We present a novel dynamic network interdiction model that accounts for interactions between an interdictor deploying resources on arcs in a digraph and an evader traversing the network from a designated source to a known terminus, wherein the agents may modify strategies in selected subsequent periods according to respective decision and implementation cycles. For the resulting minimax model, we develop a reformulation that facilitates a direct solution procedure using commercial software or via a proposed alternating heuristic. We examine certain related stability and convergence issues, demonstrate special convergence cases, and provide insights into the computational performance of the solution procedures.