Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 2
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 business, stockholders
and all stakeholders. As part of this work, we have made important changes to our Board and governance provisions to support the Company’s
continued evolution.

Earlier this year, as part of our ongoing commitment to Board refreshment,
we welcomed two new directors to the Board - Emilio Emini, Ph.D. and Lauren Silvernail – two renowned leaders in their respective
fields. At the same time, we announced that two of our existing directors – Peggy Phillips and Julie Eastland – will step
down from the Board just prior to our Annual Meeting. If the Board’s recommended nominees are elected at the Annual Meeting, following
the meeting the Board will comprise nine directors with a balanced mix of skills sets and experiences that are closely tied to the Company’s
key priorities, with six of its eight independent directors having been appointed since 2020.

Finally, we announced our intent to declassify the Board and transition
to annual elections for all directors on a phased-in-basis beginning in 2026, assuming the stockholders approve the proposed amendment
to our certificate of incorporation.

Adjusted EBITDA is a non-GAAP financial measure.
Please refer to the “Non-GAAP Financial Measures” on Appendix B of the proxy statement for details regarding this
measure.

The enclosed 2025 Proxy Statement contains important information about
the matters to be voted on at the Annual Meeting. These proposals include the election of directors, the ratification of our independent
auditor, and the proposed amendment to our certificate of incorporation, which are essential to our long-term success. Your vote is critical
in shaping Dynavax’s future, and we encourage you to participate, whether by attending the meeting virtually or by voting via proxy.

Your vote will be especially important this year because stockholders of
the Company, Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd. and David Kroin (collectively, “Deep Track”),
have provided notice to Dynavax of their intent to nominate four candidates for election to the Board of Directors at the Annual Meeting
in opposition to the Board’s nominees. When determining the Board’s recommendations on the nominees and matters before the
Annual Meeting, the Board has carefully considered the best interests of the Company and all our stockholders. Our Board has made every
effort possible to engage constructively with Deep Track and has considered each of their director nominees. After careful consideration, your Board does not endorse any of the four Deep Track nominees and unanimously recommends you only vote “FOR”