<SEC-DOCUMENT>0001144204-14-003941.txt : 20140124
<SEC-HEADER>0001144204-14-003941.hdr.sgml : 20140124
<ACCEPTANCE-DATETIME>20140124160633
ACCESSION NUMBER:		0001144204-14-003941
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20140124
DATE AS OF CHANGE:		20140124
EFFECTIVENESS DATE:		20140124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NOVAVAX INC
		CENTRAL INDEX KEY:			0001000694
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				222816046
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-193549
		FILM NUMBER:		14546128

	BUSINESS ADDRESS:	
		STREET 1:		20 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
		BUSINESS PHONE:		240-268-2000

	MAIL ADDRESS:	
		STREET 1:		20 FIRSTFIELD ROAD
		CITY:			GAITHERSBURG
		STATE:			MD
		ZIP:			20878
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>v366172_s3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on January 24, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES ACT OF&nbsp;1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOVAVAX, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; padding-right: 0.05in; padding-left: 10pt; font-size: 10pt; text-align: center; text-indent: -10pt"><font style="font-size: 10pt"><b>Delaware</b></font><br>
<font style="font-size: 10pt">(State or other jurisdiction of</font><br>
<font style="font-size: 10pt">incorporation or organization)</font></td>
    <td style="width: 50%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: center"><font style="font-size: 10pt"><b>22-2816046</b></font><br>
<font style="font-size: 10pt">(I.R.S. Employer</font><br>
<font style="font-size: 10pt">Identification Number)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9920 Belward Campus Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rockville, Maryland 20850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(240) 268-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Barclay A. Phillips</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Vice President, Chief Financial
Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Novavax, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9920 Belward Campus Drive</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rockville, Maryland 20850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(240) 268-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address, including zip code, and
telephone number, including area code, of agent for service of process for registrant)</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paul M. Kinsella</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ropes &amp; Gray LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>800 Boylston Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, Massachusetts 02199</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 951-7000</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="width: 25%; color: black">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Approximate date of commencement of proposed
sale to the public:</B> From time to time after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other
than securities offered only in connection with the dividend or interest reinvestment plans, check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is filed to register additional
securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a registration statement
pursuant to General Instruction&nbsp;I.D. or a post-effective amendment thereto that shall become effective upon filing with the
Commission pursuant to Rule&nbsp;462(e) under the Securities Act, check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction&nbsp;I.D. filed to register additional securities or additional
classes of securities pursuant to Rule&nbsp;413(b) under the Securities Act, check the following box.&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo;
in Rule&nbsp;12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-left: 12pt; text-indent: -12pt">Large&nbsp;accelerated&nbsp;filer</td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-family: Wingdings">&#168;</FONT></td>
    <td>&nbsp;</td>
    <td>Accelerated&nbsp;filer</td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-family: Wingdings">&#120;</FONT></td></tr>
<tr>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>Non-accelerated filer</td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;(Do not check if a smaller reporting company)</td>
    <td>&nbsp;</td>
    <td>Smaller&nbsp;reporting&nbsp;company</td>
    <td>&nbsp;</td>
    <td><FONT STYLE="font-family: Wingdings">&#168;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-right: 0; padding-left: 0; text-indent: 0; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">Title
    of each class of securities to be<BR>
    registered</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">Amount
    to be registered(1)</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">Proposed&nbsp;maximum<BR>
    offering&nbsp;price&nbsp;per unit(1)</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">Proposed&nbsp;maximum<BR>
    aggregate&nbsp;offering&nbsp;price(1)</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">Amount
    of<BR> registration<BR> fee(2)</FONT></TD><TD NOWRAP STYLE="font-size: 10pt; font-weight: bold; border-top: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%; font-size: 10pt; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Common
    Stock, $0.01 par value(3)</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Preferred Stock,
    $0.01 par value(3)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Warrants</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Units</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; padding-left: 0; padding-right: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">--</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">An indeterminate amount of securities of
each identified class is being registered as may from time to time be offered hereunder at indeterminate prices, along with an
indeterminate number of securities that may be issued upon exercise, settlement, exchange or conversion of securities offered or
sold hereunder. Separate consideration may or may not be received for securities that are issued upon conversion, exercise or exchange
of other securities.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">In accordance with Rules&nbsp;456(b) and
457(r) under the Securities Act of 1933, as amended, the registrant is deferring payment of all registration fees and will pay
the registration fees subsequently in advance or on a &quot;pay-as-you-go&quot; basis.&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Also includes an indeterminate number of shares of common stock that may be issued upon conversion or exercise, as applicable,
of preferred stock or warrants registered hereunder and an indeterminate number of shares of preferred stock that may be issued
upon exercise of warrants registered hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="Description: Novavax-Logo-300" STYLE="height: 84px; width: 537px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95in; text-align: center">Common Stock Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Warrants<BR>
Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue and sell
from time to time our common stock, preferred stock, warrants and/or units consisting of two or more of any such securities on
terms to be determined at the time of sale. The preferred stock may be convertible into shares of our common stock, and the warrants
may be exercisable for shares of our common stock or shares of our preferred stock. We may offer these securities separately or
together in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide a prospectus
supplement each time we issue securities, specifying the terms of the securities being sold as well as the terms of that offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this
prospectus and any prospectus supplement, including any information incorporated herein and therein by reference, carefully before
you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities may
be sold directly by us, through dealers, agents or underwriters designated from time to time, or through any combination of these
methods. If dealers, agents or underwriters are involved in a particular sale, we will disclose their names and the nature of our
arrangements with them in the applicable prospectus supplement. The net proceeds we expect to receive from any sale also will be
included in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is
traded on the NASDAQ Global Select Market under the symbol &ldquo;NVAX.&rdquo; On January 23, 2014, the closing price of our
common stock as reported on the NASDAQ Global Select Market was $6.40 per share. None of the other securities offered under
this prospectus are publicly traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>Investing in these securities involves
a high degree of risk. See &ldquo;RISK FACTORS&rdquo; on page </I>1</B><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This prospectus
may not be used to offer or sell securities unless accompanied by a prospectus supplement for the securities being sold.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>The date of this Prospectus
is January 24, 2014.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="width: 92%; padding: 0; text-indent: 0">ABOUT THIS PROSPECTUS</td>
    <TD STYLE="width: 8%; padding: 0; text-indent: 0">1</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">PROSPECTUS SUMMARY</td>
    <TD STYLE="padding: 0; text-indent: 0">1</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">NOVAVAX</td>
    <TD STYLE="padding: 0; text-indent: 0">1</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">RISK FACTORS</td>
    <TD STYLE="padding: 0; text-indent: 0">1</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">USE OF PROCEEDS</td>
    <TD STYLE="padding: 0; text-indent: 0">2</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">PLAN OF DISTRIBUTION</td>
    <TD STYLE="padding: 0; text-indent: 0">2</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">DESCRIPTION OF OUR CAPITAL STOCK</td>
    <TD STYLE="padding: 0; text-indent: 0">3</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">DESCRIPTION OF WARRANTS</td>
    <TD STYLE="padding: 0; text-indent: 0">6</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">DESCRIPTION OF OUR UNITS</td>
    <TD STYLE="padding: 0; text-indent: 0">7</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">DIVIDEND POLICY</td>
    <TD STYLE="padding: 0; text-indent: 0">8</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">LEGAL MATTERS</td>
    <TD STYLE="padding: 0; text-indent: 0">8</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">EXPERTS</td>
    <TD STYLE="padding: 0; text-indent: 0">8</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">WHERE YOU CAN FIND MORE INFORMATION</td>
    <TD STYLE="padding: 0; text-indent: 0">8</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</td>
    <TD STYLE="padding: 0; text-indent: 0">8</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ABOUT THIS
PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This
prospectus is part of a &ldquo;shelf&rsquo; registration statement that we filed with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo; or &ldquo;Commission&rdquo;) on January 24, 2014. By using a shelf registration statement, we may,
from time to time, issue and sell an indeterminate amount of common stock, preferred stock, warrants and/or units consisting
of our common stock, preferred stock and warrants in one or more offerings. Each time we sell any of our securities, we will
provide a prospectus supplement that will contain more specific information about the offering and the terms of the
securities being sold. We may also add, update or change in the prospectus supplement any of the information contained in
this prospectus or the documents incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and
the prospectus supplements provide you with a general description of the Company and our securities; for further information about
our business and our securities, you should refer to the registration statement and the documents incorporated by reference, as
described under the heading &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only
on the information contained in this prospectus and in the applicable prospectus supplement (including in any documents incorporated
by reference herein or therein). We have not authorized anyone to provide you with any different information. We are offering to
sell our securities, and seeking offers to buy, only in jurisdictions where offers and sales are permitted. The information contained
in this prospectus or in any prospectus supplement is accurate only as of the date of such document, and the information contained
in any document incorporated herein or therein by reference is accurate only as of the date of such document incorporated by reference.
Our business, financial condition, liquidity, results of operations, and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
or unless the context requires otherwise, all references in this prospectus to &ldquo;the Company,&rdquo; &ldquo;Novavax,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PROSPECTUS
SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a
summary of selected information contained elsewhere or incorporated by reference in this prospectus. It does not contain all of
the information that you should consider before buying our securities. You should read this entire prospectus carefully, as well
as any applicable prospectus supplement, the documents incorporated by reference into this prospectus, or the applicable prospectus
supplement, and any free writing prospectus we have prepared, including the material referenced under the heading &ldquo;Risk Factors&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">NOVAVAX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Novavax is a clinical-stage
biopharmaceutical company focused on the discovery, development and commercialization of recombinant protein nanoparticle vaccines
and adjuvants. Our vaccine technology platform is based on proprietary recombinant nanoparticle vaccine technology that includes
virus-like particles vaccines and recombinant protein micelle vaccines. These vaccine candidates are genetically engineered three-dimensional
nanostructures that incorporate immunologically important recombinant proteins. Our vaccine product pipeline targets a variety
of infectious diseases with candidates currently in clinical development for seasonal influenza, pandemic influenza and respiratory
syncytial virus. We operate in one business segment: developing recombinant vaccines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through our Sweden-based
subsidiary, Novavax AB (formerly Isconova AB), we are also developing patented technology for the production of immune stimulating
saponin-based adjuvants that we expect to utilize in conjunction with our pandemic influenza vaccine candidates and potentially
with other vaccine candidates that may benefit from such an adjuvant. The Matrix&trade; technology utilizes selected Quillaja saponaria
fractions, which form separate matrix structures, to develop modern, multi-purpose immune-modulating adjuvant products for a broad
range of vaccine applications. We acquired the Matrix&trade; technology through our acquisition of Isconova AB in the third quarter
of 2013 because we believe this saponin-based adjuvant technology is a powerful complement to our recombinant vaccine programs.
Our lead adjuvant for human applications, Matrix-M&trade;, is in clinical trials with our partner Genocea Biosciences and is planned
for a clinical trial in combination with our H7N9 vaccine candidate in the first quarter of 2014 under our contract with the Department
of Health and Human Services, Biomedical Advanced Research and Development Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2009, we formed
a joint venture with Cadila Pharmaceuticals Limited (&ldquo;Cadila&rdquo;) named CPL Biologicals Private Limited (&ldquo;CPLB&rdquo;)
to develop and manufacture vaccines, biological therapeutics and diagnostics in India. CPLB is owned 20% by us and 80% by Cadila.
CPLB operates a state-of-the-art manufacturing facility for the production of influenza vaccine and other vaccine candidates. CPLB
is actively developing a number of vaccine candidates that were genetically engineered by Novavax. CPLB&rsquo;s rabies vaccine
candidate is expected to begin a Phase 1 clinical trial in India in the first half of 2014. We continue to account for our
investment in CPLB using the equity method. Since the carrying value of our initial investment was nominal and there is no guarantee
or commitment to provide future funding, we have not recorded nor do we expect to record losses related to this investment in the
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Novavax was incorporated
in 1987 under the laws of the State of Delaware. Our principal executive offices are located at 9920 Belward Campus Drive, Rockville,
Maryland, 20850. Our telephone number is (240) 268-2000 and our website address is www.novavax.com. The information contained in,
and that can be accessed through, our website is not incorporated into and does not form a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in our securities
involves a high degree of risk. For a discussion of the factors you should carefully consider before deciding to purchase any of
our securities, please review the cautionary information included in the documents incorporated by reference, including &ldquo;Part
I, Item 1A - Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on
March 12, 2013, and &ldquo;Part II, Item 1A - Risk Factors&rdquo; in our Quarterly Report on Form 10-Q for the quarter ended September
30, 2013, filed with the SEC on November 12, 2013. The risks and uncertainties described in those sections and in the other documents
incorporated by reference are not the only risks and uncertainties we face. Additional risks and uncertainties not presently known
to us or that we currently deem immaterial may also impair our business operations. If negative events occur, our business, financial
condition, results of operations, and prospects would suffer. In that event, the market price of our securities could decline,
and you may lose all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 4; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The use of proceeds
from the disposition of securities covered by this prospectus will be as set forth in the applicable prospectus supplements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PLAN OF
DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell the securities
being offered hereby from time to time in one or more of the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through one or more underwriters;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through dealers, who may act as agents or principal (including in a block trade in which a broker
or dealer so engaged will attempt to sell the shares as agent but may position and resell a portion of the block as principal to
facilitate the transaction);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">directly to one or more counter-parties;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through agents;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through registered direct offerings;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">as part of a collaboration with a third party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">as part of an acquisition or merger with a third party;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through at-the-market issuances;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in privately negotiated transactions; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in any combination of these methods of sale.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will set forth in
a prospectus supplement the terms of the offering, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the name or names of any agents, underwriters or dealers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms of the securities being offered, including the purchase price and the proceeds we will
receive from the sale;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any underwriting discounts and commissions or agency fees and other items constituting underwriters&rsquo;
or agents&rsquo; compensation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any options under which underwriters may purchase additional securities from us; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any discounts or concessions allowed or reallowed or paid to dealers.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The distribution of
the securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed,
at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters, dealers,
and agents that participate in the distribution of the securities may be underwriters as defined in the Securities Act, and any
discounts or commissions they receive from us and any profit on their resale of the securities may be treated as underwriting discounts
and commissions under the Securities Act. We will identify in the applicable prospectus supplement any underwriters, dealers and
agents and will describe their compensation. We may have agreements with underwriters, dealers and agents to indemnify them against
specified civil liabilities, including liabilities under the Securities Act. Underwriters, dealers, and agents may engage in transactions
with or perform services for us in the ordinary course of their businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Underwriters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If underwriters are
used in the sale, we will execute an underwriting agreement with those underwriters relating to the sale of the securities. Unless
otherwise set forth in the applicable prospectus supplement, the obligations of the underwriters to purchase these securities will
be subject to conditions, and the underwriters will be obligated to purchase all of the securities if any are purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities subject
to an underwriting agreement will be acquired by the underwriters for their own account and may be resold by them from time to
time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale. Underwriters may be deemed to have received compensation in the form of underwriting discounts or commissions
and may also receive commissions from the purchasers of these securities for whom they may act as agent. Underwriters may sell
these securities to or through dealers. These dealers may receive compensation in the form of discounts, concessions, or commissions
from the underwriters and/or commissions from the purchasers for whom they may act as agent. Any public offering price and any
discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may designate agents
who agree to solicit purchases for the period of their appointment or to sell securities on a continuing basis. Unless the prospectus
supplement provides otherwise, agents will act on a best efforts basis for the period of their appointment. Agents may receive
compensation in the form of commissions, discounts, or concessions from us. Agents may also receive compensation from the purchasers
of the securities. Each particular agent will receive compensation from us in amounts negotiated in connection with the sale, which
might be in excess of customary commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dealers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also sell securities
to dealers acting as principals. If we sell our securities to a dealer as a principal, then the dealer may resell those securities
to the public at varying prices to be determined by such dealer at the time of resale. The name of a dealer and the terms of the
transactions will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Direct Sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also sell securities
directly to one or more purchasers, in which case underwriters or agents would not be involved in the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Institutional Purchasers </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we may authorize
agents, underwriters, or dealers to solicit offers by certain types of purchasers to purchase securities from us at the public
offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery
on a specified date in the future. We will describe the conditions to these contracts and the commissions we must pay for solicitation
of these contracts in an applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may indemnify underwriters,
dealers, or agents who participate in the distribution of securities against certain liabilities, including liabilities under the
Securities Act, and agree to contribute to payments which these underwriters, dealers, or agents may be required to make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DESCRIPTION
OF OUR CAPITAL STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below is
a summary of the material terms of our capital stock. This summary is not complete. We encourage you to read our amended and restated
certificate of incorporation, as amended through June 13, 2013, and our amended and restated by-laws, both of which are included
as exhibits to the registration statement of which this prospectus is a part, as well as our registration rights agreement that
is currently in effect, which is also included as an exhibit to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized capital
stock consists of: (1) 300,000,000 shares of common stock, par value $0.01 per share, of which 208,673,064 shares were outstanding
as of January 23, 2014, and (2) 2,000,000 shares of preferred stock, par value $0.01 per share, none of which were outstanding
on January 23, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of common stock
are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting
rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our common
stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of funds legally
available therefor, subject to any preferential dividend rights of any outstanding preferred stock. Upon the liquidation, dissolution,
or winding up of the Company, the holders of our common stock are entitled to receive ratably the net assets of the Company available
after the payment of all debts and liabilities and subject to the prior rights of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as discussed
below in &ldquo;Registration Rights,&rdquo; holders of our common stock are not entitled to pre-emptive rights or any rights of
conversion. Outstanding shares of our common stock are, and the shares covered by this prospectus would be expected to be, when
issued, fully paid and nonassessable. The rights, preferences and privileges of holders of our common stock are subject to, and
may be adversely affected by, the rights of holders of shares of any series of preferred stock which we may designate and issue
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is
traded on the NASDAQ Global Select Market under the symbol &ldquo;NVAX.&rdquo; On January 23, 2014, the closing price of our
common stock as reported on the NASDAQ Global Select Market was $6.40 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registrar and transfer
agent for our common stock is Computershare Limited, 250 Royall Street, Canton, MA 02021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors
may, without further action by the stockholders, issue preferred stock in one or more series and fix the rights and preferences
thereof. Our amended and restated certificate of incorporation grants the board of directors authority to issue preferred stock
and to determine its rights and preferences without the need for further stockholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Examples of rights
and preferences the board of directors may fix include dividend rates, conversion rights, voting rights, pre-emptive rights, terms
of redemption (including sinking fund provisions), redemption prices, and liquidation preferences. The issuance of preferred stock,
while providing desirable flexibility in connection with possible financings, could have the effect of making it more difficult
for a third party to acquire, or of discouraging a third party from acquiring, a majority of our outstanding voting stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of any particular
series of preferred stock will be described in the prospectus supplement relating to the offering of shares of that particular
series of preferred stock and may include, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title and stated value;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of shares authorized;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the liquidation preference per share;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the purchase price;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the dividend rate, period and payment date, and method of calculation (including whether cumulative
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">non-cumulative), if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">terms and amount of any sinking fund, if applicable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provisions for redemption or repurchase, if applicable, and any restrictions on the ability of
the Company to exercise such redemption and repurchase rights;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">conversion rights and rates, if applicable, including the conversion price and how and when it
will be calculated and adjusted;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">voting rights, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">preemptive rights, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">restrictions on sale, transfer, and assignment, if any;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the relative ranking and preferences of the preferred stock; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other specific terms, rights or limitations of, or restrictions on, such preferred stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our common
stock issued in connection with the stock purchase agreement dated as of March 31, 2009, by and between the Company and Satellite
Overseas (Holdings) Limited (together with its affiliates and any assignees or transferees) are entitled to rights with respect
to the registration under the Securities Act of their shares of common stock. These registration rights are contained in our registration
rights agreement and are described below. The registration rights granted pursuant to the registration rights agreement will expire
when the holder is able to sell all of its shares pursuant to Rule 144 under the Securities Act in any 90 day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Piggyback Registration Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we register any
securities for public sale, the holders with piggyback registration rights under the registration rights agreement have the right
to include their shares in the registration, subject to specified exceptions. In accordance with the terms of the registration
rights agreement, we have received a waiver of these piggyback registration rights with respect to the registration for this offering.
We must pay all expenses, except for taxes and underwriting discounts and commissions, incurred in connection with the exercise
of piggyback registration rights. The underwriters in any underwritten offering have the right to limit the number of shares included
in a registration statement filed in response to the exercise of these registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Provisions of our Amended and Restated
Certificate of Incorporation, Amended and Restated By-laws, and Delaware Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain provisions
of our amended and restated certificate of incorporation and amended and restated by-laws may be deemed to have an anti-takeover
effect and may prevent, delay, or defer a tender offer or takeover attempt that a stockholder may deem in his, her, or its best
interest. The existence of these provisions also could limit the price that investors might be willing to pay for our securities.
Such provisions include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Staggered Board,
Removal of Directors, and Charter Amendments relating to the Board</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our amended and restated
certificate of incorporation and amended and restated by-laws provide for the division of our board of directors into three classes,
with no one class having more than one more director than any other class, serving staggered three year terms. Our amended and
restated certificate of incorporation provides that any amendments to the charter relating to the number, classes, election, term,
removal, vacancies, and related provisions with respect to the board of directors may only be made by the affirmative vote of the
holders of at least 75% of the shares of capital stock issued and outstanding and entitled to vote. These provisions may have the
effect of making it more difficult for a third party to acquire control of the Company, or of discouraging a third party from attempting
to acquire control of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Authorized but Unissued
Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The authorized but
unissued shares of our common stock and preferred stock are available for future issuance without stockholder approval, subject
to any limitations imposed by the NASDAQ Stock Market. These additional shares may be utilized for a variety of corporate purposes.
In particular, our board of directors could issue shares of preferred stock that could, depending on the terms of the series, impede
the completion of a takeover effort. Our board of directors may determine that the issuance of such shares of preferred stock is
in the best interest of the Company and our stockholders. Such issuance could discourage a potential acquiror from making an unsolicited
acquisition attempt through which such acquiror may be able to change the composition of the board, including a tender offer or
other transaction a majority of our stockholders might believe to be in their best interest or in which stockholders might receive
a substantial premium for their stock over the then-current market price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Advance Notice Requirements
for Stockholder Proposals and Director Nominations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our amended and restated
by-laws provide that a stockholder seeking to bring business before an annual meeting of stockholders, or to nominate candidates
for election as directors, must provide timely notice of such stockholder&rsquo;s intention in writing. To be timely, a stockholder
nominating individuals for election to the Board of Directors or proposing business must provide advanced notice to the Company
not less than 60 days nor more than 90 days prior to the anniversary date of the prior year&rsquo;s annual meeting of stockholders
or, in the case of any special meeting, not less than 60 days nor more than 90 days prior to the special meeting, unless, in the
case of annual meeting, such meeting occurs more than 30 days before or after such anniversary date, or, in the case of a special
meeting, such meeting occurs less than 100 days after notice or public disclosure of the date of the special meeting is given or
made, in which cases notice will be timely if received not later than the close of business on the tenth day after the day on which
notice or public announcement of the date of such meeting was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Limits on Ability
of Stockholders to Act by Written Consent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our amended and restated
certificate of incorporation provides that our stockholders may not act by written consent. In addition, our amended and restated
certificate of incorporation requires that special meetings of stockholders be called only by our board of directors, our chief
executive officer, or our president if there is no chief executive officer. Further, business transacted at any special meeting
of stockholders is limited to matters relating to the purpose or purposes stated in the notice of meeting. This limit on the ability
of our stockholders to act by written consent or to call a special meeting may lengthen the amount of time required to take stockholder
proposed actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Section 203 of the
General Corporation Law of the State of Delaware</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to Section&nbsp;203
of the Delaware General Corporation Law. This statute regulating corporate takeovers prohibits a Delaware corporation from engaging
in any business combination with an interested stockholder for three years following the date that the stockholder became an interested
stockholder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">prior to the date of the transaction, the board of directors of the corporation approved either
the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">upon completion of the transaction that resulted in the interested stockholder becoming an interested
stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction
commenced, excluding for purposes of determining the number of shares outstanding (1)&nbsp;shares owned by persons who are directors
and also officers, and (2)&nbsp;shares owned by employee stock plans in which employee participants do not have the right to determine
confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the business combination is approved by the board of directors and authorized at an annual or special
meeting of stockholders, and not by written consent, by the affirmative vote of at least 662/3% of the outstanding voting stock
that is not owned by the interested stockholder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, a business
combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder.
An interested stockholder is any person who, together with such person&rsquo;s affiliates and associates (1)&nbsp;owns 15% or more
of a corporation&rsquo;s voting securities or (2)&nbsp;is an affiliate or associate of a corporation and was the owner of 15% or
more of the corporation&rsquo;s voting securities at any time within the three year period immediately preceding a business combination
governed by Section&nbsp;203. We expect the existence of this provision to have an anti-takeover effect with respect to transactions
our board of directors does not approve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DESCRIPTION
OF WARRANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This description only
summarizes the terms of warrants that we may offer under this prospectus and related warrant agreements and certificates. You should
refer to the warrant agreement, including the form of warrant certificate representing the warrants, relating to the specific warrants
being offered for complete terms, which would be provided at the time of such offering. Such warrant agreement, together with the
warrant certificate, would be filed with the SEC in connection with the offering of the specific warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants
for the purchase of common or preferred stock. Warrants may be issued independently or together with common or preferred stock,
and may be attached to or separate from any offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may evidence a series
of warrants by warrant certificates that we issue under a separate warrant agreement. We may enter into a warrant agreement with
a warrant agent and, if so, we will indicate the name and address of the warrant agent in the applicable prospectus supplement
relating to the particular series of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The particular terms
of any series of warrants will be described in the prospectus supplement relating to the series. Those terms may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of such warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate number of such warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price or prices at which such warrants will be issued;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currencies (including composite currencies) in which the price of such warrants
may be payable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms of the securities issuable upon exercise of such warrants and the procedures and conditions
relating to the exercise of such warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the securities issuable upon exercise of such warrants may be acquired;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the dates on which the right to exercise such warrants will commence and expire;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions for adjustment of the number or amount of securities receivable upon exercise of
the warrants or the exercise price of the warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the minimum or maximum amount of such warrants that may be exercised at any one
time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the designation and terms of the securities with which such warrants are issued
and the number of such warrants issued with each such security or principal amount of such security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the date on and after which such warrants and the related securities will be separately
transferable;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">information with respect to book-entry procedures, if any; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other terms of such warrants, including terms, procedures and limitations relating to the exchange
or exercise of such warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of January 23,
2014, the Company has no outstanding warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each warrant will entitle
its holder to purchase the number of shares of common or preferred stock at the exercise price set forth in, or calculable as set
forth in, the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders of
the warrants may exercise the warrants at any time up to the expiration date set forth in the applicable prospectus supplement.
After the close of business on the expiration date, unexercised warrants will become void. We will specify the place or places
where, and the manner in which, warrants may be exercised in the applicable prospectus supplement. We will set forth on the reverse
side of the applicable certificate and in the applicable prospectus supplement the information that the holder of the warrant will
be required to deliver upon exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the exercise
of any warrants to purchase preferred stock or common stock, holders of the warrants will not have any of the rights of holders
of the preferred stock or common stock purchasable upon exercise, including the right to vote or to receive any payments of dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DESCRIPTION
OF OUR UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue units
comprised of two or more of the other securities described in this prospectus in any combination. Each unit will be issued so that
the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit will have the rights
and obligations of a holder of each included security. The units may be issued under unit agreements to be entered into between
us and a bank or trust company, as unit agent, as detailed in the prospectus supplement relating to units being offered. The prospectus
supplement will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the units and of the securities comprising the units, including whether
and under what circumstances the securities comprising the units may be held or transferred separately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a description of the terms of any unit agreement governing the units;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a description of the provisions for the payment, settlement, transfer, or exchange of the units;
and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the units will be issued in fully registered or global form.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DIVIDEND
POLICY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never paid
cash dividends on our common stock. We currently anticipate that we will retain any earnings for use in the development of our
business and do not anticipate paying any cash dividends in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the applicable
prospectus supplement indicates otherwise, our counsel Ropes &amp; Gray LLP, Boston Massachusetts, will pass upon the validity
of the securities offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audited financial
statements, schedule and management&rsquo;s assessment of the effectiveness of internal control over financial reporting incorporated
by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance
upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in
accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Isconova incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated
by reference in reliance upon the report of &Ouml;hrlings PricewaterhouseCoopers AB, independent registered public accountants,
upon the authority of said firm as experts in accounting and auditing in giving said report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed a registration
statement on Form S-3 with the SEC registering the offer and sale of our securities offered by this prospectus. This prospectus
does not include all of the information contained in the registration statement. You should refer to the registration statement,
its exhibits, and the information incorporated in this prospectus for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. You may read and copy any materials that we file with
the SEC at its Public Reference Room, 100&nbsp;F Street, N.E., Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330 for
further information on the operation of the Public Reference Room. Our SEC filings are also available to the public from the SEC&rsquo;s
website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC&rsquo;s rules
allow us to &ldquo;incorporate by reference&rdquo; information we have filed with the SEC, which means that we can disclose important
information by referring you to those documents. The information incorporated by reference is a part of this prospectus, and information
that we file later with the SEC will automatically update and supersede the information included and/or incorporated by reference
in this prospectus. We incorporate by reference into this prospectus the documents listed below and any future filings made by
us with the SEC under Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 (other than, in each case,
any document or portion of a document that is deemed not to be filed) after the initial filing of the registration statement that
contains this prospectus and prior to the time that we sell all of the securities offered by this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March
12, 2013;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013, filed with the SEC on
May 9, 2013, June 30, 2013, filed with the SEC on August 8, 2013 and September 30, 2013, filed with the SEC on November 12, 2013;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Current Reports on Form 8-K, filed with the SEC on January 30, 2013, April 29, 2013, June 4,
2013, June 17, 2013, June 17, 2013, June 28, 2013, July 5, 2013, July 8, 2013, August 2, 2013, August 22, 2013, September 24, 2013,
September 27, 2013 and October 30, 2013; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the description of our common stock contained in the Registration Statement on Form 10 filed with
the SEC on September 14, 1995, including any amendments or reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may obtain documents
incorporated by reference into this prospectus at no cost by requesting them in writing or telephoning us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Investor Relations<BR>
Novavax, Inc.<BR>
9920 Belward Campus Drive<BR>
Rockville, MD 20850<BR>
(240) 268-2000<BR>
ir@novavax.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These filings are also
made available, free of charge, on our website at www.novavax.com. The information contained in, and that can be accessed through,
our website is not incorporated into and does not form&nbsp;a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;14. Other Expenses of Issuance
and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth all fees and expenses payable by the registrant in connection with the issuance and distribution of the securities being
registered hereby (other than any underwriting discounts and commissions). All amounts are estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">SEC registration fee</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(1</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Printing and engraving fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Legal fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Accounting fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Transfer Agent and Registrar Fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Miscellaneous</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="LEFT" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
registrant is registering an indeterminate amount of securities under this Registration Statement and in reliance upon Rules&nbsp;456(b)
and 457(r) of the Exchange Act, the registrant is deferring payment of all of the registration fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#9;These fees are
calculated based on the number of issuances and the amount of securities offered and accordingly cannot be estimated at this time.
The applicable prospectus supplement will set forth the estimated aggregate amount of expenses payable in respect of any offering
of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;15. Indemnification of Directors
and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;102 of
the Delaware General Corporation Law permits a corporation to eliminate the personal liability of its directors or its stockholders
for monetary damages for a breach of fiduciary duty as a director, except where the director breached his or her duty of loyalty,
failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend
or approved a stock repurchase in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and
restated certificate of incorporation provides that no director shall be personally liable to us or our stockholders for monetary
damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to
the extent that the Delaware General Corporation Law prohibits the elimination or limitation of liability of directors for breaches
of fiduciary duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;145 of
the Delaware General Corporation Law provides that a corporation has the power to indemnify a director, officer, employee or agent
of the corporation and certain other persons serving at the request of the corporation in related capacities against expenses (including
attorneys&rsquo; fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection
with an action, suit or proceeding to which he or she is party or is threatened to be made a party by reason of such position,
if such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful,
except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect
to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only
to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but
in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnification for such expenses
which the Court of Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our amended and restated
certificate of incorporation provides that we will indemnify each person who was or is a party or threatened to be made a party
to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other
than an action by or in the right of us) by reason of the fact that he or she is or was, or has agreed to become, our director
or officer, or is or was serving, or has agreed to serve, at our request as a director, officer or trustee of, or in a similar
capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons being referred to as
an &ldquo;Indemnitee&rdquo;), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection
with such action, suit or proceeding and any appeal therefrom, if such Indemnitee acted in good faith and in a manner he or she
reasonably believed to be in, or not opposed to, our best interests, and, with respect to any criminal action or proceeding, he
or she had no reasonable cause to believe his or her conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 13; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our amended and restated
certificate of incorporation also provides that we will indemnify any Indemnitee who was or is a party to an action or suit by
or in the right of us to procure a judgment in our favor by reason of the fact that the Indemnitee is or was, or has agreed to
become, our director or officer, or is or was serving, or has agreed to serve, at our request as a director, officer or trustee
or, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of
any action alleged to have been taken or omitted in such capacity, against all expenses (including attorneys&rsquo; fees) and amounts
paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding, and any appeal therefrom,
if the Indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, our best interests,
except that no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been
adjudged to be liable to us, unless and only to the extent that the Court of Chancery of Delaware determines that, despite such
adjudication but in view of all of the circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding
the foregoing, to the extent that any Indemnitee has been successful, on the merits or otherwise, he or she will be indemnified
by us against all expenses (including attorneys&rsquo; fees) actually and reasonably incurred by him or her or on his or her behalf
in connection therewith. If we do not assume the defense, expenses must be advanced to an Indemnitee under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into
indemnification agreements with our directors and certain of our officers, in addition to the indemnification provided for in our
amended and restated certificate of incorporation and amended and restated by-laws, and intend to enter into indemnification agreements
with any new directors and executive officers in the future. We have purchased and intend to maintain insurance on behalf of any
person who is or was a director or officer against any loss arising from any claim asserted against him or her and incurred by
him or her in any such capacity, subject to certain exclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Also see &ldquo;Undertakings.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;16. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-right: 0.05in; padding-left: 0.05in; border-bottom: Black 1pt solid"><B>Exhibit No.</B> </TD>
    <TD STYLE="width: 4%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 86%; padding-right: 0.05in; padding-left: 0.05in; border-bottom: Black 1pt solid"><B>Description</B> &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">3.1</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation of the Registrant (Incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December&nbsp;31, 1996, filed March&nbsp;21, 1997), as amended by the Certificate of Amendment dated December&nbsp;18, 2000 (Incorporated by reference to Exhibit&nbsp;3.4 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2000, filed March&nbsp;29, 2001), as further amended by the Certificate of Amendment dated July&nbsp;8, 2004 (Incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 2004, filed August&nbsp;9, 2004), as further amended by the Certificate of Amendment dated May 13, 2009 (Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009, filed August 10, 2009), as further amended by the Certificate of Amendment dated June 13, 2013 (Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, filed August 8, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">3.2</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Amended and Restated By-Laws of the Company (Incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2012, filed March 12, 2013).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">4.1</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Registration Rights Agreement between Novavax, Inc. and Satellite Overseas (Holdings) Limited, dated March 31, 2009 (Incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009, filed May 11, 2009).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">4.2&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Specimen stock certificate for shares of common stock, par value $.01 per share (Incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Registration Statement on Form 10, File No. 0-26770, filed September 14, 1995)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">4.3 &dagger;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Certificate of Designation of Preferred Stock.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">4.4 &dagger;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Form of Warrant Agreement and Warrant Certificate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">4.5 &dagger;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Form of Unit Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">5.1*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Opinion of Ropes&nbsp;&amp; Gray&nbsp;LLP relating to prospectus.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">23.1*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Consent of Grant Thornton&nbsp;LLP, Independent Registered Public Accounting Firm.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">23.2*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Consent of Ropes&nbsp;&amp; Gray&nbsp;LLP (included in Exhibit&nbsp;5.1). </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right"> 23.3*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Consent of PricewaterhouseCoopers, Independent Registered Public Accounting Firm.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.05in; padding-left: 10pt; text-align: right; text-indent: -10pt">24.1*</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in">Powers of Attorney (included on the signature page to this Registration Statement).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<HR ALIGN="LEFT" NOSHADE SIZE="1" STYLE="color: Black; width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&dagger;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be filed if necessary, subsequent
to the effectiveness of this registration statement by an amendment to this registration statement or incorporated by reference
pursuant to a Current Report on Form&nbsp;8-K in connection with the offering of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;17. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &lsquo;&lsquo;Calculation of Registration Fee&rsquo;&rsquo; table in the effective registration
statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><I>provided, however</I>, that paragraphs
(1)(i), (1)(ii) and (1)(iii) of this section do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">If the registrant is relying on Rule 430B:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 31.5pt">(A)</TD><TD>Each prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(3) shall be deemed to be part of the registration statement
as of the date the filed prospectus was deemed part of and included in the registration statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 31.5pt">(B)</TD><TD>Each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7) as part of a registration statement
in reliance on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for the purpose
of providing the information required by Section&nbsp;10(a) of the Securities Act of 1933 shall be deemed to be part of and included
in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date
of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability
purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date
of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the
offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however,
</I>that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document
immediately prior to such effective date; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(5)&#9;That, for the purpose of determining liability
of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned
registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser (i) any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule&nbsp;424; (ii) any free writing prospectus relating to
the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii)
the portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and (iv) any other communication that is an
offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(6)&#9;That, for purposes of determining any liability
under the Securities Act of 1933 each filing of the registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d)
of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
to Section&nbsp;15(d) of the Securities Exchange Act of 1934, as amended) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(7)&#9;&nbsp;For the purpose of determining
any liability under the Securities Act of 1933:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&#9;the information omitted
from the form of prospectus filed as part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form
of prospectus filed by the registrant pursuant to Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed
to be part of this registration statement as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&#9;each post-effective amendment that contains
a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(8)&#9;Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act of 1933, and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, Novavax, Inc. certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Rockville, State of Maryland on the 24<SUP>th</SUP> day of January 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">NOVAVAX, INC.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">By:</td>
    <TD STYLE="width: 47%; padding: 0; text-indent: 0; border-bottom: Black 1pt solid">/s/Stanley C. Erck</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">Stanley C. Erck</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">President, Chief Executive Officer and Director</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.65pt 0pt 3.7in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.65pt 0pt 3.7in"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 77.65pt 0pt 3.7in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES
AND POWERS OF ATTORNEY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL MEN BY THESE
PRESENTS, that we, the undersigned officers and directors of Novavax,&nbsp;Inc., a Delaware corporation, hereby severally constitute
Stanley C. Erck, and Barclay A. Phillips, and each of them singly, our true and lawful attorney with full power to them, and each
of them singly, to sign for us and in our names in the capacities indicated below, the registration statement filed herewith and
any and all amendments or supplements thereto (including registration statements filed pursuant to Rule 462(b)), and generally
to do all such things in our names and in our capacities as officers and directors to enable Novavax,&nbsp;Inc. to comply with
the provisions of the Securities Act of 1933, as amended, and all requirements of the Securities and Exchange Commission, hereby
ratifying and confirming our signatures as they may be signed by our said attorneys, or any of them, to said registration statement
and any and all amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities
and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0; width: 25%"><font style="font: 10pt Times New Roman, Times, Serif"><b>NAME </b></font></td>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0; width: 45%"><font style="font: 10pt Times New Roman, Times, Serif"><b>TITLE </b></font></td>
    <TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0; width: 20%"><font style="font: 10pt Times New Roman, Times, Serif"><b>DATE </b></font></td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/Stanley C. Erck </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">President, Chief Executive Officer and </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Stanley C. Erck</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Director (Principal Executive Officer)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/Barclay A. Phillips </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Senior Vice President, Chief Financial Officer </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0">Barclay A. Phillips</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">and Treasurer (Principal Financial and Accounting Officer)</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/James F. Young, Ph.D. </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Chairman of the Board of Directors</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">January 24, 2014</td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font>James F. Young, Ph.D.</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/Richard H. Douglas </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Richard H. Douglas</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/Gary C. Evans </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Gary C. Evans</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/John O. Marsh, Jr. J.D. </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">John O. Marsh, Jr., J.D.</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/Michael A. McManus, Jr., J.D. </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Michael A. McManus, Jr., J.D.</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<TR>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<tr>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">/s/Rajiv Modi </font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">January 24, 2014</font></td></tr>
<tr>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font: 10pt Times New Roman, Times, Serif">Rajiv Modi</font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v366172_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><IMG SRC="image_004.jpg" ALT=""></td>
    <TD STYLE="vertical-align: top; width: 60%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">ROPES &amp; GRAY LLP<br>
PRUDENTIAL TOWER<br>
800 BOYLSTON STREET<br>
BOSTON, MA&nbsp;&nbsp;02199-3600<br>
WWW.ROPESGRAY.COM</td>
    <TD STYLE="vertical-align: top; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt"><font style="font-size: 10pt"><b>Exhibit 5.1</b></font></td></tr>
</table>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.15pt 0pt 0; text-align: center">January 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.15pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9920 Belward Campus Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rockville, Maryland 20850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re: Registration of Securities by Novavax, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15in 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Novavax, Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;) in connection with the registration statement on Form S-3 (the &ldquo;<U>Registration
Statement</U>&rdquo;) filed on the date hereof by the Company with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), relating to the registration under the
Securities Act and the proposed issuance and sale from time to time pursuant to Rule&nbsp;415 under the Securities Act of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i) shares of the Company&rsquo;s common
stock, $0.01 par value per share (the &ldquo;<U>Common Stock</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii) shares of preferred stock of the Company,
$0.01 par value per share (the &ldquo;<U>Preferred Stock</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii) warrants representing the right to
receive or the obligation to sell, upon exercise, a number of shares of Common Stock or Preferred Stock (the &ldquo;<U>Warrants</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Common Stock, the Preferred Stock and
the Warrants are referred to herein collectively as the &ldquo;<U>Securities</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with this opinion letter,
we have examined such certificates, documents and records and have made such investigation of fact and such examination of law
as we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting such investigation,
we have relied, without independent verification, upon certificates of officers of the Company, public officials and other appropriate
persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The opinions expressed below are limited
to the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based upon and subject to the foregoing
and the assumptions, qualifications and limitations set forth below, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&#9;When
(i) the issuance and sale of any shares of Common Stock have been duly authorized by all necessary corporate action of the Company
and (ii) such shares have been issued and delivered against payment of the purchase price therefor (in an amount in excess of the
par value thereof) in accordance with the applicable purchase, underwriting or other agreement, and as contemplated by the Registration
Statement, such shares of Common Stock will be validly issued, fully paid and nonassessable. </FONT>The Common Stock covered in
the opinion in this paragraph includes any shares of Common Stock that may be issued upon exercise, conversion or exchange pursuant
to the terms of any other Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 33%"><FONT STYLE="font-size: 10pt">Novavax,
                                         Inc.</FONT></TD><TD STYLE="text-align: center; width: 34%"><FONT STYLE="font-size: 10pt">-
                                         <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</FONT></TD><TD STYLE="text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&#9;When (i) the terms of any Preferred
Stock of a particular series and their issuance and sale have been duly authorized by <FONT STYLE="font-size: 10pt">all necessary
corporate action of the Company, (ii) </FONT>a certificate of designations with respect to such series of Preferred Stock has been
duly adopted by the Company and filed with the Secretary of State of the State of Delaware, and (iii)&nbsp;such shares of Preferred
Stock have been issued and delivered against payment of the purchase price therefor (in an amount in excess of the par value thereof)
in accordance with the applicable purchase, underwriting or other agreement, and as contemplated by the Registration Statement,
such shares of Preferred Stock will be validly issued, fully paid, and nonassessable. The Preferred Stock covered in the opinion
in this paragraph includes any shares of Preferred Stock that may be issued upon exercise, conversion or exchange pursuant to the
terms of any other Securities.<FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&#9;<FONT STYLE="font-size: 10pt"> </FONT>When
(i) the terms of any Warrants and their issuance and sale have been duly authorized by <FONT STYLE="font-size: 10pt">all necessary
corporate action of the Company </FONT>and (ii) such Warrants have been duly executed, countersigned and delivered in accordance
with the applicable warrant agreement and against payment of the purchase price therefor in accordance with the applicable purchase,
underwriting or other agreement, and as contemplated by the Registration Statement, <FONT STYLE="font-size: 10pt">such </FONT>Warrants
will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinions set forth above,
we have assumed that (i)&nbsp;the Registration Statement will have become effective under the Securities Act, a prospectus supplement
will have been prepared and filed with the Commission describing the Securities offered thereby and such Securities will have been
issued and sold in accordance with the terms of such prospectus supplement; (ii)&nbsp;a definitive purchase, underwriting, or similar
agreement, or warrant agreement, pursuant to which such Securities may be issued, will have been duly authorized, executed and
delivered by the Company and the other parties thereto, and the specific terms of such Securities have been duly established in
conformity with the applicable agreement and the certificate of incorporation and bylaws of the Company (if applicable); (iii)
at the time of the issuance of any Securities, the Company will be a validly existing corporation under the law of its jurisdiction
of incorporation; (iv)&nbsp;the number of shares of Common Stock issued pursuant to the Registration Statement, together with the
number of shares outstanding or reserved at the time of issuance, will not exceed the respective number of shares authorized by
the Company&rsquo;s certificate of incorporation in effect at the time of such issuance; and (v) all the foregoing actions to be
taken by the Company will have been taken so as not to violate any applicable law and so as to comply with any requirement or restriction
imposed by any court or governmental or regulatory body having jurisdiction over the Company or any of its property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><BR>
</P>

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 33%"><FONT STYLE="font-size: 10pt">Novavax,
                                         Inc.</FONT></TD><TD STYLE="text-align: center; width: 34%"><FONT STYLE="font-size: 10pt">-
                                         <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> -</FONT></TD><TD STYLE="text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion letter as an exhibit to the Registration Statement and to the use of our name therein and in the related prospectus under
the caption &ldquo;Validity of Securities.&rdquo; In giving such consent, we do not thereby admit that we are in the category of
persons whose consent is required under Sections&nbsp;7 of the Securities Act or the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25in">/s/Ropes &amp; Gray LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25in">Ropes&nbsp;&amp; Gray LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.25in">&nbsp;</P>



<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>v366172_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have issued our reports dated March
12, 2013 with respect to the financial statements, schedule and internal control over financial reporting included in the Annual
Report on Form 10-K for the year ended December 31, 2012 of Novavax, Inc., which are incorporated by reference in this Registration
Statement. We consent to the incorporation by reference in the Registration Statement of the aforementioned reports, and to the
use of our name as it appears under the caption &ldquo;Experts.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Grant Thornton LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">McLean, Virginia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">January 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>v366172_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the reference to our firm under the caption
&ldquo;Experts&rdquo; in this Registration Statement (Form S-3) and related Prospectus of Novavax, Inc. and to the incorporation
by reference therein of our report dated June 4, 2013 relating to the consolidated financial statements of Isconova AB for the
year ended December 31, 2012 which are incorporated by reference in this Registration Statement and related Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ &Ouml;hrlings PricewaterhouseCoopers AB</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 24, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!PD'!@H)"`D+"PH,#QD0#PX.
M#QX6%Q(9)"`F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$!`)C!&2T4^2CD_0#W_
MVP!#`0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P``1"`!4`AD#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#,_P"$W\1?
M]!:?\E_PH_X3?Q%_T%I_R7_"L*BO>]E#LCP/:S_F9NCQQXC!!_M:?CGD+_A7
ML7AG78O$6B0WL>!(1ME0?P..H_K]#7@%=3X`\2?V!K@BG?%E=D))GHC?PM_0
M^QKGQ.'4H7BM4=&&Q#C.TGHSVVBBBO)/7/.OB7K^J:/J=E'IU[);I)"S,$QR
M<^XKB_\`A-_$7_06G_)?\*Z/XN_\A?3O^N#?^A5Y_7L8>G%TDVCQ\34FJK29
M[%\--8O]8TR]DU&Y>X=)@JE\<#;[5VE>??"+_D$:A_U\#_T$5Z#7FXA)56D>
MCAVW2385S?B/QSI?ATF%V-S=C_EA$>1_O'H/Y^U9OQ!\9MH<(T_3W`OIERSC
M_EBOK_O'M^=>0,S.[,[%F8Y+$Y)/K6^'PO.N:>QAB<7R/EAN=;JGQ,UV_8BV
M>.RB/01+EO\`OH_TQ7/7.LZG>$FYU"[ESV:9B/RS5*K^EZ'J6M.5TZSEGP<%
ME&%'U8\5Z"A3IK1)'GNI4J/=LH$DG).2>YI\<TL)S%*\9]48C^5=;%\+O$$B
MY<6D9]&FR?T!JM>?#GQ%9QE_LB3J.OD2!C^7!I>VIO3F0_855KRLH6?BW7;!
M@8-4N<#^&1]X_)LUUVB_%B5'6/6K573H9H!@CZJ>OX5YW+%)!*T4R-'(IPR.
M""#[BFT3H4YK5!"O4@]&?1>G:G::M9K=6$Z3PM_$IZ'T(['VJW7S]X>\0WGA
MS45N;1R4)`EA)^61?0^_H:]UTK4[?6--@OK1MT4RY&>H/<'W!XKR\1AW2=^A
MZF'Q"JKS.#^(VI:YH>J03V.H316=RF`BXPKKU'3N,'\ZX[_A-_$7_06G_)?\
M*]9\;:+_`&YX9N847,\0\Z'UW+V_$9'XUX37;A.2<-4KHX\7STYW3=F='9^/
M->@O8)9]1FEB1PSQL!AESR.GI7N$,J7$$<L3;HY%#*1W!&17S97M'PUU;^T?
M"L<#MF6S;R3_`+O5?TX_"L\922BI11>"K-R<9,ZZBBBO./2"N`^)7BF[TA[.
MRTRY:"=P9963&=O0#GU.?RKOB0`23@#O7@'BC5CK?B.\O`<QL^V/_<7@?X_C
M77A*:G.[V1R8RJX0LMV3_P#";^(O^@M/^2_X5L^$M=\1Z]XCM;-M5N##GS)O
MN_<')[=^!^-<37K'PJT7[+I,VJ2KB2[;;'GLB_XG/Y"NW$*%.FW9'%AW.I42
MN['?444A(4$DX`Y)->.>P<OX_P#$C^']#VVLFR]N3LB(ZJ/XF_#I^->7_P#"
M;^(O^@M/^2_X4OC/7CX@\133HV;:+]U`/]D=_P`3S6#7L4*$8P7,M3QL1B)2
MF^5Z&[_PF_B+_H+3_DO^%;7A+QYJ2>(+>/5[YYK2<^4V_&$)Z-T]?YUQ<T,E
MO*T4R-'(O56&"*96LJ,)*UC*-:I&5[GTM17->!->_MWPY$TK9NK;]S-ZD@<-
M^(_7-=+7B3BX2<6>Y"2G%21R?Q#FU2RT-;_2;N6`V[_O@F/F0\9Y]#C\Z\R_
MX3?Q%_T%I_R7_"O<[RUBOK.:UG7=%,A1A[$8KYYU/3Y=*U.YL9_]9!(4)]1V
M/XC!KOP?+*+BUJCS\;SPDI1>C-/_`(3?Q%_T%KC\E_PKU_PCK!USPU:7;MNF
MV[)?]]>#^?7\:\#KT7X2ZMY=U>:7(W$@\^('U'##\L?E6F+HQ]G>*V,\)6E[
M2TGN>HT445Y1ZP5SOCG7'T'PU--`^RYE(BA(Z@GJ?P`-=%7D7Q4U?[9KL6GQ
MMF.S3+#_`&VY_08_.M\-3]I429AB:GLZ;:,/_A-_$7_06G_)?\*?!XP\37-Q
M'!#JEPTLK!$4!>23@=JY^NU^%^B_;_$#7\JYALER,]Y#P/R&3^5>I4C3A%R:
M1Y5*52<U%29ZU8PRV]C!%/,TTJ(`\C=7;')J>BBO$>I[BT*FJ:C#I.F7%]<'
M$<"%S[^@_$\5XI+XZ\12S/(-3F0,Q8(H7"Y[#BNG^*VO[Y8=%@?A<2W&/7^%
M?Z_E7G%>IA*"4.:2W/+Q==\_+%[&[_PF_B+_`*"T_P"2_P"%3V7C[7K:^@FG
MU"6>)'!>)@,.O<=*YYHI$CCD=&5),E&(X;!P<?C3*ZO94WT1R>UJ)[L^D+6Y
MBO+6*Y@8/%*@=&'<$9%35Y]\*M=^TZ?-I$[YDMOWD.>Z$\C\#_.O0:\6K3=.
M;BSVZ515(*2/.?'\GB+0KG[?I^I7']GRG!4`'R6].G0]ORKC/^$W\1?]!:?\
ME_PKW.ZM8;VUEMKF-9(95*NC="#7AOB[PO-X8U0Q?,]I+EH)3W']T^XKMPLX
M37))*YPXN$X/GBW83_A-_$7_`$%I_P`E_P`*]:\(>)H_$VCK,<+=182>,=F]
M1[&O"*U?#>OS^'-8CO(<M']V://WT[CZ]Q6]?#QG'W59F%#$RA+WG='T#15>
MQO8-1LH;NUD$D,RAD8=Q7+_$'Q7_`&%IOV.T?%_=*0".L:=V^O8?_6KRH4Y3
MERK<]:=2,(\SV.<\<^/;M=6^PZ)=-#';$B65,'>_<?0?SKF?^$W\1?\`06G_
M`"7_``K"J>QL;C4KV*TM(S)/*VU5'^>E>S&C3A&UCQI5JDY73W.J\/:QXK\1
MZK'9VVJW`7[TLF%Q&O<]/R%>PP1F&!(R[R%5`+N<LWN?>LGPMX;M_#.E+;18
M>=_FGEQR[?X#M6U7E5ZD9R]U61ZN'IRA'WG=A1116!N?--.C3S)40G&Y@N?3
M)IM26_\`Q\Q?[Z_SKZ%GSJW)]5TR?1]4GL;I<2PMC/9AV(]B.:J5ZU\3?#7V
M_35U:U3-Q:+B4`<O'_\`6Z_3->2UE0J^UA<UKTO93MT/9/ASXE_MG1_L5R^;
MRS`4D]73^%OZ'_Z]=E7SSH.LS:!K$%_!DF,X=/[Z'J*]_LKR'4+*&ZMG#PS(
M'1AW!KSL71Y)<RV9Z6$K>TA9[H\P^+O_`"%]._ZX-_Z%7G]>@?%W_D+Z=_UP
M;_T*O/Z[\-_"B>?BOXLCU7X1?\@C4/\`KX'_`*"*[RYN$M+66XE.(XD+L?8#
M)K@_A%_R"-0_Z^!_Z"*W_'MP;;P7J+*<%D$?_?3`']":\ZM'FKN/=GI4)<M!
M2[(\5U349=6U.XOISF2=RY]AV'X#`JK117L)65D>,VV[LZ'P7X9/B;6?*E++
M:0C?.R]2.RCW/^->WVMI!8VR6]K$D4,8PJ(,`"N-^%%FL/AF:YQ\]Q<-D^R@
M`?UKN*\C%U'*HUT1[&$I*%-/JPHHHKE.HYKQCX1M_$>GN\:*FH1KF&4#!;_9
M/J#^E>'LK([(X*LIP0>H-?2M>$^.K-;'QEJ$:#"NXE`_W@"?U)KT<#4;O!GG
M8ZFDE-'/UZ)\)M8:.\NM)D;Y)%\Z('LPX8?B,'\*\[K=\$7#6WC+3&4XW2^6
M?HP(_K777CS4VCCP\^2HF>\UX3XXT7^Q/%%Q&B[8)SY\7IANH_`YKW:N*^*&
MB_VAX?6^B7,UBVXXZF,\-^7!_`UYF$J<E2SZGIXNGST[K='CU=E\,-6^P>)C
M:.V(KU-G_`QRO]1^-<;4MM<R6=W#<PG$L+B13[@YKU:D.>#B>52GR34CZ1HJ
MMIU['J6G6]Y"?W<\:R#VR.E6:\%JVC/?3OJCG/'FK_V/X4NG1L33CR(_JW4_
M@,UX9TKNOBKJ_P!KUN'3HVS':)N<?[;?X#'YUPM>QA*?)3OW/&QE3GJ6[%G3
M;"75-2M[*#_63R!![9ZG\!S7T-96D5A906L"[8H4"*/8#%>9_"?1?.OKG5I5
M^6$>3$3_`'C]X_@./QKU.N3&U.:?*NAV8*GRPYGU"N/^)'B#^R-`-I`^+J]S
M&,=53^(_T_&NN9E1"SD*JC))Z`5X+XMUUO$/B">Z!/D*?+@'H@Z'\>OXU&%I
M<\[O9%XNK[.%ENS%K?\`!6A_V]XE@@=<V\/[Z;TVCM^)P*P*]E^&NA?V7X>%
MW*N+B^(D.>H3^$?U_&O0Q-3V=-OJ>=AJ7M*B3V1SGQ7T/R+Z#5X5^2<>5-CL
MP'RG\1Q^%>>U]!^(=(37="NK!\9D3Y&/\+CE3^=?/TD;PRO%*I61&*LI[$<$
M5G@ZG-#E?0TQM/EGS+J=)X!U[^P_$D8E;%K=8AEST&?NM^!_0FO<*^::]P\!
MZ_\`V]X=C,K9NK;]S-ZG`X;\1^N:RQM+:HC;`U=Z;.FKRWXL:+Y5W;:O$ORR
MCR9B/[P^Z?Q&1^%>I5E^(](77-!N[%L;I$S&3V<<J?SKDH5/9S4CKKT_:4W$
M^?:T-`U-M&UVSOE)Q#("^.ZGAA^1-4'1HW9)%*NI*L#V(ZBDKVFE)69X:;B[
MH^E$=9$5T(*L,@CN*=7+_#S5O[5\)VX=LS6O[A\]>/NG\L5U%>#.+A)Q?0^@
MA)3BI+J07MW'86,]U,<1PH9&^@&:^=[Z\DU"_GNYSF2>0R-^)KU;XIZO]CT"
M.PC;$EX_S8_N+R?UQ7D5>E@:=HN;ZGFXZI>2@N@5[KX'T7^Q/#%M$ZXGF'G3
M>NYNWX#`KRGP3HO]N>)[:%US!"?.F]-J]OQ.!7N]1CJFT$7@:>\V%5-5U&'2
M=+N+ZX.(X$+'W]!^)XJW7F'Q7U[?+!HT#<)B:?'K_"O]?RKCHT_:343LK5/9
MP<CS^_O9M2OY[RX.99W+M^/:DM+66^O(;6W7=+,X1![DU#7??"K0_M6IS:M,
MN8[8>7%GNY')_`?SKV*DU3@Y=CQJ4'5FEW-KQMX2BC\#VR6:9DTI=P('++_'
M_P#%?A7D]?2DD:RQM'(H9'!5E/0@U\_>(](;0M>NK%@=D;YC)[H>5/Y?RKEP
M57F3BSJQM+E:FAFA:M)H6M6U_%D^4WSJ/XE/##\J^@;>XCN[:*>!@\4JAT8=
MP1D5\W5ZQ\*]>^UZ7+I,S?O;7YHL]XR?Z'^8HQM*\>==`P-6TN1]3OJSM<T6
MUU_2Y;*[7Y7Y5QU1NS"M&BO-3:=T>FTFK,^=]9T>ZT+5);&\7#H?E8='7LP]
MC5&O=?&/A6+Q-I91=J7L.6@D/K_=/L:\.N+>:SN9+>XC:.:)BKHPY!%>SAZZ
MJQ\SQ<10=*7D=7X(\;'PVEQ:WBO+9LI>-5ZK)Z#V-<WJFIW&L:E-?7;;I96R
M?11V`]@*J45HJ<5)R2U9FZDI14&]$*JL[!4!9F.``,DGTKV?P'X/7P_8_:KQ
M`=1G7YO^F2_W1[^M8OPX\&F(1ZWJ4?SGFUB8?=']\^_I^=>D5P8O$7]R/S/0
MPF'Y??EN%%%%<!WA1110!\TU);_\?,/^^O\`.HZDM_\`CYA_WU_G7T+V/G5N
M?2!57C*L`RL,$'H17A7C3PZ?#FNR11J?LDV9(#[=U_#_``KW8=!6#XR\.KXC
MT*2!`/M47[R!C_>';Z'I7C8:M[.>NS/9Q-'VL--T>$5Z+\+?$ODS-HET_P`D
MA+VQ)Z-W7\>H_&O.W1HW9'4JZDAE/4$=13H9I+>>.:%RDL;!D8=01T->K5IJ
MI!Q9Y5*HZ4U)'>_%W_D+Z=_UP;_T*O/ZZCQIKT?B*'2+Q<"7R&29!_"X;G\#
MU'UKEZ6'BXTTF/$24JC:/5?A%_R"-0_Z^!_Z"*V?B/&9/!-Z1GY2C'_OL5C?
M"+_D$:A_U\#_`-!%=AX@T\ZIX?OK-1EIH65?][''ZXKS:KY<1?S1Z=*/-A[>
M1\]448()##!'!'I17KGC'L_PPD#^#(E'5)I%/YY_K77UY;\*-;2"YN=)F8+Y
MY\V')ZL!AA^6#^!KU*O%Q,7&J[GN8:2E25@HHHK`W"O$?B1(LGC:\VG.U(U/
MUVBO:+R[AL;.6ZN7"0Q*7=CV`KYZU;4'U75KJ^D&#/*7QZ#L/RQ7=@8OF<C@
MQ\ER*)4K7\)*7\7:4!U^TH?R.:R*Z[X9:>;SQ;'.5S':1M(3[D;1_,_E7H57
MRP;\CSZ*YJB1[14<\*7$$D,JAHY%*,I[@C!J2BO!/?/G?6]+?1=:NK"3.87(
M4G^)>JG\L51KTOXLZ+Q:ZQ$O3]Q-C\U/\Q^5>:5[E&I[2"D>%7I^SFXGK?PJ
MU;[5H4VGR-F2S?*@_P!QN1^N:[6\NH[&RFNICB.%"['V`S7BGP_U;^RO%EMO
M;$-U^X?\?NG\\5W7Q2U?[%X>2QC;$MZ^"/\`87D_K@5P5Z-Z]EU_IGH4*]J'
M,^AY1?WLFHZA<7DQ_>3R-(WMD]*@5&D=40%F8@`#N325UGPWT7^U?$R3R+F"
MR'FMZ%OX1^?/X5Z,Y*G!OL>;"+J32[GJOAK1UT+0+2Q`&]$S(1W<\M^M:M%-
MDD2*-I)&"H@+,QZ`#J:\)MR=V>\DHJR.-^)GB#^S-#%A`^+F]RIQU6/^(_CT
M_$UX[6OXHUQO$&OW%Z2?*SLA4]D'3\^OXUD5[6'I>S@EU/$Q%7VDV^AK^%M%
M;7_$%M98/E$[YB.R#K^?3\:]]551`J`!5&`!V%?.EEJ-YILC26-U-;.XVLT3
ME21Z<5<_X2G7?^@Q?_\`?]O\:RQ&'E5::>AKA\1"C&S6I]`UX[\3M#_L[7Q?
MQ+B"^&XXZ"0=?SX/YU@?\)3KO_08O_\`O^W^-5[W6=2U&(17U_<W$:G<%ED+
M`'UYJ:&&G2GS7*KXJ%6'+8I5TO@+7_["\1Q^:V+6ZQ#+Z#)^5OP/Z$US5%=<
MXJ<7%G'";A)21]+45S/@'7_[<\.1>:^;JU_<RYZG'W6_$?J#735X4XN$G%GO
MPDIQ4D>+_$K1?[+\2M<QKB"^'FC'0/\`Q#^1_&N1KV_X@Z+_`&QX7F,:YN+7
M]_'CJ<?>'XC/Y"O$*]?"U.>GKNCQ\73Y*FFS.X^%>K?8]?EL)&Q'>)\H_P!M
M>1^F:]>KYQL+R33M0M[R$_O()%D'X'I7NFM:_%8^$YM7A8$-`'A]V8?+^I%<
MN,I/VB:ZG7@ZJ]FT^AY1X_U?^U_%=QL;,-M^XC]./O'\\US5*268LQRQ.23W
M-7-&TR36=8M;"+.9Y`I/]U>Y_`9KT(I4X6Z(\Z3=2=^K/4OA=HOV#0&OY5Q-
M>ME<]1&.!^9R?RKMZCMX([6WC@A4+'$H15'8`8%25X=2;G)R9[M."A!113U;
M4H=(TNXOK@_NX$+$>I[#\3Q7S[?WLVI7\]Y<-F6=R['Z]J[_`.*VO;YH-&@;
MY4Q-/CU_A7^OXBO.*]+!TN6',]V>9C:O-/D6R%1&ED6.-2SN0JJ.Y/05]`>&
MM&30=!M;%<;T7,A'\3GEC^=>`PS26\R30.T<J'<KJ<%3ZBM+_A*==_Z#%_\`
M]_V_QK3$4954DGH9X:M&DVVM3Z!KSSXKZ)Y]C;ZO"OSP'RIL?W">#^!_G7`_
M\)3KO_08O_\`O^W^-1S^(M8NH'AN-4O)8G&&1YB0P]Q6%+"3IS4DS>KBX5(.
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M?VK:KI=^_P#IL"_NW/\`RU0?U'\N?6NZKYMMKF:SN8[BVD:.:)@R.O4$5[GX
M0\40^)M*$ORI=Q86>(=CZCV->9B\/R/GCL>IA,1SKDEN;]%%%<1VA1110!\T
MU);_`/'S#_OK_.HZDM_^/F'_`'U_G7T+V/G5N?2(Z"EI!T%+7SQ]$>3?$_PU
M]AOUU>U3$%RVV8`?=D]?Q_F/>N"KZ+U33H-7TV>RNEW13*5/MZ$>X/-?/^K:
M9/HVJ3V-T,20MC/9AV(]B.:];!UN>/*]T>3C*/)+G6S*E%%%=9Q'JOPB_P"0
M1J'_`%\#_P!!%>@UY]\(O^01J'_7P/\`T$5Z#7BXG^+(]S#?PHGC/Q$\-/H^
MLO?0)_H5XQ8$#A'/5?QZC_ZU<?7T;?V%MJ=E+:7D2RP2C#*?\]:\C\3?#G4-
M(D>?3E>]LNORC,B#W'?ZBNW#8E27+/<X<3A6GSPV.0BED@E26)V21"&5E."I
M'<5Z3H/Q6584AURW<NHQ]HA&=WU7_#\J\T((8@@@C@@]J*Z:E*%16DCFIUIT
MG>+/<HOB!X;E3=_::)[.C`_RJM>_$SP]:H3%<2W+]EBC//XG`KQ:BN=8&G?=
MG0\=4MLCIO%7CB]\3'R`OV:Q4Y$*G)8]BQ[_`$Z5S-%6M/TR\U6X$%A;2W$A
M[(N0/J>@_&NJ,8TXV6B.64I5)7>K*H!9@%!))P`!R37MW@+PVWA[0\W*[;RZ
M(DE'=1V7\/YDUG^#OAY%HLB7^J%)[T<H@Y2$^ONWOVKN*\[%8A3]R.QZ6$PS
MA[\MPHHHKA.XHZUID>LZ/=6$OW9HRH/]T]C^!Q7SU/!);7$D$RE98F*.I[$'
M!KZ3KQ[XH:+]@U];^)<0WJY;':0<'\Q@_G7=@JEI.#ZG!CJ=XJ:Z'%JS(P9"
M0RG(([&MGQ3XAD\2:C%<N"JQP)&%/KC+'\3G]*Q:*])Q3:9YJDTG$*]L^'FB
M_P!D>&(GD7%Q=GSWSU`/W1^7\S7E7A71CKOB.TLR,Q%M\OLB\G\^GXU[\`%`
M"@`#@`=JX<=4T4$=^!IZN;%KA_B?K_\`9^CKIL#XGO?OXZK&.OYGC\Z[6:9+
M>!YI6"1QJ69CT`')-?/_`(CUJ37]=N;Y\A';;$I_A0?=']?J:PPE+GG=[(WQ
M=7DA9;LS*N:1I5SK>I16-FH,TF<;C@``9)/M5.O4_A3H7D6,VKS+\]Q^[ASV
M0'D_B?Y5Z->I[.#D>;0I>UFHF!_PJK7?^>ME_P!_&_\`B:/^%5:[_P`];+_O
MXW_Q->Q45YWUVJ>E]2I'CO\`PJK7?^>ME_W\;_XFC_A56N_\];+_`+^-_P#$
MU[%11]=JA]2I'S_X@\-WWAJYBAOQ&3*NY&C)*GG!'3K_`(UDU[;\0M#_`+9\
M-2O$N;BT_?1XZD#[P_$?R%>)5WX>M[6%WN>?B:/LIV6QTG@37O["\21&5L6M
MS^YFST&3PWX']":]RKYIKV[P!K_]N>'(Q,^ZZM?W4N>I_NM^(_4&N;&TMJB.
MK`U=Z;.G(!!!&0>U>!^+=&.A>)+JT5<0EO,A_P!QN1^7(_"O?:X+XJZ+]JTB
M'4XES):';)CO&Q_H<?F:PPE3DJ6?4VQE/GIW70\FK;O?$<MWX2L-&.[%M*S,
MW9E_@'X9;]*Q**]9Q3M?H>2I.-[=0KTGX3:+E[K6)5Z?N(<_FQ_D/SKSF*)[
MB9(8E+22,$51W).!7T'H6EIHNBVMA'C]R@#$?Q-U)_$YKEQE3EARKJ=>"I\T
M^9]#0JGJVI0Z/I5S?7!_=P(6QZGL/Q.!5RO+_BMKWF30Z-`_RIB6?'K_``K_
M`%_$5YU&G[2:B>C6J>S@Y'`7U[-J-]/>7+;IIW+L?<U!173>`-#_`+:\31&1
M<VUI^^DST)!^4?B?Y&O:E)0C?HCQ(Q=227<MP_"[79H4DW6B;U#;6D.1GL>.
MM/\`^%5:[_SULO\`OXW_`,37L5%>7]=JGJ_4J1X[_P`*JUW_`)ZV7_?QO_B:
M/^%5:[_SULO^_C?_`!->Q44?7:H?4J1X1X@\%ZIX;M([F]\EXG?9NB8G:<9&
M<@>E8%?0NOZ2FN:'=6$F,RI\A/\`"PY4_GBOGV6)X)GBE4K)&Q5E/8@X(KMP
MU=U8OFW1PXJ@J4ER[,T/#>LOH.O6U\F=B-MD4?Q(>"/Z_A6QXZ\7MXCOOL]J
MQ&G0-\@Z>8W]X_TKE**V=.+FIO<Q562@X+8*Z/P3X7;Q)JX$JD6-N0T[?WO1
M![G^58NG:?<:KJ$-E:)OFF;:H[#U)]AUKWKP_HEOX?TB*QMAG;R[]W8]2:QQ
M5?V<;+=F^%H>TE=[(T%B18A$J*(PNT*!P!Z8KQ?QYX4/A[4_M%JG_$ON6)CQ
M_P`LV[I_A_\`6KVNJ6K:7;:UIDUC=INBE7&>ZGL1[BO.H5G2E?H>C7HJK&W4
M^=JT="UNY\/ZK%?6AY7AT/21>ZFFZWH]SH.JS6-V/GC.58='7LP^M4*]G2<?
M)GB^]"79H^B=(U6VUK3(;ZS?=%(.G=3W!]Q5VO#O!7BM_#6I[9BS6$Y`F3^Z
M>SCW'ZBO;HI4GB26)P\;@,K*<@@]#7C5Z+I2MT/:P]=58WZCZ***P-SF_P#A
M7WAK_H&+_P!_'_QI5^'_`(;5@RZ:H(.1^\?_`!KHZ*T]K4_F?WF?LJ?\J^X*
M***S-`K(U7PMI&MW*SZC9)-*J[`^YE./3@UKT4U)Q=TQ.*DK-'-_\*^\-?\`
M0,7_`+^/_C1_PK[PU_T#%_[^/_C7245?MJG\S^\CV5/^5?<9^DZ'I^A0R1:;
M;B!)&W,`Q.3C'<UH445#;;NRTDE9!1112&9>I^&])UC)O["&5S_'MVM_WT.:
MYVY^%.AS$F&2[@SV60,/U%=M16D:LX[,SE2A+XD>>-\(;,GY-4N!]8U-/C^$
M6G`_O=0NV'HH4?T->@45?UFK_,1]5I?RG*67PV\/6C!FMI+AA_SWD)'Y#`KI
M;6TM[*$16L$<,8Z+&H4?I4U%9RJ2E\3N:1IQA\*L%%%%06%%%%`!5'5=&L=;
MMEM]1MUGB5MX!)&#ZY'UJ]133:=T)I-69S?_``K[PU_T#%_[^/\`XT?\*^\-
M?]`Q?^_C_P"-=)15^VJ?S/[R/94_Y5]QE:3X9TG0YI)M-LUADD7:S!F)(ZXY
M-:M%%0Y.3NRU%15DBO?64&I64MI=IO@E&UUR1D>F16'_`,*^\-?]`Q?^_C_X
MUTE%.,Y1TB["E",M9*YS?_"O?#7_`$#%_P"_C_XUOVMM#96L5M;1B.&)0B(.
M@`J6BB4Y2^)W",(Q^%6"BBBI*"BBB@!",C!KG6^'_AMF+'3$R3GB1Q_6NCHJ
MHSE'X78F4(R^)7.;_P"%?>&O^@8O_?Q_\:OZ3X:TO0YI)=-M?(>1=KX=CD?0
MFM6BFZDVK-L2IP3ND@J*ZMHKRUEM[A!)#*I1T/0@]:EHJ"SF_P#A7OAK_H&+
M_P!_'_QH_P"%?>&O^@8O_?Q_\:Z2BM/;5/YG]YG[*G_*ON,&S\$Z#87D5U;:
M>B31-N1M['!]<$UO445,I2E\3N5&,8_"K!6!=^"-!OKN6YN;`232L6=S(^2?
MSK?HHC*4?A=@E&,OB5SF_P#A7WAK_H&+_P!_'_QK3TC0=.T*.1--ME@64@O@
MDY(Z=36C13=2<E9L2IPB[I!1114%A1110`5@WO@G0=0O);JZT]7FE.YV#L,G
MUX-;U%5&4HZQ=B91C+22N<S_`,*Z\-?]`[_R,_\`C0/AWX:!S_9H_&5_\:Z:
MBJ]M4_F?WD^QI_RK[C)TKPMI&B7#3Z=9)#*R[2^XL<>G)XK6HHJ')R=VRU%1
M5D@HHHI#.8\<>%5\2:5N@4"_MP6A;^]ZH?K_`#KQ%T:-V1U*NI(92,$$=J^E
M:\R^)GA+:6URQCX/_'TBC\G_`,?S]:[\'7L_9R^1P8RAS+VD=SS:O0?AQXQ^
MQRIHVHR?Z/(<6TC'[C'^$^Q[>]>?45WU*:J1Y6>?2J.G+F1]+45Q/P]\8?VS
M:C3;^3_3H%^5B>9D'?ZCO^?K7;5XE2#IRY9'N4ZBJ1YHA1114%A1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!39(TEC:.10R."K*1D$'M110!X3KNB
MVUAKU[;6YD6**4J@)!P/3I5#[!'_`'G_`#'^%%%>[!OE1X,TN9DMM$UC<QW-
GM-+'-$V]'4C((_"O0_\`A-]3_N6W_?!_QHHKGQ*3M<Z<,VKV/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!K`(T#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#W^BBB@`HH
MHH`****`"BBB@`HHHH`:9$!P74'W-)YL?]]?SKS#Q)?/'XAO$"`@/Z^PK*_M
M*3_GF/SKQ:F;.$W'DV??_@'KT\I<XJ7-OY?\$]D$B$X#J3]:?7D.G:I(NIVK
M>6#B9#C/N*]/TV^>^C=G0)M..*Z\'CEB+IJS.;%X*6'L[W1?HHHKO.$****`
M"BBB@`HHHH`****`"BBB@`HHHH`\5\77,B>*]04$8$GI["L7[7+ZC\JO^,[A
M$\7ZDI!R)?3V%88N4+`<Y)Q7QU>+]K+U?YGW&&2]C#T7Y&E:WDRWD#`C(D7M
M[UWVCZW>QQ2!63DC^&O.;;_CZA_WQ_.NUTO[DGU%<DZU2EK3DUZ&&-IQE'5'
M46^NWLES%&S)M9P#\OJ:ZJN#L_\`C]@_ZZ+_`#KO*]_(Z]6K";J2;VW/F\;"
M,&N56"BBBO=.(****`"BBB@`HHHH`***P=>\8:+X:N(H=4N7BDE7>@6)FR,X
M["E*2BKLN%.51\L%=F]17%_\+5\(_P#/_+_X#R?X4?\`"U?"/_00E_\``>3_
M``K/VU/^9&WU+$_\^W]S/)?'M[+'XYU95"X$W<?[(KGDU&8.IPG4=C7<:[X,
MUSQ9K=UKND6J3:?>OYD$C2JA9<`="<CD&L\?"KQ:&!_L^+K_`,_"?XUX]3#R
ME)M1W/JZ&)P\*<8RFDTEU1C0ZK<+-&P6/A@>A_QKH['Q)>QHP5(.3W4_XTB?
M##Q6LBDV,>`0?^/A/\:TX/AYXD13NLH_^_Z?XUR3P4G]C\#6IB<'):SC]Z&6
M_BJ_6YB8);Y#@_</K]:]*\+Z]=ZR]R+E(E$04KY8(ZY]3[5Y_'X`\1+*C&S3
M`.?]<G^-=YX2T:^TI[HWD03S`NW#`YQGT^M>KE=#V,))QM<\C,I865)NFTWY
M/S.HHHHKTSYT****`"BBB@`HHI*`%KD/%_@&U\7WEO<3WLUN8(R@$:@YR<]Z
MZ^BIE!35I&E*K.E+G@[,\M_X4GIW_07N_P#OVM'_``I/3O\`H+W?_?M:]1S2
MUE]6I=CJ_M/%_P`_Y&?H>DIH>BVNF1RM*ENFP.PP3SG^M:%)GFEK9))61Q2D
MY-R>["BBBF(****`"BBB@#+\1#66T&Z'AYK9=5(`@:ZSY8.X9SC_`&<X]\5\
MA^.M:\62>(K[3/$>LS7,]M*4DBCE(@!_V5&!^E?:%?&'Q3_Y*AXA_P"OL_R%
M`'>ZGX8^*_B#P7ID\5Y$VEQV$)@L;*X,;O&$7:6'&YL8."3ST%<7\/OB'JO@
MCQ'$\T\\NFR.([NUD8D;<\L`>C#_`.M7U3X+_P"1#\/?]@RV_P#12U\C_$F.
MWC^)7B%+7;Y7VV0_+T#$_,/^^LT`>W_%&3XD6=GJ.MZ7KUE;^'8D5XTMCMGV
M'`R3L]3V;I7$?`W7-7U/XE[;_5+V[5K29B)[AG!/'/)KU#QG%/!^SW+#=*RW
M$>E6R2JW4./+!!_'-?/_`,-_$J>$M=OM88IYL6G3+;JW1Y3@(/?G]`:`/2/C
MQ\0[A-2B\,:->20_9B);R:"0J2^/ECR/0')]R/2NB_9XO[S4/#.KO>7<]RZW
M@"M-(7(&P<#->.^,O!U_H'A?2=:UOS?[8UFYGFF64_,B_*1N']XEB3]0."#7
MH/P3\3Z7X2^'FO:IJUPL4*7H"+_%*_E@A%'<G'^/%`'$:MJ6MQ?'._?2KFX^
MWG67AB"N?F'F8"'U7'&.F*[CXN?&+4;;5[CPYX:N3;);,8[J\3[[..J(?X0.
MA/7/3&.>D^%7@Q[K5+WXAZS:K'?ZI+)<65L>?(CD).[GN0<#V^O'S/?M.^H7
M+7087#2L9=W7=DYS[YS0!Z/=>!KN/X33>.M8U&]DU*:2)K5&F)Q&S@;F)Y).
M<C!X&/7CHO@5X]UR?Q1'X;OKN:]L9XG:/SF+M`RC=PQYVD`C'J1TYS[#X>L-
M&\4?#+1K.YMX;S39;"!3&W(RJ@8XZ$$8]B*L>&_`/ACPC/+/HFE1VT\HVM*7
M>1]OH"Q)`]A0!TM%%%`!1110`4444`%?&'Q3_P"2H>(?^OL_R%?9DTT5O"\T
M\B11(,L[L%51ZDGI7Q=\2;JWO?B/KUS:SQSP273%)8G#*PP.A'!H`]6M_BUX
MDM/!FFZ5HG@K4C=1V,4$=W)"[H<(%WJH7YL]1SCZUD_#3X0ZSJWB1==\6V<]
MO:12>?Y5R,27,N<_,IY"YY.>O3UKVOX?ZOINH>"M$@L[^UN)8-/MTECBF5VC
M81J"&`.00>.:ZF@#C?BK;S77PPUV"WADFF>%0J1J69OG7H!7S[\*?`.J:MX]
ML)-0TNYAL+)A<S-<P,BMM^ZO(YRV./3-?6E%`'B'[16FWVHV/A\6-E<7)22<
MN((F?;D)UP*XSX3_``PU#Q%JJW&OVMS!HEA+YOV:=&3[1*0.`I[8`R?0`=^/
MJ*B@!%4*H50`!P`.U?.OQ=^$&I'6;GQ#X<M&N[>Z8R7-I$,R1R'JRK_$"><#
MD$GC'3Z+HH`^2_!/Q!\:^!;671[/2&NH6D+K;75M*6C8]=N"",]QZ^F37IW@
MJ\^*7B?QCI^JZ];OINA0%V>UV^0'RC`#8<NW)!^;CCUKV:B@`HHHH`****`"
MBBB@"&ZM;>^MI+:[MXKBWE&UXI4#JP]"#P:QO^$&\(_]"MHG_@OB_P#B:WZ*
M`,S3O#NAZ/,TVF:-I]C*Z[6>VMDB+#K@E0.*TZ**`"BBB@`HHHH`****`"BB
0B@`HHHH`****`"BBB@#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!/`#X#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#4\/>'[.[^
M$=SKQDNXM6@CGECNXKJ16!0G;QNQCC'2NUU36K^+X.OK"3E;]M+27SAU#LHR
MP]^<US_A/_D@FH?]>UW_`.S5H:O_`,D"/_8'B_\`05K>6KU[G-#2.G8RM9\/
MV7A;PSH?B'26N(-5-Q:^?<F9F:X$F-PDR<,#FM_XEQ+<-X9M9"_DSZO%'*JN
M5W*0<C(.:J>.O^2;:)_U\6/\Q5[XB?\`'YX2_P"PW#_(TDVVGZC:232\BK#I
MD7AGXGZ39:5+<PV-_9SM/:M.\D99,$$!B<'FH8]$L-?^*WB2#4XI)XH+:V:-
M/.=`I*\_=(]*T]9_Y*WX9_Z\KO\`D*9H?_)7?%7_`%Z6G_H-%W:_E^H[*]NE
M_P!"O\14.E^&=&TC3Y);6TN=0@LY!%(P;RCG*[LY[5FZE8P>"O&-K;^'P]G;
MW6GR/+`LC,C,LB`-@D\X)&:W/BG:S/X7@U&&,R'2[V*]=!U**?F_0Y_"MJ71
M]&\3/9:V0TVZVVPR)(0#&Y#=!]!24K)7!QO)V\CR?1-"U"[^$$VH1:U<BUA$
MTLFFL`(951B64LN'&<'O7=>*KF*]^"UU<P0""&73$=(AT0$+A1].E8GA/_D@
ME_\`]>UW_P"S5H:O_P`D"/\`V!XO_05JI.\OF3!6C\A/'7_)-M$_Z^+'^8JS
M\3HYICX8CMY_L\SZQ$J3!0WEM@X;!X./2JWCK_DFVB?]?%C_`#%7OB)_Q^>$
MO^PW#_(TH]/F5+9_(T-*\(3V_B%-<U?6KC5+Z*)H8-T2Q)$K?>PJ]2?6N;72
M[O5/BQXE2TUF[TQDMK4LULJ$OE>AW`]/ZUZ;7#:'_P`E=\5?]>EI_P"@U,9/
M5^14HI67F=A#:8TU+.ZE:['E>5*\H&9>,$L!QS7%>!YG\.:OJ?@R\D/EVA^U
M:?(Y^];.?NY_V6./QKH/$NO3:'+HR0PQR"_U".T?>2-JL#DC'?BO//B[+):^
M)M)G@=HY6LY4+*<$C>IQ1!7T?4522CJNAT7A_P`,:M8?"6[T&XMU349(;A%B
M$BD$ONV_-T[BM23PW=7WPO3P[,RP7;:<ENQ)W!7"CN.V17,W>I:K]CO_`!(F
MK7:2VVL_9([4./(\H2!-I7N2#G->DWUP;33[FY4!FBB:0`]\`FDY/<I05K>5
MCSR[TSQ7XCTK2-`O=$BL(;2:%[J]-TKJRQ_W%'.3COTKH?&6C7VKW/AY[*(2
M+9ZI'<3Y<+MC`.3SU^E<L3K(^'X\8?\`"07_`/:.S[3Y.\>1MW8V;,8QBM_Q
M=?7DMKX;6WO+BS^WWL4<K6[[6VLI)&:.9W#D5M3M*X.2S\1:1\0-:UBQT(:A
M:WT,$:$7:1$%%YX;WJQ;'4-"\=V.D_VK=WUC?6TLA6\8.T;)CD,`.#GI5/X@
M:U?Z=K6D)9WDT$<7[^X2-L"1/,1<'U')I1=AR5S0\2Z=K.NZ%I-[!81PZI87
ML=[]AEG!#;204WCC)!SFL#6O#&O>/-;@N;_3QHMK:6[1IYDRRO([,">%X`P*
MZ?6;RZLO'/A\"XD%E>)-!)"&^4N%W*2/7K5+Q`^I:CXS@TFPU"YMHXM/:XE$
M#[<L9`HS^`--3:V%*">YA31F6_O/""J?M$^NB\/'2W.)2WYC;]:]%UG_`)`>
MH?\`7M)_Z":\_P!/OYI?&1\0N5%KJOVC3[?CE!$,H<_[15ZZ'0YYKKX7PSW$
MKRROISEG=BS,=IY)-24BOX:TF+7?A/8:9/(\<=S:!&=,;ASGC/TI/&,(MI?"
M,"DE8]4A0$]2`I%5M"\0?\(Y\,=&OGL+FZ@6VS*T&W]V`>IR1Z]JD\=2RW<?
MA:6T=8IIM1B:)I5W!25)&0.M`="WJO\`R5'P]_UYW/\`2L#QTGVW5]?&,FST
M-&7V8S;_`/V6M*RCOK?XD6B^()DNKM[.3[#+;+Y<:*"-X9#D[CQSDTI@&I:O
MX[.,C[-':K]1"Q(_-J`+/BN0/HF@:R!DVU[;3D_[+_*?_0JL:(HNO'?B.^ZB
M%8+-#]%WM^K"J42-K/P=C"DESIH*_P"\@R/U6KO@!VO-`FU5UPVI7<MSSUP3
MM'Z+0/J<Q8V<ES\%[6>'/VBR9KN(CJ"DC$_^.[JZ30`!\++?!!']FL>/]TUS
M%GK#Z/H=UX%%K))K!:6VMN5\MT<G:Y;/&`V<=>*Z7PS92PZ%K'APMS9RR00L
M>GENNY?RW$?A0)&&W_)`Q_UX#_T*K_B7_CW\%?\`80M__0*YF;Q!%#X"?P3-
M:SKK:1_9?+&TH3NR#NSC&*ZOQ1;RI'X.C9/GBU"`.,CC"\T`6-5_Y*CX>_Z\
M[G^E9>A:=J^IW7B"\T_64LH)]2FC:-K59=VT!<Y)X]/PK5U96_X6;H$F/D6S
MN<G\!4GP]C9?"4<KC#W%Q/,W/]Z1J`ZE+P1(6^&KP-]ZV6X@/_`6:M#X=_\`
M)/\`1_\`KB?_`$(UG>%HVM])\566.(;^YV?1ES6E\/49/`6D*PPPA.1_P(T#
#1__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
