THEIR SHARES TO PURCHASER PURSUANT TO THE OFFER.** 

**The Offer is not subject to any financing condition. The conditions to the Offer are described in Section 15 of the Offer to Purchase.** 

For your information and for forwarding to your clients for whom you hold Shares registered in your name or in the name of your nominee, we are enclosing the following documents:

1. The Offer to Purchase;

2. The Letter of Transmittal (together with the included Internal Revenue Service Form W-9) for your use in accepting the Offer and tendering Shares and for the information of your clients;

3. A form of letter which may be sent to your clients for whose accounts you hold Shares registered in your name
or in the name of your nominee, with space provided for obtaining such clients' instructions with regard to the Offer;

4. The Company's Solicitation/Recommendation Statement on Schedule 14D-9, dated January 12, 2026.

------

**We urge you to contact your clients as promptly as possible. Please note that the Offer will expire at one minute following 11:59 P.M., Eastern Time, on February 9, 2026, unless the Offer is extended by the Purchaser or earlier terminated. Previously tendered Shares may be withdrawn at any time until the Offer has expired, and if not previously accepted for payment, may also be withdrawn at any time after March 13, 2026, pursuant to SEC (as defined in the Offer to Purchase) regulations or earlier terminated in accordance with its terms or the terms of the Merger Agreement.** 

The Offer is being made pursuant to the Merger Agreement. The Merger Agreement provides, among other things, that, as soon as practicable following the consummation of the Offer, Purchaser will merge with and into the Company (the "<u>Merger</u>," and together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>") pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, as amended (the "<u>DGCL</u>"), upon the terms and subject to the conditions set forth in the Merger Agreement. As a result of the Merger, the separate corporate existence of Purchaser will cease and the Company will continue as the surviving corporation and as an indirect wholly owned subsidiary of Parent. The Merger will be governed by Section 251(h) of the DGCL and effected without a vote of the Company's stockholders.

The Board of Directors of the Company has unanimously: (a) determined that entry into the Merger Agreement and the Transactions are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed and effected in accordance with Section 251(h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer.

For Shares to be properly tendered to the Purchaser pursuant to the Offer the share certificates or confirmation of receipt of such Shares under the procedure for book-entry transfer, together with a properly completed and duly executed Letter of Transmittal, including any required signature guarantees, or an "Agent's Message" (as defined in the Offer to Purchase) in the case of book-entry transfer, and any other documents required in the Letter of Transmittal, must be timely received by the Depositary.

Except as set forth in the Offer to Purchase, Purchaser will not pay any fees or commissions to any broker or dealer or to any other person (other than to the Depositary and the Information Agent as described in the Offer to Purchase) in connection with the solicitation of tenders of Shares pursuant to the Offer. Purchaser will, however, upon request, reimburse brokers, dealers, commercial banks and trust companies for customary mailing and handling expenses incurred by them in forwarding materials to their customers. Purchaser will pay all stock transfer taxes applicable to its purchase of Shares pursuant to the Offer, subject to Instruction 6 of the Letter of Transmittal.

Any inquiries you may have with respect to the Offer should be addressed to, and additional copies of the enclosed materials may be obtained from, the Information Agent or the undersigned at the addresses and telephone numbers set forth below.

Very truly yours,

Innisfree M&A Incorporated

**Nothing contained herein or in the enclosed documents shall render you the agent of Purchaser, the Information Agent or the Depositary or any affiliate of any of them or authorize you or any other person to use any document or make any statement on behalf of any of them in connection with the Offer, including the Transactions, other than the enclosed documents and the statements contained therein.** 

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*The Information Agent for the Offer is:*![LOGO](g37469g00k00.jpg)

Innisfree M&A Incorporated

501 Madison Avenue, 20th floor

New York, New York 10022

Shareholders may call toll free: (877) 750-0831

Banks and Brokers may call collect: (212) 750-5833

## Ex-99.(A)(1)(D)

**Exhibit (a)(1)(D)** 

**Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

**at** 

**$15.50 PER SHARE, NET IN CASH** 

**Pursuant to the Offer to Purchase dated January 12, 2026** 

**by** 

**SAMBA MERGER SUB, INC.** 

**an indirect wholly owned subsidiary** 

**of SANOFI** 

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE** 

**FOLLOWING 11:59 P.M., EASTERN TIME, ON FEBRUARY 9, 2026,** 

**UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

January 12, 2026

To Our Clients:

Enclosed for your consideration are the Offer to Purchase, dated January 12, 2026 (the "<u>Offer to Purchase</u>"), and the related letter of transmittal (the "<u>Letter of Transmittal</u>"), in connection with the offer by Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of Sanofi, a French *société anonyme* ("<u>Parent</u>"), to purchase all of the outstanding shares of common stock par value $0.001 per share (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>") of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share, in cash (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Letter of Transmittal (which, together with the Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>").

Also enclosed is the Company's Solicitation/Recommendation Statement on Schedule 14D-9.

**THE BOARD OF DIRECTORS OF DYNAVAX TECHNOLOGIES CORPORATION UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS TENDER ALL OF THEIR SHARES TO PURCHASER PURSUANT TO THE OFFER.** 

We or our nominees are the holder of record of Shares held for your account. A tender of such Shares can be made only by us as the holder of record and pursuant to your instructions. The Letter of Transmittal is furnished to you for your information only and cannot be used by you to tender Shares held by us for your account.

**We request instructions as to whether you wish us to tender any or all of the Shares held by us for your account, upon the terms and subject to the conditions set forth in the enclosed Offer to Purchase and the Letter of Transmittal.** 

Please note carefully the following:

1. The offer price for the Offer is $15.50 per Share in cash, without interest, subject to any applicable withholding taxes.

2. The Offer is being made for all outstanding Shares.

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3. The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), by and among the Company, Parent and Purchaser. The Merger Agreement provides, among other things, that, as soon as practicable following the consummation of the Offer and subject to the satisfaction or waiver of certain conditions, Purchaser will merge with and into the Company pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, as amended (the "<u>DGCL</u>"), with the Company continuing as the surviving corporation and an indirect wholly owned subsidiary of Parent upon the terms and subject to the conditions set forth in the Merger Agreement, (the "<u>Merger,</u>" and together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>"). The Merger will be effected without a vote of the Company's stockholders in accordance with Section 251(h) of the DGCL.

4. The Board of Directors of the Company has unanimously: (a) determined that entry into the Merger Agreement and the Transactions are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed and effected in accordance with Section 251(h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer.

5. The Offer will expire at one minute following 11:59 P.M., Eastern Time, on February 9, 2026, unless the Offer is extended by the Purchaser or earlier terminated. Previously tendered Shares may be withdrawn at any time until the Offer has expired, and if not previously accepted for payment at any time, after March 13, 2026, pursuant to SEC (as defined in the Offer to Purchase) regulations or earlier terminated in accordance with its terms or the terms of the Merger Agreement.

6. The Offer is not subject to a financing condition. The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the conditions set forth in Section 15 of the Offer to Purchase (collectively, the "<u>Offer Conditions</u>"). Among the Offer Conditions are: (a) the Minimum Condition (as defined below); (b) the Regulatory Condition (as defined below); (c) the accuracy of the Company's representations and warranties set forth in the Merger Agreement as of specified times, and the performance of the Company's covenants set forth in the Merger Agreement, in each case, to specified standards of materiality; and (d) since the date of the Merger Agreement, there not having occurred a Material Adverse Effect (as defined in the Offer to Purchase) that is continuing. The "Minimum Condition" means that there shall have been validly tendered in the Offer and "received" by the "depositary" (as such terms are used in Section 251(h) of the DGCL), and not validly withdrawn, prior to the Expiration Date, that number of Shares that, together with the number of Shares, if any, then owned beneficially by Parent and Purchaser (together with their wholly owned subsidiaries), represents at least a majority of the Shares outstanding as of the consummation of the Offer; and the "Regulatory Condition," requires (i) that any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, shall have expired or been terminated and (ii) the satisfaction of certain additional antitrust and foreign investment (FDI) filings and the absence of certain orders or laws prohibiting the Offer or the Merger.

If you wish to have us tender any or all of your Shares, then please so instruct us by completing, executing, detaching and returning to us the Instruction Form on the detachable part hereof. An envelope to return your instructions to us is enclosed. If you authorize tender of your Shares, all such Shares will be tendered unless otherwise specified on the Instruction Form.

**Your prompt action is requested. Your Instruction Form should be forwarded to us in ample time to permit us to submit the tender on your behalf before the expiration of the Offer.** 

The Offer is being made to all holders of Shares. Purchaser is not aware of any jurisdiction in which the making of the Offer or the acceptance thereof would be prohibited by securities, "blue sky" or other valid laws of such jurisdiction. If Purchaser becomes aware of any U.S. state in which the making of the Offer or the acceptance of

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Shares pursuant thereto would not be in compliance with an administrative or judicial action taken pursuant to a U.S. state statute, Purchaser will make a good faith effort to comply with any such law. If, after such good faith effort, Purchaser cannot comply with any such law, the Offer will not be made to (nor will tenders be accepted from or on behalf of) the holders of Shares in such state. In any jurisdictions where applicable laws require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.

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**INSTRUCTION FORM** 

**With Respect to the Offer to Purchase** 

**All Outstanding Shares of Common Stock** 

**of** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

**at** 

**$15.50 PER SHARE, NET IN CASH** 

**Pursuant to the Offer to Purchase dated January 12, 2026** 

**by** 

**SAMBA MERGER SUB, INC.** 

**an indirect wholly owned subsidiary** 

**of** 

**SANOFI** 

The undersigned acknowledge(s) receipt of your letter and the enclosed Offer to Purchase, dated January 12, 2026 (the "Offer to Purchase"), and the related letter of transmittal (the "<u>Letter of Transmittal</u>") in connection with the offer by Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of Sanofi, a French *société anonyme* ("<u>Parent</u>"), to purchase all of the outstanding shares of common stock, par value $0.001 per share (the "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share, in cash (the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase and in the related Letter of Transmittal (which, together with the Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>").

The undersigned hereby instruct(s) you to tender to Purchaser the number of Shares indicated below (or, if no number is indicated, all Shares) which are held by you for the account of the undersigned, upon the terms and subject to the conditions set forth in the Offer.

**The method of delivery of this document is at the election and risk of the tendering stockholder. If delivery is by mail, then using registered mail with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure delivery by the expiration of the Offer.** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Number of Shares to be Tendered: | SIGN HERE |
| &nbsp;&nbsp;&nbsp;Shares\* | Signature(s) |
| &nbsp;&nbsp;&nbsp; <br> Account No. <br>Dated , 20<br>**Area Code and Phone Number** |  |
| &nbsp;&nbsp;&nbsp;**Tax Identification Number or Social Security Number** | **Please Print name(s) and address(es) here** |

---

**\*** **Unless otherwise indicated, it will be assumed that all Shares held by us for your account are to be tendered.**

## Ex-99.(A)(1)(E)

**Exhibit (a)(1)(E)** 

*This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solely pursuant to the Offer to Purchase, dated January 12, 2026, and the related Letter of Transmittal and any amendments or supplements to such Offer to Purchase or Letter of Transmittal and is being made to all holders of Shares. The Offer is not being made to (nor will tenders be accepted from or on behalf of) holders of Shares in any jurisdiction in which the making of the Offer or the acceptance thereof would not be in compliance with the securities, "blue sky" or other laws of such jurisdiction. In those jurisdictions where applicable laws or regulations require the Offer to be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf of Purchaser (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Purchaser.* 

**Notice of Offer to Purchase** 

**All Outstanding Shares of Common Stock of** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

**at** 

**$15.50 PER SHARE, NET IN CASH** 

**Pursuant to the Offer to Purchase dated January 12, 2026** 

**by** 

**SAMBA MERGER SUB, INC.** 

**an indirect wholly owned subsidiary** 

**of** 

**SANOFI** 

Samba Merger Sub, Inc., a Delaware corporation ("<u>Purchaser</u>") and an indirect wholly owned subsidiary of SANOFI, a French *société anonyme* ("<u>Parent</u>"), is offering to purchase all of the outstanding shares of common stock (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>"), of Dynavax Technologies Corporation, a Delaware corporation (the "<u>Company</u>"), for $15.50 per Share, in cash (such amount or any higher amount per share paid pursuant to the Offer, being the "<u>Offer Price</u>"), without interest, subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated January 12, 2026 (the "<u>Offer to Purchase</u>"), and in the related letter of transmittal (the "<u>Letter of Transmittal</u>" which, together with the Offer to Purchase, as they may be amended or supplemented from time to time, collectively constitute the "<u>Offer</u>").

Stockholders of record who tender directly to Continental Stock Transfer & Trust Company (the "<u>Depositary</u>") will not be obligated to pay brokerage fees or commissions or, except as may be set forth in the Letter of Transmittal, stock transfer taxes with respect to the purchase of Shares by Purchaser pursuant to the Offer. Stockholders who hold their Shares through a broker, dealer, commercial bank, trust company or other nominee should consult such institution as to whether it charges any service fees or commissions.

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE FOLLOWING 11:59 P.M., EASTERN TIME, ON FEBRUARY 9, 2026 (SUCH DATE, OR ANY SUBSEQUENT DATE TO WHICH THE EXPIRATION OF THE OFFER IS EXTENDED, THE "<u>EXPIRATION DATE</u>"), UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.** 

The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of December 23, 2025 (as it may be amended, supplemented or otherwise modified from time to time, the "<u>Merger Agreement</u>"), by and among the Company, Parent and Purchaser. The Merger Agreement provides, among other things, that, as soon as practicable following the consummation of the Offer, Purchaser will merge with and into the Company pursuant to Section 251(h) of the General Corporation Law of the State of Delaware, as amended (the "<u>DGCL</u>"), upon the terms and subject to the conditions set forth in the Merger Agreement, with the Company continuing as the surviving corporation and as an indirect wholly owned subsidiary of Parent (the "<u>Merger</u>," and together with the Offer and the other transactions contemplated by the Merger Agreement, the "<u>Transactions</u>"). In the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (the "<u>Effective Time</u>"), other than Shares (a) held in the treasury of the Company or owned by the

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Company or any direct or indirect wholly owned subsidiary of the Company (other than, in each case, Shares that are held in a fiduciary or agency capacity and are beneficially owned by third parties), by Parent, Purchaser or any direct or indirect wholly owned subsidiary of Parent or by stockholders of the Company who have properly exercised and perfected their statutory rights of appraisal under the DGCL or (b) irrevocably accepted by Purchaser for payment in the Offer, will be converted into the right to receive the Offer Price, without interest and subject to any applicable withholding taxes. As a result of the Merger, the Company will cease to be publicly traded.

Pursuant to the terms of the Merger Agreement, as of the Effective Time, except as otherwise provided below, (a) each option to purchase shares granted under a Company equity plan (each, a "Company Stock Option") that is outstanding immediately prior to the Effective Time, whether vested or unvested, will fully vest (in the case of performance-based options, assuming the applicable level of attainment provided for in the Merger Agreement), be cancelled and entitle the holder to receive for each Share underlying such Company Stock Option a cash amount equal to the excess of (x) the Offer Price over (y) the exercise price payable per Share under such Company Stock Option (without interest and less applicable tax withholdings); (b) each restricted stock unit granted under a Company equity plan (each, a "Company RSU") that is outstanding immediately prior to the Effective Time, whether vested or unvested, will be cancelled and entitle the holder to receive a cash amount equal to the Offer Price for each Share underlying such Company RSU (without interest and less applicable tax withholdings) and (c) each performance-based restricted stock unit (each, a "<u>Company PSU</u>") that is outstanding immediately prior to the Effective Time, whether vested or unvested, will be cancelled and entitle the holder to receive a cash amount equal to the Offer Price for each Share underlying such Company PSU (without interest and less applicable tax withholdings) that would be issuable in settlement of such Company PSU based on the applicable level of attainment provided for in the Merger Agreement. The foregoing treatment of the Company's outstanding equity incentive awards will not apply to 50% of the unvested Company Stock Options and Company RSUs granted in calendar year 2025 (in each case, other than Company Stock Options and Company RSUs granted to non-employee members of the Company Board) and Company PSUs that were granted in calendar year 2025 and Company RSUs granted in 2026 (other than Company RSUs granted to non-employee members of the Company Board) (if any), in each case, that are outstanding immediately prior to the Effective Time. Instead, such Company Stock Options, Company RSUs and Company PSUs will be cancelled and converted into cash-based awards (based on the Offer Price less, in the case of Company Stock Options, the applicable exercise price per Share underlying such Company Stock Option) (without interest and less applicable tax withholdings). Each such converted cash-based award (and the right to payment in respect thereof) will be subject to the terms and conditions (including vesting (other than the performance-based vesting conditions), forfeiture and acceleration provisions) applicable to the corresponding Company Stock Options, Company RSUs and Company PSUs immediately prior to the Effective Time, subject (i) in the case of such converted 2025 cash-based awards, to vesting and payment on the date that is six months following the closing date of the Merger and (ii) in the case of such converted 2026 cash-based awards (if any), to vesting and payment on the date that is one-year following the closing date of the Merger. Vesting of each such converted cash-based award is generally accelerated (on a prorated basis for 2026 equity incentive awards) upon the holder's involuntary termination prior to the applicable vesting date.

The Offer is not subject to a financing condition. The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the conditions set forth in Section 15 of the Offer to Purchase (collectively, the "<u>Offer Conditions</u>"). Among the Offer Conditions are: (a) the Minimum Condition (as defined below); (b) the Regulatory Condition (as defined below); (c) the accuracy of the Company's representations and warranties set forth in the Merger Agreement as of specified times, and the performance of the Company's covenants set forth in the Merger Agreement, in each case, to specified standards of materiality; and (d) since the date of the Merger Agreement, there not having occurred a Material Adverse Effect (as defined in the Offer to Purchase) that is continuing. The "<u>Minimum Condition</u>" means that there shall have been validly tendered in the Offer and "received" by the "depositary" (as such terms are used in Section 251(h) of the DGCL), and not validly withdrawn, prior to the Expiration Date, that number of Shares that, together with the number of Shares, if any, then owned beneficially by Parent and Purchaser (together with their wholly owned subsidiaries), represents at least a majority of the Shares outstanding as of the consummation of the Offer; and the "Regulatory Condition," requires (i) that any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, shall have expired or been terminated and (ii) the satisfaction of certain additional antitrust and foreign investment (FDI) filings and the absence of certain orders or laws prohibiting the Offer or the Merger.

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The Board of Directors of the Company has unanimously: (a) determined that the entry into the Merger Agreement and the Transactions are advisable and fair to, and in the best interests of, the Company and its stockholders; (b) determined that the Merger shall be governed and effected in accordance with Section 251 (h) of the DGCL; (c) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Offer and the Merger; and (d) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer.

The Merger Agreement provides that, subject to the terms and conditions in the Merger Agreement, (a) if, as of the then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, Purchaser may extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension, to permit such Offer Condition to be satisfied, (b) Purchaser will extend the Offer for any period required by any law, rule, regulation, interpretation or position of the Securities and Exchange Commission (the "<u>SEC</u>"), the staff thereof, or the Nasdaq Global Select Market ("<u>Nasdaq</u>") applicable to the Offer, and (c) if, as of any then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, at the request of the Company delivered at or prior to such Expiration Date, Purchaser will extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension (as set forth in the Company's extension request), in order to permit such Offer Condition to be satisfied.

Purchaser shall not, without the Company's prior written consent, be required to, extend the Offer beyond the End Date (as defined below).

For purposes of the Merger Agreement, the "End Date" means June 23, 2026; provided that the End Date may be extended by either Parent or the Company until September 21, 2026 if any of the Regulatory Conditions are still outstanding as of the initial End Date; provided, further, that the End Date may be further extended by either Parent or the Company upon written notice to the other party prior to such extended End Date until December 20, 2026 if any of the Regulatory Conditions are still outstanding as of such extended End Date.

If the Offer is consummated, Purchaser will not seek the approval of the Company's remaining stockholders before effecting the Merger. Parent, Purchaser and the Company have elected to have the Merger Agreement and the Transactions governed by Section 251(h) of the DGCL and agreed that, subject to satisfaction of the Offer Conditions and the conditions to the Merger set forth in the Merger Agreement, the Merger will be effected as soon as practicable following the consummation of the Offer. Under Section 251(h) of the DGCL, the consummation of the Merger does not require a vote or action by written consent of the Company's stockholders.

The Merger Agreement provides, among other things, that, without the prior written consent of the Company, Purchaser will not (a) decrease the Offer Price, (b) change the form of consideration payable in the Offer, (c) decrease the maximum number of Shares sought to be purchased in the Offer, (d) impose conditions or requirements to the Offer in addition to the Offer Conditions, (e) amend or modify any of the Offer Conditions or any other terms or conditions of the Merger Agreement in a manner that adversely affects, or would reasonably be expected to adversely affect, any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the ability of Parent or Purchaser to consummate the Offer, the Merger or the other Transactions, (f) change or waive the Minimum Tender Condition or the Regulatory Condition, (g) terminate the Offer or accelerate, extend or otherwise change the Expiration Date in a manner other than as required or permitted by the Merger Agreement or (h) provide any "subsequent offering period" (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act.

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For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered to Purchaser and not validly withdrawn as, if and when it or Parent gives notice to the Depositary of its acceptance for payment of such Shares pursuant to the Offer. Upon the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the Offer Price for such Shares with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments from Parent and Purchaser and transmitting such payments to tendering stockholders whose Shares have been accepted for payment. **Under no circumstances will Parent or Purchaser pay interest on the Offer Price for Shares, regardless of any extension of the Offer or any delay in making such payment.**

In all cases, Purchaser will pay for Shares tendered and accepted for payment pursuant to the Offer only after timely receipt by the Depositary of (a) the certificates evidencing such Shares (the "<u>Share Certificates</u>") or timely confirmation of a book-entry transfer of such Shares into the Depositary's account at The Depositary Trust Company ("<u>DTC</u>") pursuant to the procedures set forth in Section 3 of the Offer to Purchase, (b) the Letter of Transmittal (or a manually signed facsimile thereof), properly completed and duly executed, with any required signature guarantees, or (c) any other documents required by the Letter of Transmittal or, in the case of a book-entry transfer, an Agent's Message (as defined in the Offer to Purchase) in lieu of the Letter of Transmittal and such other documents. Accordingly, tendering stockholders may be paid at different times depending upon when Share Certificates or book-entry transfers with respect to Shares are actually received by the Depositary.

Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, tenders are irrevocable, except that Shares tendered may also be withdrawn after March 13, 2026 if Purchaser has not accepted them for payment by that date. For a withdrawal of Shares to be effective, the Depositary must timely receive a written or facsimile transmission notice of withdrawal at one of its addresses set forth on the back cover of the Offer to Purchase. Any notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn and the names in which the Share Certificates are registered, if different from that of the person who tendered such Shares. If the Shares to be withdrawn have been delivered to the Depositary, a signed notice of withdrawal (except in the case of Shares tendered by an "eligible institution") with signatures guaranteed by an eligible institution must be submitted before the release of such Shares. In addition, such notice must specify, in the case of Shares tendered by delivery of Share Certificates, the serial numbers shown on the Share Certificates, or other identification to the Depositary, evidencing the Shares to be withdrawn or, in the case of Shares tendered by book-entry transfer, the name and number of the account at DTC to be credited with the withdrawn Shares. Withdrawals of tenders of Shares may not be rescinded and any Shares properly withdrawn will be deemed not validly tendered for purposes of the Offer. Withdrawn Shares may, however, be retendered by following one of the procedures for tendering Shares described in Section 3 of the Offer to Purchase at any time prior to the Expiration Date.

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended, is contained in the Offer to Purchase and is incorporated herein by reference.

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The Company provided Parent and Purchaser with the Company's stockholder list, mailing labels, security position listings and computer files for the purpose of disseminating the Offer to Purchase, the related Letter of Transmittal and related documents to holders of Shares. The Offer to Purchase and related Letter of Transmittal will be mailed to record holders of Shares whose names appear on the Company's stockholder list and will be furnished for subsequent transmittal to beneficial owners of Shares to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the stockholder list or, if applicable, who are listed as participants in a clearing agency's security position listing.

The receipt of cash by a holder of Shares pursuant to the Offer or the Merger will be a taxable transaction to U.S. stockholders for U.S. federal income tax purposes. See Section 5 of the Offer to Purchase for a more detailed discussion of the tax treatment of the Offer. **Stockholders should consult with their own tax advisor to determine the particular tax consequences to them of the Offer and the Merger. For a more complete description of the principal U.S. federal income tax consequences of the Offer and the Merger, see the Offer to Purchase.**

**The Offer to Purchase, the related Letter of Transmittal and the Company's Solicitation/Recommendation Statement on Schedule 14D-9 (which contains the recommendation of the Company's Board of Directors and the reasons therefor) contain important information. Stockholders should carefully read all documents in their entirety before any decision is made with respect to the Offer.** 

Questions or requests for assistance may be directed to Innisfree M&A Incorporated (the "<u>Information Agent</u>") at the address and telephone numbers set forth below. Requests for copies of the Offer to Purchase, the related Letter of Transmittal and other tender offer materials may be directed to the Information Agent or to brokers, dealers, commercial banks or trust companies. Such copies will be furnished promptly at Purchaser's expense. Purchaser will not pay any fees or commissions to any broker or dealer or any other person (other than the Information Agent or the Depositary) for soliciting tenders of Shares pursuant to the Offer.

*The Information Agent for the Offer is:*![LOGO](g37469g0110031035427.jpg)

Innisfree M&A Incorporated

501 Madison Avenue, 20th floor

New York, New York 10022

Shareholders may call toll free: (877) 750-0831

Banks and Brokers may call collect: (212) 750-5833

## Ex-99.(D)(1)

**Exhibit (d)(1)** 

Execution Version

**AGREEMENT AND PLAN OF MERGER** 

among:

**SANOFI,** 

a French *société anonyme*;

**SAMBA MERGER SUB, INC.,** 

a Delaware corporation; and

**DYNAVAX TECHNOLOGIES CORPORATION**,

a Delaware corporation

Dated as of December 23, 2025

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **SECTION 1.THE OFFER** | **SECTION 1.THE OFFER** | 1 |
| **1.1** | **The Offer** | 1 |
| **1.2** | **Company Actions** | 4 |
| **SECTION 2. MERGER TRANSACTION** | **SECTION 2. MERGER TRANSACTION** | 5 |
| **2.1** | **Merger of Purchaser into the Company** | 5 |
| **2.2** | **Effect of the Merger** | 5 |
| **2.3** | **Closing; Effective Time** | 5 |
| **2.4** | **Certificate of Incorporation and Bylaws; Directors and Officers** | 5 |
| **2.5** | **Conversion of Shares** | 5 |
| **2.6** | **Surrender of Certificates; Stock Transfer Books** | 6 |
| **2.7** | **Appraisal Rights** | 8 |
| **2.8** | **Treatment of Options, RSUs and PSUs** | 8 |
| **2.9** | **Withholding** | 10 |
| **2.10** | **Further Action** | 10 |
| **SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | **SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY** | 11 |
| **3.1** | **Due Organization; Subsidiaries, Etc**. | 11 |
| **3.2** | **Certificate of Incorporation and Bylaws** | 11 |
| **3.3** | **Capitalization, Etc**. | 11 |
| **3.4** | **SEC Filings; Financial Statements** | 13 |
| **3.5** | **Absence of Changes** | 14 |
| **3.6** | **Title to Assets** | 15 |
| **3.7** | **Real Property** | 15 |
| **3.8** | **Intellectual Property** | 15 |
| **3.9** | **Data Protection; Company Systems** | 17 |
| **3.10** | **Contracts** | 18 |
| **3.11** | **Liabilities** | 20 |
| **3.12** | **Compliance with Law** | 20 |
| **3.13** | **Regulatory Matters** | 21 |
| **3.14** | **Certain Business Practices** | 22 |
| **3.15** | **Governmental Authorizations** | 22 |
| **3.16** | **Governmental Contracts** | 22 |
| **3.17** | **Tax Matters** | 23 |
| **3.18** | **Employee Matters; Benefit Plans** | 24 |
| **3.19** | **Environmental Matters** | 26 |
| **3.20** | **Insurance** | 27 |
| **3.21** | **Legal Proceedings; Orders** | 27 |
| **3.22** | **Authority; Binding Nature of Agreement** | 27 |
| **3.23** | **Section 203 of the DGCL** | 27 |
| **3.24** | **Merger Approval** | 28 |
| **3.25** | **Non-Contravention; Consents** | 28 |
| **3.26** | **Opinion of Financial Advisor** | 28 |
| **3.27** | **Financial Advisors** | 28 |
| **SECTION 4. REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER** | **SECTION 4. REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER** | 28 |
| **4.1** | **Due Organization** | 28 |
| **4.2** | **Purchaser** | 29 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **4.3** | **Authority; Binding Nature of Agreement** | 29 |
| **4.4** | **Non-Contravention; Consents** | 29 |
| **4.5** | **Disclosure** | 29 |
| **4.6** | **Absence of Litigation** | 30 |
| **4.7** | **Funds** | 30 |
| **4.8** | **Ownership of** | 30 |
| **4.9** | **No Competitive Holdings** | 30 |
| **4.10** | **Brokers and Other Advisors** | 30 |
| **4.11** | **Acknowledgement by Parent and Purchaser** | 30 |
| **SECTION 5. COVENANTS** | **SECTION 5. COVENANTS** | 31 |
| **5.1** | **Access to Information** | 31 |
| **5.2** | **Operation of the Company** | 32 |
| **5.3** | **No Solicitation** | 36 |
| **5.4** | **Company Board Recommendation** | 37 |
| **5.5** | **Filings, Consents and Approvals** | 39 |
| **5.6** | **Company Stock Awards** | 41 |
| **5.7** | **Employee Benefits** | 42 |
| **5.8** | **Indemnification of Officers and Directors**. | 44 |
| **5.9** | **Securityholder Litigation** | 45 |
| **5.10** | **Disclosure** | 45 |
| **5.11** | **Takeover Laws** | 46 |
| **5.12** | **Notice of Developments** | 46 |
| **5.13** | **Section 16 Matters** | 46 |
| **5.14** | **Rule 14d-10 Matters** | 46 |
| **5.15** | **Purchaser Stockholder Consent** | 46 |
| **5.16** | **Stock Exchange Delisting; Deregistration** | 46 |
| **5.17** | **Convertible Notes; Capped Calls** | 47 |
| **SECTION 6. CONDITIONS PRECEDENT TO THE MERGER** | **SECTION 6. CONDITIONS PRECEDENT TO THE MERGER** | 48 |
| **6.1** | **No Restraints** | 48 |
| **6.2** | **Consummation of Offer** | 48 |
| **SECTION 7. TERMINATION** | **SECTION 7. TERMINATION** | 48 |
| **7.1** | **Termination** | 48 |
| **7.2** | **Effect of Termination** | 49 |
| **7.3** | **Expenses; Termination Fees** | 50 |
| **SECTION 8. MISCELLANEOUS PROVISIONS** | **SECTION 8. MISCELLANEOUS PROVISIONS** | 51 |
| **8.1** | **Amendment** | 51 |
| **8.2** | **Waiver** | 51 |
| **8.3** | **No Survival of Representations, Warranties** | 52 |
| **8.4** | **Entire Agreement; Counterparts** | 52 |
| **8.5** | **Applicable Laws; Jurisdiction; Specific Performance; Remedies** | 52 |
| **8.6** | **Assignability** | 53 |
| **8.7** | **No Third Party Beneficiaries** | 53 |
| **8.8** | **Notices** | 53 |
| **8.9** | **Severability** | 54 |

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**TABLE OF CONTENTS** 

(continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Page** | **Page** |
| **8.10** | **Obligation of Parent** |  | 54 |
| **8.11** | **Transfer Taxes** |  | 54 |
| **8.12** | **Company Disclosure Letter** |  | 54 |
| **8.13** | **Construction** |  | 55 |

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<u>Exhibits</u> 

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| | |
|:---|:---|
| Exhibit A | Definitions |
| Exhibit B | Form of Certificate of Incorporation of Surviving Corporation |
| Exhibit C | Form of Bylaws of Surviving Corporation |

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<u>Annexes</u> 

Annex I Conditions to the Offer

iii. ------

**AGREEMENT AND PLAN OF MERGER** 

**THIS AGREEMENT AND PLAN OF MERGER** is made and entered into as of December 23, 2025 (the "***Agreement Date***"), by and among: Sanofi, a French *société anonyme* ("***Parent***"), Samba Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("***Purchaser***"); and Dynavax Technologies Corporation, a Delaware corporation (the "***Company***"). Certain capitalized terms used in this Agreement are defined in <u>Exhibit</u> <u>A</u>.

**RECITALS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Upon the terms and subject to the conditions of this Agreement, Parent has agreed to cause Purchaser to commence a cash tender offer (as it may be amended from time to time as permitted under this Agreement, the "***Offer***") to acquire all of the outstanding shares of Company Common Stock (the "***Shares***") for $15.50 per Share (such amount or any higher amount per share paid pursuant to the Offer, being the "***Offer Price***") to the seller in cash, without interest, subject to any applicable withholding Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Following the consummation of the Offer, Purchaser will be merged with and into the Company (the "***Merger***"), with the Company continuing as the surviving corporation in the Merger (the "***Surviving Corporation***"), on the terms and subject to the conditions set forth in this Agreement, whereby, except as expressly provided in <u>Section</u> <u>2.5</u>, (i) each issued and outstanding Share (other than any Excluded Shares) as of the Effective Time shall be converted into the right to receive the Offer Price, without interest, subject to any applicable withholding Taxes and (ii) the Company shall become an indirect wholly owned Subsidiary of Parent as a result of the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The board of directors of the Company (the "***Company Board***") has unanimously (i) determined that the entry into this Agreement and the consummation of Transactions are advisable and fair to, and in the best interest of, the Company and its stockholders, (ii) determined that the Merger shall be governed and effected in accordance with Section 251(h) of the DGCL, (iii) authorized and approved the execution, delivery and performance by the Company of this Agreement and the consummation of the Transactions, including the Offer and the Merger, and (iv) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer (the recommendation of the Company Board, the "***Company Board Recommendation***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The board of directors of each of Parent and Purchaser has (i) determined that the entry into this Agreement and the consummation of the Transactions are advisable, and in the best interest of Parent and Purchaser and their respective stockholders and (ii) authorized and approved the execution, delivery and performance by each of Parent and Purchaser of this Agreement and the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Each of Parent, Purchaser and the Company acknowledges and agrees that the Merger shall be effected pursuant to Section 251(h) of the DGCL and shall, subject to satisfaction of the conditions set forth in this Agreement, be consummated as soon as practicable following the Offer Acceptance Time.

**AGREEMENT** 

The Parties to this Agreement, intending to be legally bound, agree as follows:

**SECTION 1. THE OFFER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 The Offer**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Commencement of the Offer**. Provided that this Agreement has not have been terminated in accordance with <u>Section</u> <u>7</u>, as promptly as practicable after the Agreement Date but in no event later than

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ten (10) business days (or such other date as mutually agreed to by the Company and Parent (such agreement by either Party not to be unreasonably withheld, delayed or conditioned)), Purchaser shall (and Parent shall cause Purchaser to) commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Terms and Conditions of the Offer**. Subject to satisfaction or (to the extent permitted) waiver of the conditions set forth in <u>Annex I</u> (collectively, the "***Offer Conditions***"), as soon as practicable after the Expiration Date, Purchaser shall (and Parent shall cause Purchaser to) consummate the Offer in accordance with its terms, and promptly accept for payment and promptly thereafter pay for all Shares validly tendered and not properly withdrawn pursuant to the Offer. The Offer shall be made by means of an offer to purchase (the "***Offer to Purchase***") that contains the terms set forth in this Agreement and the Offer Conditions. Purchaser expressly reserves the right to (i) increase the Offer Price, (ii) waive any Offer Condition and (iii) make any other changes to the terms and conditions of the Offer not inconsistent with the terms of this Agreement; *provided, however,* that without the prior written consent of the Company, Purchaser shall not (and Parent shall cause Purchaser not to) (A) decrease the Offer Price, (B) change the form of consideration payable in the Offer, (C) decrease the maximum number of Shares sought to be purchased in the Offer, (D) impose conditions or requirements to the Offer in addition to the Offer Conditions, (E) amend or modify any of the Offer Conditions or any other terms or conditions of this Agreement in a manner that adversely affects, or would reasonably be expected to adversely affect, any holder of Shares or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the ability of Parent or Purchaser to consummate the Offer, the Merger or the other Transactions, (F) change or waive the Minimum Condition or the Regulatory Condition, (G) terminate the Offer or accelerate, extend or otherwise change the Expiration Date in a manner other than as required or permitted by this Agreement or (H) provide any "subsequent offering period" (or any extension thereof) within the meaning of Rule 14d-11 promulgated under the Exchange Act. Parent and Purchaser shall, and each of Parent and Purchaser shall ensure that all of their respective controlled Affiliates shall, tender any Shares held by them into the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Expiration and Extension of the Offer**. The Offer shall initially be scheduled to expire at one minute following 11:59 p.m., Eastern Time, on the twentieth (20<sup>th</sup>) business day following the Offer Commencement Date, determined as set forth in Rule 14d-1(g)(3) and Rule 14e-1(a) under the Exchange Act, unless otherwise agreed to in writing by Parent and the Company (such date or such subsequent date to which the expiration of the Offer is extended in accordance with the terms of this Agreement, the "***Expiration Date***"). Subject to the Parties' respective termination rights under <u>Section</u> <u>7</u>: (i) if, as of any then-scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, and if permitted hereunder and under any applicable Laws, Purchaser may, in its discretion (and without the consent of the Company or any other Person), extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension, to permit such Offer Condition to be satisfied; (ii) Purchaser shall extend the Offer from time to time for any period required by any applicable Law, any interpretation or position of the SEC or its staff or Nasdaq or its staff, in each case, applicable to the Offer; and (iii) if, as of any-then scheduled Expiration Date, any Offer Condition is not satisfied and has not been waived, at the request of the Company delivered at or prior to such Expiration Date, Purchaser shall extend the Offer on one or more occasions, for additional periods of up to ten (10) business days per extension (as set forth in the Company's extension request), in order to permit such Offer Condition to be satisfied; *provided, however,* that in no event shall Purchaser: (1) be required to extend the Offer beyond the earliest to occur of (the "***Extension Deadline***") (x) the valid termination of this Agreement in compliance with <u>Section</u> <u>7</u> and (y) the End Date; or (2) be permitted to extend the Offer beyond the Extension Deadline without the prior written consent of the Company. Purchaser shall not terminate or withdraw the Offer prior to any scheduled Expiration Date (or any rescheduled Expiration Date) without the prior written consent of the Company, except in the event that this Agreement is terminated pursuant to <u>Section</u> <u>7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Termination of Offer**. In the event that this Agreement is terminated pursuant to the terms of this Agreement, Purchaser shall (and Parent shall cause Purchaser to) promptly (and, in any event, within

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one business day of such termination), irrevocably and unconditionally terminate the Offer and shall not acquire any Shares pursuant to the Offer. If the Offer is terminated or withdrawn by Purchaser, Purchaser shall promptly return and shall cause any depository acting on behalf of Purchaser to return, in accordance with applicable Laws, all tendered Shares to the registered holders thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Offer Documents**. As promptly as practicable on the Offer Commencement Date, Parent and Purchaser shall (i) file with the SEC a tender offer statement on Schedule TO with respect to the Offer (together with all amendments, supplements and exhibits thereto, the "***Schedule TO***") that will contain or incorporate by reference the Offer to Purchase and form of the related letter of transmittal and (ii) cause the Offer to Purchase and related documents to be disseminated to holders of Shares. Parent and Purchaser agree that they shall cause the Schedule TO and all amendments, supplements and exhibits thereto (which together constitute the "***Offer Documents***") filed by either Parent or Purchaser with the SEC to comply in all material respects with the Exchange Act and the rules and regulations thereunder and other applicable Laws. Each of Parent, Purchaser and the Company agrees to promptly correct any information provided by it for use in the Offer Documents if and to the extent that such information shall have become false or misleading in any material respect, or to correct any material omissions therefrom, and Parent further agrees to take all steps necessary to cause the Offer Documents as so corrected to be filed with the SEC and to be disseminated to holders of Shares, in each case as and to the extent required by applicable federal securities laws. The Company shall promptly furnish or otherwise make available to Parent and Purchaser or Parent's legal counsel all information concerning the Company and the Company's stockholders that may be required in connection with any action contemplated by this <u>Section</u> <u>1.1(e)</u>. Parent and Purchaser shall provide the Company and its counsel reasonable opportunity to review and comment on the Offer Documents prior to the filing thereof with the SEC. Parent and Purchaser agree to provide the Company and its counsel with any comments Parent, Purchaser or their counsel may receive from the SEC or its staff with respect to the Offer Documents promptly after receiving such comments. Parent and Purchaser shall provide the Company and its counsel a reasonable opportunity to participate in the formulation of any response to any such comments of the SEC or its staff and a reasonable opportunity to participate in any discussions with the SEC or its staff concerning such comments. Parent and Purchaser shall respond promptly to any comments of the SEC or its staff with respect to the Offer Documents or the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Payment; Funds**. Without limiting the generality of <u>Section</u> <u>8.10</u>, Parent shall cause to be provided to Purchaser all of the funds necessary to purchase any Shares that Purchaser becomes obligated to purchase pursuant to the Offer, and shall cause Purchaser to perform, on a timely basis, all of Purchaser's obligations under this Agreement. Parent and Purchaser shall, and each of Parent and Purchaser shall ensure that all of their respective Affiliates shall, tender any Shares held by them into the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Adjustments to Offer Price**. If, between the Agreement Date and the Offer Acceptance Time, the outstanding Shares are changed into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Offer Price shall be appropriately adjusted, it being understood that nothing in this <u>Section</u> <u>1.1(g)</u> shall be construed to permit the Company to take any action that is expressly prohibited by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Payment; Funds**. On the terms and subject to the conditions set forth in this Agreement and the Offer, including the satisfaction or, to the extent permitted hereunder, waiver of all Offer Conditions, Purchaser shall (and Parent shall cause Purchaser to), at or as promptly as practicable following the Expiration Date (as it may be extended in accordance with <u>Section</u> <u>1.1(c)</u>), but in any event within one (1) business day thereof, irrevocably accept for payment (the time of such acceptance, the "***Offer Acceptance Time***"), and, at or as promptly as practicable following the Offer Acceptance Time, pay for, all Shares that are validly tendered and not withdrawn pursuant to the Offer; *provided* that with respect to Shares tendered pursuant to guaranteed delivery procedures that have not yet been delivered in settlement or satisfaction of such guarantee, Purchaser shall be under no obligation to make any payment for such Shares unless and until such Shares are delivered in settlement or satisfaction of such guarantee. Without limiting the generality of <u>Section</u> <u>8.10</u>, Parent shall cause to be provided to Purchaser all of the funds necessary to

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purchase any Shares that Purchaser becomes obligated to purchase pursuant to the Offer, and shall cause Purchaser to perform, on a timely basis, all of Purchaser's obligations under this Agreement. The Company shall register the transfer of any Shares irrevocably accepted for payment effective immediately after the Offer Acceptance Time; *provided,* that Purchaser shall have paid for such Shares concurrently with such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 Company Actions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Schedule 14D-9**. As promptly as practicable on the Offer Commencement Date, following the filing by Parent and Purchaser of the Schedule TO, the Company shall file with the SEC and disseminate to the holders of Shares, in each case as and to the extent required by applicable Law, a Tender Offer Solicitation/Recommendation Statement on Schedule 14D-9 (together with any amendments, supplements and exhibits thereto, the "***Schedule 14D-9***") that (i) unless the Company Board has made a Company Adverse Change Recommendation in accordance with <u>Section</u> <u>5.4(b)</u>, shall reflect the Company Board Recommendation and (ii) shall include a notice of appraisal rights and other information in accordance with Section 262(d)(2) of the DGCL. The Company agrees that it shall cause the Schedule 14D-9 to comply in all material respects with the Exchange Act and other applicable Laws. Unless requested otherwise by the Company, Parent shall cause the Schedule 14D-9 to be disseminated to the holders of Shares together with the Offer Documents. Each of Parent, Purchaser and the Company agrees to respond promptly to any comments of the SEC or its staff and to promptly correct any information provided by it for use in the Schedule 14D-9 if and to the extent that such information shall have become false or misleading in any material respect, and to correct any material omissions therefrom, and the Company further agrees to use all reasonable efforts to cause the Schedule 14D-9 as so corrected to be promptly filed with the SEC and disseminated to holders of Shares, in each case as and to the extent required by applicable federal securities laws. Parent and Purchaser shall promptly furnish or otherwise make available to the Company or its legal counsel all information concerning Parent and Purchaser and their stockholders that may be required in connection with any action contemplated by this <u>Section</u> <u>1.2(a)</u> so as to enable the Company to comply with its obligations hereunder. Unless the Company Board has made a Company Adverse Change Recommendation in accordance with <u>Section</u> <u>5.4(b)</u>, the Company shall (A) provide Parent and its counsel reasonable opportunity to review and comment on the Schedule 14D-9 prior to the filing thereof with the SEC, (B) provide Parent and its counsel with any comments the Company or its counsel may receive from the SEC or its staff with respect to the Schedule 14D-9 promptly after receiving such comments, and (C) provide Parent and its counsel a reasonable opportunity to participate in the formulation of any response to any such comments of the SEC or its staff and a reasonable opportunity to participate in any discussions with the SEC or its staff concerning such comments. The Company shall respond promptly to any comments from the SEC or its staff with respect to the Schedule 14D-9. The obligations of the Company, Parent and Purchaser in this <u>Section</u> <u>1.2(a)</u> shall not apply if the Company Board effects a Company Adverse Change Recommendation in accordance with <u>Section</u> <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Stockholder Lists**. The Company shall promptly furnish, or cause to be promptly furnished, to Parent a list of its stockholders, mailing labels and any available listing or computer file containing the names and addresses of all record holders of Shares and lists of securities positions of Shares held in stock depositories as of a recent practicable date, and shall provide to Parent such additional information (including updated lists of stockholders, mailing labels and lists of securities positions) and such other assistance as Parent may reasonably request in connection with the commencement of the Offer. Parent and Purchaser and their agents shall hold in confidence the information contained in any such labels, lists and files, shall use such information only in connection with the Offer and the Merger and, if this Agreement shall be terminated, shall promptly deliver, and shall use their reasonable best efforts to cause their agents to deliver, to the Company (or destroy) all copies and any extracts or summaries from such information then in their possession or control and, if requested by the Company, promptly certify to the Company in writing that all such material has been returned or destroyed.

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**SECTION 2. MERGER TRANSACTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Merger of Purchaser into the Company**. Upon the terms and subject to the conditions set forth in this Agreement and in accordance with Section 251(h) of the DGCL, at the Effective Time, the Company and Parent shall consummate the Merger, whereby Purchaser will be merged with and into the Company, the separate existence of Purchaser will cease, and the Company will continue as the Surviving Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 Effect of the Merger**. The Merger shall have the effects set forth in this Agreement and in the applicable provisions of the DGCL. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, except as otherwise agreed pursuant to the terms of this Agreement, all of the property, rights, privileges, powers and franchises of the Company and Purchaser shall vest in the Surviving Corporation, and all debts, liabilities and duties of the Company and Purchaser shall become the debts, liabilities and duties of the Surviving Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 Closing; Effective Time**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Unless this Agreement shall have been terminated pursuant to <u>Section</u> <u>7</u>, and unless otherwise mutually agreed in writing between the Company, Parent and Purchaser, the consummation of the Merger (the "***Closing***") shall take place remotely as promptly as reasonably practicable, on the same date as the Offer Acceptance Time, following the satisfaction or waiver of the last to be satisfied or waived of the conditions set forth in <u>Section</u> <u>6</u> (other than any such conditions that by their nature are to be satisfied by actions taken at the Closing, but subject to the satisfaction or waiver (to the extent permitted hereunder) of such conditions), unless another date, time or place is agreed to in writing by the Parties. The date on which the Closing actually occurs is referred to in this Agreement as the "***Closing Date***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Subject to the provisions of this Agreement, concurrently with the Closing or as soon as practicable thereafter on the Closing Date, the Company and Purchaser shall file or cause to be filed a certificate of merger with the Secretary of State of the State of Delaware with respect to the Merger, in such form as required by, and executed and acknowledged in accordance with, the relevant provisions of the DGCL. The Merger shall become effective upon the date and time of the filing of such certificate of merger with the Secretary of State of the State of Delaware or such later date and time as is agreed upon in writing by the Parties and specified in the certificate of merger (such date and time, the "***Effective Time***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Certificate of Incorporation and Bylaws; Directors and Officers**. At the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** subject to <u>Section</u> <u>5.8</u>, the certificate of incorporation of the Surviving Corporation shall be amended and restated as of the Effective Time to conform to the form of certificate of incorporation attached hereto as <u>Exhibit B</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** subject to <u>Section</u> <u>5.8</u>, the bylaws of the Surviving Corporation shall be amended and restated as of the Effective Time to conform to the form of bylaws attached hereto as <u>Exhibit C</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** the directors and officers of the Surviving Corporation immediately after the Effective Time shall be the respective individuals who are the directors and officers of Purchaser immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 Conversion of Shares**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** At the Effective Time, by virtue of the Merger and without any further action on the part of Parent, Purchaser, the Company or any stockholder of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any Shares then held by the Company or held in the Company's treasury (other than, in each case, Shares that are held in a fiduciary or agency capacity and are beneficially owned by third parties) shall automatically be canceled and retired and shall cease to exist, and no consideration shall be delivered in exchange therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any Shares then held by Parent, Purchaser or any other direct or indirect wholly owned Subsidiary of Parent shall automatically be canceled and retired and shall cease to exist, and no consideration shall be delivered in exchange therefor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** any Shares irrevocably accepted for purchase in the Offer shall no longer be outstanding and shall be canceled and shall cease to exist, and no additional consideration shall be delivered in exchange therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** except as provided <u>Section</u> <u>2.5(a)(i)</u>, <u>Section</u> <u>2.5(a)(ii)</u> and <u>Section</u> <u>2.5(a)(iii)</u> and subject to <u>Section</u> <u>2.5(b)</u>, each Share outstanding immediately prior to the Effective Time (other than any Dissenting Shares) shall be converted into the right to receive the Offer Price (the "***Merger Consideration***"), without interest, subject to any withholding of Taxes required by applicable Law in accordance with <u>Section</u> <u>2.6(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** each share of the common stock, $0.0001 par value per share, of Purchaser then outstanding immediately prior to the Effective Time shall be converted into one validly issued, fully paid, and non-assessable share of common stock of the Surviving Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If, between the Agreement Date and the Effective Time, the outstanding Shares are changed into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction, then the Merger Consideration shall be appropriately and equitably adjusted to provide the holders of Shares and holders of Options, RSUs, and PSUs with the same economic effects as contemplated by this Agreement prior to such event, it being understood that nothing in this <u>Section</u> <u>2.5(b)</u> shall be construed to permit the Company to take any action that is expressly prohibited by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 Surrender of Certificates; Stock Transfer Books**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Prior to the Offer Acceptance Time, Parent shall designate a reputable U.S. bank or trust company reasonably acceptable to the Company to act as depositary agent (the "***Depository Agent***") for holders of Shares entitled to receive the Offer Price pursuant to <u>Section</u> <u>1.1(b)</u> and to act as the paying agent for the holders of Shares entitled to receive Merger Consideration pursuant to <u>Section</u> <u>2.5</u> (the "***Paying Agent***"). Parent shall pay, or cause to be paid, all fees and expenses of the Paying Agent. The agreement entered into prior to Closing pursuant to which Parent shall appoint the Paying Agent (the "***Paying Agent Agreement***") shall be in form and substance reasonably acceptable to the Company. At or promptly following the Offer Acceptance Time but prior to the Effective Time, Parent shall deposit, or shall cause to be deposited, with the Depository Agent cash in immediately available funds in U.S. dollars an amount sufficient to make payment of the aggregate Offer Price payable pursuant to <u>Section</u> <u>1.1(b)</u> and with the Paying Agent cash sufficient to make payment of the aggregate Merger Consideration, Option Consideration, RSU Consideration and PSU Consideration payable pursuant to <u>Section</u> <u>2.5</u> and <u>Section</u> <u>2.8</u> (other than such Option Consideration, RSU Consideration, and PSU Consideration payable through payroll in accordance with <u>Section</u> <u>2.8(g)</u> (such deposits together, the "***Payment Fund***")). The Payment Fund shall not be used for any purpose other than to pay the aggregate Offer Price in the Offer and the aggregate Merger Consideration, Option Consideration, RSU Consideration and PSU Consideration in the Merger as provided herein. The Payment Fund shall be invested by the Paying Agent as and to the extent reasonably directed by Parent; *provided* that such investments shall be (1) in obligations of or guaranteed by the United States of America in commercial paper obligations rated A-1 or P-1 or better by Moody's Investors Service, Inc. or Standard & Poor's Corporation, respectively, (2) in certificates of deposit, bank repurchase agreements or banker's acceptances of commercial banks with capital exceeding $1 billion, or (3) in money market funds having a rating in the highest investment category granted by a recognized credit rating agency at the time of acquisition or a combination of the foregoing and, in any such case, no such instrument shall have a maturity exceeding three months or that could prevent or delay payments to be made pursuant to this Agreement; *provided*, *further*, that no gain or loss on the Payment Fund shall affect the amounts payable hereunder. In the event the Payment Fund shall be insufficient to pay the Offer Price in accordance with <u>Section</u> <u>1.1(b)</u> and the Merger Consideration in accordance with <u>Section</u> <u>2.5</u> or the Option Consideration, RSU Consideration or PSU Consideration in accordance with <u>Section</u> <u>2.8</u>, Parent shall promptly deposit, or cause to be deposited, additional funds with the Paying Agent in an amount that is equal to the shortfall that is required to make such payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Promptly after the Effective Time (but in no event later than two (2) business days thereafter), Parent shall cause the Paying Agent to mail or otherwise provide to each Person who was, at the Effective Time, a holder of record of Shares (other than Excluded Shares) that are (i) represented by certificates evidencing such Shares (the "***Certificates***") or (ii) Book-Entry Shares that are not held, directly or indirectly, through DTC, in the case of each of clauses (i) and (ii), notice advising such Person of the occurrence of the Effective Time, which notice shall include (A) appropriate transmittal materials, including a letter of transmittal (which shall be in reasonable and customary form), specifying that delivery shall be effected, and risk of loss and title to the Certificates or such Book-Entry Shares shall pass, only upon proper delivery of the Certificates (or effective affidavits of loss in lieu thereof) or the surrender of such Book-Entry Shares to the Paying Agent (which shall be deemed to have been effected upon the delivery of a customary "agent's message" with respect to such Book-Entry Shares or such other reasonable evidence, if any, of such surrender as the Paying Agent may reasonably request pursuant to the terms of the conditions of the Paying Agent Agreement), as applicable and (B) instructions for use in effecting the surrender of the Certificates (or effective affidavits of loss in lieu thereof) or such Book-Entry Shares to the Paying Agent in exchange for the Merger Consideration that such holder is entitled to receive as part of the Merger pursuant to <u>Section</u> <u>2.5</u>. No interest shall accrue or be paid on the Merger Consideration payable upon the surrender of any Certificates or Book-Entry Shares for the benefit of the holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** With respect to Book-Entry Shares held, directly or indirectly, through DTC, Parent and the Company shall cooperate to establish procedures with the Paying Agent, DTC, DTC's nominees and such other necessary or desirable third-party intermediaries to ensure that the Paying Agent will transmit to DTC or its nominees as promptly as practicable after the Effective Time, upon surrender of Shares held of record by DTC or its nominees in accordance with DTC's customary surrender procedures and such other procedures as agreed by Parent, the Company, the Paying Agent, DTC, DTC's nominees and such other necessary or desirable third-party intermediaries, the Merger Consideration to which the beneficial owners thereof are entitled to receive as a result of the Merger pursuant to <u>Section</u> <u>2.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Upon surrender to the Paying Agent of the Shares that (i) are represented by Certificates, by physical surrender of such Certificates (or effective affidavits of loss in lieu thereof), together with duly completed and executed appropriate transmittal materials required by the Paying Agent, (ii) are Book-Entry Shares not held through DTC, by book-receipt of an "agent's message" by the Paying Agent in connection with the surrender of such Book-Entry Shares (or such other reasonable evidence, if any, of such surrender as the Paying Agent may be reasonably request pursuant to the terms and conditions of the Paying Agent Agreement) and (iii) are Book-Entry Shares held, directly or indirectly, through DTC, in accordance with DTC's customary surrender procedures and such other procedures as agreed by the Company, Parent, the Paying Agent, DTC, DTC's nominees and such other necessary and desirable third-party intermediaries pursuant to <u>Section</u> <u>2.6(c)</u>, the holder of such Certificates or Book-Entry Shares shall be entitled to receive in exchange therefor, and Parent shall cause the Paying Agent to pay and deliver, out of the Payment Fund, as promptly as practicable to such holders, an amount in cash in immediately available funds equal to the Merger Consideration for each Share formerly evidenced by such Certificates or Book-Entry Shares. No interest shall accrue or be paid on the Merger Consideration payable upon the surrender of any Certificates or Book-Entry Shares for the benefit of the holder thereof. If the payment of any Merger Consideration is to be made to a Person other than the Person in whose name the surrendered Certificates formerly evidencing the Shares is registered on the stock transfer books of the Company, it shall be a condition of payment that the Certificate so surrendered shall be endorsed properly or otherwise be in proper form for transfer and that the Person requesting such payment shall have paid all transfer and other similar Taxes required by reason of the payment of the Merger Consideration to a Person other than the registered holder of the Certificate surrendered, or shall have established to the reasonable satisfaction of the Surviving Corporation that such Taxes either have been paid or are not applicable. Payment of the applicable Merger Consideration with respect to Book-Entry Shares shall only be made to the Person in whose name such Book-Entry Shares are registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** At any time following twelve (12) months after the Effective Time, the Surviving Corporation shall be entitled to require the Paying Agent to deliver to it any funds which had been made available to the

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Paying Agent and not disbursed to holders of Certificates or Book-Entry Shares (including, all interest and other income received by the Paying Agent in respect of all Payment Funds), and, thereafter, such holders shall be entitled to look to the Surviving Corporation (subject to abandoned property, escheat and other similar Laws) only as general creditors thereof with respect to the Merger Consideration that may be payable upon due surrender of the Certificates or Book-Entry Shares held by them. Neither the Surviving Corporation nor the Paying Agent shall be liable to any holder of Certificates or Book-Entry Shares for the Merger Consideration delivered in respect of such Share to a public official pursuant to any abandoned property, escheat or other similar Laws. Any amounts remaining unclaimed by such holders at such time at which such amounts would otherwise escheat to or become property of any Governmental Body shall become, to the extent permitted by applicable Laws, the property of the Surviving Corporation or its designee, free and clear of all claims or interest of any Person previously entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** At the close of business on the Closing Date, the stock transfer books of the Company with respect to the Shares shall be closed and thereafter there shall be no further registration of transfers of Shares on the records of the Company. From and after the Effective Time, the holders of the Shares outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such Shares except as otherwise provided herein or by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by the Surviving Corporation, the posting by such Person of a bond, in such reasonable amount as Parent may direct, as indemnity against any claim that may be made against it with respect to such Certificate (which shall not exceed the Merger Consideration payable with respect to such Certificate), the Paying Agent will pay (less any amounts entitled to be deducted or withheld pursuant to <u>Section</u> <u>2.9</u>), in exchange for such lost, stolen or destroyed Certificate, the applicable Merger Consideration to be paid in respect of the Shares formerly represented by such Certificate, as contemplated by this <u>Section</u> <u>2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 Appraisal Rights**. All Shares outstanding immediately prior to the Effective Time, and held by holders who are entitled to appraisal rights under Section 262 of the DGCL and have properly exercised and perfected their respective demands for appraisal of such shares in the time and manner provided in Section 262 of the DGCL and, as of the Effective Time, have neither effectively withdrawn nor lost their rights to such appraisal and payment under the DGCL (the "***Dissenting Shares***"), shall not be converted into the right to receive Merger Consideration, but shall, by virtue of the Merger, be cancelled and no longer outstanding, shall cease to exist and the holder thereof shall be entitled to only such consideration as shall be determined pursuant to Section 262 of the DGCL in respect of any such shares; *provided* that if any such holder shall have failed to perfect or shall have effectively withdrawn or lost such holder's right to appraisal, such holder's Shares shall be deemed to have been converted as of the Effective Time into the right to receive the applicable Merger Consideration under <u>Section 2.5</u>, without any interest thereon (less any amounts entitled to be deducted or withheld pursuant to <u>Section 2.9</u>), and such Shares shall not be deemed to be Dissenting Shares. The Company shall give Parent prompt notice of any demands received by the Company for appraisal of Shares and Parent shall have the right to participate in, and direct, all negotiations and Legal Proceedings with respect to such demands. Prior to the Effective Time, the Company shall not, without the prior written consent of Parent, make any payment with respect to, or settle or offer to settle, any such demands, or agree to do any of the foregoing. The Company shall provide each of the holders of Shares as of the record date for the purpose of receiving the notice required by Section 262(d) of the DGCL with the notice contemplated thereby as part of the Schedule 14D-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Treatment of Options, RSUs and PSUs**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each Option that is outstanding as of immediately prior to the Effective Time, whether vested or unvested, other than any unvested Options (excluding Options granted to non-employee members of the Company Board) that were granted during the 2025 calendar year (the "***2025 Options***"), shall accelerate and become fully vested (in the case of performance-based Options, assuming the level of attainment set forth on <u>Section</u> <u>2.8(a)</u> of the Company Disclosure Letter) and exercisable effective immediately prior to, and

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contingent upon the occurrence of, the Effective Time. As of the Effective Time, by virtue of the Merger and without any further action on the part of the holders thereof, Parent, Purchaser or the Company, each Option that is then outstanding and unexercised as of immediately before the Effective Time shall be cancelled and converted solely into the right to receive cash (without interest and less applicable Tax withholdings pursuant to <u>Section</u> <u>2.9</u>) in an amount equal to the product of (i) the total number of Shares subject to such Option immediately prior to the Effective Time, multiplied by (ii) the excess (if any) of (x) the Merger Consideration over (y) the exercise price payable per Share under such Option, which amount shall be paid in accordance with <u>Section</u> <u>2.8(g)</u> (the "***Option Consideration***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** As of the Effective Time, each 2025 Option will be cancelled and converted into a cash-based award (a "***Converted Stock Option***"), which shall entitle the holder thereof to receive an amount in cash (without interest and less applicable Tax withholdings pursuant to <u>Section</u> <u>2.9</u>) equal to the Option Consideration (the "***Converted Stock Option Cash Consideration***"). Each Converted Stock Option (and the right to receive the Converted Stock Option Cash Consideration) shall be subject to the same terms and conditions (including vesting, forfeiture and acceleration provisions) that were applicable to the corresponding 2025 Option immediately prior to the Effective Time; *provided*, that, (i) the Converted Stock Option Cash Consideration shall vest and become payable 50% upon the Closing Date and 50% upon the date that is six (6) months following the Closing Date (the "***Converted Equity Payment Dates***") and (ii) in the event that the holder of a Converted Stock Option experiences an Involuntary Termination following the Closing Date but prior to the date that is six (6) months following the Closing Date, such holder's Converted Stock Option Cash Consideration shall immediately vest and become payable. Parent shall pay (or shall cause the Surviving Corporation to pay) the Converted Stock Option Cash Consideration in respect of each Converted Stock Option that becomes vested and payable on the Surviving Corporation's next regularly scheduled payroll date following the applicable Converted Equity Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** As of the Effective Time, each restricted stock unit award granted pursuant to any of the Company Equity Plans (each, an "***RSU***" and together, the "***RSUs***") that is outstanding as of immediately prior to the Effective Time, whether vested or unvested, other than any (A) outstanding and unvested RSUs that were granted during the 2025 calendar year (the "***2025 RSUs***") and (B) 2026 RSU Grants described in Item 6 of <u>Section</u> <u>5.2(b)(iii)</u> of the Company Disclosure Letter, in each case, other than RSUs granted to non-employee members of the Company Board, shall, by virtue of the Merger and without any further action on the part of the holders thereof, Parent, Purchaser or the Company, be cancelled and converted into the right to receive cash (without interest and less applicable Tax withholdings pursuant to <u>Section</u> <u>2.9</u>) in an amount equal to (i) the total number of Shares issuable in settlement of such RSU immediately prior to the Effective Time without regard to vesting, multiplied by (ii) the Merger Consideration, which amount shall be paid in accordance with <u>Section</u> <u>2.8(g)</u> (the "***RSU Consideration***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** As of the Effective Time, each 2025 RSU that is outstanding immediately prior to the Effective Time will be cancelled and converted into a cash-based award (a "***Converted RSU***"), which shall entitle the holder thereof to receive an amount in cash (without interest and less applicable Tax withholdings pursuant to <u>Section</u> <u>2.9</u>) equal to the RSU Consideration (the "***Converted RSU Cash Consideration***"). Each Converted RSU (and the right to receive the Converted RSU Cash Consideration) shall be subject to the same terms and conditions (including vesting, forfeiture and acceleration provisions) that were applicable to the corresponding 2025 RSU immediately prior to the Effective Time; *provided*, that, (i) such Converted RSU shall vest and become payable in equal 50% installments on the Converted Equity Payment Dates and (ii) in the event that the holder of a Converted RSU experiences an Involuntary Termination following the Closing Date but prior to the date that is six (6) months following the Closing Date, such holder's Converted RSU Cash Consideration shall immediately vest and become payable. Parent shall pay (or shall cause the Surviving Corporation to pay) the Converted RSU Cash Consideration in respect of each Converted RSU that becomes vested and payable on the Surviving Corporation's next regularly scheduled payroll date following the applicable Converted Equity Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** As of the Effective Time, each restricted stock unit award granted pursuant to any of the Company Equity Plans or otherwise which is subject to any performance-based vesting conditions (each, a

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"***PSU***" and together, the "***PSUs***") that is outstanding as of immediately prior to the Effective Time, whether vested or unvested, other than any outstanding PSUs that were granted during the 2025 calendar year (the "<u>2025 PSUs</u>"), shall, by virtue of the Merger and without any further action on the part of the holders thereof, Parent, Purchaser or the Company, be cancelled and converted into the right to receive cash (without interest and less applicable Tax withholdings pursuant to <u>Section</u> <u>2.9</u>) in an amount equal to (i) the number of Shares issuable in settlement of such PSU immediately prior to the Effective Time based on the applicable level of attainment set forth on <u>Section</u> <u>2.8(a)</u> of the Company Disclosure Letter, without regard to vesting, multiplied by (ii) the Merger Consideration, which amount shall be paid in accordance with <u>Section</u> <u>2.8(g)</u> (the "***PSU Consideration***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** As of the Effective Time, each 2025 PSU that is outstanding immediately prior to the Effective Time will be cancelled and converted into a cash-based award (a "***Converted PSU***"), which shall entitle the holder thereof to receive an amount in cash (without interest and less applicable Tax withholdings pursuant to <u>Section</u> <u>2.9</u>) equal to the PSU Consideration (the "***Converted PSU Cash Consideration***"). Each Converted PSU (and the right to the Converted PSU Cash Consideration) shall be subject to the same terms and conditions (including vesting (other than the performance-based vesting conditions), forfeiture and acceleration provisions) that were applicable to the corresponding 2025 PSU immediately prior to the Effective Time; *provided*, that, (i) such Converted PSU shall vest and become payable in equal 50% installments upon the Converted Equity Payment Dates and (ii) in the event that the holder of a Converted PSU experiences an Involuntary Termination following the Closing Date but prior to the date that is six (6) months following the Closing Date, such holder's Converted PSU Cash Consideration shall immediately vest and become payable. Parent shall pay (or shall cause the Surviving Corporation to pay) the Converted PSU Cash Consideration in respect of each Converted PSU that becomes vested and payable on the Surviving Corporation's next regularly scheduled payroll date following the Converted Equity Payment Dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** As soon as reasonably practicable after the Effective Time (but no later than five (5) business days after the Effective Time), Parent shall, or shall cause the Surviving Corporation or a Subsidiary of the Surviving Corporation to, pay through the Surviving Corporation's or the applicable Subsidiary's payroll the aggregate Option Consideration, RSU Consideration and PSU Consideration payable with respect to Options, RSUs and PSUs held by current or former employees of the Company or a Subsidiary of the Company (net of any withholding Taxes required to be deducted and withheld by applicable Laws in accordance with <u>Section</u> <u>2.9</u>); *provided, however*, that to the extent the holder of an Option, RSU or PSU is not, and was not at any time during the vesting period of the Option, RSU or PSU, an employee of the Company for employment tax purposes, the Option Consideration, RSU Consideration or PSU Consideration payable pursuant to this <u>Section</u> <u>2.8</u> with respect to such Option, RSU or PSU (as applicable) shall be deposited in the Payment Fund and paid by the Paying Agent in the manner described in <u>Section</u> <u>2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 Withholding**. Each of the Paying Agent, Parent, Purchaser, and the Surviving Corporation shall be entitled to deduct and withhold from any cash amounts payable pursuant to this Agreement such amounts as it is required to deduct and withhold therefrom under applicable Tax Laws. To the extent that such amounts are so deducted and withheld and properly remitted to the appropriate Governmental Body in accordance with applicable Law, such amounts shall be treated for all purposes under this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Further Action**. If, at any time after the Effective Time, any further action is reasonably determined by Parent to be necessary or desirable to carry out the purposes of this Agreement or to vest the Surviving Corporation with full right, title and possession of and to all rights and property of Purchaser and the Company, the officers and directors of the Surviving Corporation and Parent shall be fully authorized (in the name of Purchaser, in the name of the Company and otherwise) to take such action.

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**SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY** 

Except (a) as disclosed in the reports, statements and other documents filed by the Company with the SEC or furnished by the Company to the SEC, in each case, pursuant to the Exchange Act on or after January 1, 2023 and prior to the Agreement Date (other than any disclosures contained or referenced therein under the captions "Risk Factors" and "Special Note Regarding Forward-Looking Statements" and any other disclosures contained or referenced therein, in each case to the extent such disclosures are predictive, cautionary or forward-looking in nature) or (b) subject to the terms of <u>Section</u> <u>8.13</u>, as set forth in the disclosure letter delivered by the Company to Parent and Purchaser on the Agreement Date (the "***Company Disclosure Letter***"), the Company hereby represents and warrants to Parent and Purchaser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 Due Organization; Subsidiaries, Etc**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has all necessary power and authority: (i) to conduct its business in the manner in which its business is currently being conducted; and (ii) to own and use its assets in the manner in which its assets are currently owned and used, except where any failure of such power and authority would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. The Company is qualified or licensed to do business as a foreign Entity, and is in good standing, in each jurisdiction where the nature of its business requires such qualification or licensing, except where the failure to be so qualified, licensed or in good standing does not have and would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Section</u> <u>3.1(b)</u> of the Company Disclosure Letter identifies each Subsidiary of the Company (the Company and its Subsidiaries collectively referred to as the "***Acquired Companies***") and indicates its jurisdiction of organization or formation, officers and directors, issued and outstanding equity interests and the holder(s) of such equity interests. Each Subsidiary has all necessary power and authority: (i) to conduct its business in the manner in which its business is currently being conducted; and (ii) to own and use its assets in the manner in which its assets are currently owned and used, except where any failure of such power and authority would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Each Subsidiary of the Company is qualified or licensed to do business as a foreign Entity, and is in good standing, in each jurisdiction where the nature of its business requires such qualification or licensing, except where the failure to be so qualified, licensed or in good standing does not have and would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Each Subsidiary of the Company is an Entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or its formation, except where the failure to be in good standing does not have, and would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** None of the Acquired Companies owns any capital stock of, or any other equity interest of, or any equity interest of any nature in, any other Entity other than the Company's Subsidiaries. None of the Acquired Companies has agreed or is obligated to make and is not bound by any Contract under which it may become obligated to make, any future investment in or capital contribution to any other Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 Certificate of Incorporation and Bylaws**. The Company has delivered or made available to Parent accurate and complete copies of its certificate of incorporation and bylaws, including all amendments thereto (or similar organizational or governing documents) as in effect on the Agreement Date for the Company and each of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 Capitalization, Etc**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The authorized capital stock of the Company consists of: (i) 278,000,000 shares of Company Common Stock, of which 113,684,064 Shares have been issued and are outstanding as of the close of business on the Reference Date; and (ii) 5,000,000 shares of Company Preferred Stock, none of which are issued or outstanding as of the close of business on the Reference Date. All of the outstanding Shares have

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been, and all Shares issuable upon the exercise of outstanding Options or settlement of outstanding RSUs or PSUs will be, when issued, duly authorized and validly issued, and are fully paid and nonassessable and free of preemptive rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except as set forth on <u>Section</u> <u>3.3(b)</u> of the Company Disclosure Letter, (i) none of the outstanding Shares is entitled or subject to any preemptive right, right of repurchase or forfeiture, right of participation, right of maintenance or any similar right, (ii) none of the outstanding Shares is subject to any right of first refusal in favor of the Company, (iii) there are no outstanding bonds, debentures, notes or other Indebtedness of the Company having a right to vote on any matters on which the stockholders of the Company have a right to vote and (iv) there is no Company Contract relating to the voting or registration of, or restricting any Person from purchasing, selling, pledging or otherwise disposing of (or from granting any option or similar right with respect to), any Share. Other than the Capped Call Transactions, the Company is not under any obligation, nor is it bound by any Contract pursuant to which it may become obligated, to repurchase, redeem or otherwise acquire any outstanding Shares. The Company Common Stock constitutes the only outstanding class of securities of the Company registered under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** As of the close of business on the Reference Date: (i) 11,071,155 Shares are subject to issuance pursuant to Options granted and outstanding under the Company Equity Plans; (ii) 5,260,653 Shares are subject to or otherwise deliverable in connection with outstanding RSUs under Company Equity Plans and a maximum of 2,066,983 Shares are subject to or otherwise deliverable in connection with outstanding PSUs under Company Equity Plans; (iii) 80,000 Shares are estimated to be subject to outstanding purchase rights under the ESPP (assuming that the closing price per Share as reported on the purchase date for the current offering period was equal to the Offer Price and employee contributions continue until such purchase date at the levels in place as of the Reference Date); and (iv) 16,195,028 shares are reserved for issuance upon the possible conversion of the Convertible Notes (excluding any make-whole shares that may be issuable pursuant to the Convertible Note Indentures). The Company has delivered or made available to Parent or Parent's Representatives copies of all Company Equity Plans covering all Options, RSUs and PSUs outstanding as of the Agreement Date and the forms of all award agreements evidencing such Options, RSUs and PSUs (and any award agreements that deviate from the form). There are outstanding (a) $40,208,000 aggregate principal amount of 2026 Convertible Notes (with a conversion rate as of the Agreement Date equal to 95.5338 Shares per thousand dollar principal amount, subject to adjustment as provided in the 2026 Convertible Notes Indenture), and (b) $225,000,000 aggregate principal amount of 2030 Convertible Notes (with a conversion rate as of the Agreement Date equal to 54.9058 Shares per thousand dollar principal amount, subject to adjustment as provided in the 2030 Convertible Notes Indenture).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Section</u> <u>3.3(d)</u> of the Company Disclosure Letter sets forth a true and complete list as of the Reference Date of all Company Stock Awards, including (as applicable) (i) the participant identification number; (ii) the form of Company Stock Award held; (iii) the number of shares issuable upon exercise or settlement of such Company Stock Award (with respect to PSUs, at each of target and maximum performance), (iv) the exercise price and (v) the applicable grant date or vesting date (and, solely with respect to Options, the expiration date). Each Company Stock Award, (x) was duly authorized no later than the date on which the grant of such Company Stock Award was by its terms to be effective (the "***Grant Date***") by all necessary action and granted in compliance with all applicable Laws (including Section 409A of the Code) and the terms and conditions of the Company Equity Plan under which it was granted, (y) is evidenced by an award agreement, substantially in the forms made available to Parent, and (z) will not trigger any liability for the holder thereof under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Except as set forth in this <u>Section</u> <u>3.3</u>, as of the close of business on the Reference Date, there are no: (i) outstanding shares of capital stock, or other equity interests in any Acquired Company; (ii) outstanding subscriptions, options, calls, warrants or rights (whether or not currently exercisable) to acquire any shares of capital stock, restricted stock units, stock-based performance units or any other rights that are linked to, or the value of which is in any way based on or derived from the value of any shares of capital stock or other securities of any Acquired Company; (iii) outstanding securities, instruments, bonds,

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debentures, notes or obligations that are or may become convertible into or exchangeable for any shares of the capital stock or other securities of any Acquired Company; or (iv) stockholder rights plans (or similar plan commonly referred to as a "poison pill") or Contracts under which any Acquired Company is or may become obligated to sell or otherwise issue any shares of its capital stock or any other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 SEC Filings; Financial Statements**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Since January 1, 2024, the Company has filed or furnished on a timely basis all reports, schedules, forms, statements and other documents (including exhibits and all other information incorporated therein) required to be filed or furnished by the Company with the SEC (the "***Company SEC Documents***"). As of their respective filing dates (or if amended, as of the date of such amendment and, in the case of registration statements as of the date of effectiveness), the Company SEC Documents complied in all material respects with the requirements of the Securities Act, the Exchange Act or the Sarbanes-Oxley Act, as the case may be, and the rules and regulations of the SEC promulgated thereunder applicable to such Company SEC Documents and, except to the extent that information contained in such Company SEC Document has been revised, amended, modified or superseded (prior to the Agreement Date) by a later filed Company SEC Document, none of the Company SEC Documents when filed or furnished contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. No Subsidiary of the Company is required to file or furnish any report, statement, schedule, form, registration statement, proxy statement, certification or other document with, or make any other filing with, or furnish any other material to, the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The consolidated financial statements (including any related notes and schedules) contained or incorporated by reference in the Company SEC Documents: (i) complied as to form in all material respects with the published rules and regulations of the SEC applicable thereto; (ii) were prepared in accordance with United States generally accepted accounting principles ("***GAAP***") applied on a consistent basis throughout the periods covered (except as may be indicated in the notes to such financial statements or as permitted by Regulation S-X, or, in the case of unaudited financial statements, as permitted by Form 10-Q, Form 8-K or any successor form under the Exchange Act); and (iii) fairly present, in all material respects, the consolidated financial position of the Company and its Subsidiaries and as of the respective dates thereof and the consolidated results of operations and cash flows of the Company and its Subsidiaries for the periods covered thereby (subject, in the case of the unaudited financial statements, to normal and recurring year-end adjustments that are not, individually or in the aggregate, material). No financial statements of any Person are required by GAAP to be included in the consolidated financial statements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Company has designed and maintains, and at all times since January 1, 2024, has maintained a system of internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, and includes those policies and procedures that: (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Acquired Companies; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and that receipts and expenditures are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the assets of the Acquired Companies that could have a material effect on the financial statements. To the knowledge of the Company, except as set forth in the Company SEC Documents filed prior to the Agreement Date, since January 1, 2024, neither the Company nor the Company's independent registered accountant has identified or been made aware of: (A) any significant deficiency or material weakness in the design or operation of internal control over financial reporting utilized by the Acquired Companies; (B) any illegal act or fraud, whether or not material, that involves the management or other employees of the Acquired Companies; or (C) any claim or allegation regarding any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Company maintains, and at all times since January 1, 2024, has maintained disclosure controls and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act that are designed to ensure that all information required to be disclosed in the Company's reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and that all such information is accumulated and communicated to the Company's management as appropriate to allow timely decisions regarding required disclosure and to enable each of the principal executive officer of the Company and the principal financial officer of the Company to make the certifications required under the Exchange Act with respect to such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** None of the Acquired Companies is a party to nor has any obligation or other commitment to become a party to any securitization transaction, off-balance sheet partnership or any similar Contract (including any Contract relating to any transaction or relationship between or among the Company, on the one hand, and any unconsolidated Affiliate, including any structured finance, special purpose or limited purpose Entity, on the other hand, or any "off-balance sheet arrangements" (as defined in Item 303(a) of Regulation S-K under the Exchange Act)) where the result, purpose or intended effect of such Contract is to avoid disclosure of any material transaction involving, or material liabilities of, the Acquired Companies in the Company's published financial statements or other Company SEC Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** As of the Agreement Date, there are no outstanding or unresolved comments in comment letters received from the SEC with respect to the Company SEC Documents. To the knowledge of the Company, none of the Company SEC Documents is the subject of ongoing SEC review and there are no inquiries or investigations by the SEC or any internal investigations pending or threatened, in each case regarding any accounting practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** Each document required to be filed by the Company with the SEC in connection with the Offer (the "***Company Disclosure Documents***") (including the Schedule 14D-9), and any amendments or supplements thereto, when filed, distributed or disseminated, as applicable, will comply as to form in all material respects with the applicable requirements of the Exchange Act. The Company Disclosure Documents, at the time of the filing of such Company Disclosure Documents or any supplement or amendment thereto with the SEC and at the time such Company Disclosure Documents or any supplements or amendments thereto are first distributed or disseminated to the Company's stockholders, will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** The information with respect to the Company that is furnished by or on behalf of the Company to Parent or Purchaser in writing specifically for use in the Schedule TO and the Offer Documents (including any amendments or supplements thereto), at the time of the filing of the Schedule TO (including any amendments or supplements thereto), and at the time of any distribution or dissemination of the Offer Documents (including any amendments or supplements thereto), will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The Company makes no representation with respect to statements made or incorporated by reference therein based on information supplied by or on behalf of Parent or Purchaser for inclusion or incorporation by reference in the Company Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 Absence of Changes**. Since the date of the Balance Sheet through the Agreement Date, there has not occurred any Effect that has had or would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Since the date of the Balance Sheet, the Acquired Companies have operated in the ordinary course of business in all material respects (except for execution and performance of this Agreement and the discussions and negotiations relating thereto). None of the Acquired Companies have taken any action that, if taken after the date of this Agreement, would require Parent's consent pursuant to <u>Section</u> <u>5.2(b)</u> <u>(vi)</u>, <u>(ix)</u>, <u>(x)</u>, <u>(xiii),</u> <u>(xiv)</u> and <u>(xxiv)</u> (and <u>Section</u> <u>5.2(b)(xxv)</u> solely with respect to any of the foregoing).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6 Title to Assets**. The Acquired Companies have good and valid title to all material assets (excluding intellectual property, which is covered under <u>Section</u> <u>3.8</u>) owned by them as of the Agreement Date, including all material assets reflected on the Company's consolidated unaudited balance sheet in the last Quarterly Report on Form 10-Q filed by the Company with the SEC (the "***Balance Sheet***"), except for assets sold or otherwise disposed of in the ordinary course of business since the date of the Balance Sheet and except where such failure would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7 Real Property**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company does not own and has never owned any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except as would not reasonably be expected to have a Material Adverse Effect, the Acquired Companies hold a valid and existing leasehold interest in the material real property that is leased, subleased or sub-subleased by the Company or any Subsidiary from another Person (the "***Leased Real Property***"), free and clear of all Encumbrances other than Permitted Encumbrances and Encumbrances described in the Company Leases. As of the Agreement Date, none of the Acquired Companies has received any written notice regarding any violation or breach or default under any Company Lease that has not since been cured, except for violations or breaches that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8 Intellectual Property**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Section</u> <u>3.8(a)</u> of the Company Disclosure Letter identifies each item of Registered IP included in the Company Owned IP and Company Exclusively Licensed IP (collectively, "***Company Registrations***") and for each, specifies the following: (i) the name of the applicant/registrant, (ii) the jurisdiction of application/registration, (iii) the application, patent or registration number and (iv) the owner and any other co-owners, (v) the date of application, registration or issuance, and (vi) the agent, attorney or firm responsible for prosecution, for each item of material Registered IP owned in whole or in part or exclusively licensed by any of the Acquired Companies and, if the owner is not an Acquired Company, the corresponding license agreement(s) pursuant to which the Company has a right to use such Company Exclusively Licensed IP. To the knowledge of the Company, each of the patents and patent applications included in the Company Registrations owned by the Acquired Companies properly identifies by name each and every inventor of the inventions claimed therein as determined in accordance with applicable Laws of the United States and the Acquired Companies have complied in all material respects with all applicable Laws in connection with the filing and prosecution of such patents and patent applications by or on behalf of the Acquired Companies. As of the Agreement Date, no interference, opposition, reissue, reexamination or other proceeding of any nature (other than patent prosecution activities being conducted before a Governmental Body in the ordinary course of business) is pending or, to the knowledge of the Company, threatened in writing, with respect to any of the Company Registrations included in the Company Owned IP, including any such proceeding in which the scope, validity, enforceability or ownership of any Company Registrations included in the Company Owned IP is being contested or challenged. As of the Agreement Date, no Acquired Company has received any written notice or written communication that any interference, opposition, reissue, reexamination or other proceeding of any nature (other than patent prosecution activities being conducted before a Governmental Body in the ordinary course of business) is pending or threatened in writing with respect to any of the Company Registrations included in the Company Exclusively Licensed IP, including any such proceeding in which the scope, validity, enforceability or ownership of any such Company Registrations included in the Company Exclusively Licensed IP is being contested or challenged. Each Company Registration included in the Company Owned IP is subsisting and in full force and effect, and to the knowledge of the Company, each issued or registered Company Registration included in the Company Owned IP is valid and enforceable. To the knowledge of the Company, each Company Registration included in the Company Exclusively Licensed IP for which Company possesses, and is exercising, prosecution and maintenance rights, is subsisting and in full force and effect, and, to the knowledge of the Company, each issued or registered Company Registration included in the Company Exclusively Licensed IP is valid and enforceable. Subject to any extensions, all necessary

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registration, maintenance, renewal and other relevant filing fees have been timely paid for: (a) all Company Registrations included in the Company Owned IP; and (b) all Company Registrations included in the Company Exclusively Licensed IP for which any Acquired Company possesses, and is exercising, prosecution and maintenance rights. Each Acquired Company has complied in all material respects with all applicable Laws regarding the duty of disclosure, candor and good faith in connection with the filing and prosecution by or on behalf of such Acquired Company of: (1) each patent or patent application included in the Company Owned IP; and (2) each patent or patent application included in the Company Exclusively Licensed IP for which the Acquired Company possesses, and is exercising, prosecution and maintenance rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** An Acquired Company solely owns all right, title and interest in and to all material Company Owned IP (other than as disclosed on <u>Schedule 3.8(a)</u> of the Company Disclosure Letter), free and clear of all Encumbrances other than Permitted Encumbrances, and, to the Company's knowledge, has the right, pursuant to valid, written agreements to use all other material Intellectual Property Rights used by the Acquired Companies in their respective businesses as currently conducted. To the Company's knowledge, the Company Owned IP and such other material Intellectual Property Rights (when used within the scope of the applicable agreement) collectively constitute all Intellectual Property Rights used in, necessary and sufficient for, the conduct and operation of the businesses of the Acquired Companies as currently conducted and as currently contemplated to be conducted. Each current and former Company Associate and service provider of each Acquired Company who was involved in creating or developing any material Company Owned IP for the applicable Acquired Company in the course of such Person's employment or engagement with such Acquired Company, has executed a valid written agreement, pursuant to which each such Person has: (i) agreed to hold all trade secrets and confidential information of the Acquired Company in confidence both during and after (subject to the terms of the applicable agreement) such Person's employment or engagement, as applicable, with such Acquired Company; and (ii) presently assigned to such Acquired Company all of such Person's rights, title and interest in and to all material Company Owned IP, created or developed by such Person for such Acquired Company in the course of such Person's employment or engagement by such Acquired Company. To the knowledge of the Company, no such Person is in default or breach of any such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** No funding, facilities, Intellectual Property Rights, personnel or other resources of any Governmental Body or any university, college, research institute or other educational institution is or was being used to create material Company Owned IP (other than as disclosed on <u>Section</u> <u>3.8(a)</u> of the Company Disclosure Letter), except for any such funding or use of facilities, Intellectual Property Rights, personnel or other resources that does not result in such Governmental Body or institution obtaining ownership rights to such Company Owned IP or the right to receive royalties or other payments for the practice of such Company Owned IP, including "march in" or co-ownership rights in any Company Owned IP or any claim, option or other right to any of foregoing (other than pursuant to any In-Bound License disclosed on <u>Section</u> <u>3.8(d)</u> of the Company Disclosure Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** <u>Section</u> <u>3.8(d)</u> of the Company Disclosure Letter sets forth each Contract pursuant to which any of the Acquired Companies: (i) is granted a license, consent, covenant not to assert or other right, to any material Intellectual Property Right that is, or is planned to be, incorporated into or distributed with any Product or used by any Acquired Company in its business as currently conducted, other than any material transfer agreements, clinical trial agreements, nondisclosure agreements, services agreements, commercially available Software-as-a-Service offerings, off-the-shelf software licenses or generally available patent license agreements entered into in the ordinary course of business (each an "***In-bound License***") or (ii) grants to any third party a license, consent, covenant not to assert or other right under any material Company Owned IP or a sublicense under any material Company Exclusively Licensed IP other than any material transfer agreements, clinical trial agreements, nondisclosure agreements, service agreements or non-exclusive outbound licenses entered into in the ordinary course of business (each an "***Out-bound License***").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** To the knowledge of the Company, since January 1, 2023: (i) the development, manufacture, use, supply, conduct of clinical trials, distribution, marketing, promotion, sale, offer for sale, import, or export of any Product by or on behalf of any Acquired Company and the operation of the business of any Acquired Company did and does not as currently conducted, infringe, misappropriate, or otherwise violate any Registered IP owned by any other Person or misappropriate or otherwise violate any other Intellectual Property Right owned by any other Person; and (ii) no Person is infringing, misappropriating or otherwise violating any Company Owned IP or any Company Exclusively Licensed IP. As of the Agreement Date, there is no Legal Proceeding (A) pending (or, to the knowledge of the Company, threatened in writing) against any of the Acquired Companies alleging that the operation of the businesses of the Acquired Companies or development, manufacture, use, supply, conduct of clinical trials, distribution, marketing, promotion, sale, offer for sale, import, or export of any Product infringes or constitutes the misappropriation or other violation of any Intellectual Property Rights of another Person, or (B) pending (or threatened in writing) by any of the Acquired Companies alleging that another Person has infringed, misappropriated or otherwise violated any of the Company Owned IP or any Company Exclusively Licensed IP. Since January 1, 2023, no Acquired Company has received any written notice or other written communication alleging that the operation of the business of the Acquired Companies or the development, manufacture, use, supply, conduct of clinical trials, distribution, marketing, promotion, sale, offer for sale, import, or export of any Product by or on behalf of any Acquired Company infringes or constitutes the misappropriation or other violation of any Intellectual Property Right of another Person (including any written demands from any Person to take a license or refrain from using any Intellectual Property Rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Each Acquired Company has taken reasonable measures to protect, maintain and enforce the Company IP, and to protect against unauthorized disclosure, and to protect the secrecy, confidentiality, and value, of its trade secrets and other confidential technical information including, where such Acquired Company has determined appropriate, by entering into binding written confidentiality agreements with Persons having access to such trade secrets and other confidential technical information to the extent such Person is not otherwise bound by substantially similar confidentiality obligations by virtue of such Person's role or status. No trade secret, know-how, or other proprietary information material to the business (with respect to know-how or proprietary information, that has not been publicly disclosed and is not otherwise in the public domain) of any Acquired Company as presently conducted or as currently contemplated to be conducted has been authorized to be disclosed or, to the knowledge of the Company, has been actually disclosed by any Acquired Company to any Person, other than pursuant to a non-disclosure agreement or other agreement restricting the disclosure and use of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** None of the Company Owned IP or, to the knowledge of the Company, any Company Exclusively Licensed IP, is subject to any pending or outstanding injunction, consent, directive, order, judgment or other disposition of dispute that adversely and materially restricts the use, transfer, registration or licensing by any Acquired Company of any such Company Owned IP or Company Exclusively Licensed IP other than patent prosecution activities being conducted before a Governmental Body in the ordinary course of business, or is subject to any exclusive option or similar contingent right in favor of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9 Data Protection; Company Systems** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, since January 1, 2023, the Acquired Companies and, to the knowledge of the Company, any Person acting for or on behalf of the Acquired Companies: (i) are, and have been, in compliance with all Data Security Requirements; (ii) have not experienced any Security Incidents; and (iii) have not received, or otherwise been subject to, any written notices, complaints, notices, audits, proceedings, investigations, inquiries or claims conducted or asserted by any other Person (including any Governmental Body) regarding any unauthorized or unlawful Processing of Personal Information or violation of any Data Security Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, the Company Systems, taken as a whole, are in good working order and sufficient

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for the current conduct of the business of the Acquired Companies, and the Company has purchased a sufficient number of license seats, and scope of rights, for all third party software used by the Acquired Companies for their business as currently conducted and have complied with the terms of the corresponding agreements. The Acquired Companies have taken commercially reasonable actions to protect the security and integrity of the Company Systems. To the knowledge of the Company, the Company Systems do not contain any defects, viruses, or other contaminants that materially disrupt or adversely affect the functionality of any Company Systems. To the knowledge of the Company, since January 1, 2023, there have been no material failures or breakdowns that have not been remedied in all material respects with respect to the Company Systems (including any which resulted in the unauthorized access to, or loss, corruption or alteration of any material data or information contained therein). Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, the Acquired Companies have: (i) implemented and maintained appropriate security procedures and practices, including technical and organizational safeguards, to protect the Company Systems and all Personal Information and other confidential data in their possession or under their control against loss, theft, misuse or unauthorized access, use, modification, alteration, encryption, destruction or disclosure; (ii) taken reasonable steps to ensure that any third party with access to any Personal Information collected by or on behalf of the Acquired Companies has implemented and maintains the same; (iii) conducted commercially reasonable privacy and data security testing, audits, and risk assessments, and resolved or remediated any privacy or data security issues, vulnerabilities or compliance gaps identified; and (iv) implemented reasonable disaster recovery and business continuity plans, and taken actions consistent with such plans, to the extent required, to safeguard all sensitive data and Personal Information in their possession or under their control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, the Acquired Companies have possession of or control over and, to the extent permitted by applicable Law, own, all of the Personal Information and pre-clinical, clinical and other similar data and other information Processed by or on behalf of the Acquired Companies in connection with the operation of their businesses as currently conducted. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, such data and other information (i) is in the Company Systems and is generally available and accessible to the Acquired Companies and is stored and backed-up on a regular basis, and (ii) will be owned, in the possession and control of, and available for Processing by, Parent and its Affiliates (including the Acquired Companies) immediately following the Closing in the manner in which the Acquired Companies Processed such data and other information prior to the Closing, free and clear of any material restrictions, limitations or obligations other than Permitted Encumbrances. The transfer of Personal Information in connection with the Transactions will not materially violate any applicable Data Security Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** None of the Acquired Companies is a "Business Associate" or a "Covered Entity," as such terms are defined under HIPAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10 Contracts**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Section</u> <u>3.10(a)</u> of the Company Disclosure Letter identifies each Company Contract that constitutes a Material Contract as of the Agreement Date. For purposes of this Agreement, other than any Company Contract (1) that is a nondisclosure agreement entered into (x) in the ordinary course of business or (y) in connection with discussions, negotiations and transactions related to this Agreement or other potential strategic transactions or (2) that is an Employee Plan, including any Company Employment Agreement, which shall be governed under <u>Section</u> <u>3.18</u>, for purposes of this Agreement, each of the following Company Contracts shall constitute a "***Material Contract***":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any Company Contract (A) limiting the freedom or right of any Acquired Company or any of its Affiliates, in any material respect, to engage in any line of business or to compete with any other Person in any location or line of business or (B) containing any "most favored nations" terms and conditions (including with respect to pricing) granted by any of the Acquired Companies or exclusivity obligations or restrictions or

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otherwise materially limiting the freedom or right of the Acquired Companies to sell, distribute or manufacture any products or services or any technology or other assets to or for any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any Company Contract that requires by its terms the payment or delivery of cash or other consideration by or to any of the Acquired Companies in an amount having an expected value in excess of $3,000,000 in the fiscal year ending December 31, 2025 or in any single fiscal year thereafter, other than any material transfer agreements, clinical trial agreements, nondisclosure agreements, services agreements, commercially available Software-as-a-Service offerings, off-the-shelf software licenses or generally available patent license agreements entered into in the ordinary course of business or Company Contracts that are terminable without penalty by the Company on ninety (90) days' or less notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** any (A) Company Contract that would entitle any third party to receive a license or any other right, title or interest with respect to the Intellectual Property Rights of Parent or any of its affiliates following the Closing Date or subject Parent or its Affiliates to any non-compete or other restrictive covenants following the Closing Date, (B) In-bound License, (C) Out-bound License, (D) Company Contract pursuant to which any material research or development activities related to any Product are conducted, or (E) Company Contract (other than Out-bound Licenses) that grants a third party a license or right to use or restricts any Person from filing, registering, enforcing, disposing of or otherwise exploiting any material Intellectual Property Rights related to any Product, other than material transfer agreements, clinical trial agreements, nondisclosure agreements, commercially available software as a service offerings, off the shelf software licenses, service or supply agreements containing non-exclusive licenses for purposes of providing the supply or services or other Contracts containing non-exclusive licenses incidental to the purpose of such Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** any Company Contract relating to the Company's Indebtedness of $1,000,000 or more in aggregate principal amount (whether incurred, assumed, guaranteed or secured by any asset);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** any Company Contract constituting, or relating to the formation, creation, operation, management or control of, a joint venture, partnership or limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** any Company Contract that prohibits the payment of dividends or distributions in respect of the capital stock of the Company, the pledging of the capital stock or other equity interests of the Company or prohibits the issuance of any guaranty by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** any Company Contract with any Affiliate, director, executive officer (as such term is defined in the Exchange Act), holder of 5% or more of Shares or, to the knowledge of the Company, any of their Affiliates (other than the Company) or immediate family members (other than Employee Plans, offer letters that can be terminated at will, and Company Contracts evidencing Company Stock Awards and related documentation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** any Company Contract for the lease, sublease or sub-sublease of any material real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** any Company Contract (A) relating to the disposition or acquisition by the Company of assets with a fair market value in excess of $3,000,000 outside of the ordinary course of business, or (B) pursuant to which the Company will acquire any ownership interest in any other Person or other business enterprise outside of the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** any Company Contract that contains a put, call, right of first refusal, right of first negotiation or similar right pursuant to which any Acquired Company could be required to purchase or sell, or offer for purchase or sale, as applicable, any (A) equity interests of any Person or (B) assets (excluding ordinary course commitments) or businesses for an amount in excess of $3,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** Any Company Contract with a sole source supplier material to the conduct of the business of the Company as currently conducted and in which a reasonable alternative supplier is not available;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** any Company Contract with any Governmental Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiii)** any Company Contract, the primary purpose of which is to provide for indemnification or guarantee of the obligations of any other Person that would be material to the Company, other than any such Company Contracts entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiv)** any hedging, swap, derivative or similar Company Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xv)** any Collective Bargaining Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xvi)** any Company Contract, the primary purpose of which is to provide for indemnification or guarantee of the obligations of any other Person that would be material to the Company, other than any such Company Contracts entered into in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xvii)** any other Company Contract that is currently in effect and has been filed (or is required to be filed) by the Company as an exhibit pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act (other than those Contracts required to be filed by the Company in accordance with Item 601(b)(10)(iii) of Regulation S-K under the Securities Act) or that would be required to be disclosed under Item 404 of Regulation S-K under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** As of the Agreement Date, the Company has either delivered or made available to Parent or Parent's Representatives an accurate and complete copy of each Material Contract. Neither the Company or any Subsidiary nor, to the knowledge of the Company, the other party is in material breach of or material default under any Material Contract and, neither the Company nor any Subsidiary, nor, to the knowledge of the Company, the other party has taken or failed to take any action that with or without notice, lapse of time or both would constitute a material breach of or material default under any Material Contract. Each Material Contract is, with respect to any of the Acquired Companies and, to the knowledge of the Company, the other party, a valid agreement, binding, and in full force and effect. To the knowledge of the Company, each Material Contract is enforceable by an Acquired Company in accordance with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies. Since January 1, 2025 through the Agreement Date, none of the Acquired Companies has received any written (or to the Company knowledge, oral) notice regarding any violation or breach or default under any Material Contract that has not since been cured, except for violations or breaches that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. None of the Acquired Companies has waived in writing any rights under any Material Contract, the waiver of which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11 Liabilities**. As of the Agreement Date, the Acquired Companies do not have any liabilities or obligations of any nature (whether accrued, absolute, contingent or otherwise) that would be required to be reflected or reserved against on a consolidated balance sheet (including the notes thereto) prepared in accordance with GAAP, except for: (i) liabilities disclosed on the Balance Sheet contained in the Company SEC Documents filed prior to the Agreement Date; (ii) liabilities or obligations required to be incurred pursuant to the terms of this Agreement; (iii) liabilities for performance of obligations of the Company under Contracts binding upon the Company (other than resulting from any breach or acceleration thereof) either delivered or made available to Parent or Parent's Representatives prior to the Agreement Date or entered into in the ordinary course of business; (iv) liabilities incurred in the ordinary course of business since the date of the Balance Sheet; and (v) liabilities that individually or in the aggregate have not had and would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.12 Compliance with Law**. The Acquired Companies are, and since January 1, 2024, have been, in compliance with all applicable Laws, except where the failure to be in compliance has not had and would not reasonably be expected to have a Material Adverse Effect and, since January 1, 2024, none of the

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Acquired Companies has been given written notice of, or been charged with, any unresolved violation of, any applicable Law, except, in each case, for any such violation that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.13 Regulatory Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, since January 1, 2024 (i) the Acquired Companies have filed with the applicable regulatory authorities (including the FDA or any other Governmental Body performing functions similar to those performed by the FDA) all material filings, declarations, listings, registrations, reports or submissions, including adverse event reports and investigational new drug safety reports required to be filed by any of the Acquired Companies by applicable health care Laws for the operation of its business and (ii) all such filings, declarations, listings, registrations, reports or submissions were in material compliance with applicable Laws when filed, and no deficiencies that have been asserted by any applicable Governmental Body with respect to any such filings, declarations, listing, registrations, reports or submissions remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, since January 1, 2024 all pre-clinical and clinical trials conducted by or on behalf of the Acquired Companies have been and are being conducted in material compliance with applicable health care Laws, including, as applicable, good laboratory practices or good clinical practices requirements. Since January 1, 2023, neither the FDA nor any other Governmental Body performing functions similar to those performed by the FDA has sent any written notices or other correspondence to any Acquired Company with respect to any ongoing clinical trial or pre-clinical study requiring the termination or suspension of such trial or study, or the material modification of such trial or study, which modification would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Neither the Acquired Companies nor, to the Company's knowledge, any Entity acting on any Acquired Company's behalf has at any time since January 1, 2024 (i) made an untrue statement of a material fact or fraudulent statement to the FDA or any Governmental Body, (ii) failed to disclose a material fact required to be disclosed to the FDA or any Governmental Body or (iii) committed any other act, made any statement or failed to make any statement, that (in any such case) establishes a reasonable basis for the FDA to invoke its Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities Final Policy. Since January 1, 2023, neither the Acquired Companies nor, to the Company's knowledge, any Entity acting on the Acquired Companies' behalf is the subject of any pending or, to the Company's knowledge, threatened investigation by the FDA pursuant to its Fraud, Untrue Statements of Material Facts, Bribery, and Illegal Gratuities Final Policy. Neither the Company nor any Acquired Company nor any current officers, employees or, to Company's knowledge, agents or clinical investigators of the Acquired Companies or any Entity or individual acting on the Acquired Companies' behalf has been suspended or debarred or convicted of any crime or engaged in any conduct that would reasonably be expected to result in (a) debarment under 21 U.S.C. Section 335a or any similar Law or (b) exclusion under 42 U.S.C. Section 1320a-7 or any similar Law. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, there are no pending, or, to the Company's knowledge, threatened, adverse inspections, including inspectional observations (such as Form FDA 483 observations); findings of deficiency or non-compliance; warning letters or other regulatory letters or sanctions; clinical holds, compelled or voluntary recalls, field notifications or alerts; import alerts, holds, or detentions; or other compliance or enforcement action against any Acquired Company; in each case, with respect to any Product being developed, manufactured or commercialized by or on behalf of the Acquired Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Acquired Companies are in compliance and since January 1, 2024, has been in compliance with all healthcare laws applicable to the operation of its business as currently conducted, including (i) any applicable federal or state fraud and abuse Laws, including the federal Anti-Kickback Statute (42 U.S.C. § 1320a-7(b)), the civil False Claims Act (31 U.S.C. § 3729 *et seq*.) and the regulations promulgated pursuant to such statutes; (ii) the Federal Food, Drug and Cosmetic Act ("***FDCA***") and Public

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Health Service Act ("***PHS Act***") and the regulations issued pursuant to the FDCA and PHS Act,; (iii) the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information and Technology for Economic and Clinical Health Act, and the regulations promulgated pursuant thereto (collectively, "***HIPAA***"); (iv) Laws which are cause for exclusion from any federal health care program; (v) Laws relating to the billing or submission of claims for health care products or services; and (vi) the federal "Sunshine Law" or Open Payments (42 U.S.C. § 1320a-7h) and state Laws regulating or requiring reporting of interactions between pharmaceutical manufacturers and members of the healthcare industry; (vii) the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (42 U.S.C. § 1395w-101 *et seq*.) and the regulations promulgated thereunder and the Medicaid Drug Rebate Program (42 U.S.C. § 1396r-8) and any state supplemental rebate program; and (viii) foreign equivalents, including the Laws of the European Union. The Acquired Companies are not subject to any enforcement, regulatory or Legal Proceeding against or affecting the Acquired Companies relating to or arising under the FDCA, PHS Act, the Anti-Kickback Statute, or similar Laws, and, to the Company's knowledge, no such enforcement, regulatory or Legal Proceeding has been threatened in writing, including by the issuance of a warning letter, untitled letter, Form 483, or similar notice of potential violations of healthcare laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** To the extent required by applicable Laws, since January 1, 2024, all manufacturing operations conducted by, or to the knowledge of the Company, on behalf of, the Acquired Companies with respect to any Product has been conducted in accordance with GMP Regulations, except where the failure to comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.14 Certain Business Practices**. None of the Acquired Companies, nor any of its officers, directors, or employees, nor to the knowledge of the Company, its representatives or agents (in each case, acting in the capacity of an employee or representative of any of the Acquired Company) has (i) used any funds (whether of the Acquired Companies or otherwise) for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political parties or campaigns or (iii) violated any provision of any Anti-Corruption Laws or any rules or regulations promulgated thereunder, anti-money laundering laws and any rules or regulations promulgated thereunder or any applicable Law of similar effect. None of the Acquired Companies, its officers or directors, nor, to the knowledge of the Company, any of their respective employees, representatives or agents, in each case, acting at the direction or on behalf of the applicable Acquired Company, is a Person with whom transactions are prohibited or restricted under any trade or economic sanctions or export controls. The Acquired Companies have instituted and maintain in effect policies and procedures reasonably designed to ensure compliance with the FCPA and other applicable Anti-Corruption Laws, anti-money laundering Laws, trade and economic sanctions and export control Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.15 Governmental Authorizations**. The Acquired Companies hold all Governmental Authorizations necessary to enable the Acquired Companies to conduct their business in the manner in which its businesses are currently being conducted, except where failure to hold such Governmental Authorizations would not reasonably be expected to have a Material Adverse Effect. The Governmental Authorizations held by the Acquired Companies are, in all material respects, valid and in full force and effect. The Acquired Companies are in compliance with the terms and requirements of such Governmental Authorizations, except where failure to be in compliance would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.16 Governmental Contracts**. With respect to each Government Contract, for the past three (3) years, the Acquired Companies have not: (i) materially breached or violated in any material respect any Law, clause, provision or requirement pertaining to any Government Contract; (ii) been debarred or suspended from bidding on Government Contracts by a Governmental Body, or declared nonresponsible or ineligible for, government procurement pursuant to 48 C.F.R. subpart 9.4, or any comparable state or local Laws and, no facts or circumstances exist that could reasonably be expected to give rise to debarment, suspension, or a declaration that an Acquired Company is ineligible for government procurement; (iii) received any adverse findings in audits or investigations by any Governmental Body with respect to any Government Contract that remain unresolved; (iv) received any material written notice of breach, cure,

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show cause or default from any Governmental Body with respect to any Government Contract; (v) had any Government Contract terminated by any Governmental Body for default or failure to perform; or (vi) made any disclosure with respect to any material irregularity, misstatement or omission involving a Government Contract, in each case, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of the date hereof and for the past three (3) years, all representations, certifications required under each Government Contract and statements executed and submitted by the Acquired Companies in connection with Government Contracts were correct in all material respects as of their respective effective dates. The Acquired Companies are not the subject of any pending claim pursuant to the False Claims Act (31 U.S.C. §§ 3729 *et seq*.) or any comparable state or local Laws and, to the Company's knowledge, no facts or circumstances exist as of the Agreement Date that would reasonably be expected to give rise to a claim under the False Claims Act or any comparable state or local Laws against any Acquired Company. As of the date hereof and for the past three (3) years, the Acquired Companies and their respective officers, directors, employees and, to the Company's knowledge, agents have complied in all material respects with applicable procurement Laws governing the awarding and performance of Government Contracts, except where the failure to comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As of the date hereof and for the past three (3) years, neither the Acquired Companies, nor any of their respective directors, officers, employees or, to the Company's knowledge, agents has had access to confidential or non-public information in connection with the awarding of Government Contracts to which they were not lawfully entitled, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.17 Tax Matters**. Except for those matters that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** (i) Each of the Tax Returns required to be filed by the Acquired Companies with any Governmental Body has been timely filed on or before the applicable due date (taking into account any extensions of such due date), and all such Tax Returns are accurate and complete in all respects and (ii) all Taxes (whether or not shown as due and owing on such Tax Returns) have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** There are no Encumbrances for Taxes (other than Permitted Encumbrances) upon any of the assets of the Acquired Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Acquired Companies have withheld and timely paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee, independent contractor, creditor, shareholder or other third party (including, without limitation, Sections 1441 and 1442 of the Code or similar or corresponding provisions under any state, local, and non-U.S. Laws), and complied with all information reporting and back-up withholding provisions of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** There has never been any claim made in writing by any taxing authority in a jurisdiction where the Acquired Companies do not file Tax Returns that any of such entities may be subject to Tax in that jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** No deficiency for any Tax has been asserted or assessed by a taxing authority, or threatened in writing, against the Acquired Companies which deficiency has not been paid, settled or withdrawn or is not being contested in good faith and in accordance with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** There are no disputes, audits, examinations, investigations or proceedings pending or threatened in writing in respect of any Taxes or Tax Returns of the Acquired Companies, and none of the Acquired Companies is a party to any litigation or administrative proceeding relating to Taxes. No deficiency for any Tax has been asserted or assessed by a taxing authority in writing against the any of the Acquired Companies that has not been paid, settled or withdrawn or is not being contested in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** None of the Acquired Companies is a party to or bound by any Tax sharing, allocation, indemnification, or similar agreement or arrangement that would have a continuing effect after the Closing Date (other than such agreements or arrangements made in the ordinary course of business, the primary subject matter of which is not Tax). The Acquired Companies (i) have not been a member of an affiliated

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group (within the meaning of Section 1504(a) of the Code) filing a consolidated federal income Tax Return (other than a group the common parent of which was the Company) and (ii) have no material liability for the Taxes of another Person under Treasury Regulations Section 1.1502-6 (or any similar or corresponding provision of state, local or non-U.S. Law), as a transferee or successor, or otherwise by operation of applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** Within the past two (2) years, the Acquired Companies have not been either a "distributing corporation" or a "controlled corporation" in a distribution of stock intended to qualify for tax-free treatment under Section 355 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** None of the Acquired Companies has entered into any "listed transaction" within the meaning of Treasury Regulations Section 1.6011-4(b)(2) (or any corresponding or similar provision of state, local, or non-U.S. Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** None of the Acquired Companies has made a request for an advance tax ruling, request for technical advice, a request for a change of any method of accounting or any similar request that is in progress or pending with any Governmental Body with respect to any amount of Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.18 Employee Matters; Benefit Plans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Section</u> <u>3.18(a)</u> of the Company Disclosure Letter sets forth, as of the Agreement Date, each material Employee Plan (and separately identifies any such plans that are not subject to United States Law maintained primarily in respect of any current or former Company Associate outside of the United States (a "***Foreign Plan***")). Subject to applicable Laws, the employment of each of the Company's employees is terminable by the Company at will. None of the Subsidiaries has any employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** None of the Acquired Companies is party to or bound by, has a duty to bargain for, nor is currently negotiating in connection with entering into, any Collective Bargaining Agreement and there are, and since January 1, 2023, have been no labor organizations representing, purporting to represent or, to the knowledge of the Company, seeking to represent any employees of the Acquired Companies. Since January 1, 2023, there has not been any strike, slowdown, work stoppage, lockout, walkout, handbilling, job action, picketing, labor dispute, question concerning labor representation, union organizing activity or any similar activity or dispute, or, to the knowledge of the Company, any threat thereof, affecting the Acquired Companies or any of its employees. There is not now pending, and, to the knowledge of the Company, no Person has threatened to commence, any such strike, slowdown, work stoppage, lockout, walkout, handbilling, job action, picketing, labor dispute, question regarding labor representation or union organizing activity or any similar activity or dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Since January 1, 2023, there has been and there is no material Legal Proceeding pending or, to the knowledge of the Company, threatened relating to the employment or engagement of any current or former Company Associate or relating to any Employee Plan. Since January 1, 2023, the Acquired Companies have complied with and are in compliance in all material respects with all applicable Laws related to labor and employment, including employment practices, payment of wages and hours of work, the classification of independent contractors and exempt and non-exempt employees, leaves of absence, plant closing notification (including the Worker Adjustment and Retraining Notification Act of 1988 or any similar Laws (the "***WARN Act***")), privacy rights, labor relations and disputes, workplace safety, equal employment opportunity, child labor, fair employment practices, pay equity, civil rights, whistleblowing, employee trainings and notices, collective bargaining, automated decision tools (including artificial intelligence), workers' compensation, unemployment insurance, taxes and withholdings, harassment, retaliation, immigration (including the completion of Forms I-9 for all employees and the proper confirmation of employee visas), and discrimination matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Except as would not result in material liability for the Acquired Companies, since January 1, 2023: (i) the Acquired Companies have fully and timely paid all wages, salaries, wage premiums, commissions, bonuses, severance and termination payments, fees, and other remuneration that has come due and payable to their current or former employees and independent contractors under applicable Laws,

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Contract or company policy; and (ii) each individual who is providing or, since January 1, 2023, has provided services to the Acquired Companies and is or was classified and treated as an (y) independent contractor, consultant, leased employee, or other non-employee service provider, or (z) exempt employee, in each case, is and has been properly classified and treated as such for all applicable purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Since January 1, 2023, no allegations of sexual harassment or sexual misconduct have been made against any current or former officer, executive or supervisory-level employee of the Acquired Companies in their capacities as such or in connection with their services to the Acquired Companies, and none of the Acquired Companies have entered into any settlement agreements related to allegations of such sexual harassment or sexual misconduct by an officer, executive or supervisory-level employee of the Acquired Companies. Since January 1, 2023, the Acquired Companies have promptly, thoroughly, and impartially investigated all allegations of workplace sexual harassment, or sexual misconduct or retaliation against any officer, executive or supervisory-level employee of the Acquired Companies in their capacities as such or in connection with allegations of workplace sexual harassment or sexual misconduct. With respect to each such allegation with potential merit, the Acquired Companies have taken prompt corrective action that is reasonably calculated to prevent further harassment or other improper action and none of the Acquired Companies have incurred, and, to the knowledge of the Company, no circumstances exist under which the Acquired Companies would reasonably be expected to incur, any liability arising from such allegations. Since January 1, 2023, none of the Acquired Companies have had knowledge of any allegations relating to their officers, directors, executives or supervisory-level employees that would indicate a breach of fiduciary duty or that, if known to the public, would bring the Acquired Companies into material disrepute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The Company has either delivered or made available to Parent prior to the execution of this Agreement with respect to each material Employee Plan accurate and complete copies of the following, as relevant: (i) all plan documents (and with respect to any unwritten plan, a summary of all material terms thereof) and all amendments thereto, and all related trust or other funding documents; (ii) any currently effective favorable determination letter or opinion letter received from the IRS; (iii) the most recent annual actuarial valuation; (iv) the most recent summary plan descriptions and any material modifications thereto; and (v) the most recent nondiscrimination tests required to be performed under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** No Employee Plan is and none of the Acquired Companies nor any other trade or business (whether or not incorporated) that would be or, at any relevant time, would have been considered a single employer with any of the Acquired Companies under Section 414(b), (c), (m) or (o) of the Code or Section 4001(b)(1) of ERISA, currently or has during the past six (6) years sponsored, maintained, contributed to, or been required to contribute to or has or had any liability with respect to a plan subject to Title IV of ERISA or Code Section 412, including any "single employer" defined benefit plan as defined in Section 3(35) of ERISA or any "multiemployer plan" each as defined in Section 4001 of ERISA. No Employee Plan is and none of the Acquired Companies sponsor, contribute to, or have any liability in respect of, (i) a "multiple employer plan" as defined in Section 413(c) of the Code, or (ii) a "multiple employer welfare arrangement" within the meaning of Section 3(40) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each of the Employee Plans that is intended to be qualified under Section 401(a) of the Code has obtained a favorable determination letter (or opinion letter, if applicable) from the IRS as to its qualified status under the Code and to the Company's knowledge nothing has occurred that would reasonably be expected to adversely affect the qualification of such Employee Plans. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, each of the material Employee Plans is now and has been established, maintained, funded, administered, and operated in compliance with its terms and all applicable Laws, including ERISA and the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, with respect to each Employee Plan, (i) there are no claims, audits, suits, proceedings, investigations or any other legal proceeding (collectively, "***Actions***") pending or, to the

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Company's knowledge, threatened in writing, other than routine claims for benefits and, to the knowledge of the Company, no facts or circumstances exist that would reasonably be expected to give rise to any such Actions and (ii) all contributions, premiums or other amounts payable by any of Acquired Companies pursuant to any Employee Plan have been timely paid or, to the extent not yet due, accrued in accordance with GAAP and past practice (to the extent required under applicable Law to be accrued).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** Except to the extent required under Section 601 *et seq*. of ERISA, 4980B of the Code (or any other similar state or local Law) at the sole expense of such participant or the participant's beneficiary, neither the Acquired Companies nor any Employee Plan has any present or future obligation to provide post-employment or retiree health or welfare benefits to any present or former Company Associate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** Neither the execution or delivery of this Agreement, nor the consummation of the Transactions, will, (either alone or in combination with other events or circumstances) (i) result in any payment or benefit (including severance pay) becoming due to any current or former Company Associate; (ii) accelerate the time of payment, vesting or funding or increase or otherwise enhance the amount of compensation or benefits due or payable to any Company Associate, (iii) result in any "disqualified individual" receiving any "parachute payment" (each such term as defined in Section 280G of the Code) or in the imposition of an excise Tax under Section 4999 of the Code, or (iv) limit or restrict the right of the Acquired Companies or Parent to amend, merge or terminate any Employee Plan (or transfer the assets of thereof) on or following the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** None of the Acquired Companies is a party to, or otherwise is obligated under, any Contract, plan or arrangement that provides for the gross-up, indemnification, reimbursement of or other payment for any Taxes imposed by Sections 409A or 4999 of the Code (or any corresponding provisions of applicable Law relating to Tax).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (A) each Foreign Plan maintained in any jurisdiction that is intended to qualify for special tax treatment meets all the requirements for such treatment; (B) all employer and employee contributions to each Foreign Plan required by its terms or by applicable Law have been made or, if applicable, accrued in accordance with generally accepted accounting practices in the applicable jurisdiction and any other payments (including insurance premiums) otherwise due in respect of a Foreign Plan have been paid in full; (C) the fair market value of the assets of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance or the book reserve established for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of the date of this Agreement, with respect to all current and former participants in such plan according to the actuarial assumptions and valuations most recently used to determine employer contributions to such Foreign Plan, and no transaction contemplated by this Agreement shall cause such assets or insurance obligations to be less than such benefit obligations; and (D) each Foreign Plan required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.19 Environmental Matters**. Except for those matters that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, (a) the Acquired Companies are, and since January 1, 2023 have been, in compliance with all applicable Environmental Laws, which compliance includes obtaining, maintaining or complying with all Governmental Authorizations required under Environmental Laws for the operation of its business, (b) as of the Agreement Date, there is no investigation, suit, claim, action or Legal Proceeding relating to or arising under any Environmental Law that is pending or, to the knowledge of the Company, threatened in writing against any of the Acquired Companies or, to the Company's knowledge, the Leased Real Property, (c) as of the Agreement Date, none of the Acquired Companies has received any written notice, report or other information of or entered into any legally binding agreement, order, settlement, judgment, injunction or decree involving uncompleted, outstanding or unresolved violations, liabilities or requirements on the part of any of the Acquired Companies relating to or arising under Environmental Laws, (d) to the knowledge of the Company: (1) no

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Person has been exposed to any Hazardous Materials at a property or facility of any of the Acquired Companies at levels in excess of applicable permissible exposure levels; and (2) there are and have been no Hazardous Materials present or Released on, at, under or from any property or facility, including the Leased Real Property, in a manner and concentration that would reasonably be expected to result in any claim against or liability of the Acquired Companies under any Environmental Law; and (e) the Acquired Companies have not assumed, undertaken, or otherwise become subject to any liability of another Person relating to Environmental Laws other than any indemnities in Material Contracts or leases for real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.20 Insurance**. Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, all material insurance policies of the Acquired Companies are in full force and effect (except for any expiration thereof in accordance with its terms), no notice of cancellation or modification has been received, and there is no existing default or event which, with the giving of notice or lapse of time or both, would constitute a default by any insured thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.21 Legal Proceedings; Orders**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** There is, and since January 1, 2023, there has been no Legal Proceeding pending (or, to the knowledge of the Company, threatened) against. by or involving any of the Acquired Companies or to the knowledge of the Company, against any present or former officer, director or employee of the Acquired Companies in such individual's capacity as such, other than any Legal Proceedings that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** There is no order, writ, injunction, ruling, stipulation, settlement, award, finding, determination, decree or judgment (an "***Order***") to which any of the Acquired Companies or their assets is subject that is reasonably expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** To the Company's knowledge, as of the Agreement Date, no investigation or review by any Governmental Body with respect to any of the Acquired Companies is pending or is being threatened, other than any investigations or reviews that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.22 Authority; Binding Nature of Agreement**. The Company has the corporate power and authority to enter into and deliver and to perform its obligations under this Agreement and to consummate the Transactions. The Company Board (at a meeting duly called and held) has unanimously (a) determined that this Agreement and the Transactions, including the Offer and the Merger, are advisable to, and in the best interest of, the Company and its stockholders, (b) determined that the Merger shall be governed and effected in accordance with the DGCL, (c) authorized and approved the execution, delivery and performance by the Company of this Agreement and the consummation of the Transactions, (d) agreed that this Agreement shall be subject to Section 251(h) of the DGCL and (e) resolved to recommend that the holders of Shares accept the Offer and tender their Shares to Purchaser pursuant to the Offer, which resolutions, subject to <u>Section</u> <u>5.4</u>, have not been subsequently withdrawn, rescinded or modified in a manner adverse to Parent as of the Agreement Date. No other corporate action on the part of the Company is necessary to authorize the execution, delivery and performance by the Company of this Agreement and to consummate the Transactions. This Agreement has been duly executed and delivered by the Company, and assuming due authorization, execution and delivery by Parent and Purchaser, this Agreement constitutes the legal, valid and binding obligations of the Company and is enforceable against the Company in accordance with its terms, subject to (i) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.23 Section 203 of the DGCL**. Assuming the accuracy of the representations and warranties set forth in <u>Section</u> <u>4.8</u>, the Company Board has taken all actions so that the restrictions applicable to business combinations contained in Section 203 of the DGCL shall be inapplicable to the execution, delivery and performance of this Agreement and to the consummation of the Offer, the Merger and the other Transactions. To the knowledge of the Company, no other Takeover Law applies or will apply to this Agreement or to the consummation of the Offer, the Merger and other Transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.24 Merger Approval**. Following the Offer Acceptance Time, assuming satisfaction of the Minimum Condition and the accuracy of the representations and warranties set forth in <u>Section</u> <u>4.8</u>, no vote of the holders of any class or series of the Company's capital stock will be required in order to adopt this Agreement and the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.25 Non-Contravention; Consents**. Assuming compliance with the applicable provisions of the DGCL, the HSR Act and any other applicable Antitrust and FDI Laws and expiration of the applicable waiting periods, compliance with the rules and regulations of Nasdaq, the execution and delivery of this Agreement by the Company, the consummation by the Company of the Transactions will not: (a) cause a violation of any of the provisions of the certificate of incorporation or bylaws of the Company or organizational or governing documents of any Subsidiary; (b) cause a violation by any of the Acquired Companies of any Law or Order applicable to the Acquired Companies, or to which any of the Acquired Companies is subject; or (c) conflict with, result in breach of, or constitute a default (with or without notice or lapse of time), or give rise to a right of termination, modification or acceleration of, any Material Contract to which the Company is a party or by which it is bound or result in the loss of a material benefit under any such Material Contract or (d) result in the creation of any Encumbrance (other than any Permitted Encumbrances) on any assets of the Acquired Companies, except in the case of <u>clauses (b)</u> and <u>(c)</u>, for such violations as would not reasonably be expected to have a Material Adverse Effect. Except as may be required by the Exchange Act, the DGCL, the HSR Act and any other applicable Antitrust and FDI Laws and the rules and regulations of Nasdaq, to the knowledge of the Company, the Acquired Companies are not required to give notice to, make any filing with, or obtain any Consent from any Person at any time prior to the Closing in connection with the execution and delivery of this Agreement, or the consummation by the Company of the Merger, except those filings, notifications, approvals, notices or Consents that the failure to make, obtain or receive would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.26 Opinion of Financial Advisor.** The Company Board has received the oral opinion of Centerview Partners LLC, as financial advisor to the Company, to be subsequently confirmed in its written opinion to the Company Board that, as of the date of such opinion and based upon and subject to the matters set forth therein, including the various assumptions made, procedures followed, matters considered, and qualifications and limitations set forth therein, the Offer Price to be paid to the holders of Shares (other than Excluded Shares) pursuant to this Agreement is fair, from a financial point of view, to such holders. The Company Board has received the oral opinion of Goldman Sachs & Co. LLC, as financial advisor to the Company, to be subsequently confirmed in its written opinion to the Company Board, to the effect that, as of the date of such opinion and based upon and subject to the matters set forth therein, including the various assumptions made, procedures followed, matters considered, and qualifications and limitations set forth therein, the $15.50 in cash per Share to be paid to the holders (other than Parent and its affiliates) of Shares pursuant to this Agreement is fair from a financial point of view to such holders. The Company will provide or make available to Parent, solely for informational purposes, a copy of the signed opinions following receipt thereof by the Company, it being expressly understood and agreed that such opinion is for the benefit of the Company Board and may not be relied upon by Parent or Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.27 Financial Advisors**. Except for Centerview Partners LLC and Goldman Sachs & Co. LLC, no broker, finder, investment banker, financial advisor or other Person is entitled to any brokerage, finder's or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon arrangements made by or on behalf of the Company. The Company has delivered or made available to Parent accurate and complete copies of any agreements with Centerview Partners LLC and Goldman Sachs & Co. LLC.

**SECTION 4. REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER** 

Parent and Purchaser represent and warrant to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 Due Organization**. Each of Parent and Purchaser is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all necessary power and

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authority: (a) to conduct its business in the manner in which its business is currently being conducted; (b) to own and use its assets in the manner in which its assets are currently owned and used; and (c) to perform its obligations under all Contracts by which it is bound, except where any such failure would not reasonably be expected, individually or in the aggregate, to have a Parent Material Adverse Effect. Parent has either delivered or made available to Company or Company's Representatives accurate and complete copies of the certificate of incorporation, bylaws and other charter and organizational documents of Parent and Purchaser, including all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 Purchaser**. Purchaser was formed solely for the purpose of engaging in the Transactions and activities incidental thereto and has not engaged in any business activities or conducted any operations other than in connection with the Transactions and those incident to its formation. Either Parent or a wholly owned subsidiary of Parent owns beneficially and of record all of the outstanding capital stock of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 Authority; Binding Nature of Agreement**. Parent and Purchaser have the corporate power and authority to execute and deliver and perform their obligations under this Agreement; and the execution, delivery and performance by Parent and Purchaser of this Agreement has been duly authorized by all necessary action on the part of Parent and Purchaser and their respective boards of directors. This Agreement constitutes the legal, valid and binding obligation of Parent and Purchaser, and, assuming due authorization, execution and delivery by the Company, is enforceable against them in accordance with its terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors and (b) rules of law governing specific performance, injunctive relief and other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 Non-Contravention; Consents**. Assuming compliance with the applicable provisions of the HSR Act, and any applicable filing, notification or approval in any foreign jurisdiction required by Antitrust and FDI Laws, the execution and delivery of this Agreement by Parent and Purchaser, and the consummation of the Transactions, will not: (a) cause a violation of any of the provisions of the certificate of incorporation or bylaws or other organizational documents of Parent or Purchaser; (b) cause a violation by Parent or Purchaser of any applicable Law or order applicable to Parent or Purchaser, or to which they are subject; or (c) conflict with, result in a breach of, or constitute a default (with or without notice or lapse of time) or give rise to a right of termination, modification or acceleration of any material Contract to which Parent or Purchaser is party or by which it is bound or result in a loss of a material benefit under any such material Contract, except, in the case of <u>clauses</u> "<u>(b)</u>" and "<u>(c)</u>", for such conflicts, violations, breaches or defaults as would not reasonably be expected, individually or in the aggregate, to have a Parent Material Adverse Effect. Except as may be required by the Exchange Act (including the filing with the SEC of the Offer Documents), state takeover laws, the filing of the certificate of merger pursuant to the DGCL or the HSR Act and any filing, notification or approval in any foreign jurisdiction required by Antitrust and FDI Laws in those jurisdictions identified in <u>Schedule 5.5(b)</u>, neither Parent nor Purchaser, nor any of Parent's other Affiliates, is required to make any filing with or give any notice to, or to obtain any Consent from, any Person at or prior to the Closing in connection with the execution and delivery of this Agreement by Parent or Purchaser or the consummation by Parent or Purchaser of the Offer, the Merger or the other Transactions, other than such filings, notifications, approvals, notices or Consents that, if not obtained, made or given, would not reasonably be expected, individually or in the aggregate, to have a Parent Material Adverse Effect. No vote of Parent's stockholders is necessary to approve this Agreement or any of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5 Disclosure**. None of the Offer Documents will contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. None of the information with respect to Parent or Purchaser supplied or to be supplied by or on behalf of Parent or Purchaser or any of their Subsidiaries to the Company in writing specifically for inclusion or incorporation by reference in the Schedule 14D-9 will, at the time such document is filed with the SEC, at any time such document is amended or supplemented or at the time such document is first published, sent or given to the Company's stockholders, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Neither Parent nor Purchaser makes any representation with respect to

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statements made or incorporated by reference in the Offer Documents based on information supplied by or on behalf of the Company for inclusion or incorporation by reference in the Company Disclosure Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6 Absence of Litigation**. There is no Legal Proceeding pending and served or, to the knowledge of Parent, pending and not served or overtly threatened against Parent or Purchaser, except as would not and would not reasonably be expected to materially and adversely affect Parent's or Purchaser's ability to consummate the Transactions. To the knowledge of Parent or Purchaser, as of the Agreement Date, neither Parent nor Purchaser is subject to any continuing order of, consent decree, settlement agreement or similar written agreement with, or continuing investigation by, any Governmental Body, or any order, writ, judgment, injunction, decree, determination or award of any Governmental Body, except as would not and would not reasonably be expected to materially and adversely affect Parent's or Purchaser's ability to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7 Funds**. Parent has and will have, at all times until the Closing, cash resources in immediately available funds in an amount sufficient to consummate the Transactions, including to pay the aggregate Offer Price at the Offer Acceptance Time and the aggregate Merger Consideration at the Closing, to make payments pursuant to <u>Section</u> <u>2.8</u> and to pay all related fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8 Ownership of Shares**. Neither Parent nor any of Parent's Subsidiaries directly or indirectly owns, and at all times for the past three years, neither Parent nor any of Parent's Subsidiaries has owned, beneficially or otherwise, any shares of the Company's capital stock or any securities, contracts or obligations convertible into or exercisable or exchangeable for shares of the Company's capital stock, in each case, except through funds or benefit or pension plans. Neither Parent nor Purchaser has enacted or will enact a plan that complies with Rule 10b5-1 under the Exchange Act covering the purchase of any of the shares of the Company's capital stock. As of the Agreement Date, neither Parent nor Purchaser, nor any of their "affiliates" or "associates", is an "interested stockholder" of the Company, as such terms are defined under Section 203(c) of the DGCL. Prior to the Agreement Date, neither Parent nor Purchaser has taken, or authorized or permitted any Representatives of Parent or Purchaser to take, any action that would cause Parent, Purchaser or any of their "affiliates" or "associates" to be deemed an "interested stockholder", as such terms are defined in Section 203 of the DGCL, or otherwise render Section 251(h) of the DGCL inapplicable to the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9 No Competitive Holdings**. None of Parent or Purchaser, nor any of their respective "associates" or "affiliates" (each as defined in 16 C.F.R. § 801.1(d)), hold, directly or indirectly five percent (5%) or more of the voting securities or non-corporate interests (as "hold," "voting securities" and "non-corporate interests" are defined in 16 C.F.R. § 801) of any entity, that competes or is expected to compete in the future with respect to the Company's development, commercialization, manufacturing, sale or distribution of HEPLISAV-B to the extent that any such holdings would reasonably be expected to prevent or materially delay the consummation of the Transactions or the expiration or termination of any waiting period, under the HSR Act or under other Antitrust and FDI Laws in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10 Brokers and Other Advisors**. No broker, investment banker, financial advisor or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission in connection with the Transactions based upon arrangements made by or on behalf of Parent or any of its Subsidiaries except for Persons, if any, whose fees and expenses shall be paid by Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.11 Acknowledgement by Parent and Purchaser**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Neither Parent nor Purchaser is relying, and neither Parent nor Purchaser has relied on any representations or warranties whatsoever regarding the subject matter of this Agreement, express or implied, except for the representations and warranties in <u>Section</u> <u>3</u>, including the Company Disclosure Letter, or in the certificate delivered pursuant to <u>clause (d)</u> of <u>Annex I</u>. Such representations and warranties by the Company constitute the sole and exclusive representations and warranties of the Company in connection with the Transactions and each of Parent and Purchaser understands, acknowledges and agrees that all other

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representations and warranties of any kind or nature whether express, implied or statutory are specifically disclaimed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In connection with the due diligence investigation of the Company by Parent and Purchaser and their respective Affiliates, stockholders, directors, officers, employees, agents, representatives or advisors, Parent and Purchaser and their respective Affiliates, stockholders, directors, officers, employees, agents, representatives and advisors have received and may continue to receive after the Agreement Date from the Company and its Affiliates, stockholders, directors, officers, employees, consultants, agents, representatives and advisors certain estimates, projections, forecasts and other forward-looking information, as well as certain business plan information, regarding the Company and its businesses and operations. Parent and Purchaser hereby acknowledge that there are uncertainties inherent in attempting to make such estimates, projections, forecasts and other forward-looking statements, as well as in such business plans, and that Parent and Purchaser will have no claim against the Company, or any of its Affiliates, stockholders, directors, officers, employees, consultants, agents, representatives or advisors, or any other person with respect thereto (and disclaim any reliance thereon) unless any such information is expressly addressed or included in a representation or warranty contained in this Agreement. Accordingly, Parent and Purchaser hereby acknowledge and agree that neither the Company nor any of its Affiliates, stockholders, directors, officers, employees, consultants, agents, representatives or advisors, nor any other person, has made or is making any express or implied representation or warranty with respect to such estimates, projections, forecasts, forward-looking statements or business plans unless any such information is expressly addressed or included in a representation or warranty contained in this Agreement.

**SECTION 5. COVENANTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 Access to Information**. During the period from the Agreement Date until the earlier of the Offer Acceptance Time and the termination of this Agreement pursuant to <u>Section</u> <u>7.1</u> (the "***Pre-Closing Period***"), upon reasonable advance notice to the Company, the Company shall, and shall cause the Representatives of the Company to: provide Parent and Parent's Representatives with reasonable access to the Company's properties, offices, books and records, Contracts, commitments and personnel (other than any of the foregoing to the extent specifically related to the negotiation and execution of this Agreement or any sale process preceding the execution and delivery of this Agreement, or, except as expressly provided in <u>Section</u> <u>5.1</u> or <u>Section</u> <u>5.4</u>, to any Acquisition Proposal), in each case as Parent reasonably requests solely for purposes of furthering the consummation of the Transactions; *provided, however,* that any such access shall be at a reasonable time during the Company's normal business hours, under the supervision of appropriate personnel of the Company and in such a manner as not to unreasonably interfere with the normal operation of the business of the Company or create material risk of damage or destruction to any material assets or property; *provided* that the Company shall be permitted to provide such information electronically or by other remote access where practicable. Any such access shall be subject to the Company's reasonable security measures and insurance requirements and shall not include invasive testing. Nothing herein shall require the Company to permit any inspection or testing, or to disclose or provide access to any information, that in the reasonable, good faith judgement of the Company would be detrimental to the Company's business or operations nor shall anything herein require the Company to disclose any information to Parent if such disclosure could, in its reasonable discretion (i) jeopardize any attorney-client or other legal privilege (so long as the Company has reasonably cooperated with Parent to permit such inspection of or to disclose such information on a basis that does not waive such privilege with respect thereto), (ii) contravene any applicable Law, fiduciary duty or binding agreement entered into prior to the Agreement Date (including any confidentiality agreement to which the Company or its Affiliates is a party), (iii) increase the risk of facing any Regulatory Burden; *provided, further,* that information shall be disclosed subject to execution of a joint defense agreement in customary form, and disclosure may be limited to external counsel for Parent, to the extent the Company reasonably determines (after consultation with its outside counsel that doing so may be reasonably required for the purpose of complying with applicable Antitrust and FDI Laws), (iv) result in the disclosure of any valuations of the Company prepared

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in connection with the Transactions or any other strategic alternative or (v) result in the disclosure or use of such document or information in any Legal Proceeding between the Parties. With respect to the information disclosed pursuant to this <u>Section</u> <u>5.1</u>, Parent shall comply with, and shall instruct Parent's Representatives to comply with, all of its obligations under the (x) Confidentiality Agreement, dated as of January 24, 2025, between the Company and Sanofi Pasteur Inc., a Delaware corporation ("***Sanofi Pasteur***"), as amended by that Amendment No. 1 to Confidentiality Agreement, dated as of December 5, 2025, by and between the Company and Sanofi Pasteur (the "***Confidentiality Agreement***"). All requests for information made pursuant to this <u>Section</u> <u>5.1</u> shall be directed to executive officer or other Person designated by the Company. Notwithstanding anything in this <u>Section</u> <u>5.1</u> to the contrary, nothing in this <u>Section</u> <u>5.1</u> shall be construed to require the Acquired Companies or any of their respective Representatives to prepare or produce any financial statements, projections, reports, analyses, appraisals or opinions that are not prepared in the ordinary course of business and otherwise readily available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 Operation of the Company**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** During the Pre-Closing Period, except (A) as required or otherwise contemplated under this Agreement, (B) or as required by applicable Laws or to the extent necessary to comply with contractual obligations, (C) with the prior written consent of Parent, which consent shall not be unreasonably withheld, delayed or conditioned or (D) as set forth in <u>Section</u> <u>5.2(a)</u> of the Company Disclosure Letter, the Company shall, and shall cause of its Subsidiaries to, (i) use its commercially reasonable efforts to conduct in all material respects its business and operations in the ordinary course, (ii) use its commercially reasonable efforts to maintain its existence in good standing pursuant to applicable Law; and (iii) use its commercially reasonable efforts to (x) preserve intact its material assets, properties, Contracts licenses and business organizations and (y) preserve the current relationships with material customers, vendors, distributors, partners, lessors, licensors, creditors and other Persons with which the Company and its Subsidiaries have material business relations; *provided,* that (1) no action by the Company to the extent addressed by the subject matter of any of the subclauses of <u>Section</u> <u>5.2(b)</u> shall constitute a breach of this <u>Section</u> <u>5.2(a)</u>, and (2) any failure to take any action prohibited by <u>Section</u> <u>5.2(b)</u> shall not be deemed a breach of this <u>Section</u> <u>5.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Without limiting the generality of <u>Section</u> <u>5.2(a)</u>, during the Pre-Closing Period, except (A) as required or otherwise contemplated under this Agreement, (B) as required by applicable Laws or to the extent necessary to comply with contractual obligations, (C) with the prior written consent of Parent, which consent shall not be unreasonably withheld, delayed or conditioned or (D) as set forth in the Company Disclosure Letter, the Company shall not, and shall not permit any of its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** (A) establish a record date for, declare, accrue, set aside or pay any dividend or make any other distribution in respect of any shares of its capital stock (including the Shares) or other equity or voting interests or (B) repurchase, redeem or otherwise reacquire any of its shares of capital stock (including any Shares) or other equity or voting interests, or any rights, warrants or options to acquire any shares of its capital stock or other equity or voting interests, other than: (1) repurchases or reacquisitions of Shares outstanding as of the Agreement Date pursuant to the Company's right (under written commitments in effect as of the Agreement Date) to purchase or reacquire Shares held by a Company Associate only upon termination of such associate's employment or engagement by the Company; (2) repurchases of Company Stock Awards (or shares of capital stock issued upon the exercise or vesting thereof) outstanding on the Agreement Date (in cancellation thereof) pursuant to the terms of the Employee Plan evidencing any such Company Stock Award (in effect as of the Agreement Date) between the Company and a Company Associate or member of the Company Board only upon termination of such Person's employment or engagement by the Company; (3) in connection with withholding to satisfy the exercise price and/or Tax obligations with respect to Company Stock Awards outstanding on the Agreement Date as required by the terms of the Employee Plan evidencing any such Company Stock Award (as in effect as of the Agreement Date); (4) the exercise of the Capped Call Transactions in accordance with the terms thereof; or (5) in connection with the conversion or maturity of the Convertible Notes pursuant to the terms of the applicable Convertible Notes Indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** split, combine, subdivide or reclassify any shares of its capital stock (including the Shares) or other equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** sell, issue, grant, deliver, pledge, transfer, encumber, dispose of, or authorize the issuance, sale, delivery, pledge, transfer, encumbrance, disposition or grant by the Company (other than pursuant to agreements in effect as of the Agreement Date) of (A) any capital stock, equity interest or other security of the Company or any of its Subsidiaries, (B) any option, call, warrant, restricted securities or right to acquire any capital stock, equity interest or other security of the Company or any of its Subsidiaries or (C) any instrument convertible into or exchangeable for any capital stock, equity interest or other security of the Company or any of its Subsidiaries (except that the Company may (1) take any action required to issue Shares as required to be issued upon the settlement of RSUs or PSUs, and the exercise of Options or pursuant to purchase rights under the ESPP, in each case, as required by the terms of the ESPP or the Employee Plan evidencing any such Company Stock Award, (2) the exercise of the Capped Call Transactions in accordance with the terms thereof; or (3) in connection with the conversion or maturity of the Convertible Notes pursuant to the terms of the applicable Convertible Notes Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** except as otherwise permitted or required under <u>Section</u> <u>5.2(b)(i)</u> or <u>Section</u> <u>5.2(b)(iii)</u>, as required by the express terms of any Employee Plan as in effect on the Agreement Date or as required to comply with applicable Laws, (i) establish, adopt, enter into, terminate or amend any Employee Plan (or any plan, program, arrangement, practice, policy or agreement that would be an Employee Plan if it were in existence on the Agreement Date), (ii) take any action (or commit to take any action) to amend or waive any rights under, or accelerate the vesting, funding, or payment of any compensation or benefits under, any provision of any of any Employee Plans (or any plan, program, arrangement, practice, policy or agreement that would be an Employee Plan if it were in existence on the Agreement Date) or otherwise, (iii) grant (or commit to grant) any current or former Company Associate an increase in compensation, bonuses or other benefits (including severance or termination pay) or (iv) grant or pay (or commit to grant or pay) any cash incentive or equity or equity-based awards, or amend or modify the terms of any outstanding equity or equity-based awards, in each case, under any Employee Plan or otherwise (except that the Company: may change the title of its employees or promote employees in the ordinary course of business), *provided* that such changes in title or promotion do not involve increases in the applicable employee's compensation other than in the ordinary course of business and commensurate with similarly situated employees of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** (A) enter into (1) any change-of-control agreement with any current or former Company Associate or (2) any retention agreement with any current or former Company Associate, (B) enter into (1) any employment, severance or other agreement with any current or former Company Associate or (C) hire or engage any employee or individual independent contractor with an annual compensation in excess of $150,000 or terminate any employee or individual independent contractor with an annual base salary greater than $150,000 other than for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** amend or permit the adoption of any amendment to its certificate of incorporation or bylaws (or similar organizational or governing documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** form any Subsidiary or branch, acquire any equity interest in any other Entity (including by merger) or enter into any joint venture, partnership, limited liability corporation or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** make or authorize any capital expenditure except (A) in the ordinary course of business or in amounts not in excess of the Company's capital expenditure budget made available to Parent or (B) capital expenditures that do not exceed $2,000,000 in the aggregate during any fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** acquire, lease, license, sublicense, pledge, sell or otherwise dispose of, divest or spin-off, abandon, waive, relinquish or fail to renew, permit to lapse (other than any patent expiring at the end of its statutory term), transfer, assign, guarantee, exchange or swap, mortgage or otherwise encumber (including

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pursuant to a sale-leaseback transaction or securitization) or subject to any material Encumbrance (other than Permitted Encumbrances) any material right or other material asset or property (except, in the case of any of the foregoing (A) in the ordinary course of business (including entering into non-exclusive license agreements and materials transfer agreements in the ordinary course of business), (B) pursuant to dispositions of obsolete, surplus or worn out assets that are no longer useful in the conduct of the business of any Acquired Company and (C) as provided for in subsection (viii));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** except with respect to any intercompany arrangements, (A) incur any Indebtedness in excess of $1,000,000 in the aggregate, renew or extend any existing credit or loan arrangements, enter into any "keep well" or other agreement to maintain any financial condition of another Person or enter into any agreement or arrangement having the economic effect of any of the foregoing, except for short-term Indebtedness incurred in the ordinary course of business or (B) repurchase, prepay or refinance any Indebtedness in an amount greater than $1,000,000 in the aggregate per calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** other than in the ordinary course of business, (A) enter into any Contract that would constitute a Material Contract if it had been in effect on the Agreement Date or (B) amend or modify in any material respect, or voluntarily waive or release any material rights under, any Material Contract (other than expirations at the end of the term of such Contract);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** forgive any loans or make any loans, advances or capital contributions to, or investments in, any other Person, except for (A) advances for employee expenses in the ordinary course of business or intercompany loans solely between Acquired Companies, (B) the extension of trade credit in the ordinary course of business or (C) loans, advances, capital contributions or investments in Persons representing non-controlling minority interests of less than five percent (5%) of the total outstanding share capital of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiii)** (A) make, rescind or change any material Tax election, (B) change any annual Tax accounting period or change any material method of Tax accounting, (C) enter into any material "closing agreement" as described in Section 7121 of the Code (or any corresponding or similar provision of state, local, or non-U.S. Law), Tax allocation agreement or Tax sharing agreement (other than any commercial agreement entered into in the ordinary course of business that does not relate primarily to Taxes) relating to or affecting any Tax liability of the Company or its Subsidiary, (D) settle or compromise, or otherwise resolve, any material Tax liability assessment or other material Tax liability, (E) file any amended income or other material Tax Return, (F) surrender any right to claim a refund, offset, or other reduction in a material Tax liability, (G) consent to any extension or waiver of the limitation period applicable to any Tax claim or assessment relating to the Company or its Subsidiary (other than pursuant to automatic extensions of the due date, not more than seven (7) months), for filing a Tax Return obtained in the ordinary course of business of, (H) request any ruling or similar guidance with respect to Taxes of the Acquired Companies, or (I) agree to any final "determination" within the meaning of Section 1313(a) of the Code (or any corresponding or similar provision of state, local, or non-U.S. Law) with respect to Taxes of the Acquired Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xiv)** make any material changes in financial accounting methods, principles or practices materially affecting the consolidated assets, liabilities, or results of operations of the Acquired Companies except insofar as required by (A) GAAP, (B) Regulation S-X under the Securities Act or other applicable Law or (C) by any Governmental Body or quasi-governmental authority, including the Financial Accounting Standards Board or any similar organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xv)** commence any Legal Proceeding, except with respect to: (A) routine matters in the ordinary course of business; (B) in such cases where the Company reasonably determines in good faith that the failure to commence suit would result in a material impairment of a valuable aspect of its business (*provided* that the Company consults with Parent and considers the views and comments of Parent with respect to any such Legal Proceeding prior to commencement thereof); or (C) in connection with a breach of this Agreement or any other agreements contemplated hereby or to otherwise enforce the terms of this Agreement or any other agreements contemplated hereby;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xvi)** settle, release, waive or compromise any Legal Proceeding or other claim (or threatened Legal Proceeding or other claim), other than (A) any Legal Proceeding relating to a breach of this Agreement or any other agreements contemplated hereby, (B) a settlement that results solely in a monetary obligation involving only the payment of monies by the Acquired Companies (net of recoveries under insurance policies or indemnity obligations) of not more than $5,000,000 in the aggregate or (C) a settlement that results in no monetary obligation of an Acquired Company or an Acquired Company's receipt of payment; *provided*, that no such settlement may involve any material injunctive or equitable relief, or impose material restrictions, on the business activities of any Acquired Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xvii)** negotiate, modify, extend, or enter into any collective bargaining agreement or other agreement with any labor organization, works council, or similar labor organization ("***Collective Bargaining Agreement***") or recognize or certify any labor union, labor organization, works council, or group of employees of the Acquired Companies as the bargaining representative for any employees of the Company (except to the extent required by applicable Laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xviii)** implement any employee layoffs, plant closings, reductions in force, furloughs, temporary layoffs, salary or wage reductions, work schedule changes or other such actions that would reasonably be expected to require advance notice under the WARN Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xix)** adopt or implement any stockholder rights plan or similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xx)** waive or release any noncompetition, nonsolicitation, nondisclosure, noninterference, nondisparagement, or other restrictive covenant obligation of any current or former employee or independent contractor of the Acquired Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xxi)** adopt a plan or agreement of complete or partial liquidation or dissolution, merger, consolidation, restructuring, recapitalization or other reorganization of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xxii)** enter into any new material line of business (it being understood that commencement of preclinical or clinical studies in compliance with clause (xxiii) of this <u>Section</u> <u>5.2(b)</u> shall not be deemed to constitute a new line of business) or enter into any agreement, arrangement or commitment that materially limits or otherwise materially restricts any Acquired Company, including following the Effective Time, Parent and its Affiliates (other than, in the case of Parent and its Affiliates, due to the operation of Parent's or its Affiliates' own Contracts) following the Closing, from engaging or competing in any line of business or in any geographic area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xxiii)** (A) commence any clinical study of which Parent has not been informed prior to the date of this Agreement, (B) unless mandated by any regulatory authority or Governmental Body, discontinue, terminate or suspend any ongoing clinical study or (C) except as required by applicable Laws, as determined in good faith by the Company, discontinue, terminate or suspend any ongoing IND-enabling preclinical study, in each case with respect to clauses (A)-(C), without first providing reasonable prior notice to Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xxiv)** (A) abandon, surrender or fail to timely pay any application, issuance, registration or renewal fees that fall due in respect of any Company Registration included in the Company Owned IP or any Company Registration included in the Company Exclusively Licensed IP for which an Acquired Company has responsibility for prosecution and maintenance activities (other than for immaterial or obsolete Intellectual Property Rights), or fail to diligently prosecute (in accordance with all requirements regarding the duty of disclosure, candor and good faith) in the ordinary course of the business any applications for the foregoing; provided, in each case, that the foregoing shall not be construed to prohibit ordinary course prosecution actions, including amending, or agreeing to amend, the scope of a claim of a pending patent application within any such Company Registration, or, solely to the extent the Company provides Parent with reasonable advance written notice and a reasonable opportunity to consult with the Company in respect thereto, filing a terminal disclaimer

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with respect to or abandoning a claim of a pending patent application within any such Company Registration in favor of a related claim contained in another patent application filed by such Acquired Company that would constitute a Company Registration included in the applicable Company Owned IP or Company Exclusively Licensed IP; (B) enter into any agreements which require any Acquired Company to pay any material royalty or make any other material payment as a condition to using or exploiting any Company Owned IP and Company Exclusively Licensed IP, other than in the ordinary and usual course of business; or (C) fail to take reasonable security and other measures, including measures against unauthorized disclosure, to protect and maintain the secrecy, confidentiality, and value of any Acquired Company's confidential information, including by disclosing to any third party any of the Acquired Company's confidential information, except in the ordinary course of business and on the basis that such information is to be treated as confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xxv)** authorize any of, or agree or commit to take, any of the actions described in <u>clauses</u> <u>(i)</u> through <u>(xxiv)</u> of this <u>Section</u> <u>5.2(b)</u>. Nothing contained herein shall give to Parent or Purchaser, directly or indirectly, rights to control or direct the operations of the Company prior to the Effective Time. Prior to the Effective Time, the Company shall exercise, consistent with the terms and conditions hereof, complete control and supervision of the operations of the Acquired Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 No Solicitation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** For the purposes of this Agreement, "***Acceptable Confidentiality Agreement***" shall mean a confidentiality agreement that (i) is in effect as of the execution and delivery of this Agreement or (ii) entered into after the execution and delivery of this Agreement and contains confidentiality and non-use and other provisions that are not materially less favorable in the aggregate to the Company than those contained in the Confidentiality Agreement; *provided*, that any such confidentiality agreement (A) need not contain any standstill or similar provision and (B) shall not include any provision calling for any exclusive right to negotiate with such party or having the effect of prohibiting the Company or Parent, as applicable, from satisfying any of its obligations under this <u>Section</u> <u>5.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except as permitted by this <u>Section</u> <u>5.3</u>, during the Pre-Closing Period, the Company shall not, and shall cause its Subsidiaries not to, and shall direct its and their respective Representatives not to, (i) solicit, initiate or knowingly facilitate or knowingly encourage any Acquisition Proposal or any inquiries regarding, or the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an Acquisition Proposal, (ii) engage in, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any other Person any non-public information relating to the Acquired Companies in connection with or for the purpose of, soliciting or knowingly facilitating or encouraging, an Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal or (iii) enter into any letter of intent, acquisition agreement, agreement in principle or similar agreement providing for an Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an Acquisition Proposal (each, a "***Company Acquisition Agreement***"). As soon as reasonably practicable after the Agreement Date, the Company shall terminate access by any third party (other than Parent and its Representatives) to any physical or electronic data room relating to any potential Acquisition Proposal. As soon as reasonably practicable after the Agreement Date, the Company shall deliver a written notice to each Person that entered into a confidentiality agreement in anticipation of potentially making an Acquisition Proposal within the past 12 months requesting the prompt return or destruction of all confidential information previously furnished to any Person. The Company agrees that in the event any director or officer of the Company, or any other Representative of the Company acting at the direction of any such director or officer, takes any action which, if taken by the Company, would constitute a breach of this <u>Section</u> <u>5.3</u>, the Company shall be deemed to be in breach of this <u>Section</u> <u>5.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If at any time on or after the Agreement Date and prior to the Offer Acceptance Time the Company or any of its Representatives receives a written Acquisition Proposal from any Person or group of Persons, which Acquisition Proposal was made or renewed on or after the Agreement Date, (i) the Company and its Representatives may contact and engage in discussions with such Person or group of Persons to clarify the terms and conditions of such Acquisition Proposal, request that any oral Acquisition Proposal be

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provided in written form or inform such Person or group of Persons of the terms of this <u>Section</u> <u>5.3</u> and (ii) if the Company Board determines in good faith, after consultation with its financial advisors and outside legal counsel, that such Acquisition Proposal constitutes or could reasonably be expected to lead to a Superior Proposal and the failure to take such action would reasonably be expected to be inconsistent with fiduciary duties of the Company Board under applicable Law, then the Company and its Representatives may (A) enter into an Acceptable Confidentiality Agreement or furnish pursuant to an Acceptable Confidentiality Agreement information (including non-public information) with respect to the Acquired Companies to the Person or group of Persons who has made such Acquisition Proposal and their respective Representatives and financing sources; *provided* that the Company shall promptly provide to Parent any material non-public information concerning the Acquired Companies that is provided to any Person given such access which was not previously provided to Parent or its Representatives and (B) engage in or otherwise participate in discussions or negotiations with the Person or group of Persons making such Acquisition Proposal and their respective Representatives and financing sources, including soliciting the submission of a revised Acquisition Proposal. During the Pre-Closing Period, the Company will not be required to enforce, and will be permitted to waive, any provision of any standstill or confidentiality agreement that prohibits or purports to prohibit an Acquisition Proposal being made to the Company if the Company Board determines in good faith, after consultation with its outside legal counsel, that the failure to take such action would reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Company shall (i) promptly (and in any event within one (1) business day) notify Parent if any inquiries, proposals or offers that would reasonably be expected to lead to an Acquisition Proposal are received by any Acquired Company or any of its Representatives during the Pre-Closing Period, (ii) provide to Parent a copy of any written Acquisition Proposal received by the Company or any of its Representatives and a summary of the material terms and conditions of any oral Acquisition Proposal and (iii) keep Parent reasonably informed of any material developments regarding any Acquisition Proposal on a prompt basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Nothing in this <u>Section</u> <u>5.3</u> or elsewhere in this Agreement shall prohibit the Company or the Company Board from (nor shall any of the following constitute a Company Adverse Change Recommendation) (i) taking and disclosing to the stockholders of the Company a position contemplated by Rule 14e-2(a), Rule 14d-9 or Item 1012(a) of Regulation M-A promulgated under the Exchange Act, (ii) making any disclosure to the stockholders of the Company that is required by applicable Laws (iii) making any "stop, look and listen" communication pursuant to Rule 14d-9(f) promulgated under the Exchange Act, (iv) electing to take no position with respect to an Acquisition Proposal until the close of business on the tenth (10) business day after the commencement of such Acquisition Proposal pursuant to Rule 14e-2 under the Exchange Act, (v) informing any Person of the existence of the provisions contained in this <u>Section</u> <u>5.3</u>, (vi) making any disclosure to the stockholders of the Company (including regarding the business, financial condition or results of operations of the Company) that the Company Board has determined to make in good faith, it being understood that any such statement or disclosure made by the Company Board must be subject to the terms and conditions of this Agreement or (vii) making a factually accurate public statement that describes the Company's receipt of an Acquisition Proposal, the identity of the Person making such Acquisition Proposal, the material terms of such Acquisition Proposal and the operation of this Agreement with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 Company Board Recommendation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** During the Pre-Closing Period, neither the Company Board nor any committee thereof shall (i) (A) withdraw or qualify (or modify in a manner adverse to Parent or Purchaser), or publicly propose to withdraw or qualify (or modify in a manner adverse to Parent or Purchaser), the Company Board Recommendation, (B) approve, recommend or declare advisable, or publicly propose to approve, recommend or declare advisable, any Acquisition Proposal or (C) fail to include the Company Board Recommendation in the Schedule 14D-9 (any action described in this clause (i) being referred to as a "***Company Adverse Change Recommendation***") or (ii) approve, recommend or declare advisable, or

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propose to approve, recommend or declare advisable, or allow the Company to execute or enter into any Company Acquisition Agreement (other than an Acceptable Confidentiality Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Notwithstanding anything to the contrary contained in <u>Section</u> <u>5.4(a)</u> or elsewhere in this Agreement, at any time prior to the Offer Acceptance Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** In the event that (x) if the Company has received a *bona fide* written Acquisition Proposal from any Person that has not been withdrawn and did not result from a material breach of <u>Section</u> <u>5.3(b)</u> and (y) after consultation with the Company's financial advisors and outside legal counsel, the Company Board shall have determined, in good faith, that such Acquisition Proposal is a Superior Proposal, the Company Board may (A) make a Company Adverse Change Recommendation or (B) authorize the Company to terminate this Agreement pursuant to <u>Section</u> <u>7.1(e)</u> to enter into a Company Acquisition Agreement with respect to such Superior Proposal, in the case of each of clauses (A) and (B) if and only if: (1) the Company Board determines in good faith, after consultation with the Company's outside legal counsel, that the failure to do so in the manner contemplated by this <u>Section</u> <u>5.4(b)</u> would reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable Laws; (2) the Company shall have given Parent prior written notice of its intention to make a Company Adverse Change Recommendation or terminate this Agreement pursuant to <u>Section</u> <u>7.1(e)</u> at least five (5) business days prior to making any such Company Adverse Change Recommendation or effecting such termination (a "***Determination Notice***") (which notice, or the public disclosure thereof, shall not constitute a Company Adverse Change Recommendation); and (3) (x) the Company shall have provided to Parent a summary of the material terms and conditions of the Acquisition Proposal, in accordance with <u>Section</u> <u>5.3(d)</u>, (y) the Company shall have given Parent four (4) business days (the "***Match Period***") after delivery of the Determination Notice to propose revisions to the terms of this Agreement or make other proposals so that such Acquisition Proposal would cease to constitute a Superior Proposal and shall have made itself and its Representatives reasonably available to negotiate in good faith with Parent (to the extent Parent desires to negotiate) during the Match Period with respect to such proposed revisions or other proposal, if any, and (z) after considering the terms of this Agreement and any binding written proposals (which continue to remain able to be accepted by the Company) made by Parent, if any, prior to 11:59 p.m. Eastern Time on the last day of the Match Period, the Company Board shall have determined, in good faith, that such Acquisition Proposal continues to constitute a Superior Proposal and that the failure to make the Company Adverse Change Recommendation or terminate this Agreement pursuant to <u>Section</u> <u>7.1(e)</u> would be inconsistent with the fiduciary duties of the Company Board under applicable Laws. The issuance of any "stop, look and listen" communication by or on behalf of the Company pursuant to Rule 14d-9(f) under the Exchange Act shall not be considered a Company Adverse Change Recommendation and shall not require the giving of a Determination Notice or compliance with the procedures set forth in this <u>Section</u> <u>5.4</u>. The provisions of this <u>Section</u> <u>5.4(b)(i)</u> shall also apply to any material amendment to any Acquisition Proposal and require a new Determination Notice, except that the Match Period shall be deemed to be two (2) business days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** other than in connection with an Acquisition Proposal, the Company Board may make a Company Adverse Change Recommendation in response to a Change in Circumstance, if and only if: (A) the Company Board determines in good faith, after consultation with the Company's outside legal counsel, that the failure to do so in the manner contemplated by this <u>Section</u> <u>5.4(b)</u> would be reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable Laws; (B) the Company shall have given Parent a Determination Notice at least four (4) business days prior to making any such Company Adverse Change Recommendation (which notice describes the Change in Circumstance in reasonable detail and which notice, or the public disclosure thereof, shall not constitute a Company Adverse Change Recommendation); and (C) (1) the Company shall have given Parent three (3) business days after the delivery of the Determination Notice to propose revisions to the terms of this Agreement or make another proposal, and shall have made its Representatives reasonably available to negotiate in good faith with Parent (to the extent Parent desires to do so) during such three business day period with respect to such proposed revisions or make other proposals such that such Change in Circumstance would no longer necessitate a Company Adverse Change Recommendation, if any, and (2) after considering the terms of this Agreement and any binding written proposals made by Parent, if any, prior to 11:59 p.m. Eastern Time on the fourth (4<sup>th</sup>) business day following delivery of the Determination Notice,

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the Company Board shall have determined, in good faith, that the failure to make the Company Adverse Change Recommendation in response to such Change in Circumstance would still reasonably be expected to be inconsistent with the fiduciary duties of the Company Board under applicable Laws. For the avoidance of doubt, the provisions of this <u>Section</u> <u>5.4(b)(ii)</u> shall also apply to any material change to the facts and circumstances relating to such Change in Circumstance, and require a new Determination Notice, except that the references to four (4) business days shall be deemed to be two (2) business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 Filings, Consents and Approvals.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Subject to the terms and conditions set forth in this Agreement, each of the Parties shall use, and shall cause their respective Affiliates to use, their respective reasonable best efforts to take, or cause to be taken, all actions, to file, or cause to be filed, all documents and to do, or cause to be done, and to assist and cooperate with the other Parties in doing, all things necessary, proper or advisable to satisfy the conditions to the Closing and consummate and make effective the Transactions as soon as reasonably practicable and in any event prior to the Termination Date, including (i) the obtaining of all necessary actions or nonactions, waivers, consents, clearances, decisions, declarations, approvals and, expirations or terminations of waiting periods from Governmental Bodies and the making of all necessary registrations and filings and the taking of all steps as may be necessary to obtain any such consent, decision, declaration, approval, clearance or waiver, or expiration or termination of a waiting period by or from, or to avoid an action or proceeding by, any Governmental Body, (ii) the obtaining of all necessary Consents from third parties, (iii) the execution and delivery of any additional instruments necessary to consummate the Transactions and (iv) defending or contesting in good faith any Legal Proceeding brought by a third party that would prevent, materially impair or materially delay the consummation of the Transactions. Notwithstanding anything to the contrary herein, no Party hereto shall be required prior to the Effective Time to pay any consent or other similar fee, "profit-sharing" or other similar payment or other consideration (including increased rent or other similar payments or agree to enter into any amendments, supplements or other modifications to (or waivers of) the existing terms of any Contract), or provide additional security (including a guaranty) or otherwise assume or incur or agree to assume or incur any liability that is not conditioned upon the consummation of the Merger, to obtain any Consent of any Person (including any Governmental Body) under any Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Subject to the terms and conditions of this Agreement, each of the Parties shall (and shall cause their respective Affiliates, if applicable, to): (i) promptly, but in no event later than fifteen (15) business days after the date hereof (or such later date as may be agreed in writing between antitrust counsel for each Party), make an appropriate filing of all Notification and Report forms as required by the HSR Act with respect to the Transactions; and (ii) promptly, but in no event later than fifteen (15) business days after the Agreement Date, make all other filings, notifications or other consents as may be required to be made or obtained by such Party under Antitrust and FDI Laws in those jurisdictions identified in <u>Section</u> <u>5.5(b)</u> of the Company Disclosure Letter, which contains the list of the only jurisdictions where filing, notification, expiration or termination of a waiting period or consent or approval is a condition to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Without limiting the generality of anything contained in this <u>Section</u> <u>5.5</u>, during the Pre-Closing Period, each Party hereto shall use its reasonable best efforts to (i) cooperate in all respects and consult with each other in connection with any filing or submission in connection with any investigation or other inquiry by a Governmental Body or third party before a Governmental Body, including allowing the other Party to have a reasonable opportunity to review in advance and comment on drafts of filings and submissions, (ii) give the other Parties prompt notice of the making or commencement of any request, inquiry, investigation or Legal Proceeding brought by a Governmental Body or brought by a third party before any Governmental Body, in each case, with respect to the Transactions, (iii) promptly and regularly keep the other Parties informed as to the status of any such request, inquiry, investigation, action or Legal Proceeding, (iv) promptly inform the other Parties of any communication to or from the FTC, DOJ or any other Governmental Body in connection with any such request, inquiry, investigation, action or Legal Proceeding, (v) promptly furnish to the other Party copies of documents, communications or materials

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provided to or received from any Governmental Body and promptly furnish to the other Party copies of documents (not including the Parties' respective Notification and Report Forms filed under the HSR Act or any materials and documents provided therewith, including any "Transaction Related Documents" and "Plans and Reports" as those terms are used in the rules and regulations under the HSR Act) and material details of any oral communications in connection with any such request, inquiry, investigation, action or Legal Proceeding; provided that documents provided pursuant to this <u>Section</u> <u>5.5(c)</u> may be (1) redacted as necessary to comply with contractual arrangements, to remove references to valuation of the Company or as necessary to preserve legal privilege and (2) subject to an appropriate confidentiality agreement to limit disclosure to counsel and outside consultants retained by such counsel, (vi) to the extent reasonably practicable, consult in advance and cooperate with the other Parties and consider in good faith the views of the other Parties in connection with any substantive communication, analysis, appearance, presentation, memorandum, brief, argument, opinion or proposal to be made or submitted in connection with any such request, inquiry, investigation or Legal Proceeding and (vii) except as may be prohibited by any Governmental Body or by any applicable Law, in connection with any such request, inquiry, investigation, action or Legal Proceeding in respect of the Transactions, each Party hereto shall provide advance notice of and permit authorized Representatives of the other Party to be present at each meeting or conference relating to such request, inquiry, investigation or Legal Proceeding and to have access to and be consulted in advance in connection with any argument, opinion or proposal to be made or submitted to any Governmental Body in connection with such request, inquiry, investigation or Legal Proceeding. Each Party shall respond as promptly as practicable to requests for information, documentation, other material or testimony that may be reasonably requested by any Governmental Body, including by substantially complying at the earliest reasonably practicable date with any reasonable request for additional information, documents or other materials, including any "second request" under the HSR Act, received by any Party or any of their respective Subsidiaries from any Governmental Body in connection with the Transactions. Parent shall pay all filing fees under the HSR Act and other Antitrust and FDI Laws. Notwithstanding anything in this Agreement to the contrary, subject to its undertakings in this <u>Section</u> <u>5.5</u>, Parent shall consult with the Company in good faith (and consider in good faith the Company's reasonable input) with respect to ultimate strategy for securing approvals, and expiration of relevant waiting periods under applicable Law, including Antitrust and FDI Laws (which, for the avoidance of doubt, shall include any decision to enter into any timing agreement, stop the clock, stay, toll or extend, any applicable waiting period, or pull and refile under the HSR Act or any other applicable Antitrust or FDI Laws, or agree with any Governmental Body not to consummate the Transactions for any period of time (each, a "***Timing Commitment***")), and resolving or defending against any Legal Proceeding brought or threatened to be brought by any Governmental Body under any applicable Law, including Antitrust and FDI Laws; *provided* that in the event of disagreement between the Parties after good faith consultation, the final determination on such strategy shall be made by Parent; provided, further that in no event shall Parent agree to any Timing Commitment that would extend the timing for the consummation of the Offer and the Merger beyond the then-applicable End Date without the Company's prior written consent (not to be unreasonably withheld, delayed or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** In furtherance and not in limitation of this <u>Section</u> <u>5.5</u>, Parent agrees to promptly take, and cause its controlled Affiliates to take, any and all actions reasonably necessary to cause the prompt expiration or termination of any applicable waiting period, obtain any consent, permit, authorization, waiver or clearance under the HSR Act or other Antitrust and FDI Laws, resolve objections, if any, of the FTC, DOJ, or any other Governmental Bodies with respect to the Transactions under the HSR Act or other Antitrust and FDI Laws, avoid the commencement of a Legal Proceeding by the FTC, the DOJ or other Governmental Bodies, and avoid the entry of, effect the dissolution of, or to eliminate, any injunction, temporary restraining order or other order in any suit or proceeding which would otherwise have the effect of preventing the Closing or delaying the Offer Acceptance Time beyond the Expiration Date, and to otherwise as promptly as reasonably practicable take all actions to resolve any objections and take all actions requested or required by any Governmental Body under applicable Antitrust and FDI Laws, including (i) negotiating, committing to and effecting, by consent decree, hold separate order or otherwise,

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the sale, lease, license, divestiture or disposition of any assets, rights, intellectual property, product lines, service lines, or businesses of the Company and its Affiliates, (ii) terminating existing relationships, contractual rights or obligations of the Company and its Affiliates, (iii) terminating any venture or other arrangement of the Company and its Affiliates, (iv) creating any relationship, contractual rights or obligations of the Company and its Affiliates, (v) effectuating any other change or restructuring of the Company and its Affiliates and (vi) otherwise taking or committing to take any actions with respect to the businesses, product lines, assets, contractual rights, intellectual property, product lines, or service lines of the Company and its Affiliates (each, a *"****Remedial Action****"*). The Parties shall oppose and defend through litigation or another Legal Proceeding on the merits any claim asserted in court or another venue by any Person, including any Governmental Body, under Antitrust and FDI Laws in order to avoid entry of, or to promptly have vacated or terminated, any decree, order or judgment (whether temporary, preliminary or permanent) that could restrain, delay, or prevent the Closing; *provided* that such litigation in no way limits the obligation of Parent and Purchaser to promptly take all actions and steps to eliminate each and every impediment identified herein. Notwithstanding anything to the contrary contained in this <u>Section</u> <u>5.5</u> or elsewhere in this Agreement, none of Parent, the Company or any of their respective Affiliates shall be required to propose, execute, carry out or agree or submit to any Remedial Action that (x) is not conditioned on the consummation of the Merger or (y) would reasonably be expected to have, individually or in the aggregate, a material adverse effect on the business, financial condition or results of operations of the Acquired Companies (taken as a whole) or Parent and its Subsidiaries (taken as a whole) (assuming solely for this purpose that Parent and its Subsidiaries are the size of the Acquired Companies (taken as a whole)) (each, a "***Burdensome Condition***"). For the avoidance of doubt, notwithstanding the foregoing or anything to the contrary contained in this Agreement, under no circumstances will Parent or its Affiliates be required to take any action under this Section 5.5 in connection with obtaining any consent, permit, authorization, waiver or clearance under the HSR Act or other Antitrust and FDI Laws with respect to their respective assets, businesses, relationships, contractual rights, obligations or arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Parent agrees that it shall not, and shall not permit any of its controlled Affiliates to, directly or indirectly, acquire or agree to acquire any assets, business or any Person, whether by merger, consolidation, licensing, purchasing a substantial portion of the assets of or equity in any Person or by any other manner or engage in any other transaction or take any other action, if the entering into of an agreement relating to or the consummation of such acquisition, merger, consolidation, license or purchase or other transaction or action would reasonably be expected to materially delay, impede or prevent the consummation of the Offer, the Merger and the other transactions contemplated by this Agreement (a "***Regulatory Burden***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 Company Stock Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Prior to the Effective Time, the Company shall take all actions (including obtaining any necessary determinations and/or resolutions of the Company Board or a committee thereof) that may be necessary (under the Company Equity Plans and award agreements pursuant to which Company Stock Awards are outstanding or otherwise) to (i) give effect to the treatment of Company Stock Awards contemplated by <u>Section</u> <u>2.8</u>, and (ii) terminate each Company Equity Plan in accordance with its terms effective as of and contingent upon the Effective Time (clauses (i) and (ii) collectively, the "<u>Equity Actions</u>"). Prior to the Effective Time, the Company shall provide Parent with a copy of any and all resolutions or other corporate action (the form and substance of which shall be subject to prior reasonable review and comment by Parent, which comments the Company shall consider in good faith) evidencing the Equity Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Prior to the Effective Time, the Company shall take all actions necessary or required under the ESPP and applicable Laws to, contingent on the Effective Time, terminate the Company's Employee Stock Purchase Plan and all outstanding rights thereunder as of the day immediately prior to the Effective Time (the "<u>ESPP Termination</u>"). The offering or purchase period under the ESPP that would be in effect as of the Effective Time (the "<u>Final Offering Period</u>") shall terminate no later than the day immediately prior to the Effective Time, and the Company shall cause the exercise date applicable to the Final Offering Period to accelerate and occur on the termination date of the ESPP with respect to any then-outstanding purchase

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rights. Notwithstanding anything in this Agreement to the contrary, the Company shall take all actions necessary or required under the ESPP and applicable Laws to ensure that (i) following the date of this Agreement, (x) except for any offering period in existence under the ESPP on the Agreement Date, no new offering period shall be commenced on or after the Agreement Date, (y) no new participants may commence participation in the ESPP and (z) no current participant in the ESPP may increase his or her rate of contribution under the ESPP and (ii) if the Closing shall occur prior to the end of any offering period in existence under the ESPP on the Agreement Date, cause any such offering period (and purchase period thereunder) then underway under the ESPP to be shortened, with the New Purchase Date (as defined in the ESPP) occurring no later than the last business day prior to the Effective Time and each such shortened offering period and purchase period treated as a fully effective and completed offering period and purchase period for all purposes under the ESPP and all amounts allocated to each participant's account under the ESPP at the end of the Final Offering Period shall thereupon be used to purchase whole Shares under the terms of the ESPP for such offering period, which Shares shall be cancelled at the Effective Time in exchange for the right to receive the Merger Consideration in accordance with <u>Section</u> <u>2.5</u> following the purchase of the Shares and the Company shall return to each participant the funds, if any, that remain in such participant's account after such purchase. Prior to the Effective Time, the Company shall take all actions (including, if appropriate, amending the terms of the ESPP) that are necessary to give effect to the transactions contemplated by this <u>Section</u> <u>5.6(b)</u>. Prior to the Effective Time, the Company shall provide Parent with a copy of any and all resolutions or other corporate action (the form and substance of which shall be subject to prior reasonable review and comment by Parent, which comments the Company shall consider in good faith) evidencing the ESPP Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Parties hereby acknowledge and agree that the Offer, if consummated pursuant to the terms of this Agreement, constitutes a "Change in Control" for the purposes of the Company Equity Plans containing a "Change in Control" or other similar provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 Employee Benefits**. During the period commencing at the Effective Time and ending on the first anniversary of the Effective Time (or, if earlier, until the date of termination of employment of the applicable Continuing Employee), Parent shall provide, or cause to be provided, to each employee of the Company who is employed by the Company as of immediately prior to the Effective Time and who continues to be employed by the Surviving Corporation (or any Affiliate thereof) (each, a "***Continuing Employee***") during such period: (i) a base salary (or base wages, as the case may be) and target annual cash incentive opportunities (expressed as a percentage of base salary), which is no less favorable than the base salary (or base wages, as the case may be) and target cash annual incentive opportunities provided to such Continuing Employee immediately prior to the Effective Time; (ii) health, welfare and retirement benefits (excluding any post-employment health and welfare benefits and defined benefit pension plans) that are no less favorable in the aggregate to the health, welfare and retirement benefits (excluding any post-employment health and welfare benefits and defined benefit pension plans) provided to such Continuing Employee immediately prior to the Effective Time; and (iii) severance pay and benefits that are no less favorable than the severance pay and benefits provided to such Continuing Employee immediately prior to the Effective Time as set forth in <u>Section</u> <u>5.7</u> of the Company Disclosure Letter. Without limiting the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Each Continuing Employee shall be given service credit for all purposes, including for eligibility to participate, benefit levels (including levels of benefits under Parent's and/or the Surviving Corporation's vacation policy) and eligibility for vesting under Parent and/or the Surviving Corporation's health and welfare benefit plans and arrangements in which such Continuing Employee is eligible to participate following the Effective Time, with respect to his or her length of service with the Company (and its predecessors) prior to the Effective Time to the same extent such service credit was taken into account under the corresponding Employee Plan in which such Continuing Employee participated immediately prior to Effective Time, *provided* that the foregoing shall not result in the duplication of benefits or to benefit accrual under any pension plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** With respect to any accrued but unused personal, sick or vacation time to which any Continuing Employee is entitled pursuant to the personal, sick or vacation policies applicable to such Continuing Employee immediately prior to the Effective Time, Parent shall, or shall cause the Surviving Corporation to and instruct its Affiliates to, as applicable (and without duplication of benefits), assume, as of the Effective Time, the liability for such accrued personal, sick or vacation time and allow such Continuing Employee to use such accrued personal, sick or vacation time in accordance with the practice and policies of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** For purposes of any health or welfare benefit plan of Parent and/or the Surviving Corporation in which Continuing Employees are eligible to participate, Parent shall use commercially reasonable efforts to (i) waive all limitations as to pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to the Continuing Employees, to the extent that such conditions, exclusions and waiting periods did not apply under the corresponding Employee Plan in which such employees participated prior to the Effective Time and (ii) ensure that such health or welfare benefit plan shall, for purposes of eligibility, vesting, deductibles, co-payments and out-of-pocket maximums and allowances (including paid time off), credit Continuing Employees for service and amounts paid prior to the Effective Time with the Company (and its predecessors) under applicable Employee Plans for the plan year in which the Effective Time occurs to the same extent that such service and amounts paid was recognized prior to the Effective Time under the corresponding Employee Plan of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** If annual bonuses in respect of the Company's 2025 fiscal year have not been paid prior to the Closing Date, Parent shall, or shall cause the Surviving Corporation to and instruct its Affiliates to, pay each Continuing Employee a 2025 annual bonus in an amount equal to the annual bonus to which such Continuing Employee would be entitled based on the Company's actual performance under the applicable bonus arrangements of the Company in effect as of the Agreement Date, with such bonus payments to be made no later than the second payroll date following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Upon the request of Parent in writing at least ten (10) Business Days prior to the Closing Date, effective as of the day immediately preceding the Closing and contingent upon the Closing, the Company shall (i) take any and all necessary actions to terminate any Employee Plans that are intended to qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code (the "***Company 401(k) Plans***"), (ii) provide Parent with a copy of any and all resolutions or other corporate action (the form and substance of which shall be subject to prior reasonable review and comment by Parent, which comments shall be considered by the Company in good faith) evidencing that any such plans will be terminated effective as of no later than the day immediately preceding the Closing and (iii) prior to and conditioned upon termination of any such plans, authorize through corporate resolution any and all necessary amendments to the plan documents to effect such terminations, fully vest affected participants, and comply with all requirements of applicable Law as of the effective date of such terminations; <u>provided</u>, that, the Company shall not take any further steps to effect any such plan terminations prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** If Parent requests that the Company terminate the Company 401(k) Plan, Parent shall, or shall cause its Affiliates to, have in effect one or more defined contribution plans that qualify as a qualified cash or deferred arrangement under Section 401(k) of the Code (collectively, the "Parent 401(k) Plan") that shall, as of the Closing Date, permit participation for the Continuing Employees, credit all service that was credited under the Company 401(k) Plan for purposes of the eligibility, vesting and match eligibility requirements of the Parent 401(k) Plan, provide for tax-deferred contributions pursuant to Section 401(k) of the Code and for the 90-day period following the Closing Date, accept elective direct rollovers of the Continuing Employees' accounts (including any loans) under the Company 401(k) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** Prior to making any written or broad-based oral communications to any current or former Company Associate pertaining to compensation or benefit matters described in this Agreement or to compensation or benefits that will be provided by Parent or an Affiliate thereof following Closing (in each case other than (i) communications that are consistent in all material respects with information previously publicly released by the Parties or (ii) communications previously reviewed by Parent pursuant to this

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 <u>Section</u> <u>5.7(g)</u> that are provided to the same group of Company Associates as the prior communication), the Company shall provide Parent with a copy of the intended communication, Parent shall have a reasonable period of time to review and comment on the communication, and the Company shall consider any such comments in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** The provisions of this <u>Section</u> <u>5.7</u> are solely for the benefit of the Parties to this Agreement, and no provision of this <u>Section</u> <u>5.7</u> is intended to, or shall, constitute the establishment or adoption of or an amendment to any Employee Plan or employee benefit plan for purposes of ERISA or otherwise nor limit or prohibit Parent or the Surviving Corporation from adopting, modifying, amending or terminating any Employee Plan or employee benefit plan and no current or former employee or any other individual associated therewith shall be regarded for any purpose as a third party beneficiary of this Agreement or have the right to enforce the provisions hereof. Nothing in this Agreement shall confer upon any director, employee or service provider of the Company any right to continue in the employ or service of the Surviving Corporation, Parent or any subsidiary or affiliate thereof, or shall interfere with or restrict in any way the rights of the Surviving Corporation, Parent or any subsidiary or affiliate thereof to discharge or terminate the services of any director, employee or individual service provider of the Company at any time for any reason whatsoever, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 Indemnification of Officers and Directors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** All rights to indemnification, advancement of expenses and exculpation by the Company existing in favor of those Persons who are directors or officers of the Company as of the Agreement Date or have been directors or officers of the Company in the past (the "***Indemnified Persons***") for their acts and omissions occurring prior to the Effective Time, as provided in the certificate of incorporation and bylaws of the Company (as in effect as of the Agreement Date) and as provided in the written indemnification agreements between the Company and said Indemnified Persons in effect as of the Agreement Date and made available by the Company to Parent or Parent's Representatives prior to the Agreement Date, shall survive the Merger and shall not be amended, repealed or otherwise modified in any manner that would adversely affect the rights thereunder of such Indemnified Persons, and shall be observed by the Surviving Corporation and its Subsidiaries to the fullest extent available under Delaware or other applicable Laws for a period of six (6) years from the Effective Time, and any claim made pursuant to such rights within such six-year period shall continue to be subject to this <u>Section</u> <u>5.8(a)</u> and the rights provided under this <u>Section</u> <u>5.8(a)</u> until disposition of such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** From the Effective Time until the sixth anniversary of the date on which the Effective Time occurs, Parent shall cause the Surviving Corporation (together with their respective successors and assigns, the "***Indemnifying Parties***"), to the fullest extent permitted under applicable Laws, indemnify and hold harmless each Indemnified Person in his or her capacity as an officer or director of the Company against all losses, claims, damages, liabilities, fees, expenses, judgments or fines incurred by such Indemnified Person as an officer or director of the Company in connection with any pending or threatened Legal Proceeding based on or arising out of, in whole or in part, the fact that such Indemnified Person is or was a director or officer of the Company at or prior to the Effective Time and pertaining to any and all matters pending, existing or occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, including any such matter arising under any claim with respect to the Transactions. Without limiting the foregoing, from the Effective Time until the sixth anniversary of the date on which the Effective Time occurs, the Indemnifying Parties shall also, to the fullest extent permitted under applicable Laws, advance reasonable and documented out-of-pocket costs and expenses (including reasonable and documented attorneys' fees) incurred by the Indemnified Persons in connection with matters for which such Indemnified Persons are eligible to be indemnified pursuant to this <u>Section</u> <u>5.8(b)</u> within 15 days after receipt by Parent of a written request for such advance, subject to the execution by such Indemnified Persons of appropriate undertakings in favor of the Indemnifying Parties to repay such advanced costs and expenses if it is ultimately determined in a final and non-appealable judgment of a court of competent jurisdiction that such Indemnified Person is not entitled to be indemnified under this <u>Section</u> <u>5.8(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** From the Effective Time until the sixth anniversary of the Effective Time, the Surviving Corporation shall, and Parent shall cause the Surviving Corporation to, maintain, in effect, the existing policy of directors' and officers' liability insurance maintained by the Company as of the Agreement Date (an accurate and complete copy of which has been made available by the Company to Parent or Parent's Representatives prior to the Agreement Date) for the benefit of the Indemnified Persons who are currently covered by such existing policy with respect to their acts and omissions occurring prior to the Effective Time in their capacities as directors and officers of the Company (as applicable), on terms with respect to coverage, deductibles and amounts no less favorable than the existing policy (or at or prior to the Effective Time, Parent or the Company may (through a nationally recognized insurance broker approved by Parent (such approval not to be unreasonably withheld, delayed or conditioned)) purchase a six-year "tail" policy for the existing policy effective as of the Effective Time) and if such "tail policy" has been obtained, it shall be deemed to satisfy all obligations to obtain and/or maintain insurance pursuant to this <u>Section</u> <u>5.8(c)</u>; *provided, however,* that in no event shall the Surviving Corporation be required to expend in any one year an amount in excess of 300% of the annual premium currently payable by the Company with respect to such current policy, *it being understood* that if the annual premiums payable for such insurance coverage exceeds such amount, Parent shall be obligated to cause the Surviving Corporation to obtain a policy with the greatest coverage available for a cost equal to such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** In the event Parent or the Surviving Corporation or any of their respective successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or Entity of such consolidation or merger or (ii) transfers all or substantially all of its properties and assets to any Person, then, and in each such case, Parent shall ensure that the successors and assigns of Parent or the Surviving Corporation, as the case may be, or at Parent's option, Parent, shall assume the obligations set forth in this <u>Section</u> <u>5.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The provisions of this <u>Section</u> <u>5.8</u> shall survive the acceptance of Shares for payment pursuant to the Offer and the consummation of the Merger and are (i) intended to be for the benefit of, and shall be enforceable by, each of the Indemnified Persons and their successors, assigns and heirs and (ii) in addition to, and not in substitution for, any other rights to indemnification or contribution that any such Person may have by contract or otherwise. Unless required by applicable Law, this <u>Section</u> <u>5.8</u> may not be amended, altered or repealed after the Offer Acceptance Time in such a manner as to adversely affect the rights of any Indemnified Person or any of their successors, assigns or heirs without the prior written consent of the affected Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 Securityholder Litigation**. The Company shall promptly notify Parent of any securityholder litigation brought against the Company and/or members of the Company Board or the Company's officers (in their respective capacities as such) relating to the Transactions ("***Transaction Litigation***"). The Company shall control any Legal Proceeding brought by stockholders of the Company against the Company and/or its directors relating to the Transactions; *provided* that the Company shall give Parent the right to review and comment on all material filings or responses to be made by the Company in connection with such Transaction Litigation, and the right to consult on the settlement with respect to such Transaction Litigation, and the Company shall in good faith take such comments into account. No such settlement shall be agreed to without Parent's prior written consent (not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 Disclosure**. The initial press release relating to this Agreement shall be a joint press release issued by, and whose form and content shall be agreed to by, the Company and Parent, and thereafter Parent and the Company shall consult with each other before issuing any further press release(s) or otherwise making any public statement or making any announcement to Company Associates (to the extent disclosure of the content thereof was not previously issued or made in accordance with this Agreement), in each case, with respect to the Offer, the Merger, this Agreement or any of the other Transactions and shall not issue any such press release, public statement or announcement to Company Associates without the other Party's written consent (which shall not be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing: (a) each Party may, without such consultation or consent, make any public statement (including

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to media, analysts, stockholders of the Company, investors or those attending industry conferences) and make internal announcements to its employees and contractors, and the Company Associates and make disclosures in Company SEC Documents, in each case, so long as such statements are consistent with previous press releases, public disclosures or public statements; (b) a Party may, without the prior consent of the other Party, but subject to giving advance notice to the other Party, issue any such press release or make any such public announcement or statement as may be required by any applicable Law; (c) the Company need not consult with Parent in connection with any press release, public statement or filing to be issued or made pursuant to <u>Section</u> <u>5.3(e)</u> or that relates to any Acquisition Proposal or Company Adverse Change Recommendation and any related matters and (d) no consultation or consent of the other Party shall be required with respect to any dispute between the Parties related to this Agreement or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 Takeover Laws**. If any Takeover Law may become, or may purport to be, applicable to the Transactions, each of Parent and the Company and the members of their respective boards of directors shall use their respective reasonable best efforts to grant such approvals and take such actions as are necessary so that the Transactions may be consummated as promptly as practicable on the terms and conditions contemplated hereby and otherwise act to lawfully eliminate the effect of any Takeover Law on any of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 Notice of Developments**. The Company shall give prompt notice to Parent (and shall subsequently keep Parent informed on a current basis of any developments related to such notice) upon its becoming aware of the occurrence or existence of any fact, event or circumstance that is reasonably likely to result in any of the conditions set forth in Section 7 or Annex I not being able to be satisfied prior to the End Date. Parent shall give prompt notice to the Company (and shall subsequently keep the Company informed on a current basis of any developments related to such notice) upon its becoming aware of the occurrence or existence of any fact, event or circumstance that (i) has had or would reasonably be expected to have a Parent Material Adverse Effect or (ii) is reasonably likely to result in any of the conditions set forth in Section 7 not being able to be satisfied prior to the End Date. The failure of the Company or Parent to deliver any notice required by this <u>Section</u> <u>5.12</u> shall not give rise to the failure of any condition to the consummation of the Offer or the Merger or give rise to any termination rights under Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13 Section 16 Matters**. The Company, and the Company Board (or committee thereof), shall, to the extent necessary, take appropriate action, prior to or as of the Offer Acceptance Time, to approve, for purposes of Section 16(b) of the Exchange Act, the disposition and cancellation or deemed disposition and cancellation of Shares and Company Stock Awards in the Transactions by applicable individuals and to cause such dispositions or cancellations to be exempt under Rule 16b-3 promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14 Rule 14d-10 Matters**. Prior to the Offer Acceptance Time and to the extent permitted by applicable Laws, the Compensation Committee of the Company Board shall approve, as an "employment compensation, severance or other employee benefit arrangement" within the meaning of Rule 14d-10(d)(2) under the Exchange Act, each agreement, arrangement or understanding between the Company or any of its Affiliates and any of the officers, directors or employees of the Company that are effective as of the Agreement Date pursuant to which compensation is paid to such officer, director or employee and will take all other action reasonably necessary to satisfy the requirements of the non-exclusive safe harbor set forth in Rule 14d-10(d)(2) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15 Purchaser Stockholder Consent**. Immediately following the execution of this Agreement, Parent shall execute and deliver, in accordance with Section 228 of the DGCL and in its capacity as the sole stockholder of Purchaser, a written consent adopting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16 Stock Exchange Delisting; Deregistration**. Prior to the Closing Date, the Company shall cooperate with Parent and use its reasonable best efforts to take, or cause to be taken, all actions, and do or cause to be done all things, reasonably necessary, proper or advisable on its part under applicable Laws and rules and policies of Nasdaq to enable the delisting by the Surviving Corporation of the Shares from Nasdaq

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and the deregistration of the Shares under the Exchange Act as promptly as practicable after the Effective Time, and in any event no more than ten days after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17 Convertible Notes; Capped Calls**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Notwithstanding anything to the contrary in this Agreement, at or prior to the Effective Time, the Company shall use reasonable best efforts to (i) take all actions necessary in accordance with the terms of the Convertible Notes Indentures, including the giving of any notices that may be required in connection with any repurchases or conversions of Convertible Notes occurring as a result of the Merger and the other Transactions contemplated by this Agreement constituting a "Fundamental Change" or "Make-Whole Fundamental Change" as such terms are defined in the Convertible Notes Indentures, (ii) prepare any supplemental indentures required in connection with the Merger and the other Transactions and the consummation thereof to be executed and delivered to the Trustee at or prior to the Effective Time, in form and substance reasonably satisfactory to the Trustee and Parent, and (iii) deliver any opinions of counsel required to be delivered at or prior to the Effective Time and any officer's certificates or other documents or instruments, as may be necessary to comply with all of the terms and conditions of the Convertible Notes Indentures in connection with the Merger and the Transactions; *provided* that opinions of counsel required by the Convertible Notes Indentures, as may be necessary to comply with all of the terms and conditions of the Convertible Notes Indentures in connection with the Merger and the Transactions shall be delivered by Parent and its counsel to the extent required to be delivered after the Effective Time, and may take any actions as may be permitted or contemplated under the terms of the Convertible Notes Indentures, including electing any "Settlement Method" (as defined in the Convertible Notes Indentures) for and settling any conversion of any Convertible Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Company shall provide Parent and its counsel reasonable opportunity to review and comment on any notices, certificates, press releases, supplemental indentures, legal opinions, officers' certificates or other documents or instruments required to be delivered pursuant to or in connection with any Convertible Notes or the Convertible Notes Indentures prior to the dissemination or making thereof, and the Company shall respond as promptly as reasonably practicable to any reasonable questions from, and reflect any reasonable comments made by, Parent or its counsel with respect thereto prior to the dissemination or making thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Prior to the Effective Time, the Company shall not amend or modify in any material respect, or voluntarily waive or release any material rights under, any Convertible Notes Indenture without the prior written consent of the Parent, which consent shall not be unreasonably withheld, delayed or conditioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Company agrees to use its reasonable best efforts to (i) cooperate with Parent to enter into arrangements with the Capped Call Counterparties to cause the Capped Call Transactions to be exercised, settled, cancelled, unwound, or otherwise terminated as of the Closing Date, and to enter into any documentation required to effect such termination, it being understood that the settlement of any amounts payable thereunder shall be subject to the mutual agreement of the Parent, the Company and the terms of the respective Capped Call Documentation and (ii) not amend, modify, transfer or terminate any Capped Call Transactions without the written consent of Parent (it being understood, for the avoidance of doubt, that such limitations shall not apply to any modification, adjustment or termination made unilaterally by any counterparty to a Capped Call Transaction pursuant to the terms of the applicable Capped Call Documentation or conditioned on termination or abandonment of this Agreement). The Company hereby grants permission to Parent and its Representatives to, at any time during the period from the date hereof to, and including, the Effective Time, initiate and engage in discussions and negotiations with each counterparty to any Capped Call Transaction regarding the settlement of such Capped Call Transaction at or promptly following the Effective Time and the terms of such settlement, *provided* that the Company and its counsel will have a right to participate in such discussions and negotiations. The Company shall as promptly as reasonably practicable provide Parent with any notices or other written communication received from any Capped Call Counterparty with respect to the Capped Call Transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The Company shall, and shall cause its Subsidiaries to, use reasonable best efforts to cause their respective representatives to cooperate with Parent in connection with the fulfillment of the Company's obligations under the terms of the Convertible Notes and the Convertible Notes Indenture at any time during the period from the date hereof to, and including, the Effective Time, as reasonably requested by Parent; provided that the Company shall not be required to incur any unreimbursed expense in connection with such cooperation or take any action that is not conditioned upon the Closing.

**SECTION 6. CONDITIONS PRECEDENT TO THE MERGER** 

The obligations of the Parties to effect the Merger are subject to the satisfaction, at or prior to the Closing, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 No Restraints**. There shall not have been issued by any court of competent jurisdiction and remain in effect any temporary restraining order, preliminary or permanent injunction or other order preventing the consummation of the Merger, nor shall any applicable Law or order promulgated, entered, enforced, enacted, issued or deemed applicable to the Merger by any Governmental Body which directly prohibits, or makes illegal the consummation of the Merger be in effect; *provided*, *however*, that no Party shall be permitted to assert the failure of this condition if the failure of this condition is attributable to a failure of such Party to perform in any material respect any covenant or obligation in this Agreement required to be performed by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 Consummation of Offer**. Purchaser (or Parent on Purchaser's behalf) shall have accepted for payment and paid for all of the Shares validly tendered pursuant to the Offer and not validly withdrawn; *provided, however,* that neither Purchaser nor Parent shall be entitled to assert the failure of this condition if, in breach of this Agreement or the terms of the Offer, Purchaser fails to acquire any Shares validly tendered and not properly withdrawn pursuant to the Offer.

**SECTION 7. TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 Termination**. This Agreement may be terminated prior to the Effective Time (such date of termination, the "***Termination Date***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** by mutual written consent of Parent and the Company at any time prior to the Offer Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** by either Parent or the Company if a court of competent jurisdiction or other Governmental Body shall have issued an order, decree or ruling, or shall have taken any other action, having the effect of permanently restraining, enjoining or otherwise prohibiting the acceptance for payment of Shares pursuant to the Offer or the Merger or making consummation of the Offer or the Merger illegal, which order, decree, ruling or other action shall be final and nonappealable; *provided, however,* that a Party shall not be permitted to terminate this Agreement pursuant to this <u>Section</u> <u>7.1(b)</u> if the issuance of such final and nonappealable order, decree, ruling or other action is attributable to a failure on the part of such Party to perform in any material respect any covenant or obligation in this Agreement required to be performed by such Party at or prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** by Parent at any time prior to the Offer Acceptance Time, if the Company Board (or a committee thereof) makes and has not withdrawn a Company Adverse Change Recommendation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** by either Parent or the Company if the Offer Acceptance Time shall not have occurred on or prior to 5:00 p.m. Eastern Time on June 23, 2026 (such date as it may be amended by mutual written consent of Parent and the Company or as such date may be extended pursuant to this <u>Section</u> <u>7.1(d)</u>, the "***End Date***"); *provided* that the End Date may be extended by either Parent or the Company upon written notice to the other Party prior to the initial End Date until September 21, 2026 if any of the Regulatory Conditions are still outstanding as of the initial End Date; *provided, further*, that the End Date may be further extended by either Parent or the Company upon written notice to the other Party prior to such

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extended End Date until December 20, 2026 if any of the Regulatory Conditions are still outstanding as of such extended End Date; *provided, however,* that a Party shall not be permitted to terminate this Agreement pursuant to this <u>Section</u> <u>7.1(d)</u> if the failure of the Offer Acceptance Time to occur prior to the End Date is attributable to the failure on the part of such Party to perform in any material respect any covenant or obligation in this Agreement required to be performed by such Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** by the Company, at any time prior to the Offer Acceptance Time, in order to accept a Superior Proposal and enter into a binding written definitive acquisition agreement providing for the consummation of a transaction constituting a Superior Proposal (a "***Specified Agreement***") in accordance with the requirements of <u>Section</u> <u>5.3</u> and <u>Section</u> <u>5.4(b)(i)</u> with respect to such Superior Proposal and concurrently pays, or causes to be paid, the Termination Fee in accordance with <u>Section</u> <u>7.3(b)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** by Parent at any time prior to the Offer Acceptance Time, if a breach of any representation or warranty contained in this Agreement or failure to perform any covenant or obligation in this Agreement on the part of the Company shall have occurred such that the condition set forth in <u>clause</u> "<u>(b)</u>" or "<u>(c)</u>" of <u>Annex I</u> would not be satisfied and cannot be cured by the Company by the End Date, or if capable of being cured, shall not have commenced to have been cured within 30 days of the date Parent gives the Company notice of such breach or failure to perform; *provided, however,* that, Parent shall not have the right to terminate this Agreement pursuant to this <u>Section</u> <u>7.1(f)</u> if either Parent or Purchaser is then in material breach of any representation, warranty, covenant or obligation hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** by the Company at any time prior to the Offer Acceptance Time, if a breach of any representation or warranty contained in this Agreement or failure to perform any covenant or obligation in this Agreement on the part of Parent or Purchaser shall have occurred, in each case if such breach or failure has had or would reasonably be expected to prevent Parent or Purchaser from consummating the Transactions and such breach or failure cannot be satisfied and cannot be cured by Parent or Purchaser, as applicable, by the End Date, or if capable of being cured, shall not have commenced to have been cured within 30 days of the date the Company gives Parent notice of such breach or failure to perform; *provided, however,* that, the Company shall not have the right to terminate this Agreement pursuant to this <u>Section</u> <u>7.1(g)</u> if the Company is then in material breach of any representation, warranty, covenant or obligation hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** by the Company if Purchaser shall have failed to commence (within the meaning of Rule 14d-2 under the Exchange Act) the Offer within the period specified in <u>Section</u> <u>1.1(a)</u>, other than to the extent resulting from a material breach by the Company of <u>Section</u> <u>1.2</u>, or if Purchaser shall have failed to accept and pay for all Shares validly tendered (and not validly withdrawn) as of the expiration of the Offer (as may be extended) when required to do so in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 Effect of Termination**. In the event of the termination of this Agreement as provided in <u>Section</u> <u>7.1</u>, written notice thereof shall be given by the terminating Party to the other Party or Parties, specifying the provision hereof pursuant to which such termination is made, and this Agreement shall be of no further force or effect and there shall be no liability on the part of Parent, Purchaser or the Company or their respective directors, officers and Affiliates following any such termination; *provided, however,* that (a) the last sentence of <u>Section 1.2(b)</u>, this <u>Section</u> <u>7.2</u>, <u>Section</u> <u>7.3</u> and <u>Section</u> <u>8</u> shall survive the termination of this Agreement and shall remain in full force and effect, (b) the Confidentiality Agreement shall survive the termination of this Agreement and shall remain in full force and effect in accordance with its terms and (c) notwithstanding the foregoing but subject to <u>Section</u> <u>7.3</u>, nothing in this Agreement will relieve any Party from any liability for any Willful Breach of this Agreement arising prior to the valid termination of this Agreement or Fraud (which liability or damages to the extent owed to the Company or the stockholders of the Company shall not be limited to reimbursement of out-of-pocket fees, costs or expenses incurred in connection with the Transactions but shall include lost premium, and the Company shall have the exclusive right to seek damages on behalf of the Company and the stockholders of the Company based on loss of the economic benefit of the Transactions to the Company and the stockholders of the Company to the fullest extent provided by Section 261(a)(1) of the DGCL). Nothing shall limit or

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prevent any Party from exercising any rights or remedies it may have under <u>Section</u> <u>8.5(b)</u> in lieu of terminating this Agreement pursuant to <u>Section</u> <u>7.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 Expenses; Termination Fees**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Except as set forth in this <u>Section</u> <u>7.3</u>, all fees and expenses incurred in connection with this Agreement and the Transactions shall be paid by the Party incurring such expenses, whether or not the Offer and Merger are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In the event that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** this Agreement is terminated by the Company pursuant to <u>Section</u> <u>7.1(e)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** this Agreement is terminated by Parent pursuant to <u>Section</u> <u>7.1(c)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** (A) this Agreement is terminated pursuant to <u>Section</u> <u>7.1(d)</u> (but in the case of a termination by the Company, only if at such time Parent would not be prohibited from terminating this Agreement pursuant to the proviso to <u>Section</u> <u>7.1(d)</u>) or <u>Section</u> <u>7.1(f)</u>, (B) any Person shall have publicly disclosed a *bona fide* Acquisition Proposal after the Agreement Date (and shall not have publicly withdrawn such Acquisition Proposal) prior to (1) in the case of this Agreement being subsequently terminated pursuant to <u>Section</u> <u>7.1(d)</u>, the End Date or (2) in the case of this Agreement being subsequently terminated pursuant to <u>Section</u> <u>7.1(f)</u>, the time of the breach or failure to perform giving rise to such termination (unless publicly withdrawn prior to such termination) and (C) within twelve months of such termination the Company shall have entered into a definitive agreement with respect to an Acquisition Proposal, or consummated an Acquisition Proposal (*provided* that for purposes of this <u>clause</u> (z) the references to "20%" in the definition of "***Acquisition Proposal***" shall be deemed to be references to "80%");

then, in any such event under <u>clause</u> "<u>(i)</u>", "<u>(ii)</u>" or "<u>(iii)</u>" of this <u>Section</u> <u>7.3(b)</u>, the Company shall pay (or cause to be paid) to Parent or its designee the Termination Fee by wire transfer of same day funds (x) in the case of <u>Section</u> <u>7.3(b)(i)</u>, on the date that the Specified Agreement is executed (or if the Specified Agreement is executed on a day that is not a business day, the next business day), (y) in the case of <u>Section</u> <u>7.3(b)(ii)</u>, within two business days after such termination or (z) in the case of <u>Section</u> <u>7.3(b)(iii)</u>, within two business days after the entry into the definitive agreement with respect to the Acquisition Proposal referred to in <u>subclause</u> <u>(iii)(</u><u>C</u><u>)</u> above; *it being understood* that in no event shall the Company be required to pay the Termination Fee on more than one occasion. As used herein, "***Termination Fee***" shall mean a cash amount equal to $77,849,503. In the event that Parent or its designee shall receive full payment pursuant to this <u>Section</u> <u>7.3(b)</u>, the receipt of the Termination Fee shall be deemed to be liquidated damages for any and all losses or damages suffered or incurred by Parent, Purchaser, any of their respective Affiliates or any other Person in connection with this Agreement (and the termination hereof), the Transactions (and the abandonment thereof) or any matter forming the basis for such termination, and none of Parent, Purchaser, any of their respective former, current or future officers, directors, partners, stockholders, equityholders, managers, members or Affiliates (collectively, "***Parent Related Parties***") or any other Person shall be entitled to bring or maintain any claim, action or proceeding against the Company or any of its Affiliates arising out of or in connection with this Agreement, any of the Transactions or any matters forming the basis for such termination; *provided, however,* that nothing in this <u>Section</u> <u>7.3(b)</u> shall limit the rights of Parent or Purchaser under <u>Section</u> <u>8.5(b)</u> or in the case of the Company's Fraud or Willful Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** In the event that (i) this Agreement is terminated by either Parent or the Company pursuant to <u>Section</u> <u>7.1(b)</u> (to the extent the applicable order, decree, ruling or other action underlying such termination arises under the HSR Act or any other Antitrust or FDI Law); or (ii) (A) this Agreement is terminated by either Parent or the Company pursuant to <u>Section 7.1(d)</u>, (B) at the time of such termination, the condition set forth in <u>Section 6.1</u> (as it relates to any Antitrust or FDI Law) or the Offer Condition set forth in clause (e) of Annex I and the Regulatory Condition (as such condition relates to the HSR Act and any other Antitrust or FDI Laws) have not been satisfied and (C) all of the other Offer Conditions (other

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than the Offer Conditions that are by their nature to be satisfied at the Offer Acceptance Time) have been satisfied or waived; then in the case of each of the foregoing clauses (i) and (ii), Parent will promptly pay or cause to be paid to the Company a cash amount equal to $116,774,254 (the "***Reverse Termination Fee***"), in cash, but in no event later than two (2) business days after such termination. In the event that the Company or its designee shall receive full payment pursuant to this <u>Section 7.3(c)</u> and <u>Section</u> <u>7.3(d)</u>, the receipt of the Reverse Termination Fee shall be deemed to be liquidated damages for any and all losses or damages suffered or incurred by any Company Related Party or any other Person in connection with this Agreement (and the termination hereof), the Transactions (and the abandonment thereof) or any matter forming the basis for such termination, and none of the Company Related Parties or any other Person shall be entitled to bring or maintain any claim, action or proceeding against Parent or any of its Affiliates arising out of or in connection with this Agreement, any of the Transactions or any matters forming the basis for such termination; *provided*, *however*, that nothing in this Section <u>7.3(c)</u> or <u>Section</u> <u>7.3(d)</u> shall limit the rights of the Company under <u>Section</u> <u>8.5(b)</u> or in the case of Parent's or any of its Affiliates' Fraud or Willful Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** Parent's right to receive payment from the Company of the Termination Fee pursuant to <u>Section</u> <u>7.3(b)</u> and any payments pursuant to <u>Section</u> <u>7.3(e)</u> shall be the sole and exclusive remedy of the Parent Related Parties against the Company and any of their respective former, current or future officers, directors, partners, stockholders, equityholders, managers, members or Affiliates (collectively, "***Company Related Parties***") for any loss suffered as a result of the failure of the Offer or the Merger to be consummated or for a breach or failure to perform hereunder or otherwise, and upon payment of such amount(s), none of the Company Related Parties shall have any further liability or obligation relating to or arising out of this Agreement or the Transactions. Any payments pursuant to <u>Section</u> <u>7.3(e)</u> shall be the sole and exclusive remedy of the Company Related Parties against the Parent Related Parties for any loss suffered as a result of the failure of the Offer or the Merger to be consummated or for a breach or failure to perform hereunder or otherwise, and upon payment of such amount(s), none of the Parent Related Parties shall have any further liability or obligation relating to or arising out of this Agreement or the Transactions; *provided*, *however*, that nothing in this <u>Section</u> <u>7.3(d)</u> shall limit the rights of Parent or Purchaser under <u>Section</u> <u>8.5(b)</u> or in the case of the Company's Fraud or Willful Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The Parties acknowledge that the agreements contained in this <u>Section</u> <u>7.3</u> are an integral part of the Transactions and that, without these agreements, the Parties would not enter into this Agreement; accordingly, if the Company or Parent fails to timely pay any amount due pursuant to this <u>Section</u> <u>7.3</u>, and, in order to obtain the payment, Parent or the Company, as applicable, commences a Legal Proceeding which results in a judgment against the other Party, the non-prevailing Party shall pay the other Party its reasonable and documented costs and expenses (including reasonable and documented attorneys' fees) in connection with such suit, together with interest on such amount at the prime rate as published in the Wall Street Journal in effect on the date such payment was required to be made through the date such payment was actually received.

**SECTION 8. MISCELLANEOUS PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 Amendment**. Prior to the Offer Acceptance Time, subject to <u>Section</u> <u>5.8(e)</u>, this Agreement may be amended by an instrument in writing signed on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 Waiver**. No failure on the part of any Party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any Party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. No Party shall be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such Party; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 No Survival of Representations, Warranties or Covenants**. None of the representations and warranties or covenants contained in this Agreement, the Company Disclosure Letter or in any certificate or schedule or other document delivered pursuant to this Agreement shall survive the Merger, except for those covenants that expressly by their terms survive the Effective Time, this <u>Section</u> <u>8</u> and any applicable defined terms in <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4 Entire Agreement; Counterparts**. This Agreement and the other agreements, exhibits, annexes and schedules referred to herein constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among or between any of the Parties, with respect to the subject matter hereof and thereof; *provided, however,* that the Confidentiality Agreement shall not be superseded and shall remain in full force and effect; and *provided, further, that,* if the Effective Time occurs, the Confidentiality Agreement shall automatically terminate and be of no further force and effect. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same instrument. The exchange of a fully executed Agreement (in counterparts or otherwise) by PDF shall be sufficient to bind the Parties to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5 Applicable Laws; Jurisdiction; Specific Performance; Remedies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** This Agreement and all disputes, actions or Legal Proceedings (whether based on contract, tort or otherwise) based on, arising out of or relating to this Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any laws, rules or provisions that would cause the application of the laws of any jurisdiction other than the State of Delaware. Subject to <u>Section</u> <u>8.5(c)</u>, in any action or Legal Proceeding arising out of or relating to this Agreement or any of the Transactions: (i) each of the Parties irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Chancery Court of the State of Delaware and any state appellate court therefrom or, if such court lacks subject matter jurisdiction, the United States District Court sitting in New Castle County in the State of Delaware (*it being agreed* that the consents to jurisdiction and venue set forth in this <u>Section</u> <u>8.5(a)</u> shall not constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the Parties); and (ii) each of the Parties irrevocably consents to service of process by first class certified mail, return receipt requested, postage prepaid, to the address at which such Party is to receive notice in accordance with <u>Section</u> <u>8.8</u>. The Parties agree that a final judgment in any such action or Legal Proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Laws; *provided, however,* that nothing in the foregoing shall restrict any Party's rights to seek any post-judgment relief regarding, or any appeal from, such final trial court judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Parties agree that irreparable damage for which monetary damages, even if available, would not be an adequate remedy, would occur in the event that the Parties do not perform their obligations under the provisions of this Agreement in accordance with its specified terms or otherwise breach such provisions. Subject to the following sentence, the Parties acknowledge and agree that (i) the Parties shall be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in <u>Section</u> <u>8.5(a)</u> without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement, at law or in equity, (ii) the provisions set forth in <u>Section</u> <u>7.3</u>: (x) are not intended to and do not adequately compensate for the harm that would result from a breach of this Agreement; and (y) shall not be construed to diminish or otherwise impair in any respect any Party's right to specific enforcement and (iii) the right of specific performance is an integral part of the Transactions and without that right, neither the Company nor Parent would have entered into this Agreement. Each of the Parties agrees that it will not oppose the granting of an injunction, specific performance and other equitable relief on the basis that the other Parties have an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity. The Parties acknowledge and agree that any Party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically

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the terms and provisions of this Agreement in accordance with this <u>Section</u> <u>8.5(b)</u> shall not be required to provide any bond or other security in connection with any such order or injunction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** EACH OF THE PARTIES IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMISSIBLE UNDER THE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BETWEEN THE PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6 Assignability**. This Agreement shall be binding upon, and shall be enforceable by and inure solely to the benefit of, the Parties and their respective successors and permitted assigns; *provided, however,* that neither this Agreement nor any of the rights hereunder may be assigned without the prior written consent of the other Parties, and any attempted assignment of this Agreement or any of such rights without such consent shall be void and of no effect; *provided, further, however,* that Parent or Purchaser may assign this Agreement to any of their Affiliates without consent (*provided* that such assignment shall not impede or delay the consummation of the Transactions or otherwise impede the rights of the stockholders of the Company under this Agreement); *provided* that no such assignment or pledge permitted pursuant to this <u>Section</u> <u>8.6</u> shall relieve Parent or Purchaser of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7 No Third Party Beneficiaries**. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person (other than the Parties) any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement; except for: (i) if the Offer Acceptance Time occurs (A) the right of the Company's stockholders to receive the Offer Price or Merger Consideration, as applicable and (B) the right of the holders of Company Stock Awards to receive the Option Consideration, RSU Consideration or PSU Consideration pursuant to <u>Section</u> <u>2.8</u>; (ii) the provisions set forth in <u>Section</u> <u>5.8</u>; (iii) subject to <u>Section</u> <u>7.2</u> and the last sentence of this <u>Section 8.7</u>, the right of the stockholders of the Company with respect to any damages (including damages based on loss of the economic benefit of the transactions contemplated by this Agreement to the stockholders of the Company); and (iv) the limitations on liability of the Company Related Parties set forth in <u>Section</u> <u>7.3(c)</u>. Notwithstanding anything herein to the contrary, unless otherwise required by applicable Law, the rights granted pursuant to clause (iii) of this <u>Section 8.7</u> and the provisions of <u>Section 7.2</u> with respect to the recovery of damages based on the losses suffered by the stockholders of the Company (including the loss of the economic benefit of the transactions contemplated by this Agreement to the stockholders of the Company) shall only be enforceable on behalf of the stockholders of the Company by the Company in its sole and absolute discretion, as agent for the stockholders of the Company, it being understood and agreed that any and all interests in the recovery of such losses or any such claim shall attach to the Shares and subsequently be transferred therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8 Notices**. Any notice or other communication required or permitted to be delivered to any Party under this Agreement shall be in writing and shall be deemed properly delivered, given and received (a) upon receipt when delivered by hand, (b) if sent by email transmission prior to 6:00 p.m. recipient's local time, upon transmission or (c) if sent by email transmission after 6:00 p.m. recipient's local time and receipt is confirmed, the business day following the date of transmission; *provided* that (i) in each case the notice or other communication is sent to the physical address or email address set forth beneath the name of such Party below (or to such other physical address or email address as such Party shall have specified in a written notice given to the other Parties) and (ii) in the case of an email transmission, no "bounce back" or similar message of non-delivery is received with respect thereto:

if to Parent or Purchaser (or following the Effective Time, the Company):

SANOFI

46, avenue de la Grande-Armée

75017 Paris – France

Attention: [\*\*\*\*]

Email: [\*\*\*\*]

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with a copy to (which shall not constitute notice):

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Michael J. Aiello; Sachin Kohli

Email: michael.aiello@weil.com; sachin.kohli@weil.com

if to the Company (prior to the Effective Time):

Dynavax Technologies Corporation

2100 Powell Street, Suite 720

Emeryville, CA 94608

Attention: [\*\*\*\*]

Email: [\*\*\*\*]

with a copy to (which shall not constitute notice):

Cooley LLP

Attn: Barbara L. Borden; Bill Roegge; Steve Przesmicki

10265 Science Center Drive

San Diego, CA 92121

Email: bborden@cooley.com; broegge@cooley.com; przes@cooley.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9 Severability**. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions of this Agreement or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If a final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the Parties agree that the court making such determination shall have the power to limit such term or provision, to delete specific words or phrases or to replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be valid and enforceable as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the Parties agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such invalid or unenforceable term or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10 Obligation of Parent**. Parent shall ensure that each of its Subsidiaries duly performs, satisfies and discharges on a timely basis each of the covenants, obligations and liabilities applicable to its Subsidiaries under this Agreement, and Parent, as applicable, shall be jointly and severally liable with its Subsidiaries for the due and timely performance and satisfaction of each of said covenants, obligations and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11 Transfer Taxes**. Except as expressly provided in <u>Section</u> <u>2.6(b)</u>, (i) if any payment pursuant to the Offer or the Merger is to be made to a Person other than the Person in whose name the surrendered Certificate or Book-Entry Share is registered, it will be a condition to such payment that (a) such Certificate or Book-Entry Share so surrendered must be properly endorsed or must otherwise be in proper form and (b) the Person presenting such Certificate or Book-Entry Share to the Paying Agent for payment must pay to the Paying Agent any Transfer Taxes or other similar Taxes required as a result of such payment to a Person other than the registered holder of such Certificate or Book-Entry Share or must establish to the satisfaction of the Paying Agent that such Tax has been paid or is not required to be paid and (ii) except as expressly provided in clause (i), all Transfer Taxes incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by Parent and Purchaser when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12 Company Disclosure Letter**. The disclosures set forth in any particular part or subpart of the Company Disclosure Letter will be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations and warranties or covenants of the Company that are set forth in the

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corresponding section or subsection of this Agreement; and (b) any other representations and warranties or covenants of the Company that are set forth in this Agreement, but in the case of this clause (b) only if the relevance of that disclosure as an exception to (or a disclosure for purposes of) such other representations and warranties or covenants is reasonably apparent on the face of such disclosure. The mere inclusion of an item in the Company Disclosure Letteras an exception to a representation or warranty or covenant shall not be deemed an admission that such item represents a material exception or material fact, event or circumstance or that such item is material or constitutes a Material Adverse Effect, and no reference to, or disclosure of, any item or other matter in the Company Disclosure Letters shall necessarily imply that any other undisclosed matter or item having a greater value or significance is material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13 Construction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party shall not be applied in the construction or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** As used in this Agreement, the words "include" and "including," and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words "without limitation", and the term "or" is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** When used herein, the word "extent" and the phrase "to the extent" shall mean the degree to which a subject or other thing extends, and such word or phrase shall not simply mean "if."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** When used herein, the phrase "ordinary course of business" shall mean the ordinary course of business consistent with past practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** Except as otherwise specified, (i) references to any Law shall be deemed to refer to such Law as amended from time to time and to any rules or regulations promulgated thereunder, (ii) references to any Person include the successors and permitted assigns of that Person, and (iii) references from or through any date mean from and including or through and including, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** References to "$" and "dollars" are to the currency of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** Except as otherwise indicated, all references in this Agreement to "Sections," "Exhibits," "Annexes" and "Schedules" are intended to refer to sections of this Agreement and Exhibits, Annexes or Schedules to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** The phrases "made available" and "delivered," when used in reference to anything made available to Parent, Purchaser or any of their respective Representatives prior to the execution of this Agreement, shall be deemed to include (i) uploading anything in the virtual data room made available in connection with the Transactions (the "***Data Room***"), (ii) actually delivering (whether by physical or electronic delivery) anything, and (iii) publicly having made available anything in the Electronic Data Gathering, Analysis and Retrieval (EDGAR) database of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

**[Signature page follows]** 

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first above written.

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| | |
|:---|:---|
| **DYNAVAX TECHNOLOGIES CORPORATION** | **DYNAVAX TECHNOLOGIES CORPORATION** |
| By: | /s/ Ryan Spencer |
| Name: | Ryan Spencer |
| Title: | Chief Executive Officer |
| **SANOFI** | **SANOFI** |
| By: | /s/ Loic Gonnet |
| Name: | Loic Gonnet |
| Title: | Head of M&A |
| **SAMBA MERGER SUB, INC** **.** | **SAMBA MERGER SUB, INC** **.** |
| By: | /s/ François-Xavier Dazogbo |
| Name: | François-Xavier Dazogbo |
| Title: | President |

---

[*Signature Page to Agreement and Plan of Merger*]

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**EXHIBIT A** 

**CERTAIN DEFINITIONS** 

For purposes of this Agreement (including this <u>Exhibit A</u>):

"***2026 Convertible Notes***" means the 2.50% Convertible Senior Notes due 2026 issued pursuant to the 2026 Convertible Notes Indenture.

"***2030 Convertible Notes***" means the 2.00% Convertible Senior Notes due 2030 issued pursuant to the 2030 Convertible Notes Indenture.

"***2026 Convertible Notes Indenture***" means the indenture dated as of May 13, 2021, by and between the Company and U.S. Bank Trust Company, National Association (as successor in merger to U.S. Bank, National Association), as trustee.

"***2030 Convertible Notes Indenture***" means the indenture dated as of March 13, 2025, by and between the Company and U.S. Bank Trust Company, National Association, as trustee.

"***Acceptable Confidentiality Agreement***" is defined in <u>Section</u> <u>5.3(a)</u>.

*"****Acquired Companies****"* is defined in <u>Section</u> <u>3.1(b)</u>.

"***Acquisition Proposal***" shall mean any proposal or offer from any Person (other than Parent and its Affiliates) or "group", within the meaning of Section 13(d) of the Exchange Act, relating to, in a single transaction or series of related transactions, any (A) acquisition or exclusive license of or partnership, collaboration or revenue sharing arrangement with respect to, assets of the Company equal to 20% or more of the fair market value of the Company's assets or to which 20% or more of the Company's revenues or earnings are attributable, (B) issuance or acquisition of 20% or more of the outstanding Shares (on an as converted to common basis), (C) recapitalization, tender offer or exchange offer that if consummated would result in any Person or group beneficially owning 20% or more of the outstanding Shares (on an as converted to common basis) or (D) merger, consolidation, amalgamation, share exchange, business combination, recapitalization, liquidation, dissolution or similar transaction involving the Company that if consummated would result in any Person or group beneficially owning 20% or more of the outstanding Shares (on an as converted to common basis) or 20% or more of the aggregate voting power of the Company, the surviving entity or the resulting direct or indirect parent of the Company or the surviving entity, in each case other than the Transactions.

"***Affiliate***" shall mean, as to any Person, any other Person that, directly or indirectly, controls, or is controlled by, or is under common control with, such Person. For this purpose, "control" (including, with its correlative meanings, "controlled by" and "under common control with") shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by Contract or otherwise.

"***Agreement***" shall mean the Agreement and Plan of Merger to which this <u>Exhibit A</u> is attached, as it may be amended from time to time.

"***Agreement Date***" is defined in the introductory paragraph to this Agreement.

"***Anti-Corruption Laws***" shall mean the Foreign Corrupt Practices Act of 1977, the Anti-Kickback Act of 1986, the UK Bribery Act of 2010, and the Anti-Bribery Laws of the People's Republic of China or any applicable Laws of similar effect, and the related regulations and published interpretations thereunder.

"***Antitrust and FDI Laws***" shall collectively mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, state Law and other applicable Laws

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and regulations (including non-U.S. laws and regulations) issued by a Governmental Body that are designed or intended to preserve or protect competition, prohibit and restrict agreements in restraint of trade or monopolization, attempted monopolization or abuse of a dominant position, or to prevent acquisitions, mergers or other business combinations and similar transactions, the effect of which may be to lessen or impede competition or to tend to create or strengthen a dominant position or to create a monopoly (the "***Antitrust Laws***") and all Laws and orders issued by a Governmental Body relating to foreign investment or national security (the "***FDI Laws***").

"***Balance Sheet***" is defined in <u>Section</u> <u>3.6</u>.

"***Book-Entry Shares***" shall mean non-certificated Shares represented by book-entry.

"***business day***" shall mean a day except a Saturday, a Sunday or other day on which banks in the City of New York and Paris, France are authorized or required by Law to be closed.

"***Capped Call Counterparties***" means each of Bank of Montreal, Goldman Sachs & Co. LLC, Mizuho Markets Americas LLC, Morgan Stanley & Co. LLC, and Nomura Global Financial Products Inc.

"***Capped Call Documentation***" means the letter agreements related to call options on the shares of Company Common Stock, dated as of May 10, 2021 by and between the Company and each Capped Call Counterparty, together with any related side letters or other ancillary documents (as may be amended, restated or otherwise modified from time to time).

"***Capped Call Transactions***" means the transactions contemplated by the Capped Call Documentation.

"***Certificates***" is defined in <u>Section</u> <u>2.6(b)</u>.

"***Change in Circumstance***" shall mean any event, occurrence, fact, development or change in circumstances that materially affects the business, assets or operations of the Company (other than any event, occurrence, fact or change primarily resulting from a material breach of this Agreement by the Company) that was neither known to the Company Board nor reasonably foreseeable as of or prior to the Agreement Date, which event, occurrence, fact or change becomes known to the Company Board prior to the Offer Acceptance Time, other than (i) changes in the Company Common Stock price, in and of itself (however, the underlying reasons for such changes may constitute a Change in Circumstances), (ii) any Acquisition Proposal or (iii) the fact that, in and of itself, the Company exceeds any internal or published projections, estimates or expectations of the Company's revenue, earnings or other financial performance or results of operations for any period, in and of itself (however, the underlying reasons for such events may constitute a Change in Circumstances).

"***Closing***" is defined in <u>Section</u> <u>2.3(a)</u>.

"***Closing Date***" is defined in <u>Section</u> <u>2.3(a)</u>.

"***Code***" shall mean the Internal Revenue Code of 1986.

"***Company***" is defined in the preamble to this Agreement.

"***Company Adverse Change Recommendation***" is defined in <u>Section</u> <u>5.4(a)</u>.

"***Company Associate***" ****shall mean each officer, employee, individual independent contractor, consultant or director of or to any of the Acquired Companies.

"***Company Board***" is defined in <u>Recital C</u>.

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"***Company Board Recommendation***" is defined in <u>Recital C</u>.

"***Company Common Stock***" shall mean the common stock, $0.001 par value per share, of the Company.

"***Company Contract***" shall mean any Contract to which the Company is a party.

"***Company Disclosure Documents***" is defined in <u>Section</u> <u>3.4(g)</u>.

"***Company Disclosure Letter***" is defined in <u>Section</u> <u>3</u>.

"***Company Equity Plans***" shall mean the Company's 2011 Equity Incentive Plan, 2018 Equity Incentive Plan, 2017 Inducement Award Plan and 2021 Inducement Award Plan, in each case as amended.

"***Company Exclusively Licensed IP***" shall mean all Intellectual Property Rights exclusively licensed or purported to be exclusively licensed to any of the Acquired Companies.

"***Company IP***" ****shall mean Company Owned IP and Company Exclusively Licensed IP.

"***Company Lease***" ****shall mean any Company Contract pursuant to which the Company leases, subleases or sub-subleases Leased Real Property from another Person.

"***Company Owned IP***" ****shall mean all Intellectual Property Rights that are owned or purported to be owned by any of the Acquired Companies.

"***Company Preferred Stock***" shall mean the preferred stock, $0.001 par value per share, of the Company.

"***Company Registrations***" is defined in <u>Section</u> <u>3.8(a)</u>.

"***Company Stock Awards***" shall mean all Options, RSUs and PSUs.

"***Company Systems***" shall mean the computer systems, servers, hardware, software, websites, networks, servers, workstations, and all other physical or virtual information technology equipment owned or used by or on behalf of the Acquired Companies.

"***Confidentiality Agreement***" ****is defined in <u>Section</u> <u>5.1</u>.

"***Consent***" shall mean any approval, consent, ratification, permission, waiver or authorization (including any Governmental Authorization).

"***Continuing Employee***" ****is defined in <u>Section</u> <u>5.7</u>.

"***Contract***" shall mean any written, oral or other agreement, contract, subcontract, lease, understanding, instrument, bond, debenture, note, option, warrant, warranty, purchase order, license, sublicense, insurance policy, benefit plan or legally binding commitment or undertaking of any nature (except, in each case, ordinary course of business purchase orders).

"***Converted PSU***" is defined in <u>Section</u> <u>2.8(f)</u>.

"***Converted RSU***" is defined in <u>Section</u> <u>2.8(d)</u>.

"***Converted RSU Cash Consideration***" is defined in <u>Section</u> <u>2.8(d)</u>.

"***Converted Stock Award***" means a Converted Stock Option, a Converted RSU, or a Converted PSU.

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"***Converted Stock Option***" is defined in <u>Section</u> <u>2.8(b)</u>.

"***Convertible Notes***" means the 2026 Convertible Notes and the 2030 Convertible Notes.

"***Convertible Notes Indentures***" means the 2026 Convertible Notes Indenture and 2030 Convertible Notes Indenture.

"***CpG 1018 Adjuvant***" shall mean the proprietary toll-like receptor 9 (TLR9) agonist CpG 1018<sup>®</sup> adjuvant.

"***Data Room***" is defined in <u>Section</u> <u>8.13(i)</u>.

"***Data Security Requirements***" shall mean, to the extent governing or otherwise related to the Processing of any Personal Information, all applicable (i) Laws (including HIPAA and the EU General Data Protection Regulation), legal requirements and binding guidelines and standards, (ii) policies (including privacy policies), programs and notices of the Acquired Companies, and (iii) contractual requirements to which any of the Acquired Companies is a party.

"***Depository Agent***" is defined in <u>Section</u> <u>2.6(a)</u>.

"***Determination Notice***" is defined in <u>Section</u> <u>5.4(b)(i)</u>.

"***DGCL***" shall mean the Delaware General Corporation Law.

"***Dissenting Shares***" is defined in <u>Section</u> <u>2.7</u>.

"***DOJ***" shall mean the U.S. Department of Justice.

"***Effective Time***" is defined in <u>Section</u> <u>2.3(b)</u>.

"***Employee Plan***" ****shall mean each "employee benefit plan" within the meaning of Section 3(3) of ERISA (whether or not subject to ERISA) and any compensation, employment, salary, bonus, vacation, deferred compensation, change in control, transaction, retention, employee loan, tax gross-up, incentive compensation, stock purchase, stock option, equity or equity-based, severance pay, termination pay, death and disability benefits, hospitalization, medical, life or other insurance, flexible benefits, supplemental unemployment benefits, material fringe benefits, profit-sharing, pension or retirement plan, policy, program, agreement or arrangement and each other employee benefit plan, or arrangement, in each case, whether written or unwritten, funded or unfunded, that is sponsored, maintained, contributed to or required to be contributed to by the Acquired Companies for the benefit of any current or former Company Associates or with respect to which any of the Acquired Companies has any liability (excluding any plan or program sponsored and maintained solely by a Governmental Body).

"***Encumbrance***" shall mean any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, claim, infringement, interference, option, right of first refusal, preemptive right, community property interest or other similar restriction (including any restriction on the voting of any security, any restriction on the transfer of any security or other asset, any restriction on the receipt of any income derived from any asset, any restriction on the use of any asset and any restriction on the possession, exercise or transfer of any other attribute of ownership of any asset).

"***End Date***" is defined in <u>Section</u> <u>7.1(d)</u>.

"***Entity***" shall mean any corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability company or joint stock company), firm, society or other enterprise, association, organization or entity.

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"***Environmental Law***" shall mean any federal, state, local or foreign Law relating to pollution or protection of human health, worker health and safety, the environment (including ambient air, surface water, ground water, land surface or subsurface strata), or natural resources, including any law or regulation relating to Releases or threatened Releases of Hazardous Materials, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials.

"***ERISA***" shall mean the Employee Retirement Income Security Act of 1974.

"**ESPP**" means the Company's Amended and Restated 2014 Employee Stock Purchase Plan.

"***Exchange Act***" shall mean the Securities Exchange Act of 1934.

"***Excluded Shares***" shall mean any Shares held by the Company (or held in the Company's treasury), Parent, Purchaser or any of their respective wholly owned Subsidiaries and any Dissenting Shares.

"***Expiration Date***" is defined in <u>Section</u> <u>1.1(c)</u>.

"***Extension Deadline***" is defined in <u>Section</u> <u>1.1(c)</u>.

"***FDA***" shall mean the U.S. Food and Drug Administration or any successor agency.

"***Fraud***" shall mean actual and intentional fraud under the laws of the State of Delaware by a party to this Agreement in any representation or warranty of such party in this Agreement; *provided*, under no circumstances shall "Fraud" include any equitable fraud, constructive fraud, negligent misrepresentation, or other fraud or torts to the extent such other fraud or torts are based on recklessness or negligence.

"***FTC***" shall mean the U.S. Federal Trade Commission.

"***GAAP***" is defined in <u>Section</u> <u>3.4(b)</u>.

"***GMP Regulations***" means the applicable Laws for current Good Manufacturing Practices promulgated by the FDA under the FDCA or PHS Act, the European Commissions or the European Medicines Agency under the European Union guidelines to Good Manufacturing Practice for medicinal products and any other applicable Governmental Body in each jurisdiction where the Company or a third party acting on its behalf is undertaking a clinical trial or any manufacturing activities as of or prior to the Effective Time.

"***Government Contract***" means any contract, subcontract, grant, purchase order, task order, multi-award schedule, or basic ordering agreement in which the counterparty or ultimate funding source is a Governmental Body.

"***Governmental Authorization***" shall mean any: (a) permit, license, certificate, franchise, permission, variance, clearance, registration, qualification or authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Body or pursuant to any Law; or (b) right under any Contract with any Governmental Body.

"***Governmental Body***" shall mean any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; or (c) governmental or quasi-governmental authority of any nature including any governmental division, department, agency, commission, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or Entity and any court, arbitrator or other tribunal (whether public or private); or (d) multinational or supranational body exercising legislative, judicial, administrative, arbitrative or regulatory powers.

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"***Hazardous Materials***" ****shall mean any waste, material, chemical, or substance (or combination thereof) that is listed, regulated or defined under any Environmental Law and includes any pollutant, chemical substance, hazardous substance, hazardous waste, special waste, solid waste, asbestos, mold, radioactive material, polychlorinated biphenyls, petroleum or petroleum-derived substance or waste, and per- and polyfluoroalkyl substances.

"***HEPLISAV-B<sup>®</sup>***" shall mean the proprietary product known as HEPLISAV-B Hepatitis B Vaccine (Recombinant), Adjuvanted.

"***HSR Act***" shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

"***In-bound License***" is defined in <u>Section</u> <u>3.8(d)</u>.

"***Indebtedness***" ****shall mean (a) any indebtedness for borrowed money (including the issuance of any debt security) to any Person, (b) any obligations evidenced by notes, bonds, debentures or similar Contracts to any Person, (c) any obligations in respect of letters of credit and bankers' acceptances (other than letters of credit used as security for leases) or (d) any guaranty of any such obligations described in <u>clauses</u> "<u>(a)</u>" through "<u>(c)</u>" of any Person (other than, in any case, accounts payable to trade creditors and accrued expenses, in each case arising in the ordinary course of business).

"***Indemnified Persons***" ****is defined in <u>Section</u> <u>5.8(a)</u>.

"***Indemnifying Parties***" ****is defined in <u>Section</u> <u>5.8(b)</u>.

"***Intellectual Property Rights***" shall mean all intellectual property and associated rights, past, present, and future rights of the following types, which may exist or be created under the laws of any jurisdiction in the world, including: (a) rights associated with works of authorship (whether or not copyrightable), including exclusive exploitation rights, copyrights, moral rights, software, data, databases and database rights, and mask works; (b) trademarks, service marks, trade dress, logos, trade names and other source identifiers, domain names and URLs and similar rights and any goodwill associated therewith; (c) rights associated with trade secrets, know how, inventions, invention disclosures, methods, processes, protocols, specifications, techniques, formulations, compositions of matter and other forms of technology; (d) patents and industrial property rights; (e) other proprietary rights in intellectual property of every kind and nature; (f) rights of privacy and publicity; and (g) all registrations, renewals, extensions, statutory invention registrations, provisionals, non-provisionals, continuations, continuations-in-part, divisionals, or reissues of, reexaminations, and applications for, any of the rights referred to in <u>clauses</u> "<u>(a)</u>" through "<u>(f)</u>" above (whether or not in tangible form and including all tangible embodiments of any of the foregoing, such as samples, studies and summaries), along with all rights to prosecute and perfect the same through administrative prosecution, registration, recordation or other administrative proceeding, and all causes of action and rights to sue or seek other remedies arising from or relating to the foregoing.

"***Involuntary Termination***" means, with respect to any Converted Stock Award, a termination of service with Parent or any of its Affiliates without Cause (as defined in the Company's 2018 Equity Incentive Plan), including due to death.

"***IRS***" shall mean the Internal Revenue Service.

"***knowledge***" ****with respect to an Entity shall mean with respect to any matter in question the actual knowledge of such Entity's executive officers after reasonable inquiry. With respect to matters involving Intellectual Property Rights, knowledge does not require that any of such Entity's executive officers conduct or have conducted or obtain or have obtained any freedom-to-operate opinions or similar opinions of counsel or any

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intellectual property clearance searches, and no knowledge of any third party intellectual property that would have been revealed by such inquiries, opinions or searches will be imputed to such executive officers.

"***Law***" any federal, state, local, municipal, foreign, supranational or other law, act, Order, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, ruling, directive, pronouncement, requirement, specification, determination, decision, opinion or interpretation issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the authority of any Governmental Body (or under the authority of Nasdaq).

"***Leased Real Property***" ****is defined in <u>Section</u> <u>3.7(b)</u>.

"***Legal Proceeding***" shall mean any action, suit, charge, claim, complaint, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, inquiry, audit, examination, investigation or administrative enforcement proceeding commenced, brought, conducted or heard by or before, or otherwise involving, any court or other Governmental Body or any arbitrator or arbitration panel.

"***Material Adverse Effect***" shall mean any fact, event, occurrence, effect, change, development or circumstance (each, an "***Effect***") that has had a material adverse effect on the business, financial condition or results of operations of the Acquired Companies (taken as a whole); *provided, however,* that none of the following, and no Effect arising out of, relating to or resulting from the following, shall be deemed in and of themselves, either alone or in combination, to be or constitute, and none of the following shall be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect: (i) any Effect affecting any industries in which the Acquired Companies operate; (ii) economic, legislative, regulatory or political conditions or conditions in any securities, credit, financial or other capital markets, in each case in the United States or any other country or region; (iii) any Effect arising directly or indirectly from or otherwise relating to changes in interest rates, inflation rates, tariffs or fluctuations in the value of any currency; (iv) any Effect in general regulatory, legislative or political conditions in the United States or any other country or region in the world; (v) any act of terrorism, war, civil unrest, national or international calamity, weather, earthquakes, hurricanes, tornados, natural disasters, climatic conditions, pandemic or epidemic or any other similar event (and any escalation or worsening of any of the foregoing); (vi) any change in, or any compliance with or action taken for the purpose of complying with, any Laws or GAAP, or interpretations of any Laws or GAAP; (vii) any change in the market price, credit rating or trading volume of the Company's stock or other securities or any change affecting the ratings or the ratings outlook for the Company (*provided* that the underlying factors contributing to any such change shall not be excluded unless such underlying factors would otherwise be excluded from the definition of Material Adverse Effect); (viii) any Effect arising out of or relating to the announcement, execution, pendency or performance of this Agreement and the Transactions, including (A) any action taken (or not taken) by the Acquired Companies that is required to be taken (or not taken) pursuant to this Agreement, or is consented to by Parent (including the failure of any Acquired Company to take any action which it is prohibited from taking under this Agreement if the Company seeks Parent's consent to take such action and Parent fails to grant such consent), (B) any action taken by Parent or its Affiliates to obtain any Consent from any Governmental Body to the consummation of the Offer, the Merger and the other Transactions, and, in each case, the result of any such actions, (C) any claim or Legal Proceeding arising out of or related to this Agreement or the Transactions, (D) any change in customer, supplier, distributor, employee, financing source, stockholder, regulatory, partner or similar relationships of the Acquired Companies resulting therefrom or (E) any Effect that arises out of or relates to the identity of, or any facts or circumstances relating to, Parent or any of its Affiliates; (ix) any failure by the Company to meet any internal or external projection, budget, forecast, estimate or prediction in respect of revenues, earnings or other financial or operating metrics for any period (*provided*, that the underlying factors contributing to any such failure shall not be excluded unless such underlying factors would otherwise be excluded from the definition of Material Adverse Effect); (x) any Effect resulting or arising from Parent's or Purchaser's breach of this Agreement; (xi) any Effect arising from any requirements imposed by any Governmental Body as a condition to obtaining approval or expiration of any

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waiting period under the HSR Act or other Antitrust and FDI Laws with respect to the Transactions, including the Offer and the Merger; (xii) (A) regulatory, manufacturing or clinical Effects resulting directly or indirectly from any nonclinical or clinical studies sponsored by the Company or any competitor of the Company, results of meetings with the FDA or other Governmental Body (including any communications from any Governmental Body in connection with such meetings), or any increased incidence or severity of any previously identified side effects, adverse effects, adverse events or safety observations or reports of new side effects, adverse events or safety observations with respect to the Company's or any competitor's product candidates, (B) the determination by, or the delay of a determination by, the FDA or any other Governmental Body, or any panel or advisory body empowered or appointed thereby, with respect to the clinical hold, acceptance, filing, designation, approval, clearance, non-acceptance, hold, refusal to file, refusal to designate, non-approval, disapproval or non-clearance of any of the Company's or any competitor's product candidates, (C) FDA or other Governmental Body approval (or other clinical or regulatory developments), market entry or threatened market entry of any product competitive with or related to any of the Company's products or product candidates, or any guidance, announcement or publication by the FDA or other Governmental Body relating to any product candidates of the Company or any competitor, or (D) any manufacturing or supply chain disruptions or delays in manufacturing validation affecting products or product candidates of the Company or developments relating to reimbursement, coverage or payor rules with respect to any product or product candidates of the Company or the pricing of products; *provided*, *however* that this clause (xii) shall not apply to any Effect to the extent such Effect results in HEPLISAV-B being withdrawn from the market in the United States, in which case such Effect may be taken into account in determining whether there has been, or would reasonably be expected to be, a Material Adverse Effect; (xiii) the availability of or cost of equity, debt or other financing to Parent or Purchaser or (xiv) any matters disclosed in the Company Disclosure Letter and any Effect related thereto; *provided, further* that any Effect referred to in the foregoing clauses (i) through (vii) may be taken into account in determining whether there is, or would reasonably be expected to be, a Material Adverse Effect to the extent such Effect has a disproportionate adverse impact on the Acquired Companies (taken as a whole) as compared to other similarly situated participants in the industries in which the Acquired Companies operate (in which case any such incremental disproportionate adverse impact (and only such incremental materially disproportionate adverse impact) may be taken into account in determining whether there is, or would reasonably be expected to be a Material Adverse Effect).

"***Material Contract***" is defined in <u>Section</u> <u>3.10(a)</u>.

"***Merger***" is defined in <u>Recital B</u>.

"***Merger Consideration***" is defined in <u>Section</u> <u>2.5(a)(iv)</u>.

"***Minimum Condition***" is defined in <u>Annex I</u>.

"***Nasdaq***" shall mean the Nasdaq Global Select Market, or any successor inter-dealer quotation system operated by Nasdaq, Inc., or any successor thereto.

"***Offer***" is defined in <u>Recital A</u>.

"***Offer Acceptance Time***" is defined in <u>Section</u> <u>1.1(h)</u>.

"***Offer Commencement Date***" shall mean the date on which Purchaser commences the Offer, within the meaning of Rule 14d-2 under the Exchange Act.

"***Offer Conditions***" is defined in <u>Section</u> <u>1.1(b)</u>.

"***Offer Documents***" is defined in <u>Section</u> <u>1.1(e)</u>.

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"***Offer Price***" is defined in <u>Recital A</u>.

"***Offer to Purchase***" is defined in <u>Section</u> <u>1.1(b)</u>.

"***Options***" shall mean all outstanding options to purchase Shares granted by the Company pursuant to the Company Equity Plans, other than the Convertible Notes.

"***Option Consideration***" is defined in <u>Section</u> <u>2.8(a)</u>.

"***Order"*** is defined in <u>Section</u> <u>3.21(b)</u>. ****

"***Out-bound License***" is defined in <u>Section</u> <u>3.8(d)</u>.

"***Parent***" is defined in the preamble to this Agreement.

"***Parent Material Adverse Effect***" shall mean any Effect that would individually or in the aggregate with any other Effects, prevent, materially delay or materially impair the ability of Parent or Purchaser to consummate the Transactions prior to the End Date or perform their respective obligations under the Agreement or the other agreements executed in connection with the Transactions to which Parent or Purchaser is a Party.

"***Parent Related Parties***" is defined in <u>Section</u> <u>7.3(b)</u>.

"***Parties***" shall mean Parent, Purchaser and the Company.

"***Paying Agent***" is defined in <u>Section</u> <u>2.6(a)</u>.

"***Paying Agent Agreement***" is defined in <u>Section</u> <u>2.6(a)</u>.

"***Payment Fund***" is defined in <u>Section</u> <u>2.6(a)</u>.

"***Permitted Encumbrance***" shall mean (a) any Encumbrance that arises out of Taxes either not delinquent or the validity of which is being contested in good faith by appropriate proceedings, (b) any Encumbrance representing the rights of customers, suppliers and subcontractors in the ordinary course of business under the terms of any Contracts to which the relevant party is a party or under general principles of commercial or government contract law (including mechanics', materialmen's, carriers', workmen's, warehouseman's, repairmen's, landlords' and similar liens granted or which arise in the ordinary course of business), (c) in the case of any Contract, Encumbrances that are restrictions against the transfer or assignment thereof that are included in the terms of such Contract or any non-exclusive license of Intellectual Property Rights granted to service providers of the Company in the ordinary course of business, (d) any Encumbrances for which appropriate reserves have been established in the consolidated financial statements of the Company, (e) any In-Bound License and any Out-Bound License, in each case, as set forth on <u>Section</u> <u>3.8(d)</u> of the Company Disclosure Letter, and (f) in the case of real property, Encumbrances that are easements, rights-of-way, encroachments, restrictions, conditions and other similar Encumbrances incurred or suffered in the ordinary course of business and which, individually or in the aggregate, do not and would not materially impair the use, utility or value of the applicable real property or otherwise materially impair the present business operations at such location, or zoning, entitlement, building and other land use regulations imposed by Governmental Bodies having jurisdiction over such real property or that are otherwise set forth on a title report.

"***Person***" shall mean any individual, Entity or Governmental Body.

"***Personal Information***" shall mean data or other information that is protected by or subject to any applicable Law pertaining to privacy or information security, in addition to any information or data that is

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defined as "personal information", "personal data", "personally identifiable information", "protected health information" or any similar term under any applicable Law.

"***Pre-Closing Period***" is defined in <u>Section</u> <u>5.1</u>.

"***Process***" shall mean any operation or set of operations that is performed on data or Company Systems, including access, collection, receipt, sharing, safeguarding, use, processing, securing, storage, transfer, disclosure, destruction, modification, or disposal.

"***Product***" shall mean any product or product candidate, including HEPLISAV-B<sup>®</sup>, CpG 1018 Adjuvant and Z-1018, that is being developed, commercialized, manufactured, sold or distributed by or on behalf of any Acquired Company as of the Agreement Date.

"***PSU***" ****is defined in <u>Section</u> <u>2.8(e)</u>.

"***PSU Consideration***" ****is defined in <u>Section</u> <u>2.8(e)</u>.

"***Purchaser***" is defined in the preamble to this Agreement.

"***Reference Date***" shall mean the business day immediately prior to the Agreement Date.

"***Registered IP***" shall mean all Intellectual Property Rights that are registered or issued under the authority of any Governmental Body, including all patents, registered copyrights, registered mask works, and registered trademarks, service marks and trade dress, registered domain names, and all applications for any of the foregoing.

"***Regulatory Burden***" is defined in <u>Section</u> <u>5.5(e)</u>.

"***Regulatory Condition(s)***" is defined in <u>Annex I</u>.

"***Release***" shall mean any presence, emission, spill, seepage, leak, escape, leaching, discharge, injection, pumping, pouring, emptying, dumping, disposal, migration, or release of Hazardous Materials from any source into or upon the environment, including the air, soil, improvements, surface water, groundwater, the sewer, septic system, storm drain, publicly owned treatment works, or waste treatment, storage, or disposal systems.

"***Representatives***" shall mean officers, directors, employees, attorneys, accountants, investment bankers, consultants, agents, financial advisors, other advisors and other representatives.

"***Reverse Termination Fee***" is defined in <u>Section</u> <u>7.3(c)</u>.

"***RSU***" is defined in <u>Section</u> <u>2.8(b)</u>.

"***RSU Consideration***" is defined in <u>Section</u> <u>2.8(b)</u>.

"***Sarbanes-Oxley Act***" shall mean the Sarbanes-Oxley Act of 2002.

"***Schedule 14D-9***" is defined in <u>Section</u> <u>1.2(a)</u>.

"***Schedule TO***" is defined in <u>Section</u> <u>1.1(e)</u>.

"***SEC***" shall mean the United States Securities and Exchange Commission.

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"***Securities Act***" shall mean the Securities Act of 1933.

"***Security Incident***" means any (i) breach of security, phishing incident, ransomware or malware attack affecting any Company Systems or any Personal Information Processed by or on behalf of any Acquired Companies, (ii) incident in which Personal Information was or may have been lost, stolen, misused or Processed (including any exfiltration or disclosure) in an unauthorized or unlawful manner (whether any of the foregoing was possessed or controlled by the Company or by another Person on behalf of the Company), or (iii) any definition for "security incident" or any similar term (e.g., "data breach" and "security breach") provided by applicable Law.

"***Specified Agreement***" is defined in <u>Section</u> <u>7.1(e)</u>.

An Entity shall be deemed to be a "***Subsidiary***" of another Person if such Person directly or indirectly owns or purports to own, beneficially or of record, (a) an amount of voting securities or other interests in such Entity that is sufficient to enable such Person to elect at least a majority of the members of such Entity's Board of Directors or other governing body or (b) at least 50% of the outstanding equity or financial interests of such Entity.

"***Superior Proposal***" shall mean a *bona fide* written Acquisition Proposal providing for a transaction or series of related transactions that the Company Board (or committee thereof) determines in its good faith judgment, after consultation with its outside legal counsel and its financial advisors, (a) is reasonably likely to be completed in accordance with its terms, taking into account all legal, regulatory and financing aspects of the proposal and the Person making the proposal and other aspects of the Acquisition Proposal that the Company Board deems relevant and (b) if consummated, would result in a transaction more favorable to the Company's stockholders (solely in their capacities as such) from a financial point of view than the Transactions; *provided* that for purposes of the definition of "***Superior Proposal***", the references to "20%" in the definition of Acquisition Proposal shall be deemed to be references to "75%.".

"***Surviving Corporation***" is defined in <u>Recital B</u>.

"***Takeover Laws***" shall mean any "moratorium," "control share acquisition," "fair price," "supermajority," "affiliate transactions," or "business combination statute or regulation" or other similar state anti-takeover laws and regulations.

"***Tax***" shall mean (i) any United States federal, state, local or non-U.S. tax (including any income tax, franchise tax, capital gains tax, gross receipts tax, value-added tax, surtax, estimated tax, unemployment tax, excise tax, ad valorem tax, transfer tax, stamp tax, sales tax, use tax, property tax, business tax, withholding tax or payroll tax and any duty, tariff, impost or other similar charge in the nature of a tax), including any interest, penalty or addition thereto, in each case imposed, assessed or collected by or under the authority of any Governmental Body and (ii) any liability with respect to any items described in clause (i) payable by reason of Contract (other than any commercial agreement entered into in the ordinary course of business that does not relate primarily to Taxes), assumption, transferee or successor liability, United States Treasury Regulations Section 1.1502-6(a) (or any similar provision of Law or any predecessor or successor thereof) or otherwise by operation of Law.

"***Tax Return***" shall mean any return (including any information return), report, statement, declaration, estimate, schedule, notice, notification, form, election, certificate or other document or information filed with or submitted to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection or payment of any Tax.

"***Termination Date***" ****is defined in <u>Section</u> <u>7.1</u>.

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"***Termination Fee***" ****is defined in <u>Section</u> <u>7.3(b)</u>.

"***Transactions***" shall mean (a) the execution and delivery of this Agreement and (b) all of the transactions contemplated by this Agreement, including the Offer and the Merger.

"***Transfer Taxes***" means any sales, transfer, stamp, stock transfer, documentary, registration, value added, use, and any similar Taxes and fees.

**"*Trustee*"** means U.S. Bank Trust Company, National Association, as trustee under the Convertible Notes.

"***Willful Breach***" shall mean a material breach of any covenant or agreement set forth in this Agreement prior to of its valid termination that is a consequence of an intentional act or intentional failure to act undertaken by any officer, director, employee or agent of the breaching Party with actual knowledge that such officer, director, employee or agent of the breaching Party's act or failure to act would or would reasonably be expected to result in or constitute a breach of this Agreement (in the case of agents, only to the extent such agent is acting on the breaching Party's behalf).

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**EXHIBIT B** 

**FORM OF CERTIFICATE OF INCORPORATION OF SURVIVING CORPORATION** 

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**SEVENTH AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

DYNAVAX TECHNOLOGIES CORPORATION, a corporation organized and existing under the laws of the State of Delaware:

DOES HEREBY CERTIFY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That the name of this corporation is Dynavax Technologies Corporation (the "<u>Corporation</u>") and that this Corporation was originally incorporated pursuant to the General Corporation Law of the State of Delaware, as from time to time amended (the "<u>DGCL</u>"), with the Secretary of State of the State of Delaware on November 6, 2000. A Sixth Amended and Restated Certificate of Incorporation of this Corporation was filed with the Delaware Secretary of State on December 30, 2009, as amended by Certificates of Amendment dated December 30, 2009, January 4, 2010, January 5, 2011, May 30, 2013, November 10, 2014, June 2, 2017, June 31, 2017, May 29, 2020, October 29, 2024, and June 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Seventh Amended and Restated Certificate of Incorporation, which restates, integrates and further amends the certificate of incorporation of the Corporation, has been duly adopted by the Corporation in accordance with Sections 242 and 245 of the DGCL and has been adopted by the sole stockholder of the Corporation, acting by written consent in lieu of a meeting in accordance with Section 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The certificate of incorporation of the Corporation, as amended and restated, is hereby amended and restated in its entirety to read as follows:

FIRST: The name of the corporation is: Dynavax Technologies Corporation.

SECOND: The address of the registered office of the Corporation in the State of Delaware is: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, County of New Castle. The name of its registered agent for service of process in the State of Delaware at such address is The Corporation Service Company.

THIRD: The purpose of the Corporation is to engage in any and all lawful acts or activities for which corporations may be organized under the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"), as from time to time amended.

FOURTH: The total number of shares of capital stock which the Corporation shall have authority to issue is one hundred (100), all of which shares shall be common stock each having a par value of $0.0001 per share.

FIFTH: In addition to the powers and authority herein before or by statute expressly conferred upon them, the board of directors of the Corporation (the "<u>Board of Directors</u>") is hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation, subject to the provisions of the DGCL, this Certificate of Incorporation and the bylaws of the Corporation.

SIXTH: In furtherance and not in limitation of the powers conferred by law, subject to any limitations contained in this Certificate of Incorporation, bylaws of the Corporation may be adopted, amended or repealed by a majority of the Board of Directors, but any bylaws adopted by the Board of Directors may be amended or repealed by the stockholders entitled to vote thereon. Election of directors need not be by written ballot unless the bylaws of the Corporation so provide.

SEVENTH: Except to the extent that the DGCL prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty, no director of the Corporation shall be personally liable to the

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Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability. No amendment to or repeal of this provision shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with respect to any acts or omissions of such director occurring prior to such amendment.

EIGHTH: The Corporation shall, to the fullest extent permitted by the provisions of Section 145 of the General Corporation Law of the State of Delaware, as the same may be amended and supplemented, indemnify any and all persons whom it shall have power to indemnify under said section from and against any and all of the expenses, liabilities, or other matters referred to in or covered by said section, and the indemnification provided for herein shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any Bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of such person.

NINTH: Meetings of stockholders may be held within or without the State of Delaware, as the bylaws may provide. The books of the Corporation may be kept (subject to any provision contained in the DGCL) outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the bylaws of the Corporation.

TENTH: The Board of Directors reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.

*[The remainder of this page is intentionally left blank.]*

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**EXHIBIT C** 

**FORM OF BYLAWS OF SURVIVING CORPORATION** 

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**AMENDED AND RESTATED** 

**BYLAWS** 

**OF** 

**DYNAVAX TECHNOLOGIES CORPORATION** 

(a Delaware corporation)

ARTICLE I

<u>Stockholders</u> 

SECTION 1. <u>Annual Meetings</u>. The annual meeting of the stockholders of Dynavax Technologies Corporation (the "<u>Corporation</u>") for the election of directors and for the transaction of such other business as may properly come before the meeting shall be held each year at such date and time, within or without the State of Delaware, as the board of directors of the Corporation (the "<u>Board of Directors</u>") shall determine.

SECTION 2. <u>Special Meetings</u>. Special meetings of stockholders for the transaction of such business as may properly come before the meeting or for any other purpose or purposes may be called by order of the Board of Directors or by stockholders holding together at least a majority of all the shares of the Corporation entitled to vote at the meeting, and shall be held at such date and time, within or without the State of Delaware, as may be specified by such order. Whenever the directors shall fail to fix such place, the meeting shall be held at the principal executive office of the Corporation.

SECTION 3. <u>Notice of Meetings</u>. Written notice of all meetings of the stockholders, stating the place (if any), date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and the place within the city or other municipality or community at which the list of stockholders may be examined, shall be mailed or delivered (physically or electronically) to each stockholder entitled to notice of or to vote at such meeting not less than 10 nor more than 60 days prior to the meeting. Notice of any special meeting shall state in general terms the purpose or purposes for which the meeting is to be held, and at such special meeting, only such business shall be conducted as shall be specified in the notice of meeting. Stockholders may participate in any such meeting by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in meeting shall constitute presence at such meeting. Without limiting the manner by which notice otherwise may be given effectively to stockholders, notice of meetings may be given to stockholders by means of electronic transmission in accordance with applicable law. Notice of any meeting need not be given to any stockholder who shall, either before or after the meeting, submit a waiver of notice or who shall attend such meeting, except when the stockholder attends for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Any stockholder so waiving notice of the meeting shall be bound by the proceedings of the meeting in all respects as if due notice thereof had been given.

SECTION 4. <u>Stockholder Lists</u>. The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number and class of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.

The stock ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by this section or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.

SECTION 5. <u>Quorum</u>. Except as otherwise provided by law or the Corporation's Certificate of Incorporation, a quorum for the transaction of business at any meeting of stockholders shall consist of the holders

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of record of a majority of the issued and outstanding shares of the capital stock of the Corporation entitled to vote at the meeting, present in person or by proxy. At all meetings of the stockholders at which a quorum is present, all matters, except as otherwise provided by law or the Certificate of Incorporation, shall be decided by the vote of the holders of a majority of the shares entitled to vote thereat present in person or by proxy. If there be no such quorum, the holders of a majority of such shares so present or represented may adjourn the meeting from time to time, without further notice, until a quorum shall have been obtained. When a quorum is once present it is not broken by the subsequent withdrawal of any stockholder.

SECTION 6. <u>Organization</u>. Meetings of stockholders shall be presided over by the Chairman, if any, or if none or in the Chairman's absence the Vice-Chairman, if any, or if none or in the Vice-Chairman's absence, the President, if any, or if none or in the President's absence a Vice-President, or, if none of the foregoing is present, by a chairman to be chosen by the stockholders entitled to vote who are present in person or by proxy at the meeting. The Secretary of the Corporation, or in the Secretary's absence, the presiding officer of the meeting shall appoint any person present to act as secretary of the meeting.

SECTION 7. <u>Voting; Proxies; Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At each meeting of stockholders, every stockholder entitled to vote at such meeting shall be entitled to vote in person or by proxy appointed by instrument in writing, subscribed by such stockholder or by such stockholder's duly authorized attorney-in-fact (but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period), and, unless the Certificate of Incorporation provides otherwise, shall have one vote for each share of stock entitled to vote registered in the name of such stockholder on the books of the Corporation on the applicable record date fixed pursuant to these Bylaws. At all elections of directors the voting may but need not be by ballot and a plurality of the votes cast there shall elect such directors. Except as otherwise required by law or the Certificate of Incorporation, any other action shall be authorized by the vote of the majority of the shares present in person or by proxy at the meeting and entitled to vote on the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any action required or permitted to be taken at any meeting of stockholders may, except as otherwise required by law or the Certificate of Incorporation, be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by the holders of record of the issued and outstanding capital stock of the Corporation having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted, and the writing or writings are filed with the permanent records of the Corporation. Prompt notice of the taking of corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing.

SECTION 8. <u>Inspectors</u>. The Board of Directors, in advance of any meeting, may, but need not, appoint one or more inspectors of election to act at the meeting or any adjournment thereof. If an inspector or inspectors are not so appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by an appointment made by the directors in advance of the meeting or at the meeting by the person presiding thereat. Each inspector, if any, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector at such meeting with strict impartiality and according to the best of his or her ability. The inspectors, if any, shall determine the number of shares of stock outstanding and the voting power of each, the shares of stock represented at the meeting, the existence of a quorum, and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all stockholders. On request of the person presiding at the meeting, the inspector or inspectors, if any, shall make a report in writing of any challenge, question or matter determined by such inspector or inspectors and execute a certificate of any fact found by such inspector or inspectors.

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SECTION 9. <u>Written Consent of Stockholders Without a Meeting</u>. Any action to be taken at any annual or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action to be so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered (physically or electronically) to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by applicable law, be given to those stockholders who have not consented in writing, and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

SECTION 10. <u>Remote Communication</u>. Stockholders and proxy holders not physically present at a meeting of stockholders may, by means of remote communication: (i) participate in a meeting of stockholders; and (ii) be deemed present in person and vote at a meeting of stockholders, whether such meeting is to be held at a designated place or solely by means of remote communication, provided that (A) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (B) the Corporation shall implement reasonable measures to provide such stockholders and proxy holders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (C) if any stockholder or proxy holder votes or takes other action at the meeting by means of remote communication, a record of such votes or other action shall be maintained by the Corporation.

ARTICLE II

<u>Board of Directors</u> 

SECTION 1. <u>General Powers</u>. The business, property and affairs of the Corporation shall be managed by, or under the direction of, the Board of Directors.

SECTION 2. <u>Qualification; Number; Term; Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each director shall be at least 18 years of age. A director need not be a stockholder, a citizen of the United States or a resident of the State of Delaware. The number of directors constituting the entire Board of Directors shall be fixed initially by the incorporator and thereafter by the Board of Directors and shall be at least one, or such larger number as may be fixed initially by the incorporator and thereafter from time to time by the Board of Directors, one of whom may be selected by the Board of Directors to be its Chairman. The use of the phrase "entire Board of Directors" herein refers to the total number of directors which the Corporation would have if there were no vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directors who are elected at an annual meeting of stockholders, and directors who are elected in the interim to fill vacancies and newly created directorships, shall hold office until the next annual meeting of stockholders and until their successors are elected and qualified or until their earlier resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have the authority to fix the compensation of directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

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SECTION 3. <u>Quorum and Manner of Voting</u>. Except as otherwise provided by law, a majority of the entire Board of Directors shall constitute a quorum. A majority of the directors present, whether or not a quorum is present, may adjourn a meeting from time to time to another time and place without notice. The vote of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. Each director shall be entitled to one vote on exactly the matter presented to the Board of Directors for approval.

SECTION 4. <u>Places of Meetings</u>. Meetings of the Board of Directors may be held at any place within or without the State of Delaware, as may from time to time be fixed by resolution of the Board of Directors, or as may be specified in the notice of meeting, if any.

SECTION 5. <u>Annual Meeting</u>. Following the annual meeting of stockholders, the newly elected Board of Directors shall meet for the purpose of the election of officers and the transaction of such other business as may properly come before the meeting. Such meeting may be held without notice immediately after the annual meeting of stockholders at the same place at which such stockholders' meeting is held.

SECTION 6. <u>Regular Meetings</u>. Regular meetings of the Board of Directors shall be held at such times and places as the Board of Directors shall from time to time determine by resolution. Notice need not be given of regular meetings of the Board of Directors held at times and places fixed by resolution of the Board of Directors and promptly communicated to all directors then in office.

SECTION 7. <u>Special Meetings</u>. Special meetings of the Board of Directors shall be held whenever called by the Chairman, the President or by a majority of the directors then in office.

SECTION 8. <u>Notice of Meetings</u>. Whenever required, notice of the place, date and time and the purpose or purposes of each meeting of the Board of Directors shall be given to each director not less than two calendar days before the day of the meeting by mail, telephone, facsimile, e-mail, or by personal delivery.

SECTION 9. <u>Meetings by Means of Conference Telephone</u>. Unless otherwise provided by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors or such committee by means of a conference telephone or similar communication equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting pursuant to this <u>Section</u> <u>8</u> shall constitute presence at such meeting.

SECTION 10. <u>Organization</u>. The Chairman, if there be one, or if none or in the Chairman's absence or inability to act the Vice Chairman, if any, or if none or in the Vice-Chairman's absence or inability to act the President, or in the President's absence or inability to act any Vice-President who is a member of the Board of Directors, or in such Vice-President's absence or inability to act, a chairman chosen by the directors, shall preside at all meetings of the Board of Directors and shall have such other powers and duties as may from time to time be assigned by the Board of Directors. The Secretary of the Corporation shall act as secretary at all meetings of the Board of Directors when present, and, in the Secretary's absence, the presiding officer may appoint any person to act as secretary.

SECTION 11. <u>Resignation; Removal</u>. Any director may resign at any time upon written notice to the Corporation and such resignation shall take effect upon receipt thereof by the President or Secretary, unless otherwise specified in the resignation. Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares of stock outstanding and entitled to vote for the election of directors.

SECTION 12. <u>Vacancies</u>. Unless otherwise provided in these Bylaws, vacancies on the Board of Directors, whether caused by resignation, death, disqualification, removal, an increase in the authorized number of directors or otherwise, may be filled by the affirmative vote of a majority of the remaining directors, although less than a

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quorum, or by a sole remaining director, or at a special meeting of the stockholders, by the holders of shares entitled to vote for the election of directors.

SECTION 13. <u>Action by Written Consent</u>. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if all the directors consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors.

ARTICLE III

<u>Committees</u> 

SECTION 1. <u>Appointment</u>. From time to time the Board of Directors by a resolution adopted by a majority of the entire Board of Directors may appoint any committee or committees for any purpose or purposes, to the extent lawful, which shall have powers as shall be determined and specified by the Board of Directors in the resolution of appointment.

SECTION 2. <u>Procedures, Quorum and Manner of Acting</u>. Each committee shall fix its own rules of procedure, and shall meet where and as provided by such rules or by resolution of the Board of Directors. Except as otherwise provided by law, the presence of a majority of the then appointed members of a committee shall constitute a quorum for the transaction of business by that committee, and in every case where a quorum is present the affirmative vote of a majority of the members of the committee present shall be the act of the committee. Each committee shall keep minutes of its proceedings, and actions taken by a committee shall be reported to the Board of Directors.

SECTION 3. <u>Action by Written Consent</u>. Any action required or permitted to be taken at any meeting of any committee of the Board of Directors may be taken without a meeting if all the members of the committee consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the committee.

SECTION 4. <u>Term; Termination</u>. In the event any person shall cease to be a director of the Corporation, such person shall simultaneously therewith cease to be a member of any committee appointed by the Board of Directors.

ARTICLE IV

<u>Officers</u> 

SECTION 1. <u>Election and Qualifications</u>. The Board of Directors shall elect the officers of the Corporation, which shall include a President and a Secretary, and may include, by election or appointment, one or more Vice-Presidents (any one or more of whom may be given an additional designation of rank or function), a Treasurer and such Assistant Secretaries, such Assistant Treasurers and such other officers as the Board of Directors may from time to time deem proper. Each officer shall have such powers and duties as may be prescribed by these Bylaws and as may be assigned by the Board of Directors or the President. Any two or more offices may be held by the same person. The Chairman of the Board of Directors, if one is appointed, shall, if present, preside at all meetings of the stockholders.

SECTION 2. <u>Term of Office and Remuneration</u>. All officers shall hold office until their successors are elected and qualified. Any vacancy in any office arising from any cause may be filled for the unexpired portion of the term by the Board of Directors. The remuneration of all officers of the Corporation may be fixed by the Board of Directors or in such manner as the Board of Directors shall provide.

SECTION 3. <u>Resignation; Removal</u>. Any officer may resign at any time upon written notice to the Corporation and such resignation shall take effect upon receipt thereof by the President or Secretary, unless

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otherwise specified in the resignation. Any officer shall be subject to removal, with or without cause, at any time by vote of a majority of the entire Board of Directors.

SECTION 4. <u>President</u>. The President shall, subject to control of the Board of Directors, have direction and control of the business and officers of the Corporation, shall have the general powers and duties of management usually vested in the president of a corporation, and shall have such other powers and duties as may from time to time be assigned by the Board of Directors. The President may appoint and remove assistant officers and other agents and employees; and may execute and deliver in the name of the Corporation powers of attorney, contracts, bonds and other obligations and instruments.

SECTION 5. <u>Vice-President</u>. A Vice-President may execute and deliver in the name of the Corporation contracts and other obligations and instruments pertaining to the regular course of the duties of said office, and shall have such other authority as from time to time may be assigned by the Board of Directors.

SECTION 6. <u>Treasurer</u>. The Treasurer (if any) shall in general have all duties incident to the position of Treasurer and such other duties as may be assigned by the Board of Directors.

SECTION 7. <u>Secretary</u>. The Secretary shall in general have all the duties incident to the office of Secretary and such other duties as may be assigned by the Board of Directors.

SECTION 8. <u>Other Officers</u>. Such other officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.

ARTICLE V

<u>Books and Records</u> 

SECTION 1. <u>Location</u>. The books and records of the Corporation may be kept at such place or places within or outside the State of Delaware as the Board of Directors or the respective officers in charge thereof may from time to time determine. The record books containing the names and addresses of all stockholders, the number and class of shares of stock held by each and the dates when they respectively became the owners of record thereof shall be kept by the Secretary as prescribed in these Bylaws and by such officer or agent as shall be designated by the Board of Directors.

SECTION 2. <u>Addresses of Stockholders</u>. Notices of meetings and all other corporate notices may be delivered personally, electronically or mailed to each stockholder at the stockholder's address as it appears on the records of the Corporation.

SECTION 3. <u>Fixing Date for Determination of Stockholders of Record</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors and if no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in this State, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by this article, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted and if no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

ARTICLE VI

<u>Certificates Representing Stock</u> 

SECTION 1. <u>Certificates; Signatures</u>. The shares of the Corporation's stock may be certificated or uncertificated, as provided under the Delaware General Corporation Law, as it may be amended and supplemented from time to time (the "<u>DGCL</u>"), and shall be entered in the books of the Corporation and registered as they are issued. Any certificates representing shares of stock shall be in such form as shall be approved by the Board of Directors. Every holder of stock represented by certificates and upon request every holder of uncertificated shares shall be entitled to have a certificate, signed by or in the name of the Corporation by the Chairman or Vice-Chairman of the Board of Directors, or the President or Vice-President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation, representing the number of shares registered in certificate form. Any and all signatures on any such certificate may be facsimiles. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he were such officer, transfer agent or registrar at the date of issue. The name of the holder of record of the shares represented thereby, with the number of such shares and the date of issue, shall be entered on the books of the Corporation.

SECTION 2. <u>Transfers of Stock</u>. Upon compliance with provisions restricting the transfer or registration of transfer of shares of stock, if any, shares of capital stock shall be transferable on the books of the Corporation only by the holder of record thereof in person, or by a duly authorized attorney, upon surrender and cancellation of certificates for a like number of shares, properly endorsed, and the payment of all taxes due thereon.

SECTION 3. <u>Fractional Shares</u>. The Corporation may, but shall not be required to, issue certificates for fractions of a share where necessary to effect authorized transactions, or the Corporation may pay in cash the fair value of fractions of a share as of the time when those entitled to receive such fractions are determined, or it may issue scrip in registered or bearer form over the manual or facsimile signature of an officer of the Corporation or of its agent, exchangeable as therein provided for full shares, but such scrip shall not entitle the holder to any rights of a stockholder except as therein provided.

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SECTION 4. <u>Rules and Regulations</u>. The Board of Directors shall have power and authority to make all such rules and regulations as it may deem expedient concerning the issue, transfer and registration of certificates representing shares of the Corporation.

SECTION 5. <u>Lost, Stolen or Destroyed Certificates</u>. The Corporation may issue a new certificate of stock in place of any certificate, theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Board of Directors may require the owner of any lost, stolen or destroyed certificate, or his legal representative, to give the Corporation a bond sufficient to indemnify the Corporation against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate.

ARTICLE VII

<u>Dividends</u> 

Subject always to applicable law and the Certificate of Incorporation, the Board of Directors shall have full power to determine whether any, and, if any, what part of any, funds legally available for the payment of dividends shall be declared as dividends and paid to stockholders; the division of the whole or any part of such funds of the Corporation shall rest wholly within the lawful discretion of the Board of Directors, and it shall not be required at any time, against such discretion, to divide or pay any part of such funds among or to the stockholders as dividends or otherwise; and before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Board of Directors shall think conducive to the interest of the Corporation, and the Board of Directors may modify or abolish any such reserve in the manner in which it was created. Subject to applicable law and the Certificate of Incorporation, dividends upon the shares of capital stock of the Corporation may be declared by the Board of Directors at any regular or special meeting of the Board of Directors. Dividends may be paid in cash, in property, or in shares of the Corporation's capital stock, unless otherwise provided by applicable law or the Certificate of Incorporation.

ARTICLE VIII

<u>Ratification</u> 

Any transaction, questioned in any lawsuit on the ground of lack of authority, defective or irregular execution, adverse interest of director, officer or stockholder, non-disclosure, miscomputation, or the application of improper principles or practices of accounting, may be ratified before or after judgment, by the Board of Directors or by the stockholders, and if so ratified shall have the same force and effect as if the questioned transaction had been originally duly authorized. Such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned transaction.

ARTICLE IX

<u>Corporate Seal</u> 

The Corporation may have a corporate seal. The corporate seal shall have inscribed thereon the name of the Corporation and the year of its incorporation, and shall be in such form and contain such other words and/or figures as the Board of Directors shall determine. The corporate seal may be used by printing, engraving, lithographing, stamping or otherwise making, placing or affixing, or causing to be printed, engraved,

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lithographed, stamped or otherwise made, placed or affixed, upon any paper or document, by any process whatsoever, an impression, facsimile or other reproduction of said corporate seal.

ARTICLE X

<u>Fiscal Year</u> 

The fiscal year of the Corporation shall be fixed, and shall be subject to change, by the Board of Directors. Unless otherwise fixed by the Board of Directors, the fiscal year of the Corporation shall be the calendar year.

ARTICLE XI

<u>Waiver of Notice</u> 

Whenever notice is required to be given by these Bylaws or by the Certificate of Incorporation or by law, a written waiver thereof, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to notice.

ARTICLE XII

<u>Bank Accounts, Drafts, Contracts, Etc.</u> 

SECTION 1. <u>Bank Accounts and Drafts</u>. In addition to such bank accounts as may be authorized by the Board of Directors, the primary financial officer or any person designated by said primary financial officer or otherwise authorized by the Board of Directors, whether or not an employee of the Corporation, may authorize such bank accounts to be opened or maintained in the name and on behalf of the Corporation as he may deem necessary or appropriate, payments from such bank accounts to be made upon and according to the check of the Corporation in accordance with the written instructions of said primary financial officer, or other person so authorized.

SECTION 2. <u>Contracts</u>. The Board of Directors may authorize any person or persons, in the name and on behalf of the Corporation, to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts and other obligations or instruments (including powers of attorney), and such authority may be general or confined to specific instances.

SECTION 3. <u>Proxies; Powers of Attorney; Other Instruments</u>. The Chairman, the President or any other person designated by either of them shall have the power and authority to execute and deliver proxies, powers of attorney and other instruments on behalf of the Corporation in connection with the rights and powers incident to the ownership of stock by the Corporation. The Chairman, the President or any other person authorized by proxy or power of attorney executed and delivered by either of them on behalf of the Corporation may attend and vote at any meeting of stockholders of any company in which the Corporation may hold stock, and may exercise on behalf of the Corporation any and all of the rights and powers incident to the ownership of such stock at any such meeting, or otherwise as specified in the proxy or power of attorney so authorizing any such person. The Board of Directors, from time to time, may confer like powers upon any other person.

SECTION 4. <u>Financial Reports</u>. The Board of Directors may appoint the primary financial officer or other fiscal officer or any other officer to cause to be prepared and furnished to stockholders entitled thereto any special financial notice and/or financial statement, as the case may be, which may be required by any provision of law.

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ARTICLE XIII

<u>Amendments</u> 

The Board of Directors shall have the power to adopt, amend or repeal these Bylaws. Bylaws adopted by the Board of Directors may be repealed or changed, and new Bylaws made, by the stockholders, and the stockholders may prescribe that any Bylaw made by them shall not be altered, amended or repealed by the Board of Directors.

[*Remainder of the Page Intentionally Left Blank*]

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**ANNEX I** 

**CONDITIONS TO THE OFFER** 

The obligation of Purchaser to accept for payment and pay for Shares validly tendered (and not validly withdrawn) pursuant to the Offer is subject to the satisfaction of the conditions set forth in <u>clauses</u> "<u>(a)</u>" through "<u>(h)</u>" below. Accordingly, Purchaser shall not be required to accept for payment or (subject to any applicable rules and regulations of the SEC, including Rule 14e-1(c) under the Exchange Act) pay for, and may delay the acceptance for payment of, or (subject to any such rules and regulations) the payment for, any validly tendered (and not validly withdrawn) Shares, and, to the extent permitted by this Agreement, may (i) terminate the Offer: (A) upon termination of this Agreement; and (B) at any scheduled Expiration Date (subject to any extensions of the Offer pursuant to <u>Section 1.1(c)</u> of this Agreement) or (ii) amend the Offer as otherwise permitted by this Agreement, if: (A) the Minimum Condition shall not be satisfied as of one minute following 11:59 p.m. Eastern Time on the Expiration Date of the Offer; or (B) any of the additional conditions set forth in <u>clauses</u> "<u>(b)</u>" through "<u>(h)</u>" below shall not be satisfied or waived in writing by Parent as of one minute following 11:59 p.m. Eastern Time on the Expiration Date of the Offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there shall have been validly tendered and not validly withdrawn Shares that, considered together with all other Shares (if any) beneficially owned by Parent or any of its wholly owned Subsidiaries (but excluding Shares tendered pursuant to guaranteed delivery procedures that have not yet been received, as defined by Section 251(h)(6) of the DGCL), would represent a majority of Shares outstanding at the time of the expiration of the Offer (the "***Minimum Condition***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the representations and warranties of the Company as set forth in <u>Section 3.1(a)</u> and <u>(b)</u> (*Due Organization; Subsidiaries, Etc.*); <u>subsections (a)</u> (second sentence only), <u>(b)</u>, <u>(c)</u> (second and last sentences only) and <u>(e)</u> of <u>Section 3.3</u> (*Capitalization, Etc.*); <u>Section 3.22</u> (*Authority; Binding Nature of Agreement*); and <u>Section 3.24</u> (*Merger Approval*) shall be accurate in all material respects at and as of the Offer Acceptance Time and the Agreement Date as if made on and as of such time (*it being understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this <u>clause (b)(i)</u>) only as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representations and warranties of the Company as set forth in the first sentence of <u>Section 3.5</u> (*Absence of Changes*) shall be accurate at and as of the Offer Acceptance Time and the Agreement Date as if made on and as of such time (*it being understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this <u>clause (b)(ii)</u>) only as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the representations and warranties of the Company as set forth in <u>subsections (a)</u> (first sentence only), <u>(c)</u> (first sentence only) and <u>(d)</u> of <u>Section 3.3</u> (*Capitalization, Etc.*) shall be accurate in all respects at and as of the Offer Acceptance Time and the Agreement Date as if made on and as of such time, except to the extent the failures of such representations and warranties to be true and correct individually and in the aggregate are *de minimis* (*it being understood* that the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this <u>clause (b)(iii)</u>) only as of such date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the representations and warranties of the Company as set forth in this Agreement (other than those referred to in <u>clauses</u> "<u>(i)</u>", "<u>(ii)</u>" and "<u>(iii)</u>" above) shall be accurate in all respects at and as of the Offer Acceptance Time and the Agreement Date as if made on and as of such time, except that any inaccuracies in such representations and warranties shall be disregarded if such inaccuracies (considered collectively) do not constitute, and would not reasonably be expected to have, a Material Adverse Effect (*it being understood* that, for purposes of determining the accuracy of such representations and warranties, (A) all "Material Adverse Effect" qualifications and other materiality qualifications contained in such representations and warranties shall be disregarded (except in the case of the standard for what constitutes a defined term hereunder and the use of such

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defined term herein) and (B) the accuracy of those representations or warranties that address matters only as of a specific date shall be measured (subject to the applicable materiality standard as set forth in this <u>clause (b)(iv)</u>) only as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall have complied with, or performed, in all material respects all of the Company's covenants and agreements it is required to comply with or perform at or prior to the Offer Acceptance Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Parent and Purchaser shall have received a certificate executed on behalf of the Company by the Company's Chief Executive Officer or Chief Financial Officer confirming that the conditions set forth in <u>clauses</u> "<u>(b)</u>" and "<u>(c)</u>" above have been duly satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) any applicable waiting period (and any extensions thereof) under the HSR Act shall have expired or been terminated, (ii) any agreement mutually entered by Parent and the Company with a Governmental Body to not consummate the Offer or the Merger shall have expired or been terminated and (iii) any consent, approval or clearance with respect to, or terminations or expiration of any applicable mandatory waiting period (and any extensions thereof) imposed under any other Antitrust and FDI Laws identified in <u>Section 5.5(b)</u> of the Company Disclosure Letter shall have been obtained, shall have been received or shall have terminated or expired, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there shall not have been issued by any court of competent jurisdiction and remain in effect any judgment, temporary restraining order, preliminary or permanent injunction or other order preventing the acquisition of or payment for Shares pursuant to the Offer or the consummation of the Offer or the Merger nor shall any applicable Law been promulgated, entered, enforced, enacted, issued or deemed applicable to the Offer or the Merger by any Governmental Body which remains in effect and directly prohibits, or makes illegal, the acquisition of or payment for Shares pursuant to the Offer, or the consummation of the Merger; *provided, however,* that Parent and Purchaser shall not be permitted to invoke this <u>clause</u> "<u>(f)</u>" unless they shall have taken all actions required under this Agreement to have any such order or Law lifted or otherwise deemed inapplicable to the Offer and the Merger (each of the conditions in <u>clauses</u> "<u>(e)</u>" and "<u>(f)</u>" (in case of "<u>(f)</u>", as such condition relates to the HSR Act and any other Antitrust and FDI Laws), the "***Regulatory Condition***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) after the Agreement Date, there shall not have occurred a Material Adverse Effect that is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this Agreement shall not have been terminated in accordance with its terms.

## Ex-99.(D)(2)

**Exhibit (d)(2)** 

EXECUTION COPY

**CONFIDENTIALITY AGREEMENT** 

**THIS CONFIDENTIALITY AGREEMENT** ("**Agreement**") is being entered into as of January 24, 2025, between **Dynavax Technologies Corporation**, a Delaware corporation (the "**Dynavax**"), and **Sanofi Pasteur Inc.**, a Delaware corporation ("**Counterparty**").

In order to facilitate the consideration and negotiation of a possible negotiated transaction between Dynavax and Counterparty (a "**Transaction**"), each of Dynavax and Counterparty (referred to collectively as the "**Parties**" and individually as a "**Party**") has either requested and received or may request access to certain non-public information regarding the other Party and the other Party's subsidiaries. Each Party, in its capacity as a provider of information, is referred to in this Agreement as the "**Provider**" and each Party, in its capacity as a recipient of information, is referred to in this Agreement as the "**Recipient**." This Agreement sets forth the Parties' obligations regarding the use and disclosure of such information and regarding various related matters.

The Parties, intending to be legally bound, acknowledge and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Limitations on Use and Disclosure of Confidential Information and Transaction Information.** Subject to Section 4 below, neither the Recipient nor any of the Recipient's Representatives (as defined in Section 15 below) will, at any time, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** make use, or allow the use, of any of the Provider's Confidential Information (as defined in Section 15 below), except for the specific purpose of considering, evaluating, negotiating and consummating a Transaction (the "**Purpose**"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** disclose any of the Provider's Confidential Information to any other Person (as defined in Section 15 below).

In addition, without the prior written consent of the other Party, each Party and its Representatives agree to treat confidentially and not disclose to any person any Transaction Information (as defined in Section 15 below); *provided*, *however*, that Dynavax and its Representatives shall not be restricted from making any such disclosure in a manner that does not identify Counterparty or its affiliates in such disclosure.

The Recipient will be liable and responsible for any breach of the provisions of this Agreement applicable to its Representatives by any of its Representatives and for any other action or conduct on the part of any of its Representatives that is inconsistent with any provision of this Agreement. The Recipient will (at its own expense) take all reasonable actions necessary to restrain its Representatives from making any unauthorized use or disclosure of any of the Provider's Confidential Information or any Transaction Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Dynavax Contacts.** Any request by Counterparty or any of its Representatives to review any of Dynavax's Confidential Information must be directed to the individual(s) identified on **EXHIBIT A**, including any financial advisor to Dynavax identified by the individuals identified on **EXHIBIT A** (as applicable, the "**Dynavax Contacts**"). Neither Counterparty nor any of Counterparty's Representatives will contact or otherwise communicate with any other Representative or employee of Dynavax in connection with the Transaction without the prior written authorization of a Dynavax Contact.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. No Representations by Provider.** The Provider will have the exclusive authority to decide what Confidential Information (if any) of the Provider is to be made available to the Recipient and its Representatives. Neither the Provider nor any of the Provider's Representatives will be under any obligation to make any particular Confidential Information of the Provider available to the Recipient or any of the Recipient's Representatives or to supplement or update any Confidential Information of the Provider previously furnished. Neither the Provider nor any of its Representatives has made or is making any representation or warranty, express or implied, as to the accuracy or completeness of any of the Provider's Confidential Information, and neither the Provider nor any of its Representatives will have any liability to the Recipient or to any of the Recipient's Representatives on any basis (including, without limitation, in contract, tort or under United States federal or state securities laws or otherwise) relating to or resulting from the use of any of the Provider's Confidential Information or any inaccuracies or errors therein or omissions therefrom except as set forth in and pursuant to any Definitive Agreement. Only those representations and warranties (if any) that are included in any final definitive written agreement that provides for the consummation of a negotiated transaction between the Parties and is validly executed on behalf of the Parties (a "**Definitive Agreement**") will have legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Permitted Disclosures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Notwithstanding the limitations set forth in Section 1 above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the Recipient (and, if applicable, any of its Representatives) may disclose Confidential Information or Transaction Information of the Provider if and to the extent that the Provider consents in writing to the Recipient's (or, if applicable, any of its Representative's) disclosure thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** subject to Section 4(b) below, the Recipient (and, if applicable, any of its Representatives) may disclose Confidential Information or Transaction Information of the Provider to any Representative of the Recipient, but only to the extent such Representative (A) needs to know such Confidential Information for the Purpose, and (B) has been provided with a copy of this Agreement and has agreed to abide and be bound by the provisions hereof or is otherwise bound by confidentiality obligations at least as restrictive as those contained in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** subject to Section 4(c) below, the Recipient (and, if applicable, any of its Representatives) may disclose Confidential Information or Transaction Information of the Provider to the extent required by applicable law, rule, governmental regulation (including in connection with any legal, regulatory, judicial or administrative process or any audit or inquiry by a regulator, bank examiner or auditor), self-regulating organization or pursuant to mandatory professional ethics rules (collectively, "**Law**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If prior to providing certain Confidential Information to the Recipient (and, if applicable, its Representatives), the Provider delivers to the Recipient a written notice stating that such Confidential Information of the Provider may be disclosed only to specified Representatives of the Recipient, then, notwithstanding anything to the contrary contained in Section 4(a)(ii) above, the Recipient (and, if applicable, such specified Representatives) shall not disclose or permit the disclosure of any of such Confidential Information to any other Representative of the Recipient.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** If the Recipient or any of the Recipient's Representatives is required by Law to disclose any of the Provider's Confidential Information or any Transaction Information to any Person, then, to the extent permissible by applicable Law, the Recipient will promptly provide the Provider with written notice of the applicable Law so that the Provider may seek a protective order or other appropriate remedy. The Recipient and its Representatives will reasonably cooperate, at Provider's expense, with the Provider and the Provider's Representatives in any attempt by the Provider to obtain any such protective order or other remedy. If the Provider elects not to seek, or is unsuccessful in obtaining, any such protective order or other remedy in connection with any requirement that the Recipient or any of its Representatives, as applicable and as legally required, disclose Confidential Information of the Provider or any Transaction Information, and if the Recipient obtains advice of reputable legal counsel confirming that the disclosure of such Confidential Information or Transaction Information is legally required, then the Recipient or any of such Representatives, as applicable, may disclose such Confidential Information or Transaction Information to the extent legally required; *provided, however,* that the Recipient and its Representatives will use their commercially reasonable efforts to ensure that such Confidential Information or Transaction Information is treated confidentially by each Person to whom it is disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Return or Destruction of Confidential Information.** Upon the Provider's written request (email being sufficient), the Recipient and the Recipient's Representatives will promptly deliver to the Provider all of the Provider's Confidential Information (and all copies thereof) obtained or possessed by the Recipient or any of the Recipient's Representatives; *provided, however,* that, in lieu of delivering to the Provider any written materials containing Confidential Information of the Provider, the Recipient may destroy such written materials. All delivery or destruction pursuant to this Section 5 shall be confirmed in writing to the Provider (which confirmation may be via email) by an authorized Representative of the Recipient. Notwithstanding the foregoing, (i) Recipient and its Representatives shall not be required to destroy any computer files stored securely by them that are created pursuant to Recipient's standard and automatic backup or archival procedures; and (ii) Recipient's external professional advisors (including its external auditors) shall be entitled to retain such Confidential Information as they are required to retain by law or any professional standard applicable to them. Notwithstanding the delivery to the Provider (or the destruction by the Recipient) of Confidential Information of the Provider pursuant to this Section 5, the Recipient and its Representatives will continue to be bound by their confidentiality obligations and non-use obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Limitations on Soliciting Employees.** During the twelve (12) month period commencing on the date of this Agreement, Counterparty will not directly or indirectly solicit, induce, encourage or attempt to solicit, induce or encourage any senior employee of Dynavax or any of its subsidiaries to terminate such senior employee's relationship with Dynavax or the relevant subsidiary in order to become an employee, consultant or independent contractor of Counterparty or an affiliate of Counterparty; *provided*, that the foregoing restrictions shall not

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apply to (i) any solicitations made pursuant to general advertising or through search firms that are not directed specifically at employees of Dynavax or its subsidiaries, (ii) any senior employee who has been made redundant by Dynavax or its subsidiaries at least three (3) months prior to the time of such solicitation or hiring through no breach of this Section 6 by Counterparty or (iii) any senior employee of Dynavax or its subsidiaries who Counterparty can demonstrate was actively being recruited by Counterparty on the date of this Agreement or who was not introduced, identified or disclosed (whether by name or position) by Dynavax or its subsidiaries to Counterparty in connection with a potential Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Standstill Provision.** Until the earlier of (i) the expiration of the twelve (12) month period commencing on the date of this Agreement or (ii) the occurrence of a Standstill Termination Event (as defined below)**,** except as expressly approved or invited by Dynavax in writing, Counterparty and its subsidiaries will not, in any manner, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** make, effect, initiate, cause or participate in (i) any acquisition of beneficial ownership of any securities of Dynavax or any of its wholly-owned subsidiaries, (ii) any tender offer, exchange offer, merger, business combination, recapitalization, restructuring, liquidation, dissolution or extraordinary transaction involving the outstanding equity interests or material assets of Dynavax or any wholly-owned subsidiary of Dynavax, or (iii) any "solicitation" of "proxies" (as those terms are used in the proxy rules of the Securities and Exchange Commission) or consents with respect to any securities of Dynavax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** form, join or participate in a "group" (as defined in the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder) with respect to the beneficial ownership of any securities of Dynavax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** act, alone or in concert with others, to seek to control or influence the management, board of directors or policies of Dynavax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** take any action that would reasonably be expected to require either Party to make a public announcement regarding any of the types of matters set forth in Section 7(a) or publicly disclose any Transaction Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** agree or offer to take, or encourage or propose (publicly or otherwise) the taking of, any action referred to in the foregoing clauses of this sentence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** assist, induce or encourage any other Person to take any action of the type referred to in the foregoing clauses of this sentence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** enter into any discussions, negotiations, arrangement or agreement with any other Person relating to any of the foregoing in this sentence; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** request or propose (either directly or indirectly) that Dynavax or any of Dynavax's Representatives amend, waive or consider the amendment or waiver of any provision set forth in this Section 7 (including this sub-section).

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Notwithstanding any other provision of this Agreement to the contrary, nothing herein will prevent Counterparty or its Representatives from communicating with the Chief Executive Officer of Dynavax to make a proposal for or to negotiate with Dynavax in respect of a transaction described in Section 7(a) involving Dynavax and Counterparty so long as such communication is made confidentially and would not reasonably be expected to require public disclosure of such proposal or negotiation or any of the matters set forth in this Agreement; *provided*, such proposal, the fact that it has been made, and any such negotiations shall be deemed to be Transaction Information hereunder.

Notwithstanding any other provision of this Agreement to the contrary, the standstill restrictions set forth in this Section 7 shall be of no further force and effect in the event that (i) Dynavax enters into a definitive agreement with a third party (other than the other Party) providing for (A) a tender or exchange offer for 50% or more of the outstanding equity interests of Dynavax, (B) a sale of all or substantially all of the consolidated assets of Dynavax and its subsidiaries in a single transaction or series of related transactions, or (C) a merger, recapitalization or other transaction involving Dynavax that results in one person or "group" (within the meaning of Section 13(d)(3) of the Exchange Act) acquiring beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of 50% or more of the outstanding equity interests of Dynavax, (ii) a third party commences a tender offer or exchange offer to acquire 50% or more of the outstanding equity interests of Dynavax and Dynavax's board of directors recommends in favor of such offer or fails to recommend that it stockholders reject such offer within ten business days after its commencement or (iii) a change of control of Dynavax shall have been consummated (any such event described in clauses (i), (ii) and (iii) above, a "**Standstill Termination Event**"); *provided*, that the standstill restrictions set forth in this Section 7 shall automatically become applicable again from and after such time (i) Dynavax or the third party publicly announces that such definitive agreement has been terminated, (ii) the third party publicly announces its intent not to proceed with such commenced tender or exchange offer, or (iii) Dynavax's board of directors recommends against such commenced tender or exchange offer.

Nothing in this Section 7 shall prohibit Counterparty or its subsidiaries from acquiring any outstanding equity interests of Dynavax by or through passive investments made by fiduciaries for employee benefit plans in the ordinary course of business, so long as such passive investments are not made at the direction of the Counterparty or its subsidiaries and such fiduciaries are not made aware of the Transaction, or given any Transaction Information or Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Co-Bidders and Financing Sources.** Without Dynavax's prior written consent, Counterparty agrees that it will not, directly or indirectly, prior to the termination of this Agreement (1) approach, team, co-venture, club or otherwise partner with any person that may be interested in participating in a Transaction as a principal, co investor, co bidder or financing source; (2) engage in any discussions which might lead to, or enter into, any agreement, arrangement or understanding with any such person; or (3) with respect to any potential debt or equity financing sources, enter into any agreement, arrangement or understanding with any such person that would prevent such person from providing potential debt or equity financing in connection with a possible transaction with Dynavax to any third party; provided that the use of confidentiality arrangements or establishment of industry standard "tree" arrangements will not be considered a breach of the foregoing so long as the financing sources party thereto constitute Representatives of the Counterparty. The Counterparty represents and warrants that it has not taken any action that would be prohibited by the immediately preceding sentence with respect to Dynavax prior to the date hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Trading in Securities.** Each Party acknowledges that it is aware (and that its respective Representatives are aware or will be advised by such Party) that Confidential Information may contain material, non-public information and that the United States securities laws prohibit any Person who has such material, non-public information from purchasing or selling securities on the basis of such information or from communicating such information to any Person under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such securities on the basis of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. No Obligation to Pursue Transaction.** Unless the Parties enter into a Definitive Agreement, no agreement providing for the Transaction will be deemed to exist between the Parties, and neither Party will be under any obligation to negotiate or enter into any such agreement or transaction with the other Party. Dynavax reserves the right, in its sole discretion: (a) to conduct any process it deems appropriate with respect to the Transaction and to modify any procedures relating to any such process without giving notice to Counterparty or any other Person; (b) to reject any proposal made by Counterparty or any of the Counterparty's Representatives with respect to the Transaction; and (c) to terminate discussions and negotiations with Counterparty at any time. Counterparty acknowledges and agrees that, except as expressly provided herein or in any binding written agreement between the Parties that is executed on or after the date of this Agreement: (i) Dynavax and its Representatives will be free to negotiate with, and to enter into any agreement or transaction with, any other interested party; and (ii) Counterparty will not have any rights or claims against Dynavax or any of Dynavax's Representatives arising out of or relating to any transaction or proposed transaction involving Dynavax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. No Waiver.** No failure or delay by either Party or any of its Representatives in exercising any right, power or privilege under this Agreement will operate as a waiver thereof, and no single or partial exercise of any such right, power or privilege will preclude any other or future exercise thereof or the exercise of any other right, power or privilege under this Agreement. No provision of this Agreement can be waived or amended except by means of a written instrument that is validly executed on behalf of both of the Parties and that refers specifically to the particular provision or provisions being waived or amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Remedies.** Each Party acknowledges that money damages would not be a sufficient remedy for any breach of this Agreement by such Party or by any of such Party's Representatives and that the other Party would suffer irreparable harm as a result of any such breach. Accordingly, each Party will also be entitled to seek equitable relief, including injunction and specific performance, as a remedy for any breach or threatened breach of this Agreement by the other Party or any of the other Party's Representatives, and each Party further agrees to waive any requirement for the showing of actual damages or securing or posting of any bond in connection with such remedy. The equitable remedies referred to above will not be deemed to be the exclusive remedies for a breach of this Agreement, but rather will be in addition to all other remedies available at law or in equity to the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Successors and Assigns; No Assignment.** This Agreement will be binding upon and inure to the benefit of each Party and its Representatives and their respective heirs, successors and permitted assigns. This Agreement may not be assigned by any Party (directly or indirectly, including by operation of law or indirect transfer of equity securities) without the express prior written consent of the other Party; provided that Dynavax may assign this agreement to any counterparty to a change of control transaction involving Dynavax upon the consummation of such transaction. Notwithstanding anything to the contrary, Section 7 of this Agreement shall terminate to the extent that Dynavax assigns this Agreement to a third party (other than a wholly-owned subsidiary of Dynavax) or this Agreement transfers (whether by operation of law or otherwise) to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Applicable Law; Jurisdiction and Venue.** This Agreement will be governed by and construed in accordance with the laws of the State of Delaware (without giving effect to principles of conflicts of laws). Each Party and its Representatives: (a) irrevocably and unconditionally consents and submits to the jurisdiction of the Court of Chancery in the State of Delaware, and if such court declines jurisdiction, any other state or federal court located in the State of Delaware for purposes of any action, suit or proceeding arising out of or relating to this Agreement; (b) agrees that service of any process, summons, notice or document by U.S. registered mail to the address set forth opposite the name of such Party at the end of this Agreement shall be effective service of process for any such action, suit or proceeding brought against such Party or any of such Party's Representatives; (c) irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of or relating to this Agreement in any state or federal court located in the State of Delaware; and (d) irrevocably and unconditionally waives the right to plead or claim, and irrevocably and unconditionally agrees not to plead or claim, that any action, suit or proceeding arising out of or relating to this Agreement that is brought in any state or federal court located in the State of Delaware has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Definitions.** For purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Provider's "**Confidential Information**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any information (including any technology, know-how, patent application, test result, chemical structure, research study, business plan, budget, forecast or projection), whether disclosed orally or in writing, relating directly or indirectly to the Provider, any predecessor entity or any subsidiary or other affiliate of the Provider (whether prepared by the Provider or by any other Person and whether or not in written form) that is or that has been made available to the Recipient or any Representative of the Recipient on or after the effective date of the 2023 CDA (as defined below) by or on behalf of the Provider or any Representative of the Provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any memorandum, analysis, compilation, summary, interpretation, study, report or other document, record or material, in whatever form maintained, that is or has been prepared by or for the Recipient or any Representative of the Recipient and that contains, reflects, interprets or is based directly or indirectly upon any information of the type referred to in clause "(a)(i)" of this Section 15.

------

However, the Provider's "Confidential Information" will not be deemed to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any information that is or becomes generally available to the public other than as a direct or indirect result of the disclosure of any of such information by the Recipient or by any of the Recipient's Representatives in breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any information that was in the Recipient's possession prior to the time it was first made available to the Recipient or any of the Recipient's Representatives by or on behalf of the Provider or any of the Provider's Representatives; *provided* that the source of such information was not and is not known to the Recipient to be bound by any legal, contractual, fiduciary or other obligation of confidentiality to the Provider or to any other Person with respect to any of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** any information that becomes available to the Recipient on a non-confidential basis from a source other than the Provider or any of the Provider's Representatives; *provided* that such source is not known to the Recipient to be bound by any legal, contractual, fiduciary or other obligation of confidentiality to the Provider or to any other Person with respect to any of such information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** any information that is developed by or on behalf of the Recipient independently of the disclosure of Confidential Information and without reference to, reliance on or use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "**Transaction Information**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** the fact that investigations, discussions or negotiations are taking place or have taken place concerning a Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** any of the terms, conditions or other facts with respect to any such possible Transaction, including the status thereof or either Party's consideration of a Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** that the parties or any of their respective affiliates are or have been considering or reviewing a Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** that this Agreement exists or that Confidential Information has been requested or made available to the Recipient or its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** A Party's "**Representatives**" will be deemed to include each Person that is or during the term of this Agreement becomes (i) an affiliate of such Party, (ii) an officer, director, member, manager, executive partner, employee, partner, advisor (including without limitation accountants, attorneys, financial advisors, and consultants), agent or other representative of such Party or of such Party's affiliate, excluding any potential sources of debt or equity financing; and (iii) with respect to Counterparty, only from and after such time as Dynavax consents in writing in its sole discretion, potential sources of debt or equity financing to Counterparty or its affiliates in connection with a Transaction (provided, that any potential financing sources enter into a confidentiality agreement with Counterparty that includes obligations that are at least as restrictive as the obligations in this Agreement, and that Dynavax shall be a third party beneficiary thereof).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The term "**Person**," as used in this Agreement, will be broadly interpreted to include any individual and any corporation, partnership, entity, group, tribunal or governmental authority, including the media.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The term "**affiliate**" has the meaning given to it under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The bold-faced captions appearing in this Agreement have been included only for convenience and shall not affect or be taken into account in the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction, and the remaining terms and provisions of this Agreement shall remain in full force and effect to the fullest extent permitted by applicable Law and shall in no way be affected, impaired or invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** By making Confidential Information or other information available to the Recipient or the Recipient's Representatives, the Provider is not, and shall not be deemed to be, granting (expressly or by implication) any license or other right under or with respect to any patent, trade secret, copyright, trademark or other proprietary or intellectual property right. Neither the Recipient nor the Recipient's Representatives shall file any patent application containing any claim to any subject matter derived from the Confidential Information of the Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** To the extent that any Confidential Information includes materials or other information that may be subject to the attorney-client privilege, work product doctrine or any other applicable privilege or doctrine concerning any Confidential Information or any pending, threatened or prospective action, suit, proceeding, investigation, arbitration or dispute, it is acknowledged and agreed that the Parties have a commonality of interest with respect to such Confidential Information or action, suit, proceeding, investigation, arbitration or dispute and that it is the Parties' mutual desire, intention and understanding that the sharing of such materials and other information is not intended to, and shall not, affect the confidentiality of any of such materials or other information or waive or diminish the continued protection of any of such materials or other information under the attorney-client privilege, work product doctrine or other applicable privilege or doctrine. Accordingly, all Confidential Information that is entitled to protection under the attorney-client privilege, work product doctrine or other applicable privilege or doctrine shall remain entitled to protection thereunder and shall be entitled to protection under the joint defense doctrine, and the Parties agree to take all measures necessary to preserve, to the fullest extent possible, the applicability of all such privileges or doctrines.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** This Agreement constitutes the entire agreement between the Recipient and the Provider regarding the subject matter hereof and supersedes and replaces any prior agreement between the Recipient and the Provider regarding the subject matter hereof, including the 2023 CDA (as defined below). That certain Confidential Disclosure Agreement, dated as of June 6, 2023, by and between Counterparty and Dynavax (the "**2023 CDA**") is hereby terminated in full effective as of the execution and delivery of this Agreement; provided that such termination shall not impact any liability arising under the 2023 CDA prior to such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The terms of this Agreement shall control over any additional purported confidentiality requirements imposed by any offering memorandum, web-based database or similar repository of Confidential Information to which the Recipient or any of its Representatives is granted access in connection with the Transaction, notwithstanding acceptance of such an offering memorandum or submission of an electronic signature, "clicking" on an "I agree" icon or other indication of assent to such additional confidentiality conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** This Agreement shall terminate three (3) years from the effective date of this Agreement; *provided* that Section 14 shall be binding in perpetuity or until the latest date permitted by law. For the avoidance of doubt, the termination of this Agreement shall not relieve any Party from any liability with respect to any violation or breach of any provision contained in this Agreement and after the termination of this Agreement, any of the Provider's Confidential Information that is retained by Recipient pursuant to Section 5 shall remain subject to the confidentiality and non-use obligations of this Agreement applicable to Confidential Information. Nothing herein is intended to limit or abridge the protection of trade secrets under applicable trade secrets law, and the protection of trade secrets by the Recipient shall be maintained as such until they fall into the public domain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** The Recipient agrees not to export, directly or indirectly, any U.S. source technical data acquired from the Provider or any products utilizing such data to countries outside the United States, which export may be in violation of the United States export laws or regulations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any notice hereunder shall be made in writing by overnight courier, personal delivery, in each case to:

If to Dynavax:

Dynavax Technologies Corporation

2100 Powell Street, Suite 720

Emeryville, CA 94608

Attn: John L. Slebir

Email: <u>jslebir@dynavax.com</u> (with copy to legal@dynavax.com)

*With a copy (which shall not constitute notice) to:* 

Cooley LLP

10265 Science Center Drive

San Diego, CA 92121

Attn: Barbara Borden; Bill Roegge

Email: bordenbl@cooley.com; broegge@cooley.com

If to Counterparty:

46 Av. de la Grande Armée,

75 017 Paris France

Attn: General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** This Agreement may be executed in several counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one agreement. Signatures to this Agreement transmitted by DocuSign, by electronic mail in "portable document format" (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

\* \* \* \* \*

------

The parties have caused this Agreement to be executed as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **DYNAVAX TECHNOLOGIES CORPORATION** | **DYNAVAX TECHNOLOGIES CORPORATION** | **SANOFI PASTEUR INC.** | **SANOFI PASTEUR INC.** |
| By: | /s/ John L. Slebir | By: | /s/ Laurie Grey |
| Name: | John L. Slebir | Name: | Laurie Grey |
| Title: | Senior Vice President and General Counsel | Title: |  |

---

[*Signature Page – Confidentiality Agreement*]

------

**EXHIBIT A** 

**DYNAVAX CONTACTS** 

Ryan Spencer

Kelly MacDonald

Andrew Davis

John L. Slebir

Any financial advisor of Dynavax identified to Counterparty by any of the foregoing individuals

## Ex-99.(D)(3)

**Exhibit (d)(3)** 

CONFIDENTIAL

*Execution Copy* 

**AMENDMENT NO. 1 TO** 

**CONFIDENTIALITY AGREEMENT** 

**This Amendment No. 1** (this **"Amendment"**) to the confidentiality agreement dated as of January 24, 2025 (the **"Original Agreement")** is made on December 5, 2025 between **Dynavax Technologies Corporation,** a Delaware corporation (the **"Company"**) and **Sanofi Pasteur Inc.**, a Delaware corporation (**"Counterparty"**). Capitalized terms used and not otherwise defined herein shall have the meanings given to such terms in the Original Agreement to the extent defined therein.

The Parties desire to amend the Original Agreement as set forth herein. Accordingly, the Parties, intending to be legally bound, acknowledge and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The reference to "During the twelve (12) month period commencing on the date of this
Agreement" in Section 6 of the Original Agreement is hereby amended to state "Until December 5, 2026 ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The reference to "Until the earlier of (i) the expiration of the twelve (12) month period
commencing on the date of this Agreement or (ii) the occurrence of a Standstill Termination Event (as defined below)" in Section 7 of the Original Agreement is hereby amended to state "Until the earlier of
(i) December 5, 2026 or (ii) the occurrence of a Standstill Termination Event (as defined below)".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment, together with the Original Agreement, constitute the entire agreement of the Parties with
respect to the matters set forth herein and therein and there are no other agreements, commitments or understandings among the parties with respect to the matters set forth herein and therein. All terms and conditions of the Original Agreement not
expressly amended herein are hereby ratified and shall remain in full force and effect. The terms and conditions of this Amendment shall prevail over any conflicting terms and conditions in the Original Agreement. The provisions of Section 13,
14 and 16(b) of the Original Agreement shall apply to this Amendment, *mutatis mutandis.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment may be executed in several counterparts, each of which shall constitute an original and all of
which, when taken together, shall constitute one agreement. Signatures to this Amendment transmitted by DocuSign, by electronic mail in "portable document format" (.pdf) form, or by any other electronic means intended to preserve the
original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.

The parties have caused this Amendment to be executed as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| **DYNAVAX TECHNOLOGIES CORPORATION** | **DYNAVAX TECHNOLOGIES CORPORATION** | **SANOFI PASTEUR INC.** | **SANOFI PASTEUR INC.** |
| By: | /s/ John L. Slebir | By: | /s/ Loic Gonnet |
| Name: | John L. Slebir | Name: | Loic Gonnet |
| Title: | Senior Vice President and General Counsel | Title: |  |

---

## Ex-99.(D)(4)

**Exhibit (d)(4)**![LOGO](g37469dsp138.jpg)

**<u>STRICTLY PRIVATE AND CONFIDENTIAL</u>**

**Dynavax Technologies Corporation** 

2100 Powell Street, Suite 720

Emeryville, CA 94609

United States

Attention: Ryan Spencer and John Slebir

December 11, 2025

---

| | |
|:---|:---|
| **Re:** | **Project Samba – Exclusivity Agreement**  |

---

Ladies and Gentlemen:

In connection with the consideration by Sanofi of a potential acquisition of Dynavax Technologies Corporation (the "**Company**" or "**Dynavax**", and, together with its subsidiaries, the "**Group**") by Sanofi ("**Sanofi**", "**we**" or "**our**") or an entity designated by, and affiliated with, Sanofi, and to induce Sanofi to continue to incur further costs of professional advisers and other expenses and expending time investigating the affairs of the Group and in considering further the terms of such proposed acquisition, the Company hereby agrees to grant to Sanofi an exclusive negotiating period on the terms set out in this letter agreement.

---

| | |
|:---|:---|
| **1** | **Exclusivity**  |

---

**1.1** From and including the date of this letter agreement until the earlier to occur of (the
" **Exclusivity Period** "): (A) 11:59 p.m. (New York time) on December 25, 2025; (B) the execution of a definitive agreement between the parties hereto with respect to the proposed acquisition and/or (C) the time that Sanofi
proposes either any reduction in the per share purchase price or any material revision adverse to the Company to any other material terms in respect of the possible transaction between the parties from the terms provided to the Company in the
Revised Non-Binding Proposal dated December 10, 2025, the Group will not, either itself or together with, by or through any equityholder, affiliate, connected person, employee, director, adviser, agent,
representative, or other person acting on its behalf (together, the "**Company Group** "), directly or indirectly, (i) take any action to solicit, initiate, seek, knowingly encourage and/or knowingly support any inquiry, proposal
and/or offer from any party other than Sanofi or any of our respective affiliates (together, the "**Sanofi Group**") in connection with or relating to the sale of any material equity interests or material assets of Dynavax, any
material investment in the Company Group, or any grant of a license to a material portion of the intellectual property of the Company Group (collectively, an "**Alternative Transaction** "), (ii) participate in any discussions and/or
negotiations in connection with or relating to any Alternative Transaction with any party other than the Sanofi Group (other than to notify such party of the existence of the obligations set forth in this letter agreement), (iii) furnish to any
party other than the Sanofi Group any information in connection with or relating to any Alternative Transaction, and/or (iv) accept and/or enter into any agreement, arrangement and/or understanding in connection with or relating to any
Alternative Transaction with any party other than the Sanofi Group.

SANOFI 46, avenue de la Grande-Armée, 75017 Paris - Tél.: +33 (0)1.53.77.40.00 - www.sanofi.com

Société anonyme au capital de 2 529 036 828 € - 395 030 844 R.C.S. Paris - Code APE 7010 Z - N°TVA intracommunautaire : FR 88 395 030 844

------

**1.2** The Company agrees that it and each member of the Company Group will immediately suspend any existing
activities (including terminating access to any data rooms), discussions and negotiations with any parties other than the Sanofi Group with respect to any Alternative Transaction; provided, that the Company may keep its Shingles program partnering
data room open as it stands as of the date of this letter agreement (the "Shingles Data Room"). The Company and each member of the Company Group shall not engage in any discussions or negotiations regarding its Shingles partnering
program with any party other than the Sanofi Group and shall not respond to any inquiries or requests for additional information regarding its Shingles partnering program other than from the Sanofi Group.

**1.3** During the Exclusivity Period, if the Company Group (or, to the Company Group's knowledge, any of
its representatives) receives any inquiry, offer or proposal relating to an Alternative Transaction, the Company Group shall notify Sanofi thereof promptly and, in any event, within twenty-four (24) hours of receipt of any such inquiry, offer
or proposal, including the proposed terms; provided, that (i) the Company shall not be required to disclose the identity of any person making such inquiry, offer or proposal and (ii) in the event that such Alternative Transaction only
involves a licensing transaction, the Company shall not be required to provide the proposed terms of such licensing transaction.

**1.4** In the event that execution of a definitive agreement is not likely to occur prior to the expiration of
the Exclusivity Period, the Company and Sanofi will meet (to the extent Sanofi desires to meet) at 12:00 p.m. (New York time) on December 23, 2025 to discuss in good faith a mutually agreeable extension of the Exclusivity Period, if any.

---

| | |
|:---|:---|
| **2** | **Remedies**  |

---

Without prejudice to any other rights or remedies which any member of the Sanofi Group may have, the Company acknowledges and agrees that damages might not be an adequate remedy for any breach by any member of the Company Group of the provisions of this letter agreement and we shall be entitled to seek the remedies of injunction, specific performance and other equitable relief for any threatened or actual breach of any such provision by any member of the Company Group.

---

| | |
|:---|:---|
| **3** | **General**  |

---

**3.1** It is expressly understood by the parties hereto that this letter agreement is not intended, and shall
not be deemed, to create any binding obligation on the part of the Sanofi Group or the Company to engage in any Alternative Transaction (or any other transaction with the Company) or to continue its consideration of any such transaction, and neither
the Company nor the Sanofi Group will have any rights or obligations of any kind whatsoever with respect to any Alternative Transaction by virtue of this letter agreement unless and until a definitive agreement relating thereto is executed and
delivered, other than for the matters specifically agreed to herein. Sanofi and the Company expressly disclaim any duty to negotiate in good faith, and Sanofi and the Company reserve the right to discontinue discussions with respect to any
transaction between Sanofi and the Company, in each party's sole discretion, for any reason or for no reason.

------

**3.2** The provisions contained in this letter agreement (each of which is a separate provision) are considered
reasonable by the parties (each of the parties having taken separate legal advice) in all the circumstances as necessary to protect the legitimate interests of the parties, but if any such provision shall be judged by a competent court to be void
but would be valid and enforceable if certain words were deleted or the provision reduced in its effect, such provision shall apply with such modification to make it valid and effective.

**3.3** THIS LETTER AGREEMENT SHALL BE CONSTRUED (BOTH AS TO VALIDITY AND PERFORMANCE) AND ENFORCED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH JURISDICTION. Each party agrees that any suit or proceeding arising in respect of this letter agreement will be
tried exclusively in the courts of the State of Delaware or, if those courts do not have subject matter jurisdiction, in the United States District Court for the District of Delaware, and each party irrevocably and unconditionally agrees to submit
to the exclusive jurisdiction of, and to venue in, such courts.

**3.4** If either party files a lawsuit against the other to enforce any provision of this letter agreement
applicable to such other party, the substantially prevailing party in the lawsuit, as determined by a court of competent jurisdiction, shall be awarded, in addition to any amounts or relief otherwise awarded, all reasonable and documented out-of-pocket costs of litigation incurred in connection with the lawsuit, including reasonable documented out-of-pocket attorneys' fees.

**3.5** This letter agreement and the matters set forth herein are strictly confidential and shall be treated as
Confidential Information (as defined in the confidentiality agreement, dated January 24, 2025, between the Company and Sanofi Pasteur Inc., as subsequently amended).

**3.6** This letter agreement may be executed in counterparts and may only be amended in a writing executed by
each of the parties hereto.

\* \* \*

------

Please confirm your agreement to the terms of this letter agreement by signing and returning to us the enclosed copy of this letter agreement.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **Sanofi** | **Sanofi** |
| By: | /s/ Loic Gonnet |
| Name: Loic Gonnet | Name: Loic Gonnet |
| Title: Head of M&A | Title: Head of M&A |

---

---

| | |
|:---|:---|
| Accepted and Agreed: | Accepted and Agreed: |
| **Dynavax Technologies Corporation** | **Dynavax Technologies Corporation** |
| By: | /s/ John L. Slebir |
| Name: John L. Slebir | Name: John L. Slebir |
| Title: Senior Vice President and General Counsel | Title: Senior Vice President and General Counsel |

---

*Signature Page to Exclusivity Agreement*

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

#### Exhibit 107

#### Calculation of Filing Fee Table

### SCHEDULE TO

#### (Rule 14d-100)

## Dynavax Technologies Corporation

#### (Name of Subject Company (Issuer))

## SAMBA MERGER SUB, INC.
(Offeror)

#### A Wholly-Owned Indirect Subsidiary of

## SANOFI

#### (Parent of Offeror)

#### (Name of Filing Persons (identifying status as offeror, issuer or other person))
Table 1 - Transaction Valuation

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction Valuation\* | Fee<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of <br>Filing Fee\*\* |
| &nbsp;&nbsp;&nbsp;Fees to Be Paid | $2299718261.96 | 0.0001381 | $317591.09 |
| &nbsp;&nbsp;&nbsp;Fees Previously Paid |  |  | $0.00 |
| &nbsp;&nbsp;&nbsp;Total Transaction Valuation | $2299718261.96 |  |  |
| &nbsp;&nbsp;&nbsp;Total Fees Due for Filing |  |  | $317591.09 |
| &nbsp;&nbsp;&nbsp;Total Fees Previously Paid |  |  | $0.00 |
| &nbsp;&nbsp;&nbsp;Total Fee Offsets |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Fee Due |  |  | $317591.09 |

---

\* Estimated for purposes of calculating the filing fee only. This calculation is based on the offer to purchase all of the issued and outstanding shares of common stock, par value $0.0001 per share, of Dynavax Technologies Corporation (the "Company") at a purchase price of $15.50 per share, net to the seller in cash, without interest and subject to any applicable withholding taxes. 

The transaction valuation was calculated as of January 9, 2026 (the most recent practicable date) as the sum of: (i) 114,555,453 issued and outstanding shares of common stock, par value $0.001 per share, of the Company; (ii) 11,071,155 shares of Company common stock subject to outstanding Company stock options; (iii) 4,843,639 shares of Company common stock subject to outstanding Company restricted stock unit awards; (iv) 1,612,608 shares of Company common stock subject to outstanding Company performance stock unit awards; (v) 80,000 shares of Company common stock subject to outstanding purchase rights under the Company's Amended and Restated 2018 Employee Stock Purchase Program; (vi) 3,841,223 shares of Company common stock subject to issuance pursuant to the Company's 2026 Convertible Notes; (vii) 12,353,805 shares of Company common stock subject to issuance pursuant to the Company's 2030 Convertible Notes; (viii) 11,037 shares of Company common stock subject to issuance pursuant to the make-whole provisions in the indenture governing the 2026 Convertible Notes; (ix) 2,914,556 shares of Company common stock subject to issuance pursuant to the make-whole provisions in the indenture governing the 2030 Convertible Notes.

\*\* The filing fee was calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for Fiscal Year 2026, issued August 25, 2025 and effective on October 1, 2026, by multiplying the transaction valuation by 0.00013810.