<SUBMISSION>
<ACCESSION-NUMBER>0000950133-07-002703
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>6
<PERIOD>20070618
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20070618
<DATE-OF-FILING-DATE-CHANGE>20070618
<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>07924579
</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>w36157e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<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>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date
of Report (Date of earliest event reported) June 18, 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>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-26770</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-2816046</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top" nowrap><B>(State or other jurisdiction
of &nbsp;<BR>
incorporation or <B>organization)</B></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(I.R.S. Employer Identification No.)</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>9920 Belward Campus Drive</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Rockville, Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20850</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(Address of principal executive offices)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Zip Code)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Registrant&#146;s telephone number, including area code:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(240)&nbsp;268-2000</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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 under any of the following provisions (see General Instruction A.2. below):</B>
</DIV>

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

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

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

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


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;15, 2007, Novavax, Inc. (the &#147;Company&#148;) entered into amendment agreements (the
&#147;Amendments&#148;) with each of the holders of the outstanding 4.75% senior convertible notes (&#147;Notes&#148;)
to amend the terms of the Notes. Currently, $22,000,000 aggregate principal amount remains
outstanding under the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Amendments (i)&nbsp;lower the conversion price from $5.46 to $4.00, (ii)&nbsp;eliminate the holders&#146;
right to require the Company to redeem the Notes if the weighted average price of the Company&#146;s
common stock is less than the conversion price on 30 of the 40 consecutive trading days preceding
July&nbsp;19, 2007 or July&nbsp;19, 2008 and (iii)&nbsp;mandate that the Notes to be converted into Company common
stock if the weighted average price of the Company&#146;s common stock is greater than $7.00 (a decrease
from $9.56) in any 15 out of 30 consecutive trading days after July&nbsp;19, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copies of the Amendments are attached to this report as Exhibits 10.1, 10.2 and 10.3 and are
incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company issued a press release announcing the Amendments on June&nbsp;18, 2007. A copy of the
release is furnished with this report as Exhibit&nbsp;99.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exhibits</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment Agreement by and between Novavax, Inc. and Smithfield Fiduciary LLC,
dated June&nbsp;15, 2007</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment Agreement by and between Novavax, Inc. and SF Capital Partners Ltd.,
dated June&nbsp;15, 2007</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">10.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amendment Agreement by and between Novavax, Inc. and Portside Growth and
Opportunity Fund, dated June&nbsp;15, 2007</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press release issued by Novavax, Inc., dated June&nbsp;18, 2007</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Novavax, Inc.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">June 18, 2007&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Len Stigliano
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>


    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Len Stigliano&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" colspan="2">Interim Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>w36157exv10w1.htm
<DESCRIPTION>EX-10.1
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<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit 10.1</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Amendment to 4.75% Senior Convertible Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This amendment agreement (this &#147;<B>Amendment</B>&#148;) dated June&nbsp;15, 2007 to the 4.75% senior
convertible notes issued pursuant to the Purchase Agreement (as defined below) (the &#147;<B>Notes</B>&#148;) is
made by and between Novavax Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;) and Smithfield Fiduciary
LLC (the &#147;<B>Investor</B>&#148;). Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Notes.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company entered into that certain Securities Purchase Agreement, dated as of July
16, 2004 (the &#147;<B>Purchase Agreement</B>&#148;), pursuant to which, among other things, the Investor, Portside
Growth and Opportunity Fund and SF Capital Partners Ltd. (each, a &#147;<B>Holder</B>&#148; and collectively, the
&#147;<B>Holders</B>&#148;) purchased from the Company the Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, an aggregate of $22,000,000 principal amount of the Notes remain outstanding;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Holders own, directly or indirectly, all outstanding Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the terms of the Notes provide the Holders with the right to require the Company to
redeem all or a portion of the Notes if the Weighted Average Price of the common stock of the
Company is less than the Conversion Price on each of thirty Trading Days out of the forty Trading
Days prior to July&nbsp;19, 2007 (the &#147;<B>Optional Redemption</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company reasonably believes that the Holders will have a right to require an
Optional Redemption on July&nbsp;19, 2007; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Investor desire to amend the Notes held by the Investor to
eliminate the Optional Redemption and to lower the Conversion Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Amendments</U>. Subject to the satisfaction (or waiver) of the conditions set forth in
Section&nbsp;7 below, the Investor agrees to the following amendments to the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Conversion Price</U>. Section&nbsp;3(b)(ii) of the Notes shall be deleted and replaced in
its entirety with the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;<B>Conversion Price</B>&#148; means, as of any Conversion Date (as defined
below) or other date of determination, and subject to adjustment as
provided herein, U.S. $4.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Mandatory Conversion</U>. The first sentence of Section 8(a) of the Notes shall be
deleted and replaced in its entirety with the following language:
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">If at any time from and after the third anniversary of the Issuance
Date (the &#147;<B>Mandatory Conversion Eligibility Date</B>&#148;), (i)&nbsp;the Weighted
Average Price of the Shares of Common Stock exceeds $7.00 (subject
to appropriate adjustments for stock splits, stock dividends, stock
combinations and other similar transactions after the Issuance Date)
for each of fifteen (15)&nbsp;Trading Days out of thirty (30)&nbsp;consecutive
Trading Days following the Mandatory Conversion Eligibility Date
(the &#147;<B>Mandatory Conversion Measuring Period</B>&#148;) and (ii)&nbsp;the Equity
Conditions shall have been satisfied or waived in writing by the
Holder from and including the Mandatory Conversion Date (each, as
defined below), the Company shall have the right to require the
holder to convert all or any portion of the Conversion Amount then
remaining under this Note in accordance with Section 3(c) hereof at
the Conversion Rate as of the Mandatory Conversion Date (as defined
below)(a &#147;<B>Mandatory Conversion</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Optional Redemption</U>. Section 9(a) of the Notes shall be deleted in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Notices</U>. The first sentence Section 25(a) of the Notes shall be deleted and
replaced in its entirety with the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Whenever notice is required to be given under this Note, unless
otherwise provided herein, such notice shall be given in accordance
with Section 9(f) of the Securities Purchase Agreement, provided
however that notices directed to the Company shall be sent to:
Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850,
Attn: Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Full Force and Effect</U>. Except as specifically set forth in this Amendment, the
Notes and all of the other Transaction Documents (as defined in the Purchase Agreement) shall
remain unchanged and in full force and effect. All references to the Notes in any other
Transaction Document shall include this Amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Prior Adjustments to Conversion Price</U>. For purposes of clarification, the parties
hereto acknowledge that the Conversion Price as amended hereby takes into account the issuance of
4,597,700 aggregate shares of Company common stock to Kleiner Perkins Caufield &#038; Byers and Prospect
Venture Partners pursuant to a securities purchase agreement dated February&nbsp;27, 2006 at a price per
share of $4.35; provided, however, that the foregoing shall not preclude any adjustment after the
date hereof if such adjustment is required under the Transaction Documents (as defined in the
Purchase Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Company Representations</U>. The Company hereby represents and warrants to the
Investor as follows, subject to the Company Disclosure Letter attached hereto:
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Subsidiaries</U>. The Company has no direct or indirect Subsidiaries other than those
listed on <U>Schedule&nbsp;4(a)</U> in the Company Disclosure Letter. Except as disclosed on
<U>Schedule&nbsp;4(a)</U> in the Company Disclosure Letter, the Company owns, directly or indirectly,
the capital stock or comparable equity interests of each Subsidiary free and clear of any Lien (as
defined in Section 4(f) below) and all the issued and outstanding shares of capital stock or
comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights. For purposes of this Amendment, &#147;<B>Subsidiary</B>&#148; means any
entity in which the Company, directly or indirectly, owns or holds any capital stock or equity or
similar interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Organization and Qualification</U>. Each of the Company and the Subsidiaries is a
corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization (as applicable), with the requisite corporate
power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither the Company nor any Subsidiary is in violation of any of the
provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to
do business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be,
could not, individually or in the aggregate, (i)&nbsp;adversely affect the legality, validity or
enforceability of any Note Document, (ii)&nbsp;reasonably be expected to have or result in a material
adverse effect on the results of operations, assets, properties, business or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;adversely impair the Company&#146;s ability to perform its obligations under any of the Note
Documents (any of (i), (ii)&nbsp;or (iii), a &#147;<B>Material Adverse Effect</B>&#148;). For purposes of this Amendment,
&#147;<B>Note Documents</B>&#148; means, collectively, this Amendment, the Notes and Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Authorization; Enforcement</U>. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions under the Amendment and otherwise to
carry out its obligations hereunder and under the Purchase Agreement and the Notes. The execution
and delivery of the Amendment and the consummation by it of the transactions hereunder, including,
without limitation, and the reservation for issuance of the Conversion Shares issuable upon
conversion, redemption or other payment of the Notes, have been duly authorized by all necessary
action on the part of the Company and no further consent or action is required by the Company, its
Board of Directors or its stockholders. Each of the Note Documents has been (or, if executed after
the date hereof, upon delivery will be) duly executed by the Company and is, or when delivered in
accordance with the terms hereof, will constitute, the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Conflicts</U>. Except as disclosed on <U>Schedule&nbsp;4(d)</U> in the Company
Disclosure Letter, the execution, delivery and performance of the Note Documents by the Company and
the consummation by the Company of the transactions contemplated hereby
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and by the other Note Documents, including, without limitation, the issuance of the Notes and
the reservation for issuance of the Conversion Shares issuable upon conversion, redemption or other
payment thereof, did not, do not and will not (i)&nbsp;conflict with or violate any provision of the
Company&#146;s or any Subsidiary&#146;s certificate or articles of incorporation, bylaws or other
organizational or charter documents, (ii)&nbsp;conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement, credit facility, debt or other instrument (evidencing a debt of the
Company or a Subsidiary or otherwise) to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, except to the extent
that such conflict, default or, amendment, acceleration or cancellation right could not reasonably
be expected to have a Material Adverse Effect, or (iii)&nbsp;result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or Governmental
Authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations and the rules and regulations of the NASDAQ Global Market (the &#147;<B>Principal
Market</B>&#148;) or any other self-regulatory organization to which the Company or its securities are
subject), or by which any property or asset of the Company or a Subsidiary is bound or affected,
except to the extent that such violations could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. &#147;<B>Governmental Authority</B>&#148; means any nation or
government, any state, province, city, municipal entity or other political subdivision thereof, and
any governmental, executive, legislative, judicial, administrative or regulatory agency,
department, authority, instrumentality, commission, board or similar body, whether federal, state,
provincial, territorial, local or foreign.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Consents</U>. Except as disclosed on <U>Schedule&nbsp;4(e)</U> in the Company Disclosure
Letter and except for the consent of the Holders of the Notes representing a majority of the
outstanding principal amount, the Company is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court, Governmental Authority or any
regulatory or self-regulatory agency or any other Person in order for it to execute or deliver the
Amendment or perform any of its obligations under the Note Documents, in each case in accordance
with the terms thereof. All consents, authorizations, orders, filings and registrations which the
Company is required to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date of this Amendment. For purposes of this Amendment, &#147;<B>Person</B>&#148; means an
individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization and a government or any department or agency thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Issuance of the Securities</U>. Except as disclosed on <U>Schedule&nbsp;4(f)</U> in the
Company Disclosure Letter, the Notes are duly authorized and duly and validly issued, fully paid
and nonassessable, free and clear of all liens, charges, claims, security interests, encumbrances,
rights of first refusal or other restrictions (&#147;<B>Liens</B>&#148;) and not subject to preemptive rights or
similar rights of stockholders. The Company has reserved from its duly authorized capital stock not
less than the maximum number of shares of Common Stock issuable upon conversion of the Notes
(without regard to any limitations on the conversion of the Notes set forth in the Notes).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Dilutive Effect</U>. The Company understands and acknowledges that the number of
Conversion Shares issuable upon conversion or redemption of the Notes will increase in certain
circumstances. The Company further acknowledges that its obligation to issue Conversion Shares (as
defined in the Purchase Agreement) upon conversion or redemption of the Notes in accordance with
this Amendment and the Notes is absolute and unconditional regardless of the dilutive effect that
such issuance may have on the ownership interests of other stockholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Capitalization</U>. As of the date hereof, the authorized capital stock of the Company
consists of 102,000,000 shares, 100,000,000 shares of which are Common Stock, and 2,000,000 shares
of which are preferred stock, $.01 par value per share. As of March&nbsp;31, 2007, there were 62,253,805
issued and 61,905,043 outstanding shares of Common Stock. There are no shares of preferred stock
outstanding on the date hereof. All outstanding shares of capital stock are duly authorized,
validly issued, fully paid and nonassessable and have been issued in compliance with all applicable
securities laws. Except as disclosed on <U>Schedule&nbsp;4(h</U>) in the Company Disclosure Letter, (i)
no shares of the Company&#146;s capital stock are subject to preemptive rights or any other similar
rights or any Liens suffered or permitted by the Company, (ii)&nbsp;there are no outstanding options,
warrants, script rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of Common Stock, or securities or rights convertible or
exchangeable into shares of Common Stock and (iii)&nbsp;there are no securities or instruments
containing anti-dilution, pre-emptive or similar provisions that will be triggered by the
Amendment. The Amendment will not obligate the Company to issue shares of Common Stock or other
securities to any Person (other than the Holders) and will not result in a right of any holder of
securities of the Company to adjust the exercise, conversion, exchange or reset price under such
securities. Except as disclosed on <U>Schedule&nbsp;4(h)</U> in the Company Disclosure Schedule or the
SEC Reports (as defined below), to the knowledge of the Company, no Person or group of related
Persons beneficially owns (as determined pursuant to Rule&nbsp;13d-3 under the Securities Exchange Act
of 1934, as amended (the &#147;<B>1934 Act</B>&#148;)), or has the right to acquire, by agreement with or by
obligation binding upon the Company, beneficial ownership of in excess of 5% of the outstanding
Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Listing of Common Stock</U>. The Common Stock is designated for quotation or listed
on the Nasdaq Global Market and has not been suspended by the SEC, as of the date hereof, or the
Nasdaq Global Market from trading on the Nasdaq Global Market and no suspension by the SEC or the
Nasdaq Global Market has been threatened, as of the date hereof, either (A)&nbsp;in writing by the SEC
or the Nasdaq Global Market or (B)&nbsp;by falling below the minimum listing maintenance requirements of
the Nasdaq Global Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Governmental Approvals</U>. The Company has obtained all Governmental Approvals
necessary for the amendment of Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>SEC Reports; Financial Statements</U>. The Company has filed all forms, reports and
documents required to be filed with the U.S. Securities and Exchange Commission (the &#147;<B>SEC&#148;</B>) for the
three years preceding the date hereof on a timely basis, and has
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">made available to the Holders such forms, reports and documents in the form filed with the
SEC. All such required forms, reports and documents are referred to herein as the &#147;<B>SEC Reports</B>.&#148;
As of their respective dates, the SEC Reports (i)&nbsp;were prepared in compliance in all material
respects with the requirements of the Securities Act of 1933, as amended (the &#147;<B>Securities Act"</B>), or
the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), as the case may be, and the
rules and regulations of the SEC thereunder applicable to such SEC Reports, and (ii)&nbsp;did not at the
time they were filed (or if amended or superseded by a filing prior to the date of this Amendment,
then on the date of such filing) contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the SEC with respect thereto as
in effect at the time of filing. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles applied on a consistent basis during the
periods involved (&#147;<B>GAAP</B>&#148;), except as may be otherwise specified in such financial statements or the
notes thereto, and fairly present in all material respects the financial position of the Company
and its consolidated subsidiaries as of and for the dates thereof and the results of operations and
cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. All material agreements to which the Company or any
Subsidiary is a party or to which the property or assets of the Company or any Subsidiary are
subject are included as part of or specifically identified in the SEC Reports to the extent
required by the rules and regulations of the SEC as in effect at the time of filing. None of the
Subsidiaries is required to file any forms, reports, or other documents with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Material Changes</U>. Since the date of the audited financial statements included in
the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006, except as disclosed
on <U>Schedule&nbsp;4(l)</U> in the Company Disclosure Letter (i)&nbsp;there has been no event, occurrence
or development that, individually or in the aggregate, that has had or could reasonably be expected
to result in a Material Adverse Effect that the Company should have disclosed in an SEC Report but
failed to do so, (ii)&nbsp;the Company has not incurred any liabilities (contingent or otherwise) other
than (A)&nbsp;trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B)&nbsp;liabilities not required to be reflected in the Company&#146;s financial
statements pursuant to GAAP or required to be disclosed in filings made with the SEC, (iii)&nbsp;the
Company has not altered its method of accounting or the identity of its auditors, except as
disclosed in its SEC Reports, (iv)&nbsp;the Company has not declared or made any dividend or
distribution of cash or other property to its stockholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock, (v)&nbsp;the Company has not declared
or paid any dividends, (vi)&nbsp;the Company has not sold any assets, individually or in the aggregate,
in excess of $250,000 outside of the ordinary course of business and (vii)&nbsp;the Company has not
issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company stock-based plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<U>Indebtedness</U>. Except as disclosed on <U>Schedule&nbsp;4(m)</U> in the Company
Disclosure Letter neither the Company nor any of its Subsidiaries has any outstanding Indebtedness
(as defined below). <U>Schedule&nbsp;4(m)</U> in the Company Disclosure Letter provides a description
of the material terms of any such outstanding Indebtedness. Except as disclosed on
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Schedule&nbsp;4(m)</U> in the Company Disclosure Letter, no Indebtedness of the Company is
senior to or ranks <I>pari passu </I>with the Notes in right of payment, whether with respect of payment
of redemptions, interest, damages or upon liquidation or dissolution or otherwise. For purposes of
this Agreement: (i) &#147;<B>Indebtedness</B>&#148; of any Person means, without duplication (A)&nbsp;all indebtedness
for borrowed money, (B)&nbsp;all obligations issued, undertaken or assumed as the deferred purchase
price of property or services (other than trade payables entered into in the ordinary course of
business), (C)&nbsp;all reimbursement or payment obligations with respect to letters of credit, surety
bonds and other similar instruments, (D)&nbsp;all obligations evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses, (E)&nbsp;all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to
any property or assets acquired with the proceeds of such indebtedness (even though the rights and
remedies of the seller or bank under such agreement in the event of default are limited to
repossession or sale of such property), (F)&nbsp;all monetary obligations under any leasing or similar
arrangement which, in accordance with GAAP, is classified as a capital lease, (G)&nbsp;all indebtedness
referred to in clauses (A)&nbsp;through (F)&nbsp;above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in
any property or assets (including accounts and contract rights) owned by any Person, even though
the Person which owns such assets or property has not assumed or become liable for the payment of
such indebtedness, and (H)&nbsp;all Contingent Obligations in respect of indebtedness or obligations of
others of the kinds referred to in clauses (A)&nbsp;through (G)&nbsp;above; and (ii) <B>&#147;Contingent Obligation&#148;</B>
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to any indebtedness, lease, dividend or other obligation of another Person if the
primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is
to provide assurance to the obligee of such liability that such liability will be paid or
discharged, or that any agreements relating thereto will be complied with, or that the holders of
such liability will be protected (in whole or in part) against loss with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<U>Absence of Litigation</U>. Except as disclosed on <U>Schedule&nbsp;4(n)</U> in the
Company Disclosure Letter, there is no action, suit, claim, proceeding, inquiry or investigation
before or by the Principal Market, any court, public board, Governmental Authority, self-regulatory
organization or body pending and of which the Company has received notice or, to the knowledge of
the Company, threatened against or affecting the Company or any of its Subsidiaries that could,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<U>Disclosure</U>. The Company confirms that neither it nor any other Person acting on
its behalf has provided the Investor or its agents or counsel with any information that constitutes
or could reasonably be expected to constitute material, nonpublic information. The Company
understands and confirms that the Investor will rely on the foregoing representations in effecting
transactions in securities of the Company. All disclosure provided to the Investor in this
Amendment and the Schedules hereto regarding the Company, its business and the transactions
contemplated hereby, furnished by or on behalf of the Company taken as a whole is true and correct
and do not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made herein, in light of the circumstances under which
they are made, not misleading. Each press release issued by the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company during the twelve (12)&nbsp;months preceding the date of this Amendment did not at the time
of release contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances under which they are made, not misleading. No event or circumstance has occurred
or information exists with respect to the Company or any of its Subsidiaries or its or their
business, properties, prospects, operations or financial conditions, which, under applicable law,
rule or regulation, requires public disclosure or announcement by the Company but which has not
been so publicly announced or disclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<U>Sarbanes-Oxley Act</U>. The Company is in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002 and any and all applicable rules and regulations
promulgated by the SEC thereunder, except where such noncompliance would not have, individually or
in the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<U>Other Changes to the Terms of the Notes</U>. The terms of the Notes have not been
changed or amended, other than as specifically set forth in this Amendment, since the Issuance
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Investor Representations</U>. The Investor hereby represents and warrants to the
Company as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Beneficial Ownership</U>. The Investor is the beneficial owner of Twelve Million
Dollars ($12,000,000) of outstanding principal of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Validity; Enforcement</U>. This Amendment has been duly and validly authorized,
executed and delivered on behalf of the Investor and constitutes the legal, valid and binding
obligations of Investor, enforceable against Investor in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Holding Period</U>. For the purposes of Rule&nbsp;144, the Company acknowledges that the
holding period of the Notes as amended by the terms of this Amendment (including the corresponding
Conversion Shares) may be tacked onto the holding period of the Notes prior to this Amendment, and,
therefore, the Notes and Conversion Shares are freely transferable in accordance with Rule 144(k)
and no legend is required on the Notes or Conversion Shares and the Company agrees not to take any
position in contravention of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Conditions to the Investor&#146;s Obligations Hereunder</U>. The obligations of the
Investor hereunder are subject to the satisfaction of each of the following conditions, provided
that these conditions are for the Investor&#146;s sole benefit and may be waived by the Investor at any
time in its sole discretion by providing the Company with prior written notice thereof: The
Company shall notify Investor when it believes that each of the conditions set forth in this
Section&nbsp;6 have been met or waived by the Investor and Investor shall acknowledge its agreement.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall have executed this Amendment and delivered the same to the Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Investor shall have received the opinion of Ballard Spahr Andrews &#038; Ingersoll, LLP,
the Company&#146;s counsel, dated as of the date hereof, in form, scope and substance reasonably
satisfactory to the Investor and in substantially the form of <U>Exhibit&nbsp;A </U>attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders constituting a majority of the outstanding principal amount of the Notes and
the Company shall have executed an amendment agreement, dated as of the date hereof, in the form of
this Amendment and delivered a copy of such executed agreements to the Investor and other Holders
(collectively, the &#147;<B>Amendment Agreements</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Expenses</U>. The Company shall reimburse the Investor for its reasonable legal and
due diligence fees and expenses in connection with the preparation and negotiation of this
Amendment and the related documents by paying such amount to Schulte Roth &#038; Zabel LLP (the
&#147;<B>Investor Counsel Expense</B>&#148;). Except as otherwise set forth in this Amendment and the Note
Documents, each party to this Amendment shall bear its own expenses in connection with transactions
contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Disclosure of Transactions and Other Material Information</U>. On or before 8:30 a.m.,
New York time, on the first Business Day following the date of this Amendment, the Company shall
file a Current Report on Form 8-K describing the terms of the transactions contemplated by the this
Amendment in the form required by the 1934 Act and attaching the form of Amendment as exhibits to
such filing (including all attachments, the &#147;<B>8-K Filing</B>&#148;). From and after the filing of the 8-K
Filing with the SEC, no Holder shall be in possession of any material, nonpublic information
received from the Company, any of its Subsidiaries or any of its respective officers, directors,
employees or agents, that is not disclosed in the 8-K Filing. The Company shall not, and shall
cause each of its Subsidiaries and its and each of their respective officers, directors, employees
and agents, not to, provide the Investor with any material, nonpublic information regarding the
Company or any of its Subsidiaries from and after the filing of the 8-K Filing with the SEC without
the express written consent of the Investor. If the Investor has, or believes it has, received any
such material, nonpublic information regarding the Company or any of its Subsidiaries, it shall
provide the Company with written notice thereof. The Company shall, within five (5)&nbsp;Trading Days
of receipt of such notice, make public disclosure of any such material, nonpublic information. In
the event of a breach of the foregoing covenant by the Company, any of its Subsidiaries, or any of
its or their respective officers, directors, employees and agents, in addition to any other remedy
provided herein or in the Transaction Documents, the Investor shall have the right to make a public
disclosure, in the form of a press release, public advertisement or otherwise, of such material,
nonpublic information without the prior approval by the Company, its Subsidiaries, or any of its or
their respective officers, directors, employees or agents. The Investor shall not have any
liability to the Company, its Subsidiaries, or any of its or their respective officers, directors,
employees, stockholders or agents for any such disclosure. Subject to the foregoing, neither the
Company nor the Investor shall issue any press releases or any other public statements with respect
to the transactions contemplated hereby; <U>provided</U>, <U>however</U>, that the Company shall
be entitled, without the prior approval of the Investor, to make any press release or other public
disclosure
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with respect to such transactions (i)&nbsp;in substantial conformity with the 8-K Filing and
contemporaneously therewith or (ii)&nbsp;as is required by applicable law and regulations (provided that
in the case of clause (i)&nbsp;the Investor shall be consulted by the Company in connection with any
such press release or other public disclosure prior to its release).
</DIV>


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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first written
above.
</DIV>
<DIV align="center">
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    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Novavax Inc.</B></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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Len Stigliano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Len Stigliano</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Interim Chief Financial Officer</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Investor:</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Smithfield Fiduciary LLC</B></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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ari Storch
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ari Storch</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>w36157exv10w2.htm
<DESCRIPTION>EX-10.2
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<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit 10.2</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Amendment to 4.75% Senior Convertible Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This amendment agreement (this &#147;<B>Amendment</B>&#148;) dated June&nbsp;15, 2007 to the 4.75% senior
convertible notes issued pursuant to the Purchase Agreement (as defined below) (the &#147;<B>Notes</B>&#148;) is
made by and between Novavax Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;) and SF Capital Partner
Ltd. (the &#147;<B>Investor</B>&#148;). Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed to such terms in the Notes.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company entered into that certain Securities Purchase Agreement, dated as of July
16, 2004 (the &#147;<B>Purchase Agreement</B>&#148;), pursuant to which, among other things, the Investor,
Smithfield Fiduciary LLC and Portside Growth and Opportunity Fund (each, a &#147;<B>Holder</B>&#148; and
collectively, the &#147;<B>Holders</B>&#148;) purchased from the Company the Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, an aggregate of $22,000,000 principal amount of the Notes remain outstanding;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Holders own, directly or indirectly, all outstanding Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the terms of the Notes provide the Holders with the right to require the Company to
redeem all or a portion of the Notes if the Weighted Average Price of the common stock of the
Company is less than the Conversion Price on each of thirty Trading Days out of the forty Trading
Days prior to July&nbsp;19, 2007 (the &#147;<B>Optional Redemption</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company reasonably believes that the Holders will have a right to require an
Optional Redemption on July&nbsp;19, 2007; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Investor desire to amend the Notes held by the Investor to
eliminate the Optional Redemption and to lower the Conversion Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Amendments</U>. Subject to the satisfaction (or waiver) of the conditions set forth in
Section&nbsp;7 below, the Investor agrees to the following amendments to the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Conversion Price</U>. Section&nbsp;3(b)(ii) of the Notes shall be deleted and replaced in
its entirety with the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;<B>Conversion Price</B>&#148; means, as of any Conversion Date (as defined
below) or other date of determination, and subject to adjustment as
provided herein, U.S. $4.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Mandatory Conversion</U>. The first sentence of Section 8(a) of the Notes shall be
deleted and replaced in its entirety with the following language:
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">If at any time from and after the third anniversary of the Issuance
Date (the &#147;<B>Mandatory Conversion Eligibility Date</B>&#148;), (i)&nbsp;the Weighted
Average Price of the Shares of Common Stock exceeds $7.00 (subject
to appropriate adjustments for stock splits, stock dividends, stock
combinations and other similar transactions after the Issuance Date)
for each of fifteen (15)&nbsp;Trading Days out of thirty (30)&nbsp;consecutive
Trading Days following the Mandatory Conversion Eligibility Date
(the &#147;<B>Mandatory Conversion Measuring Period</B>&#148;) and (ii)&nbsp;the Equity
Conditions shall have been satisfied or waived in writing by the
Holder from and including the Mandatory Conversion Date (each, as
defined below), the Company shall have the right to require the
holder to convert all or any portion of the Conversion Amount then
remaining under this Note in accordance with Section 3(c) hereof at
the Conversion Rate as of the Mandatory Conversion Date (as defined
below)(a &#147;<B>Mandatory Conversion</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Optional Redemption</U>. Section 9(a) of the Notes shall be deleted in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Notices</U>. The first sentence Section 25(a) of the Notes shall be deleted and
replaced in its entirety with the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Whenever notice is required to be given under this Note, unless
otherwise provided herein, such notice shall be given in accordance
with Section 9(f) of the Securities Purchase Agreement, provided
however that notices directed to the Company shall be sent to:
Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850,
Attn: Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Full Force and Effect</U>. Except as specifically set forth in this Amendment, the
Notes and all of the other Transaction Documents (as defined in the Purchase Agreement) shall
remain unchanged and in full force and effect. All references to the Notes in any other
Transaction Document shall include this Amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Prior Adjustments to Conversion Price</U>. For purposes of clarification, the parties
hereto acknowledge that the Conversion Price as amended hereby takes into account the issuance of
4,597,700 aggregate shares of Company common stock to Kleiner Perkins Caufield &#038; Byers and Prospect
Venture Partners pursuant to a securities purchase agreement dated February&nbsp;27, 2006 at a price per
share of $4.35; provided, however, that the foregoing shall not preclude any adjustment after the
date hereof if such adjustment is required under the Transaction Documents (as defined in the
Purchase Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Company Representations</U>. The Company hereby represents and warrants to the
Investor as follows, subject to the Company Disclosure Letter attached hereto:
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Subsidiaries</U>. The Company has no direct or indirect Subsidiaries other than those
listed on <U>Schedule&nbsp;4(a)</U> in the Company Disclosure Letter. Except as disclosed on
<U>Schedule&nbsp;4(a)</U> in the Company Disclosure Letter, the Company owns, directly or indirectly,
the capital stock or comparable equity interests of each Subsidiary free and clear of any Lien (as
defined in Section 4(f) below) and all the issued and outstanding shares of capital stock or
comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights. For purposes of this Amendment, &#147;<B>Subsidiary</B>&#148; means any
entity in which the Company, directly or indirectly, owns or holds any capital stock or equity or
similar interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Organization and Qualification</U>. Each of the Company and the Subsidiaries is a
corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization (as applicable), with the requisite corporate
power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither the Company nor any Subsidiary is in violation of any of the
provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to
do business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be,
could not, individually or in the aggregate, (i)&nbsp;adversely affect the legality, validity or
enforceability of any Note Document, (ii)&nbsp;reasonably be expected to have or result in a material
adverse effect on the results of operations, assets, properties, business or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;adversely impair the Company&#146;s ability to perform its obligations under any of the Note
Documents (any of (i), (ii)&nbsp;or (iii), a &#147;<B>Material Adverse Effect</B>&#148;). For purposes of this Amendment,
&#147;<B>Note Documents</B>&#148; means, collectively, this Amendment, the Notes and Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Authorization; Enforcement</U>. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions under the Amendment and otherwise to
carry out its obligations hereunder and under the Purchase Agreement and the Notes. The execution
and delivery of the Amendment and the consummation by it of the transactions hereunder, including,
without limitation, and the reservation for issuance of the Conversion Shares issuable upon
conversion, redemption or other payment of the Notes, have been duly authorized by all necessary
action on the part of the Company and no further consent or action is required by the Company, its
Board of Directors or its stockholders. Each of the Note Documents has been (or, if executed after
the date hereof, upon delivery will be) duly executed by the Company and is, or when delivered in
accordance with the terms hereof, will constitute, the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Conflicts</U>. Except as disclosed on <U>Schedule&nbsp;4(d)</U> in the Company
Disclosure Letter, the execution, delivery and performance of the Note Documents by the Company and
the consummation by the Company of the transactions contemplated hereby
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and by the other Note Documents, including, without limitation, the issuance of the Notes and
the reservation for issuance of the Conversion Shares issuable upon conversion, redemption or other
payment thereof, did not, do not and will not (i)&nbsp;conflict with or violate any provision of the
Company&#146;s or any Subsidiary&#146;s certificate or articles of incorporation, bylaws or other
organizational or charter documents, (ii)&nbsp;conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement, credit facility, debt or other instrument (evidencing a debt of the
Company or a Subsidiary or otherwise) to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, except to the extent
that such conflict, default or, amendment, acceleration or cancellation right could not reasonably
be expected to have a Material Adverse Effect, or (iii)&nbsp;result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or Governmental
Authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations and the rules and regulations of the NASDAQ Global Market (the &#147;<B>Principal
Market</B>&#148;) or any other self-regulatory organization to which the Company or its securities are
subject), or by which any property or asset of the Company or a Subsidiary is bound or affected,
except to the extent that such violations could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. &#147;<B>Governmental Authority</B>&#148; means any nation or
government, any state, province, city, municipal entity or other political subdivision thereof, and
any governmental, executive, legislative, judicial, administrative or regulatory agency,
department, authority, instrumentality, commission, board or similar body, whether federal, state,
provincial, territorial, local or foreign.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Consents</U>. Except as disclosed on <U>Schedule&nbsp;4(e)</U> in the Company Disclosure
Letter and except for the consent of the Holders of the Notes representing a majority of the
outstanding principal amount, the Company is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court, Governmental Authority or any
regulatory or self-regulatory agency or any other Person in order for it to execute or deliver the
Amendment or perform any of its obligations under the Note Documents, in each case in accordance
with the terms thereof. All consents, authorizations, orders, filings and registrations which the
Company is required to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date of this Amendment. For purposes of this Amendment, &#147;<B>Person</B>&#148; means an
individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization and a government or any department or agency thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Issuance of the Securities</U>. Except as disclosed on <U>Schedule&nbsp;4(f)</U> in the
Company Disclosure Letter, the Notes are duly authorized and duly and validly issued, fully paid
and nonassessable, free and clear of all liens, charges, claims, security interests, encumbrances,
rights of first refusal or other restrictions (&#147;<B>Liens</B>&#148;) and not subject to preemptive rights or
similar rights of stockholders. The Company has reserved from its duly authorized capital stock not
less than the maximum number of shares of Common Stock issuable upon conversion of the Notes
(without regard to any limitations on the conversion of the Notes set forth in the Notes).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Dilutive Effect</U>. The Company understands and acknowledges that the number of
Conversion Shares issuable upon conversion or redemption of the Notes will increase in certain
circumstances. The Company further acknowledges that its obligation to issue Conversion Shares (as
defined in the Purchase Agreement) upon conversion or redemption of the Notes in accordance with
this Amendment and the Notes is absolute and unconditional regardless of the dilutive effect that
such issuance may have on the ownership interests of other stockholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Capitalization</U>. As of the date hereof, the authorized capital stock of the Company
consists of 102,000,000 shares, 100,000,000 shares of which are Common Stock, and 2,000,000 shares
of which are preferred stock, $.01 par value per share. As of March&nbsp;31, 2007, there were 62,253,805
issued and 61,905,043 outstanding shares of Common Stock. There are no shares of preferred stock
outstanding on the date hereof. All outstanding shares of capital stock are duly authorized,
validly issued, fully paid and nonassessable and have been issued in compliance with all applicable
securities laws. Except as disclosed on <U>Schedule&nbsp;4(h</U>) in the Company Disclosure Letter, (i)
no shares of the Company&#146;s capital stock are subject to preemptive rights or any other similar
rights or any Liens suffered or permitted by the Company, (ii)&nbsp;there are no outstanding options,
warrants, script rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of Common Stock, or securities or rights convertible or
exchangeable into shares of Common Stock and (iii)&nbsp;there are no securities or instruments
containing anti-dilution, pre-emptive or similar provisions that will be triggered by the
Amendment. The Amendment will not obligate the Company to issue shares of Common Stock or other
securities to any Person (other than the Holders) and will not result in a right of any holder of
securities of the Company to adjust the exercise, conversion, exchange or reset price under such
securities. Except as disclosed on <U>Schedule&nbsp;4(h)</U> in the Company Disclosure Schedule or the
SEC Reports (as defined below), to the knowledge of the Company, no Person or group of related
Persons beneficially owns (as determined pursuant to Rule&nbsp;13d-3 under the Securities Exchange Act
of 1934, as amended (the &#147;<B>1934 Act</B>&#148;)), or has the right to acquire, by agreement with or by
obligation binding upon the Company, beneficial ownership of in excess of 5% of the outstanding
Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Listing of Common Stock</U>. The Common Stock is designated for quotation or listed
on the Nasdaq Global Market and has not been suspended by the SEC, as of the date hereof, or the
Nasdaq Global Market from trading on the Nasdaq Global Market and no suspension by the SEC or the
Nasdaq Global Market has been threatened, as of the date hereof, either (A)&nbsp;in writing by the SEC
or the Nasdaq Global Market or (B)&nbsp;by falling below the minimum listing maintenance requirements of
the Nasdaq Global Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Governmental Approvals</U>. The Company has obtained all Governmental Approvals
necessary for the amendment of Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>SEC Reports; Financial Statements</U>. The Company has filed all forms, reports and
documents required to be filed with the U.S. Securities and Exchange Commission (the &#147;<B>SEC&#148;</B>) for the
three years preceding the date hereof on a timely basis, and has
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">made available to the Holders such forms, reports and documents in the form filed with the
SEC. All such required forms, reports and documents are referred to herein as the &#147;<B>SEC Reports</B>.&#148;
As of their respective dates, the SEC Reports (i)&nbsp;were prepared in compliance in all material
respects with the requirements of the Securities Act of 1933, as amended (the &#147;<B>Securities Act&#148;</B>), or
the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), as the case may be, and the
rules and regulations of the SEC thereunder applicable to such SEC Reports, and (ii)&nbsp;did not at the
time they were filed (or if amended or superseded by a filing prior to the date of this Amendment,
then on the date of such filing) contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the SEC with respect thereto as
in effect at the time of filing. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles applied on a consistent basis during the
periods involved (&#147;<B>GAAP</B>&#148;), except as may be otherwise specified in such financial statements or the
notes thereto, and fairly present in all material respects the financial position of the Company
and its consolidated subsidiaries as of and for the dates thereof and the results of operations and
cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. All material agreements to which the Company or any
Subsidiary is a party or to which the property or assets of the Company or any Subsidiary are
subject are included as part of or specifically identified in the SEC Reports to the extent
required by the rules and regulations of the SEC as in effect at the time of filing. None of the
Subsidiaries is required to file any forms, reports, or other documents with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Material Changes</U>. Since the date of the audited financial statements included in
the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006, except as disclosed
on <U>Schedule&nbsp;4(l)</U> in the Company Disclosure Letter (i)&nbsp;there has been no event, occurrence
or development that, individually or in the aggregate, that has had or could reasonably be expected
to result in a Material Adverse Effect that the Company should have disclosed in an SEC Report but
failed to do so, (ii)&nbsp;the Company has not incurred any liabilities (contingent or otherwise) other
than (A)&nbsp;trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B)&nbsp;liabilities not required to be reflected in the Company&#146;s financial
statements pursuant to GAAP or required to be disclosed in filings made with the SEC, (iii)&nbsp;the
Company has not altered its method of accounting or the identity of its auditors, except as
disclosed in its SEC Reports, (iv)&nbsp;the Company has not declared or made any dividend or
distribution of cash or other property to its stockholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock, (v)&nbsp;the Company has not declared
or paid any dividends, (vi)&nbsp;the Company has not sold any assets, individually or in the aggregate,
in excess of $250,000 outside of the ordinary course of business and (vii)&nbsp;the Company has not
issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company stock-based plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<U>Indebtedness</U>. Except as disclosed on <U>Schedule&nbsp;4(m)</U> in the Company
Disclosure Letter neither the Company nor any of its Subsidiaries has any outstanding Indebtedness
(as defined below). <U>Schedule&nbsp;4(m)</U> in the Company Disclosure Letter provides a description
of the material terms of any such outstanding Indebtedness. Except as disclosed on
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Schedule&nbsp;4(m)</U> in the Company Disclosure Letter, no Indebtedness of the Company is
senior to or ranks <I>pari passu </I>with the Notes in right of payment, whether with respect of payment
of redemptions, interest, damages or upon liquidation or dissolution or otherwise. For purposes of
this Agreement: (i) &#147;<B>Indebtedness</B>&#148; of any Person means, without duplication (A)&nbsp;all indebtedness
for borrowed money, (B)&nbsp;all obligations issued, undertaken or assumed as the deferred purchase
price of property or services (other than trade payables entered into in the ordinary course of
business), (C)&nbsp;all reimbursement or payment obligations with respect to letters of credit, surety
bonds and other similar instruments, (D)&nbsp;all obligations evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses, (E)&nbsp;all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to
any property or assets acquired with the proceeds of such indebtedness (even though the rights and
remedies of the seller or bank under such agreement in the event of default are limited to
repossession or sale of such property), (F)&nbsp;all monetary obligations under any leasing or similar
arrangement which, in accordance with GAAP, is classified as a capital lease, (G)&nbsp;all indebtedness
referred to in clauses (A)&nbsp;through (F)&nbsp;above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in
any property or assets (including accounts and contract rights) owned by any Person, even though
the Person which owns such assets or property has not assumed or become liable for the payment of
such indebtedness, and (H)&nbsp;all Contingent Obligations in respect of indebtedness or obligations of
others of the kinds referred to in clauses (A)&nbsp;through (G)&nbsp;above; and (ii) <B>&#147;Contingent Obligation&#148;</B>
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to any indebtedness, lease, dividend or other obligation of another Person if the
primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is
to provide assurance to the obligee of such liability that such liability will be paid or
discharged, or that any agreements relating thereto will be complied with, or that the holders of
such liability will be protected (in whole or in part) against loss with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<U>Absence of Litigation</U>. Except as disclosed on <U>Schedule&nbsp;4(n)</U> in the
Company Disclosure Letter, there is no action, suit, claim, proceeding, inquiry or investigation
before or by the Principal Market, any court, public board, Governmental Authority, self-regulatory
organization or body pending and of which the Company has received notice or, to the knowledge of
the Company, threatened against or affecting the Company or any of its Subsidiaries that could,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<U>Disclosure</U>. The Company confirms that neither it nor any other Person acting on
its behalf has provided the Investor or its agents or counsel with any information that constitutes
or could reasonably be expected to constitute material, nonpublic information. The Company
understands and confirms that the Investor will rely on the foregoing representations in effecting
transactions in securities of the Company. All disclosure provided to the Investor in this
Amendment and the Schedules hereto regarding the Company, its business and the transactions
contemplated hereby, furnished by or on behalf of the Company taken as a whole is true and correct
and do not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made herein, in light of the circumstances under which
they are made, not misleading. Each press release issued by the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company during the twelve (12)&nbsp;months preceding the date of this Amendment did not at the time
of release contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances under which they are made, not misleading. No event or circumstance has occurred
or information exists with respect to the Company or any of its Subsidiaries or its or their
business, properties, prospects, operations or financial conditions, which, under applicable law,
rule or regulation, requires public disclosure or announcement by the Company but which has not
been so publicly announced or disclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<U>Sarbanes-Oxley Act</U>. The Company is in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002 and any and all applicable rules and regulations
promulgated by the SEC thereunder, except where such noncompliance would not have, individually or
in the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<U>Other Changes to the Terms of the Notes</U>. The terms of the Notes have not been
changed or amended, other than as specifically set forth in this Amendment, since the Issuance
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Investor Representations</U>. The Investor hereby represents and warrants to the
Company as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Beneficial Ownership</U>. The Investor is the beneficial owner of Five Million
Dollars ($5,000,000) of outstanding principal of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Validity; Enforcement</U>. This Amendment has been duly and validly authorized,
executed and delivered on behalf of the Investor and constitutes the legal, valid and binding
obligations of Investor, enforceable against Investor in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Holding Period</U>. For the purposes of Rule&nbsp;144, the Company acknowledges that the
holding period of the Notes as amended by the terms of this Amendment (including the corresponding
Conversion Shares) may be tacked onto the holding period of the Notes prior to this Amendment, and,
therefore, the Notes and Conversion Shares are freely transferable in accordance with Rule 144(k)
and no legend is required on the Notes or Conversion Shares and the Company agrees not to take any
position in contravention of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Conditions to the Investor&#146;s Obligations Hereunder</U>. The obligations of the
Investor hereunder are subject to the satisfaction of each of the following conditions, provided
that these conditions are for the Investor&#146;s sole benefit and may be waived by the Investor at any
time in its sole discretion by providing the Company with prior written notice thereof: The
Company shall notify Investor when it believes that each of the conditions set forth in this
Section&nbsp;6 have been met or waived by the Investor and Investor shall acknowledge its agreement.

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall have executed this Amendment and delivered the same to the Investor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Investor shall have received the opinion of Ballard Spahr Andrews &#038; Ingersoll, LLP,
the Company&#146;s counsel, dated as of the date hereof, in form, scope and substance reasonably
satisfactory to the Investor and in substantially the form of <U>Exhibit&nbsp;A </U>attached hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders constituting a majority of the outstanding principal amount of the Notes and
the Company shall have executed an amendment agreement, dated as of the date hereof, in the form of
this Amendment and delivered a copy of such executed agreements to the Investor and other Holders
(collectively, the &#147;<B>Amendment Agreements</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Expenses</U>. The Company shall reimburse the Investor for its reasonable legal and
due diligence fees and expenses in connection with the preparation and negotiation of this
Amendment and the related documents by paying such amount to Schulte Roth &#038; Zabel LLP (the
&#147;<B>Investor Counsel Expense</B>&#148;). Except as otherwise set forth in this Amendment and the Note
Documents, each party to this Amendment shall bear its own expenses in connection with transactions
contemplated hereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Disclosure of Transactions and Other Material Information</U>. On or before 8:30 a.m.,
New York time, on the first Business Day following the date of this Amendment, the Company shall
file a Current Report on Form 8-K describing the terms of the transactions contemplated by the this
Amendment in the form required by the 1934 Act and attaching the form of Amendment as exhibits to
such filing (including all attachments, the &#147;<B>8-K Filing</B>&#148;). From and after the filing of the 8-K
Filing with the SEC, no Holder shall be in possession of any material, nonpublic information
received from the Company, any of its Subsidiaries or any of its respective officers, directors,
employees or agents, that is not disclosed in the 8-K Filing. The Company shall not, and shall
cause each of its Subsidiaries and its and each of their respective officers, directors, employees
and agents, not to, provide the Investor with any material, nonpublic information regarding the
Company or any of its Subsidiaries from and after the filing of the 8-K Filing with the SEC without
the express written consent of the Investor. If the Investor has, or believes it has, received any
such material, nonpublic information regarding the Company or any of its Subsidiaries, it shall
provide the Company with written notice thereof. The Company shall, within five (5)&nbsp;Trading Days
of receipt of such notice, make public disclosure of any such material, nonpublic information. In
the event of a breach of the foregoing covenant by the Company, any of its Subsidiaries, or any of
its or their respective officers, directors, employees and agents, in addition to any other remedy
provided herein or in the Transaction Documents, the Investor shall have the right to make a public
disclosure, in the form of a press release, public advertisement or otherwise, of such material,
nonpublic information without the prior approval by the Company, its Subsidiaries, or any of its or
their respective officers, directors, employees or agents. The Investor shall not have any
liability to the Company, its Subsidiaries, or any of its or their respective officers, directors,
employees, stockholders or agents for any such disclosure. Subject to the foregoing, neither the
Company nor the Investor shall issue any press releases or any other public statements with respect
to the transactions contemplated hereby; <U>provided</U>, <U>however</U>, that the Company shall
be entitled, without the prior approval of the Investor, to make any press release or other public
disclosure

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with respect to such transactions (i)&nbsp;in substantial conformity with the 8-K Filing and
contemporaneously therewith or (ii)&nbsp;as is required by applicable law and regulations (provided
that in the case of clause (i)&nbsp;the Investor shall be consulted by the Company in connection
with any such press release or other public disclosure prior to its release).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of page intentionally blank.&#093;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first written
above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Novavax Inc.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Len Stigliano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Len Stigliano</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interim Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>SF CAPITAL PARTNERS LTD.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Brian Davidson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brian Davidson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>w36157exv10w3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w3</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit
10.3</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Amendment to 4.75% Senior Convertible Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This amendment agreement (this &#147;<B>Amendment</B>&#148;) dated June&nbsp;15, 2007 to the 4.75% senior
convertible notes issued pursuant to the Purchase Agreement (as defined below) (the &#147;<B>Notes</B>&#148;) is
made by and between Novavax Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;) and Portside Growth and
Opportunity Fund (the &#147;<B>Investor</B>&#148;). Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to such terms in the Notes.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company entered into that certain Securities Purchase Agreement, dated as of July
16, 2004 (the &#147;<B>Purchase Agreement</B>&#148;), pursuant to which, among other things, the Investor,
Smithfield Fiduciary LLC and SF Capital Partners Ltd. (each, a &#147;<B>Holder</B>&#148; and collectively, the
&#147;<B>Holders</B>&#148;) purchased from the Company the Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, an aggregate of $22,000,000 principal amount of the Notes remain outstanding;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Holders own, directly or indirectly, all outstanding Notes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the terms of the Notes provide the Holders with the right to require the Company to
redeem all or a portion of the Notes if the Weighted Average Price of the common stock of the
Company is less than the Conversion Price on each of thirty Trading Days out of the forty Trading
Days prior to July&nbsp;19, 2007 (the &#147;<B>Optional Redemption</B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company reasonably believes that the Holders will have a right to require an
Optional Redemption on July&nbsp;19, 2007; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company and the Investor desire to amend the Notes held by the Investor to
eliminate the Optional Redemption and to lower the Conversion Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Amendments</U>. Subject to the satisfaction (or waiver) of the conditions set forth in
Section&nbsp;7 below, the Investor agrees to the following amendments to the Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Conversion Price</U>. Section&nbsp;3(b)(ii) of the Notes shall be deleted and replaced in
its entirety with the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;<B>Conversion Price</B>&#148; means, as of any Conversion Date (as defined
below) or other date of determination, and subject to adjustment as
provided herein, U.S. $4.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Mandatory Conversion</U>. The first sentence of Section 8(a) of the Notes shall be
deleted and replaced in its entirety with the following language:
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">If at any time from and after the third anniversary of the Issuance
Date (the &#147;<B>Mandatory Conversion Eligibility Date</B>&#148;), (i)&nbsp;the Weighted
Average Price of the Shares of Common Stock exceeds $7.00 (subject
to appropriate adjustments for stock splits, stock dividends, stock
combinations and other similar transactions after the Issuance Date)
for each of fifteen (15)&nbsp;Trading Days out of thirty (30)&nbsp;consecutive
Trading Days following the Mandatory Conversion Eligibility Date
(the &#147;<B>Mandatory Conversion Measuring Period</B>&#148;) and (ii)&nbsp;the Equity
Conditions shall have been satisfied or waived in writing by the
Holder from and including the Mandatory Conversion Date (each, as
defined below), the Company shall have the right to require the
holder to convert all or any portion of the Conversion Amount then
remaining under this Note in accordance with Section 3(c) hereof at
the Conversion Rate as of the Mandatory Conversion Date (as defined
below)(a &#147;<B>Mandatory Conversion</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Optional Redemption</U>. Section 9(a) of the Notes shall be deleted in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Notices</U>. The first sentence Section 25(a) of the Notes shall be deleted and
replaced in its entirety with the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Whenever notice is required to be given under this Note, unless
otherwise provided herein, such notice shall be given in accordance
with Section 9(f) of the Securities Purchase Agreement, provided
however that notices directed to the Company shall be sent to:
Novavax, Inc., 9920 Belward Campus Drive, Rockville, Maryland 20850,
Attn: Chief Financial Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Full Force and Effect</U>. Except as specifically set forth in this Amendment, the
Notes and all of the other Transaction Documents (as defined in the Purchase Agreement) shall
remain unchanged and in full force and effect. All references to the Notes in any other
Transaction Document shall include this Amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Prior Adjustments to Conversion Price</U>. For purposes of clarification, the parties
hereto acknowledge that the Conversion Price as amended hereby takes into account the issuance of
4,597,700 aggregate shares of Company common stock to Kleiner Perkins Caufield &#038; Byers and Prospect
Venture Partners pursuant to a securities purchase agreement dated February&nbsp;27, 2006 at a price per
share of $4.35; provided, however, that the foregoing shall not preclude any adjustment after the
date hereof if such adjustment is required under the Transaction Documents (as defined in the
Purchase Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Company Representations</U>. The Company hereby represents and warrants to the
Investor as follows, subject to the Company Disclosure Letter attached hereto:
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Subsidiaries</U>. The Company has no direct or indirect Subsidiaries other than those
listed on <U>Schedule&nbsp;4(a)</U> in the Company Disclosure Letter. Except as disclosed on
<U>Schedule&nbsp;4(a)</U> in the Company Disclosure Letter, the Company owns, directly or indirectly,
the capital stock or comparable equity interests of each Subsidiary free and clear of any Lien (as
defined in Section 4(f) below) and all the issued and outstanding shares of capital stock or
comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights. For purposes of this Amendment, &#147;<B>Subsidiary</B>&#148; means any
entity in which the Company, directly or indirectly, owns or holds any capital stock or equity or
similar interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Organization and Qualification</U>. Each of the Company and the Subsidiaries is a
corporation duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or organization (as applicable), with the requisite corporate
power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither the Company nor any Subsidiary is in violation of any of the
provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents. Each of the Company and the Subsidiaries is duly qualified to
do business and is in good standing as a foreign corporation or other entity in each jurisdiction
in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be,
could not, individually or in the aggregate, (i)&nbsp;adversely affect the legality, validity or
enforceability of any Note Document, (ii)&nbsp;reasonably be expected to have or result in a material
adverse effect on the results of operations, assets, properties, business or condition (financial
or otherwise) of the Company and the Subsidiaries, taken as a whole on a consolidated basis, or
(iii)&nbsp;adversely impair the Company&#146;s ability to perform its obligations under any of the Note
Documents (any of (i), (ii)&nbsp;or (iii), a &#147;<B>Material Adverse Effect</B>&#148;). For purposes of this Amendment,
&#147;<B>Note Documents</B>&#148; means, collectively, this Amendment, the Notes and Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Authorization; Enforcement</U>. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions under the Amendment and otherwise to
carry out its obligations hereunder and under the Purchase Agreement and the Notes. The execution
and delivery of the Amendment and the consummation by it of the transactions hereunder, including,
without limitation, and the reservation for issuance of the Conversion Shares issuable upon
conversion, redemption or other payment of the Notes, have been duly authorized by all necessary
action on the part of the Company and no further consent or action is required by the Company, its
Board of Directors or its stockholders. Each of the Note Documents has been (or, if executed after
the date hereof, upon delivery will be) duly executed by the Company and is, or when delivered in
accordance with the terms hereof, will constitute, the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Conflicts</U>. Except as disclosed on <U>Schedule&nbsp;4(d)</U> in the Company
Disclosure Letter, the execution, delivery and performance of the Note Documents by the Company and
the consummation by the Company of the transactions contemplated hereby
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and by the other Note Documents, including, without limitation, the issuance of the Notes and
the reservation for issuance of the Conversion Shares issuable upon conversion, redemption or other
payment thereof, did not, do not and will not (i)&nbsp;conflict with or violate any provision of the
Company&#146;s or any Subsidiary&#146;s certificate or articles of incorporation, bylaws or other
organizational or charter documents, (ii)&nbsp;conflict with, or constitute a default (or an event that
with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or
both) of, any agreement, credit facility, debt or other instrument (evidencing a debt of the
Company or a Subsidiary or otherwise) to which the Company or any Subsidiary is a party or by which
any property or asset of the Company or any Subsidiary is bound or affected, except to the extent
that such conflict, default or, amendment, acceleration or cancellation right could not reasonably
be expected to have a Material Adverse Effect, or (iii)&nbsp;result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or Governmental
Authority to which the Company or a Subsidiary is subject (including federal and state securities
laws and regulations and the rules and regulations of the NASDAQ Global Market (the &#147;<B>Principal
Market</B>&#148;) or any other self-regulatory organization to which the Company or its securities are
subject), or by which any property or asset of the Company or a Subsidiary is bound or affected,
except to the extent that such violations could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. &#147;<B>Governmental Authority</B>&#148; means any nation or
government, any state, province, city, municipal entity or other political subdivision thereof, and
any governmental, executive, legislative, judicial, administrative or regulatory agency,
department, authority, instrumentality, commission, board or similar body, whether federal, state,
provincial, territorial, local or foreign.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Consents</U>. Except as disclosed on <U>Schedule&nbsp;4(e)</U> in the Company Disclosure
Letter and except for the consent of the Holders of the Notes representing a majority of the
outstanding principal amount, the Company is not required to obtain any consent, authorization or
order of, or make any filing or registration with, any court, Governmental Authority or any
regulatory or self-regulatory agency or any other Person in order for it to execute or deliver the
Amendment or perform any of its obligations under the Note Documents, in each case in accordance
with the terms thereof. All consents, authorizations, orders, filings and registrations which the
Company is required to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date of this Amendment. For purposes of this Amendment, &#147;<B>Person</B>&#148; means an
individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization and a government or any department or agency thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Issuance of the Securities</U>. Except as disclosed on <U>Schedule&nbsp;4(f)</U> in the
Company Disclosure Letter, the Notes are duly authorized and duly and validly issued, fully paid
and nonassessable, free and clear of all liens, charges, claims, security interests, encumbrances,
rights of first refusal or other restrictions (&#147;<B>Liens</B>&#148;) and not subject to preemptive rights or
similar rights of stockholders. The Company has reserved from its duly authorized capital stock not
less than the maximum number of shares of Common Stock issuable upon conversion of the Notes
(without regard to any limitations on the conversion of the Notes set forth in the Notes).
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Dilutive Effect</U>. The Company understands and acknowledges that the number of
Conversion Shares issuable upon conversion or redemption of the Notes will increase in certain
circumstances. The Company further acknowledges that its obligation to issue Conversion Shares (as
defined in the Purchase Agreement) upon conversion or redemption of the Notes in accordance with
this Amendment and the Notes is absolute and unconditional regardless of the dilutive effect that
such issuance may have on the ownership interests of other stockholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Capitalization</U>. As of the date hereof, the authorized capital stock of the Company
consists of 102,000,000 shares, 100,000,000 shares of which are Common Stock, and 2,000,000 shares
of which are preferred stock, $.01 par value per share. As of March&nbsp;31, 2007, there were 62,253,805
issued and 61,905,043 outstanding shares of Common Stock. There are no shares of preferred stock
outstanding on the date hereof. All outstanding shares of capital stock are duly authorized,
validly issued, fully paid and nonassessable and have been issued in compliance with all applicable
securities laws. Except as disclosed on <U>Schedule&nbsp;4(h</U>) in the Company Disclosure Letter, (i)
no shares of the Company&#146;s capital stock are subject to preemptive rights or any other similar
rights or any Liens suffered or permitted by the Company, (ii)&nbsp;there are no outstanding options,
warrants, script rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional shares of Common Stock, or securities or rights convertible or
exchangeable into shares of Common Stock and (iii)&nbsp;there are no securities or instruments
containing anti-dilution, pre-emptive or similar provisions that will be triggered by the
Amendment. The Amendment will not obligate the Company to issue shares of Common Stock or other
securities to any Person (other than the Holders) and will not result in a right of any holder of
securities of the Company to adjust the exercise, conversion, exchange or reset price under such
securities. Except as disclosed on <U>Schedule&nbsp;4(h)</U> in the Company Disclosure Schedule or the
SEC Reports (as defined below), to the knowledge of the Company, no Person or group of related
Persons beneficially owns (as determined pursuant to Rule&nbsp;13d-3 under the Securities Exchange Act
of 1934, as amended (the &#147;<B>1934 Act</B>&#148;)), or has the right to acquire, by agreement with or by
obligation binding upon the Company, beneficial ownership of in excess of 5% of the outstanding
Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Listing of Common Stock</U>. The Common Stock is designated for quotation or listed
on the Nasdaq Global Market and has not been suspended by the SEC, as of the date hereof, or the
Nasdaq Global Market from trading on the Nasdaq Global Market and no suspension by the SEC or the
Nasdaq Global Market has been threatened, as of the date hereof, either (A)&nbsp;in writing by the SEC
or the Nasdaq Global Market or (B)&nbsp;by falling below the minimum listing maintenance requirements of
the Nasdaq Global Market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Governmental Approvals</U>. The Company has obtained all Governmental Approvals
necessary for the amendment of Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>SEC Reports; Financial Statements</U>. The Company has filed all forms, reports and
documents required to be filed with the U.S. Securities and Exchange Commission (the &#147;<B>SEC&#148;</B>) for the
three years preceding the date hereof on a timely basis, and has
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">made available to the Holders such forms, reports and documents in the form filed with the
SEC. All such required forms, reports and documents are referred to herein as the &#147;<B>SEC Reports</B>.&#148;
As of their respective dates, the SEC Reports (i)&nbsp;were prepared in compliance in all material
respects with the requirements of the Securities Act of 1933, as amended (the &#147;<B>Securities Act&#148;</B>), or
the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), as the case may be, and the
rules and regulations of the SEC thereunder applicable to such SEC Reports, and (ii)&nbsp;did not at the
time they were filed (or if amended or superseded by a filing prior to the date of this Amendment,
then on the date of such filing) contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The financial
statements of the Company included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the SEC with respect thereto as
in effect at the time of filing. Such financial statements have been prepared in accordance with
United States generally accepted accounting principles applied on a consistent basis during the
periods involved (&#147;<B>GAAP</B>&#148;), except as may be otherwise specified in such financial statements or the
notes thereto, and fairly present in all material respects the financial position of the Company
and its consolidated subsidiaries as of and for the dates thereof and the results of operations and
cash flows for the periods then ended, subject, in the case of unaudited statements, to normal,
immaterial, year-end audit adjustments. All material agreements to which the Company or any
Subsidiary is a party or to which the property or assets of the Company or any Subsidiary are
subject are included as part of or specifically identified in the SEC Reports to the extent
required by the rules and regulations of the SEC as in effect at the time of filing. None of the
Subsidiaries is required to file any forms, reports, or other documents with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Material Changes</U>. Since the date of the audited financial statements included in
the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006, except as disclosed
on <U>Schedule&nbsp;4(l)</U> in the Company Disclosure Letter (i)&nbsp;there has been no event, occurrence
or development that, individually or in the aggregate, that has had or could reasonably be expected
to result in a Material Adverse Effect that the Company should have disclosed in an SEC Report but
failed to do so, (ii)&nbsp;the Company has not incurred any liabilities (contingent or otherwise) other
than (A)&nbsp;trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice and (B)&nbsp;liabilities not required to be reflected in the Company&#146;s financial
statements pursuant to GAAP or required to be disclosed in filings made with the SEC, (iii)&nbsp;the
Company has not altered its method of accounting or the identity of its auditors, except as
disclosed in its SEC Reports, (iv)&nbsp;the Company has not declared or made any dividend or
distribution of cash or other property to its stockholders or purchased, redeemed or made any
agreements to purchase or redeem any shares of its capital stock, (v)&nbsp;the Company has not declared
or paid any dividends, (vi)&nbsp;the Company has not sold any assets, individually or in the aggregate,
in excess of $250,000 outside of the ordinary course of business and (vii)&nbsp;the Company has not
issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company stock-based plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<U>Indebtedness</U>. Except as disclosed on <U>Schedule&nbsp;4(m)</U> in the Company
Disclosure Letter neither the Company nor any of its Subsidiaries has any outstanding Indebtedness
(as defined below). <U>Schedule&nbsp;4(m)</U> in the Company Disclosure Letter provides a description
of the material terms of any such outstanding Indebtedness. Except as disclosed on
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Schedule&nbsp;4(m)</U> in the Company Disclosure Letter, no Indebtedness of the Company is
senior to or ranks <I>pari passu </I>with the Notes in right of payment, whether with respect of payment
of redemptions, interest, damages or upon liquidation or dissolution or otherwise. For purposes of
this Agreement: (i) &#147;<B>Indebtedness</B>&#148; of any Person means, without duplication (A)&nbsp;all indebtedness
for borrowed money, (B)&nbsp;all obligations issued, undertaken or assumed as the deferred purchase
price of property or services (other than trade payables entered into in the ordinary course of
business), (C)&nbsp;all reimbursement or payment obligations with respect to letters of credit, surety
bonds and other similar instruments, (D)&nbsp;all obligations evidenced by notes, bonds, debentures or
similar instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses, (E)&nbsp;all indebtedness created or arising under any conditional
sale or other title retention agreement, or incurred as financing, in either case with respect to
any property or assets acquired with the proceeds of such indebtedness (even though the rights and
remedies of the seller or bank under such agreement in the event of default are limited to
repossession or sale of such property), (F)&nbsp;all monetary obligations under any leasing or similar
arrangement which, in accordance with GAAP, is classified as a capital lease, (G)&nbsp;all indebtedness
referred to in clauses (A)&nbsp;through (F)&nbsp;above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in
any property or assets (including accounts and contract rights) owned by any Person, even though
the Person which owns such assets or property has not assumed or become liable for the payment of
such indebtedness, and (H)&nbsp;all Contingent Obligations in respect of indebtedness or obligations of
others of the kinds referred to in clauses (A)&nbsp;through (G)&nbsp;above; and (ii) <B>&#147;Contingent Obligation&#148;</B>
means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to any indebtedness, lease, dividend or other obligation of another Person if the
primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is
to provide assurance to the obligee of such liability that such liability will be paid or
discharged, or that any agreements relating thereto will be complied with, or that the holders of
such liability will be protected (in whole or in part) against loss with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<U>Absence of Litigation</U>. Except as disclosed on <U>Schedule&nbsp;4(n)</U> in the
Company Disclosure Letter, there is no action, suit, claim, proceeding, inquiry or investigation
before or by the Principal Market, any court, public board, Governmental Authority, self-regulatory
organization or body pending and of which the Company has received notice or, to the knowledge of
the Company, threatened against or affecting the Company or any of its Subsidiaries that could,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<U>Disclosure</U>. The Company confirms that neither it nor any other Person acting on
its behalf has provided the Investor or its agents or counsel with any information that constitutes
or could reasonably be expected to constitute material, nonpublic information. The Company
understands and confirms that the Investor will rely on the foregoing representations in effecting
transactions in securities of the Company. All disclosure provided to the Investor in this
Amendment and the Schedules hereto regarding the Company, its business and the transactions
contemplated hereby, furnished by or on behalf of the Company taken as a whole is true and correct
and do not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made herein, in light of the circumstances under which
they are made, not misleading. Each press release issued by the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company during the twelve (12)&nbsp;months preceding the date of this Amendment did not at the time
of release contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances under which they are made, not misleading. No event or circumstance has occurred
or information exists with respect to the Company or any of its Subsidiaries or its or their
business, properties, prospects, operations or financial conditions, which, under applicable law,
rule or regulation, requires public disclosure or announcement by the Company but which has not
been so publicly announced or disclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<U>Sarbanes-Oxley Act</U>. The Company is in compliance with any and all applicable
requirements of the Sarbanes-Oxley Act of 2002 and any and all applicable rules and regulations
promulgated by the SEC thereunder, except where such noncompliance would not have, individually or
in the aggregate, a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<U>Other Changes to the Terms of the Notes</U>. The terms of the Notes have not been
changed or amended, other than as specifically set forth in this Amendment, since the Issuance
Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Investor Representations</U>. The Investor hereby represents and warrants to the
Company as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Beneficial Ownership</U>. The Investor is the beneficial owner of Five Million
Dollars ($5,000,000) of outstanding principal of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Validity; Enforcement</U>. This Amendment has been duly and validly authorized,
executed and delivered on behalf of the Investor and constitutes the legal, valid and binding
obligations of Investor, enforceable against Investor in accordance with its terms, except as such
enforceability may be limited by general principles of equity or by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors&#146; rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Holding Period</U>. For the purposes of Rule&nbsp;144, the Company acknowledges that the
holding period of the Notes as amended by the terms of this Amendment (including the corresponding
Conversion Shares) may be tacked onto the holding period of the Notes prior to this Amendment, and,
therefore, the Notes and Conversion Shares are freely transferable in accordance with Rule 144(k)
and no legend is required on the Notes or Conversion Shares and the Company agrees not to take any
position in contravention of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Conditions to the Investor&#146;s Obligations Hereunder</U>. The obligations of the
Investor hereunder are subject to the satisfaction of each of the following conditions, provided
that these conditions are for the Investor&#146;s sole benefit and may be waived by the Investor at any
time in its sole discretion by providing the Company with prior written notice thereof: The
Company shall notify Investor when it believes that each of the conditions set forth in this
Section&nbsp;6 have been met or waived by the Investor and Investor shall acknowledge its agreement.

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall have executed this Amendment and delivered the same to the Investor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Investor shall have received the opinion of Ballard Spahr Andrews &#038; Ingersoll, LLP,
the Company&#146;s counsel, dated as of the date hereof, in form, scope and substance reasonably
satisfactory to the Investor and in substantially the form of <U>Exhibit&nbsp;A </U>attached hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders constituting a majority of the outstanding principal amount of the Notes and
the Company shall have executed an amendment agreement, dated as of the date hereof, in the form of
this Amendment and delivered a copy of such executed agreements to the Investor and other Holders
(collectively, the &#147;<B>Amendment Agreements</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Expenses</U>. The Company shall reimburse the Investor for its reasonable legal and
due diligence fees and expenses in connection with the preparation and negotiation of this
Amendment and the related documents by paying such amount to Schulte Roth &#038; Zabel LLP (the
&#147;<B>Investor Counsel Expense</B>&#148;). Except as otherwise set forth in this Amendment and the Note
Documents, each party to this Amendment shall bear its own expenses in connection with transactions
contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Disclosure of Transactions and Other Material Information</U>. On or before 8:30 a.m.,
New York time, on the first Business Day following the date of this Amendment, the Company shall
file a Current Report on Form 8-K describing the terms of the transactions contemplated by the this
Amendment in the form required by the 1934 Act and attaching the form of Amendment as exhibits to
such filing (including all attachments, the &#147;<B>8-K Filing</B>&#148;). From and after the filing of the 8-K
Filing with the SEC, no Holder shall be in possession of any material, nonpublic information
received from the Company, any of its Subsidiaries or any of its respective officers, directors,
employees or agents, that is not disclosed in the 8-K Filing. The Company shall not, and shall
cause each of its Subsidiaries and its and each of their respective officers, directors, employees
and agents, not to, provide the Investor with any material, nonpublic information regarding the
Company or any of its Subsidiaries from and after the filing of the 8-K Filing with the SEC without
the express written consent of the Investor. If the Investor has, or believes it has, received any
such material, nonpublic information regarding the Company or any of its Subsidiaries, it shall
provide the Company with written notice thereof. The Company shall, within five (5)&nbsp;Trading Days
of receipt of such notice, make public disclosure of any such material, nonpublic information. In
the event of a breach of the foregoing covenant by the Company, any of its Subsidiaries, or any of
its or their respective officers, directors, employees and agents, in addition to any other remedy
provided herein or in the Transaction Documents, the Investor shall have the right to make a public
disclosure, in the form of a press release, public advertisement or otherwise, of such material,
nonpublic information without the prior approval by the Company, its Subsidiaries, or any of its or
their respective officers, directors, employees or agents. The Investor shall not have any
liability to the Company, its Subsidiaries, or any of its or their respective officers, directors,
employees, stockholders or agents for any such disclosure. Subject to the foregoing, neither the
Company nor the Investor shall issue any press releases or any other public statements with respect
to the transactions contemplated hereby; <U>provided</U>, <U>however</U>, that the Company shall
be entitled, without the prior approval of the Investor, to make any press release or other public
disclosure

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with respect to such transactions (i)&nbsp;in substantial conformity with the 8-K Filing and
contemporaneously therewith or (ii)&nbsp;as is required by applicable law and regulations (provided that
in the case of clause (i)&nbsp;the Investor shall be consulted by the Company in connection with any
such press release or other public disclosure prior to its release).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of page intentionally blank.&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date first written
above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Novavax Inc.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Len Stigliano
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Len Stigliano</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interim Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>PORTSIDE GROWTH AND<BR>
OPPORTUNITY FUND</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jeffrey Smith
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey Smith</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>w36157exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="w36157w3615700.gif" alt="(NOVAVAX LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOVAVAX ANNOUNCES RESTRUCTURING OF EXISTING CONVERTIBLE DEBT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rockville, MD &#151; (June&nbsp;18, 2007) &#151; Novavax, Inc. (Nasdaq: NVAX) announced today that it has reached
agreement with 100% of the noteholders of its outstanding convertible notes to revise the
conversion price and eliminate the redemption right(s) of the noteholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are currently $22,000,000 of convertible notes outstanding, yielding a coupon rate of 4.75%
and maturing on July&nbsp;19, 2009. Under the original terms of the convertible notes when issued, the
noteholders had the right to require Novavax to redeem all or a portion of the notes if the weighted
average price of Novavax&#146;s common stock traded for less than the conversion price of $5.46 per
share for a period of 30 out of 40 trading days prior to either July&nbsp;19, 2007 or July&nbsp;19, 2008.
The Company, at its option, could pay up to 50% of the redemption amount in common stock, the
amount of which was based on 95% of the weighted average price of Novavax&#146;s common stock over a 20
day measurement period. In addition, the Company could have caused a mandatory conversion of the
notes if the weighted average price of the common stock exceeded $9.56 per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In an effort to maintain maximum financial flexibility at the company, Novavax has agreed with the
noteholders to the following changes in terms and conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The conversion price will be reduced to $4.00 per share, an approximate 26% premium to
the closing price of the stock as of June&nbsp;15, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The noteholders will no longer have any redemption rights for the
July 2007 and July 2008 redemption periods; all other provisions of
these rights remain the same.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The change in the conversion price will lower the weighted average stock price
necessary for the Company to cause a mandatory conversion of the outstanding notes in the
future from $9.56 to $7.00 per share.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;This
amendment to our outstanding convertible notes eliminates the contingency associated with the
potential redemption of these notes prior to maturity. This restructuring will allow the Company
to focus on the further development of its novel vaccines, while removing the potential liability
on its existing liquidity,&#148; stated Rahul Singhvi, President and Chief
Executive Officer of Novavax, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ABOUT NOVAVAX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Novavax Inc. is committed to leading the global fight against infectious disease by creating novel,
highly potent vaccines that are safer and more effective than current preventive options. Using
the company&#146;s proprietary virus-like particle (VLP)&nbsp;and Novasome<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> adjuvant technologies,
Novavax is developing vaccines to protect against H5N1 pandemic influenza, seasonal flu and other
viral diseases. Novavax&#146;s particulate vaccines closely match disease-causing viruses while lacking
the genetic material to cause disease, which provides potential for greater immune protection at
lower doses than current vaccines. With an exclusive portable manufacturing system that allows for
rapid mass-production of vaccines, Novavax is uniquely positioned to meet global public health
needs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FORWARD LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements herein relating to future financial or business performance, conditions or strategies
and other financial and business matters, including expectations regarding future revenues, product
safety or efficacy, patent protection, operating expenses, and clinical developments are
forward-looking statements within the meaning of the Private Securities Litigation Reform Act.
Novavax cautions that these forward-looking statements are subject to numerous assumptions, risks
and uncertainties, which change over time. Factors that may cause actual results to differ
materially from the results discussed in the forward-
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">looking statements or historical experience
include risks and uncertainties, including the failure by Novavax to secure and maintain
relationships with collaborators; risks relating to the early stage of
Novavax&#146;s product candidates under development; uncertainties relating to clinical trials; risks
relating to the commercialization, if any, of Novavax&#146;s proposed product candidates; dependence on
the efforts of third parties; dependence on intellectual property; competition for clinical
resources and patient enrollment from drug candidates in development by other companies with
greater resources and visibility; and risks that we may lack the financial resources and access to
capital to fund our operations. Further information on the factors and risks that could affect
Novavax&#146;s business, financial conditions and results of operations, is contained in Novavax&#146;s
filings with the U.S. Securities and Exchange Commission, which are available at
<U>www.sec.gov</U>. These forward-looking statements speak only as of the date of this press
release, and Novavax assumes no duty to update forward-looking statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contact:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tricia Richardson<BR>
240-268-2031
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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<SEQUENCE>6
<FILENAME>w36157w3615700.gif
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