Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFA14A
Source: 0000930413-25-001275
Chunk: 5

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFA14A
Chunk 5
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 nominees play essential
roles in designing and overseeing the execution of Dynavax’s strategy:

| · | Brent MacGregor is a highly regarded vaccine executive with expertise across the space. Brent has touched every facet                
 of the industry across commercial operations, sales and marketing, public policy and business development, and has experience across 
 operations and capital markets.                                                                                                      |

| · | Scott Myers, our independent Chairman since October 2021, has over three decades of expertise in the global pharmaceutical            
 and medical technology industries as an executive, director and board chair, with deep experience in all areas of capital markets,    
 finance, M&A and business and strategy development. Scott has demonstrated success in building multi-functional, global organizations 
 and has a proven track record – both as an executive and as a board chair – of maximizing stockholder value through                   
 sale transactions.                                                                                                                    |

| · | Lauren Silvernail, one of our newest directors, has over three decades of experience as a healthcare finance executive             
 and director with venture capital and biopharmaceutical operating company experience. Lauren has raised over $1 billion in capital 
 sourcing, developed multi-year and multi-disciplinary business plans and built R&D pipelines through M&A activity and licensing    
 agreements.                                                                                                                        |

| · | Elaine Sun is one of our Board’s financial experts through her more than 30-year career in the investment banking                 
 and life sciences industries. As a healthcare executive, advisor and public company director, Elaine has led and played key roles 
 in a broad range of transactions, including M&A transactions and financings, valued in excess of $50 billion.                     |

<div align='center'>DEEP TRACK’S PLAN IS VALUE DESTRUCTIVE</div>

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We have engaged with Deep Track consistently since
it first became a Dynavax investor in 2022, including quarterly discussions with management and several meetings with our Chairman.
Through August 2024, Deep Track was supportive of the Company’s strategy and execution and repeatedly reiterated its support
for management.

Since launching its campaign against the Company in
August 2024, Deep Track has demanded that Dynavax: increase the stock repurchase program to at least $400 million, enter into
an expensive royalty financing leveraging HEPLISAV-B to accelerate an outsized share repurchase program, abandon
internal development efforts and business development and focus solely on HEPLISAV-B commercialization, and ultimately
seek to sell Dynavax as a single asset company. If executed, this plan would destroy stock