<SUBMISSION>
<ACCESSION-NUMBER>0000950133-07-002029
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20070427
<ITEMS>5.02
<FILING-DATE>20070502
<DATE-OF-FILING-DATE-CHANGE>20070502
<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>07810850
</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>
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>w34404e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
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<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
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<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported) April&nbsp;27, 2007</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NOVAVAX, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="margin-top: 1px"><FONT style="border-top: 1px solid #000000"><B>(Exact name of Registrant as specified in its charter) </B></FONT></DIV></DIV>


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    <TD align="center" valign="top"><B>Delaware</B><BR>
<b>(State or other jurisdiction of incorporation or
organization)</b>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-26770</B><BR>
<b>(Commission File Number)</b>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-2816046</B><BR>
<b>(I.R.S. Employer Identification No.)</b></TD>
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    <TD align="center" valign="top"><B>9920 Belward Campus Drive <BR>
Rockville, Maryland<BR>
(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20850</B><BR>
<b>(Zip Code)</b></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>Registrant&#146;s telephone number,including area code: </b><B>(240)&nbsp;268-2000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><b>(Former name or former address, if changed since last report.)</b></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant<BR>
under any of the following provisions (see General Instruction A.2. below):</b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</b>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</b>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</b>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><b><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</b>

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    <TD colspan="3"><B>Item&nbsp;5.02.</B> &nbsp;&nbsp;<B>Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
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</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;27, 2007 and effective as of March&nbsp;7, 2007, Novavax Inc., (the &#147;Company&#148;) entered
into a consulting agreement (the &#147;Agreement&#148;) with Mr.&nbsp;John Lambert, the Chairman of the Company&#146;s
Board of Directors. The Agreement terminates on March&nbsp;8, 2010, unless terminated sooner by either
party upon 30&nbsp;days written notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Agreement, Mr.&nbsp;Lambert is expected to devote 1/3 of his time to the Company, including
time from his base of operations in the United Kingdom and some time at the offices of the Company.
As a consultant, Mr.&nbsp;Lambert will work closely with the senior management of the Company on
matters related to clinical development of its products, including manufacturing issues, FDA
approval strategy and commercialization strategy. He will be paid a fee of $220,000 per year in
consideration for his consulting services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the Agreement is terminated without cause or for a reason other than Mr.
Lambert&#146;s death or disability, either (1)&nbsp;within 18&nbsp;months following a change in control (as
defined in the Agreement) of the Company or (2)&nbsp;before a change in control but after the Board of
Directors and/or senior management of the Company has entered into formal negotiations with a
potential acquirer that results in a change in control of the Company, Mr.&nbsp;Lambert will receive a
single cash payment of $375,000. To receive this payment, Mr.&nbsp;Lambert must sign a general waiver
and release.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Lambert may not disclose any confidential information of the Company during the term of the
Agreement or for 5&nbsp;years following the termination of the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing summary is qualified in its entirety by reference to the copy of the Agreement which
will be filed as an exhibit to Novavax Inc.&#146;s Quarterly Report on Form 10-Q for the quarterly
period ended June&nbsp;30, 2007.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, thereunto duly authorized.
</DIV>

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    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Novavax, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(Registrant)</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">May&nbsp;2, 2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR><BR>

Name:<BR>
Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Len Stigliano
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV><BR>
Len Stigliano<br>
Interim Chief Financial Officer
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