<SUBMISSION>
<ACCESSION-NUMBER>0001299933-05-004096
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050808
<ITEMS>1.01
<ITEMS>1.02
<ITEMS>5.02
<ITEMS>9.01
<FILING-DATE>20050810
<DATE-OF-FILING-DATE-CHANGE>20050810
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NOVAVAX INC
<CIK>0001000694
<ASSIGNED-SIC>2836
<IRS-NUMBER>222816046
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-26770
<FILM-NUMBER>051012980
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>508 LAPP ROAD
<CITY>MALVERN
<STATE>PA
<ZIP>19355
<PHONE>4849131200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>508 LAPP ROAD
<CITY>MALVERN
<STATE>PA
<ZIP>19355
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_6463.htm
<DESCRIPTION>LIVE FILING
<TEXT>
<!-- CoverPageHeader start -->
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<TITLE> Novavax, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	August 8, 2005
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	Novavax, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	&nbsp;
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	Delaware
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	0-26770
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	22-2816046
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	&nbsp;
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	508 Lapp Road, Malvern, Pennsylvania
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	&nbsp;
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	19355
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	484-913-1200
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<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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<P ALIGN="LEFT">
<FONT SIZE="2">
On and effective August 8, 2005, the Company entered into a Separation Agreement with Nelson M. Sims in connection with his resignation as President, Chief Executive Officer and a director of the Company.  The agreement provides that Mr. Sims is to receive a cash payment of $175,000 in connection with his resignation.  It also provides for the cancellation of all vested and unvested options previously granted to Mr. Sims, representing the right to purchase an aggregate 1,177,000 shares of common stock of the Company, and the award to him of 250,000 shares of restricted common stock.  Each of the Company and Mr. Sims also agreed to a standard general mutual release.  The Separation Agreement is revocable by Mr. Sims for a period of seven days from the date of execution. A copy of the Separation Agreement is attached as an exhibit to this Form 8-K and is incorporated herein by reference.
</FONT>
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<B>
	Item 1.02 Termination of a Material Definitive Agreement.
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<P ALIGN="LEFT">
<FONT SIZE="2">
On August 8, 2005, in connection with the resignation of Nelson Sims as President, Chief Executive Officer and a director of the Company, the Employment Agreement by and between the Company and Mr. Sims was terminated except as set forth below.  The Employment Agreement, entered into on August 7, 2003, provided for the determination of Mr. Sims&#x2019; base compensation, bonus, equity incentive awards and certain other benefits from the Company, as well as events of termination and severance payment, all of which provisions are no longer effective.  The Separation Agreement entered into by the parties in connection with Mr. Sims&#x2019; resignation, however, states that Mr. Sims will continue to be bound by the sections of the Employment Agreement relating to all business to be the property of the Company, assignment of intellectual property, confidentiality and non-solicitation, with a one-year non-competition period.
</FONT>
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<B>
	Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
</B>
</FONT>
</P>
<P ALIGN="LEFT">
<FONT SIZE="2">
On August 8, 2005, Nelson M. Sims resigned as President, Chief Executive Officer and a director of the Company.  <br><br>On August 8, 2005, the Company&#x2019;s Board of Directors elected Rahul Singhvi as President, Chief Executive Officer and as a director of the Company.  Dr. Singhvi, 40, served as Senior Vice President and Chief Operating Officer of the Company from April, 2005 through August 8, 2005.  From April 2004 to April 2005, Dr. Singhvi served as Vice President &#x2013; Pharmaceutical Development and Manufacturing of the Company.  For 10 years prior to joining the company, Dr. Singhvi served in several positions with (Merck & Co) culminating as Director with the Merck Manufacturing Division.  Dr. Singhvi holds Master and Doctorate of Science Degrees in Chemical Engineering from the Massachusetts Institute of Technology and a Master of Business Administration from The Wharton School.  Dr. Singhvi&#x2019;s current annual salary is $250,000; Dr. Singhvi does not have an employment agreement with the Company.  A copy of the Press Release announcing Mr. Sims&#x2019; resignation and Dr. Singhvi&#x2019;s appointment is attached as an exhibit to this Form 8-K and is incorporated herein by reference.<br>
</FONT>
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<B>
	Item 9.01 Financial Statements and Exhibits.
</B>
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</P>
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<FONT SIZE="2">

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<B>
	SIGNATURES
</B>
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</P>
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<FONT SIZE="2">
	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	&nbsp;
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<FONT SIZE="2">
	Novavax, Inc.
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	&nbsp;&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	August 10, 2005
</I>
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</TD>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	By:
</I>
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</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
<I>
	Dennis W. Genge
</I>
<BR>
</FONT>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP">
<FONT SIZE="2">
	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	Name: Dennis W. Genge
</I>
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	&nbsp;
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<I>
	Title: Vice President and Chief Financial Officer
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	Exhibit&nbsp;Index
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<B>
	Exhibit No.
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	&nbsp;
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	Description
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	99.1
</DIV>
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<FONT SIZE="2">
	&nbsp;
</FONT>
</TD>
<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Separation Agreement, dated August 8, 2005, by and between the Company and Nelson M. Sims.
</FONT>
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	99.2
</DIV>
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<FONT SIZE="2">
	&nbsp;
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<TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
<FONT SIZE="2">
Press Release, dated August 9, 2005.
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><U><B>SEPARATION AGREEMENT</B></U></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%"><B>AGREEMENT </B>entered into as of the 8th day of August, 2005, between Novavax, Inc., a Delaware
corporation (&#147;Employer&#148;) and Nelson M. Sims (&#147;Employee&#148;).


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>WHEREAS</B>, Employer employs Employee as its President and Chief Executive Officer and Employee
serves also as an officer and a director of Employer (the <FONT style="font-family: WP TypographicSymbols">&#148;</FONT>Board<FONT style="font-family: WP TypographicSymbols">&#148;</FONT>); and


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>WHEREAS</B>, Employer and Employee have agreed to terminate their employment relationship and
Employee has resigned as a member of the Board as of August&nbsp;8, 2005.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>NOW THEREFORE</B>, in consideration of the premises and the mutual promises set forth herein, the
parties agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">1.&nbsp;Employee&#146;s employment was terminated effective August&nbsp;8, 2005, and Employee resigned as an
employee, officer and member of the Board of Employer and all of its subsidiaries effective August
8, 2005. All agreements and contracts relating to such employment and directorship and
Employee<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s compensation and benefits, including but not limited to, the employment agreement
dated as of August&nbsp;7, 2003, between Employer and Employee (the <FONT style="font-family: WP TypographicSymbols">&#147;</FONT>Employment Agreement&#148;) and
all agreements relating to Employer<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s option plans, are hereby terminated without any further
liability of the parties to each other thereunder except as set forth in this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">In consideration of Employee&#146;s eligibility for the separation pay and benefits set forth below
in Section&nbsp;3, which consideration Employee acknowledges is sufficient, Employee hereby releases
Employer and its subsidiaries and their respective officers, directors, employees, agents and
representatives from any and all claims, demands, losses, expenses, rights, entitlements and
liabilities whatsoever, whether actual or contingent, known or unknown existing as of the date
hereof or a previous date, including, but not limited to any and all liability to Employee arising
out of or in connection with Employee&#146;s employment or directorship; including but not limited to,
claims for back pay, for reinstatement, for severance pay or benefits other than as set forth
herein or for recovery of any losses or other damages to Employee or his property resulting from
any alleged violation of local, state or federal law, such as (but not limited to) claims arising
under Title VII of the Civil Rights Act of 1964, 42 U.S.C. &#167;200 <U>et</U> <U>seq</U>.
(prohibiting discrimination on account of race, sex, national origin or religion); the Age
Discrimination in Employment Act of 1967, 29 U.S.C. &#167;621 <U>et</U> <U>seq</U>. (prohibiting
discrimination on account of age), the Americans with Disabilities Act of 1990, 42 U.S.C. &#167;12, 101
<U>et</U> <U>seq</U>., (prohibiting discrimination on account of disabilities), or any similar
federal, state, or local law relating to Employee&#146;s employment. provided, however, that such
release shall not cover any liability arising under this Agreement nor shall it cover Employee&#146;s
rights to the shares of common stock, $.01 par value of Employer (the &#147;Common Stock&#148;) owned by him.


<P align="left" style="font-size: 12pt; text-indent: 4%">2.&nbsp;Employee represents that he holds, as of the date hereof, options under the
Company<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s stock option plans (the <FONT style="font-family: WP TypographicSymbols">&#148;</FONT>Plans&#148;) to purchase 1,177,000 shares of Common Stock
and was granted the right to receive an option for 120,000 shares of Common Stock that was not
granted by the Board (the right to obtain an option and the granted options together, the
&#147;Options&#148;). Effective on the date the separation benefits hereunder are paid, the agreements
pursuant to which the Options were granted or otherwise mentioned shall be terminated and the
Options shall cease to exist.


<P align="left" style="font-size: 12pt; text-indent: 4%">3.&nbsp;(a)&nbsp;Employee<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s salary has been paid through July&nbsp;31, 2005. Employer shall pay on or
before August&nbsp;15, 2005, in accordance with applicable law (and not part of the separation
compensation hereunder), the pro-rata portion of Employee&#146;s salary from August&nbsp;1, 2005, through
August&nbsp;8, 2005 equal to $8,333.34 and expense reimbursement in the amount of $113.23. These
amounts constitute all amounts owed by Employer to Employee relating to Employee&#146;s employment with
Employer under applicable law.


<P align="left" style="font-size: 12pt; text-indent: 4%">(b)&nbsp;Employer agrees to pay or provide, as consideration for the release provided herein and
the other agreements made by Employee hereunder, the following amounts or benefits:


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;a total of $175,000, paid in a lump sum, via direct deposit through Employer&#146;s payroll
system in the same manner as payments are currently made to Employee, within one business day of
the expiration of the revocation period referenced in Section&nbsp;10 of this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 8%">(ii)&nbsp;a total of 250,000 shares of Common Stock of Employer, which shall be restricted stock
under Rule&nbsp;144 promulgated pursuant to the Securities Act of 1933, as amended and to provide
Employer&#146;s transfer agent instructions for the issuance of a certificate for said shares promptly
upon the expiration of the revocation period referenced in Section&nbsp;10 of this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 8%">(iii)&nbsp;an amount equal to $2,500 to enable Employee to buy a laptop computer to replace the
Employer&#146;s computer he currently uses, through Employer&#146;s payroll system in the same manner as
payments are currently made to Employee within two business days of the expiration of the
revocation period referenced in Section&nbsp;10 of this Agreement;


<P align="left" style="font-size: 12pt; text-indent: 8%">(iv)&nbsp;the continued use through December&nbsp;31, 2005 of the Blackberry device currently used by
Employee, to enable Employee continued means of communicating with Employer&#146;s personnel; and


<P align="left" style="font-size: 12pt; text-indent: 8%">(v)&nbsp;Employee&#146;s actual, reasonable, out-of-pocket legal expenses incurred in connection with
this Agreement, up to $3,000.


<P align="left" style="font-size: 12pt; text-indent: 4%">(c)&nbsp;To the extent Employer maintains directors and officers errors and omissions insurance,
Employer agrees to use commercially reasonable efforts to ensure that such insurance covers
Employee for his actions and omissions to act in his capacity as an officer or director of Employer
during the term of his employment for claims made during the period ending August&nbsp;8, 2010, to the
same extent as is applicable to other current and former officers and directors.


<P align="left" style="font-size: 12pt; text-indent: 4%">(d)&nbsp;Employer agrees to continue to provide after the date of this Agreement, the
indemnification with respect to Employee&#146;s acts and omissions to act in his capacity as an officer
and director of Employer during the term of his employment with Employer that is provided to
officers and directors of Employer pursuant to Employer&#146;s Certificate of Incorporation. For
avoidance of doubt the type of indemnification to which this Section 3(d) refers is the
indemnification set forth in Article&nbsp;Ninth of Employer&#146;s Certificate of Incorporation as in effect
on the date hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">4.&nbsp;The payments to Employee as specified in Sections 3(a) and 3(b)shall be subject to
withholding of all applicable taxes consistent with Employer<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s past practice and applicable
law. Employer acknowledges that Employee represents that he is a Florida resident as of the date
of this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">5.&nbsp;Employer and its subsidiaries hereby release Employee from any and all claims, demands and
liabilities whatsoever, whether actual or contingent, existing as of the date hereof, including,
but not limited to, any and all liability of Employee to Employer and/or its subsidiaries arising
from his employment by or service as a member of the Board of Employer or such subsidiaries;
provided, however, that such release shall not cover any liability arising under this Agreement or
due to a breach of his continuing obligation of confidentiality with respect to Employer&#146;s
proprietary, non-public and confidential information.


<P align="left" style="font-size: 12pt; text-indent: 4%">6.&nbsp;Employee represents that he has returned to Employer all of Employer&#146;s property in his
possession, custody or control, (other than the Blackberry device referenced above) including, but
not limited to, the laptop computer he currently uses, all documents and computer-stored
information and all copies thereof, and all communication and other equipment, keys and credit or
telephone cards.


<P align="left" style="font-size: 12pt; text-indent: 4%">7.&nbsp;Each party hereto agrees not to take any action which disparages or criticizes the other or
(with respect to Employer) its management, directors, practices, actions or omissions to act. Each
party agrees not to take any action with disrupts or impairs the normal business or operations of
the other, including actions that would result in the filing of any claims, lawsuits or charges
against the other as a result of anything that has occurred before today or today. Each party
agrees not to take any action that violates this Agreement or harms the reputation of the other
with the customers or suppliers of the other or with the public, including the investment
community. Each party agrees not to pursue any individual claim against the other, its affiliated
entities or its officers, directors, employees, representatives or agents, by filing a lawsuit in
any local, state or federal court because of anything that occurred before today or today as result
of Employee&#146;s employment with or directorship of Employer; provided, however, that this Section
shall not apply to any claims arising under this Agreement. Employer agrees that it will promptly
notify all executive officers and directors of the Employer&#146;s obligations under this Section&nbsp;7 and
will instruct each such executive officer and director to comply with the requirements of this
Section in his communications regarding Employee, Employee&#146;s employment with the Employer and the
termination of such employment.


<P align="left" style="font-size: 12pt; text-indent: 4%">8.&nbsp;Employee shall continue to be bound by Sections&nbsp;9 (All Business to be Property of the
Company; Assignment of Intellectual Property), 10 (Confidentiality) and 12 (Non-Solicitation
Agreement) of the Employment Agreement. For purposes of Section&nbsp;12, the <FONT style="font-family: WP TypographicSymbols">&#148;</FONT>Non-competition
Period<FONT style="font-family: WP TypographicSymbols">&#148;</FONT> shall be one year from the date this Agreement is executed by both parties hereto.


<P align="left" style="font-size: 12pt; text-indent: 4%">9.&nbsp;Employer has carefully reviewed this Agreement with his attorney, having been advised in
writing to do so, has had the opportunity to obtain all advice and information he deems necessary
with respect to the matters covered by this Agreement and has been given a period of at least 21
days or longer if required by state or local law, to review this Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">10.&nbsp;Employee understands that he may revoke this Agreement entirely by delivering a signed
notice of revocation to Employer within seven (7)&nbsp;days (or longer period if required under state or
local law) after he signs this Agreement. In that event, this Agreement will be canceled and void
and Employee will not be entitled to any of the separation benefits described in this Agreement and
neither party shall have any rights or obligations arising under it. Employer agrees to provide
the separation benefits described in this Agreement promptly upon the expiration of the revocation
period described in Section&nbsp;3 above. Employer agrees that in the event that Employee does not
receive the separation benefits described in Sections&nbsp;3(b)(i), 3(b)(iii) and 3(b)(v) above by the
end of the second business day following receipt of a notice from Employee (which may be sent by
e-mail or by facsimile addressed to the Company, attention Dennis Genge at 484 913 0152 or
dgenge@novavax.com with a copy to Sharon Goddard White at 617 225-0205 or sgw@wwvlaw.com) that
Employee has not received such benefits as of the end of the second business day following the
expiration of the revocation period referenced in this Section&nbsp;10, Employee shall be entitled to
receive from Employer (and Employer agrees to promptly pay) (i)&nbsp;the amount of Separation Pay
specified in Section&nbsp;8(b)(i) of the Employment Agreement, (ii) $33,334 pursuant to Section 6(c) of
the Employment Agreement and (iii) $14,286 in additional compensation.


<P align="left" style="font-size: 12pt; text-indent: 4%">11.&nbsp;This Agreement contains the entire agreement between the parties hereto with respect to
the subject matter hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">12.&nbsp;This Agreement shall be construed and enforced in accordance with the laws of the
Commonwealth of Pennsylvania.


<P align="left" style="font-size: 12pt; text-indent: 4%">13.&nbsp;This Agreement shall be binding upon and inure to the benefit of the parties and their
respective heirs, successors and assigns.


<P align="left" style="font-size: 12pt; text-indent: 4%">14.&nbsp;All references in this Agreement to &#148;Employer&#148; shall be deemed to include any and all of
Employer<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s direct or indirect subsidiaries to the extent the context may require.


<P align="left" style="font-size: 12pt; text-indent: 4%">15.&nbsp;In the event that litigation involving the Employer arises in which the Employee is a
witness or has relevant knowledge or information, the Employee will provide such cooperation as the
Employer shall reasonably request and the Employee will be reimbursed by the Employer for all
reasonable business and travel related costs.


<P align="left" style="font-size: 12pt; text-indent: 4%">16.&nbsp;The parties have agreed to a jointly approved press release relating to this Agreement,
which is attached hereto as Exhibit&nbsp;A.


<P align="left" style="font-size: 12pt; text-indent: 4%">17.&nbsp;The parties hereto agree that the execution of this Agreement and compliance with its
terms shall not constitute an admission by either party of any liability or wrongdoing whatsoever.


<P align="left" style="font-size: 12pt; text-indent: 4%">18.&nbsp;In any litigation arising out of this Agreement, including appeals, the prevailing party
shall be entitled to recover all costs incurred, including reasonable attorney<FONT style="font-family: WP TypographicSymbols">&#146;</FONT>s fees.


<P align="left" style="font-size: 12pt; text-indent: 4%">19.&nbsp;The provisions of this Agreement shall be severable, and the invalidity of any provision
shall not affect the validity of other provisions.


<P align="left" style="font-size: 12pt; text-indent: 4%">20.&nbsp;Employee acknowledges that he has carefully read this Agreement, understands its meaning
and intent, that he has not been coerced into signing this Agreement and that he voluntarily agrees
to abide by its terms. Employee acknowledges that the separation benefits described in this
Agreement are sufficient consideration for his signing it and that no other promise or agreement of
any kind has been made to him by Employer to cause him to execute this Agreement and that the only
consideration for his execution of this Agreement is set forth in this document.


<P align="left" style="font-size: 12pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the parties have executed this Agreement as of the date first above
written.


<P align="left" style="font-size: 12pt; text-indent: 23%"><B>EMPLOYER:</B>


<P align="left" style="font-size: 12pt; text-indent: 23%"><B>NOVAVAX, INC.</B>

<DIV align="center">
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    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>By: </B>/s/ Gary C. Evans</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Gary C. Evans, Chairman of the Board</B></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>EMPLOYEE:</B></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Nelson M. Sims</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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<P align="left" style="font-size: 12pt"><B>Nelson M. Sims</B>



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<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>FOR IMMEDIATE RELEASE</B>
</FONT>

<P align="right" style="font-size: 12pt">NASDAQ symbol: NVAX



<P align="center" style="font-size: 12pt"><FONT style="font-size: 11pt"><B>NOVAVAX ANNOUNCES NEW PRESIDENT, CEO and BOARD MEMBER</B></FONT>



<P align="left" style="font-size: 11pt"><B><I>MALVERN, PA., August&nbsp;9, 2005 </I></B>&#150; Novavax, Inc. (Nasdaq: NVAX), a specialty biopharmaceutical company,
announced Dr.&nbsp;Rahul Singhvi has been appointed President and CEO of Novavax effective today. He
has also been elected a director of the Company. Dr.&nbsp;Singhvi&#146;s appointment follows the decision of
Nelson M. Sims to retire immediately from his position as President, CEO and Director of Novavax.


<P align="left" style="font-size: 11pt">&#147;During the last year, Novavax has continued to make significant progress in the development of new
micellar nanoparticle (MNP)&nbsp;based products, including non-hormone compounds. The implementation of
a rigorous target selection and product development process, instituted by Dr.&nbsp;Singhvi, has enabled
the Company to expand its pipeline to ten new products within attractive markets,&#148; said Gary C.
Evans, Chairman of the Board of Directors of Novavax. &#147;The Board has been most impressed by Dr.
Singhvi&#146;s contributions since he joined the Company in April, 2004. Dr.&nbsp;Singhvi&#146;s broad scientific
experience within the pharmaceutical industry makes him an excellent choice to lead the Company
into our planned new product development focus. Separately, the Board wishes Nelson Sims and his
family the best and thanks him for his past contributions including the revamping of the Novavax
management team.&#148;


<P align="left" style="font-size: 11pt">Dr.&nbsp;Rahul Singhvi, President and CEO of Novavax, Inc. commented, &#147;I joined Novavax because of its
innovative drug delivery and vaccine technologies. By coupling the strength of our proprietary
technologies with our manufacturing capabilities, Novavax is in a position to advance and grow our
pipeline. Our management team is excited about the opportunities that exist within this Company.
Our job is to now convince the marketplace why we are so excited.&#148;


<P align="left" style="font-size: 11pt">Prior to joining Novavax in 2004, Dr.&nbsp;Singhvi had eleven years of extensive experience in the
pharmaceutical industry, including serving as a Director within the manufacturing division of Merck
&#038; Company. Dr.&nbsp;Singhvi holds Master and Doctorate of Science degrees in Chemical Engineering from
MIT and a Master of Business Administration from The Wharton School.


<P align="left" style="font-size: 11pt">In addition to the appointment of Dr.&nbsp;Singhvi, the Company has appointed Mr.&nbsp;Raymond J. Hage Jr. as
Senior Vice President and Chief Operating Officer. Most recently Mr.&nbsp;Hage served as Vice President
of Corporate Development of Novavax.


<P align="left" style="font-size: 11pt"><B>About Novavax, Inc.</B>
<BR>
Novavax, Inc. is a specialty biopharmaceutical company focused on the research, development and
commercialization of products utilizing its proprietary drug delivery and biological technologies
for large and growing markets. Novavax currently markets and distributes a line of prescription
pharmaceutical products, including its topical emulsion for estrogen therapy ESTRASORB<sup>&#174;</sup>,
and prenatal vitamins.


<P align="left" style="font-size: 11pt"><FONT style="font-size: 9pt">Statements made in this press release that state Novavax&#146;s or management&#146;s intentions, hopes,
beliefs, expectations, or predictions of the future are forward-looking statements. Forward-looking
statements include but are not limited to statements regarding usage of cash, product sales, future
product development and related clinical trials and future research and development, including FDA
approval. Novavax&#146;s actual results could differ materially from those expressed in such
forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from those expressed or implied by
such forward-looking statements. Such factors include, among other things, the following: general
economic and business conditions; ability to enter into future collaborations with industry
partners, including an ESTRASORB</FONT><FONT style="font-size: 8pt"><sup>&#174;</sup> </FONT><FONT style="font-size: 9pt">licensing agreement; competition; unexpected
changes in technologies and technological advances; ability to obtain rights to technology; ability
to obtain and enforce patents; ability to commercialize and manufacture products; ability to
establish and maintain commercial-scale manufacturing capabilities; results of clinical studies;
progress of research and development activities; business abilities and judgment of personnel;
availability of qualified personnel; changes in, or failure to comply with, governmental
regulations; the ability to obtain adequate financing in the future through product licensing,
co-promotional arrangements, public or private equity financing or otherwise; and other factors
referenced herein. Additional information is contained in Novavax&#146;s annual report on Form&nbsp;10K for
the year ended December&nbsp;31, 2004 and quarterly report on Form&nbsp;10Q for the quarter ended March&nbsp;31,
2005, incorporated herein by reference. Statements made herein should be read in conjunction with
Novavax&#146;s annual and quarterly reports filed with the SEC. Copies of these filings may be obtained
by contacting Novavax at 508 Lapp Road, Malvern, PA 19355 Tel 484-913-1200 or the SEC at
<U>www.sec.gov</U>.
</FONT>

<P align="center" style="font-size: 9pt"><FONT style="font-size: 11pt">- ### -</FONT>



<P align="left" style="font-size: 11pt">For further information:

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">INVESTOR RELATIONS</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Dr. Rahul Singhvi, President and CEO</FONT></DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Rita Freedman, Manager Investor Relations</FONT></DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">&nbsp;</FONT></DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Novavax Inc.</FONT></DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Tel: (484)&nbsp;913-1200</FONT></DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">&nbsp;</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Email: rfreedman@novavax.com</FONT></DIV></TD>
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