Company: DVAX
Filing Date: 2025-04-07
Form Type: PREC14A
Source: 0001193125-25-074629
Chunk: 10

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-07
Form: PREC14A
Chunk 10
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 significant available cash on its balance sheet, the Company inexplicably increased its debt obligations by refinancing
the majority of its outstanding convertible debt with expensive new convertible notes, rather than pay down its debt obligations using cash on hand. These questionable and unsophisticated strategies indicate the need for a refreshed Board with
independent perspectives and greater alignment with Stockholders.

The Board has also resorted to reactive board entrenchment moves,
including replacing directors with appointees who do nothing to address governance deficiencies and quickly adopting a Stockholder Rights Plan as soon as we disclosed our ownership of a significant stake in the Company. The Company has made only
perfunctory moves to appear shareholder-friendly, such as announcing a $200 million share buyback – something Deep Track Capital (and others) had long implored the Company to do, but which only occurred after Deep Track Capital publicly
surfaced – and declassifying a staggered board after our criticism, but only over the course of years, with its full effect not taking place until 2028.

Deep Track Capital does not typically take active, public roles at companies. However, as a long-term and significant investor of Dynavax, we
felt compelled to alert our fellow stockholders to the risk that the Company will squander its substantial and growing cash balance on an ill-advised acquisition and jeopardize future profitability and rob
shareholders of the immense opportunities to be realized by focusing on Heplisav. We believe change is clearly and urgently required at the Company. Our nominees are not tied to prior Board decisions and would critically evaluate the Company’s
strategy. They would also bring financial, healthcare-related, and corporate governance experience and expertise, as well as fresh thinking and Stockholder alignment. We believe the Deep Track Nominees will help instill accountability and drive
improved performance by restoring credibility among the investment community and putting the best interests of Stockholders first.

13

PROPOSAL ONE

ELECTION OF DIRECTORS

The
Company has a classified board, divided into three (3) classes, and each class has a three-year term. The directors in each class are elected for staggered terms such that the term of office of one (1) class of directors expires at each
annual meeting of stockholders. On January 26, 2025, the Company announced that, effective February 3, 2025, it had appointed two new members to the Board of Directors and had increased the authorized number of directors to eleven (11),
effective immediately prior