Company: DVAX
Filing Date: 2025-06-09
Form Type: DFAN14A
Source: 0001193125-25-137592
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-09
Form: DFAN14A
Chunk 3
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 that a “wait and see” approach simply will not work. Due to the Board’s imbalanced class of directors and the classified structure not ending until 2028, there is only one independent director up for election next year– making this year’s Annual Meeting a uniquely important opportunity to effect real change. 7 Finally, the truth about Deep Track and our nominees.The current Board has made repeated and increasingly baseless mischaracterizations regarding Deep Track, our nominees and our campaign. Consider these facts:

| 6 | Permission to quote Glass Lewis was neither sought nor received. |

| rejected over a week later with no substantive dialogue in the interim), Brett consistently and explicitly made clear that he was always “open to discussion” and “happy to 
 engage” on any point of potentially differing opinions, including specifics on capital allocation, board composition and the components of the two-year standstill.         |

| • |     | Deep Track is one of Dynavax’s largest and longest-tenured investors – the antithesis of                                                                                                                                                                  
 “short-term.” Our principals first invested in Dynavax a decade before any incumbent director up for election this year had joined the Board. The idea that we are looking for a quick profit at the expense of the Company’s best                        
 interests is simply false. We also do not understand how the Board can believe a single shareholder representative could engineer such an outcome; again, this is more theatre that defies logic and yet another attempt to distract from the facts. Deep 
 Track is not a typical “activist” – this is the first time we have publicly engaged at all with a portfolio company, much less run a proxy contest.                                                                                                       |

| • |     | Our nominees would bring needed valuable experience, independence and investor perspective to the Dynavax                                                                                                                                            
 Board. Throughout this campaign, we have struggled to understand why Dynavax has fought so hard (while spending shareholder capital) to prevent a nearly 15% shareholder from having a representative on the Board. Regardless of these motivations, 
 the reality is that our directors are needed. As Glass Lewis concluded in its report, “...we find that the board is notably lacking in directors with direct capital markets or institutional investor backgrounds,” and specifically regarding      
 Brett, “Mr. Erkman’s extensive background as a public equity investor in the life sciences sector addresses what we believe is a notable deficiency in the current board’s composition and could help sharpen the board’s                            
 approach to capital allocation, shareholder engagement, and long-term value creation.”                                                                                                                                                               |

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