- On August 26, 2008, Dynavax Technologies Corporation (“Dynavax”) and Deerfield Private Design Fund, L.P., Deerfield Special Situations Fund, L.P., Deerfield Special Situations Fund International Limited and Deerfield Private Design International, L.P., (collectively “Deerfield”), entered into a Settlement Agreement and Mutual General Release (“Settlement Agreement”) under which Deerfield and Dynavax agreed to terminate the Loan Agreement dated July 18, 2007 (“Loan Agreement”) in exchange for Dynavax’s agreement to pay outstanding loan amounts due to Deerfield totaling $816,500 and to provide for amendment of the warrants previously issued to Deerfield pursuant to the Loan Agreement as follows:
- The warrants to purchase an aggregate of 1,250,000 shares of Dynavax Common Stock issued on July 18, 2007 at an exercise price of $5.13 per share were amended to provide for a termination date of February 26, 2014 at the existing exercise price of $5.13.
- The warrants to purchase an aggregate of 1,300,000 shares of Dynavax Common Stock issued on October 18, 2007 at an exercise price of $5.75 per share were amended to provide for a termination date of February 26, 2014 with an exercise price of $1.68 per share.
- The warrants to purchase an aggregate of 700,000 shares of Dynavax Common Stock issued on December 27, 2007 at an exercise price of $5.65 per share were amended to provide for a termination date of February 26, 2014 at the existing exercise price of $5.65 and if Dynavax’s average daily volume weighted average price (“VWAP”) over the 15 trading days prior to August 26, 2009 is below $4.00 per share then such warrants will be amended to provide an exercise price equal to the VWAP over the 15 trading days prior to August 26, 2009.
- The warrants to purchase an aggregate of 300,000 shares of Dynavax Common Stock issued on December 27, 2007 at an exercise price of $5.65 per share were amended to provide for a termination date of February 26, 2014 at the existing exercise price of $5.65.

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