Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 58

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 58
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 Meeting of Stockholders. Director nominees standing for election
at our 2026 Annual Meeting of Stockholders and each Annual Meeting of Stockholders thereafter would be elected to serve a one-year term.
Beginning with our 2028 Annual Meeting of Stockholders, all directors would stand for annual elections.

Background for the Proposed Amendment and Restatement of our Restated Certificate of Incorporation

Article VII, Section B of our Restated
Certificate of Incorporation currently requires that our Board be divided into three classes, each with staggered three-year
terms. We established the classified board structure at the time of our initial public offering to promote continuity and
stability, to encourage our Board to plan for long-term goals, to provide protection against certain abusive takeover tactics
and reinforce a commitment to long-term perspectives and value creation for our stockholders. While the Board continues to
believe that all of these objectives of the classified Board are in the best interests of the Company and its stockholders,
the Board also recognizes that a classified structure may be perceived to reduce directors’ accountability to
stockholders because such a structure does not enable stockholders to express a view on each director’s performance by
means of an annual vote. Moreover, many institutional investors believe that the election of directors is the primary means
for stockholders to influence corporate governance policies and to hold management accountable for implementing these
policies. Annual voting allows stockholders to express their views on the individual performance of each director and on the
entire board more frequently than with a classified board structure, and provides stockholders with a more active role in
shaping and implementing corporate governance policies.

Our Board considered factors weighing in favor of and against continuation
of the classified board structure, and determined that it would be in the best interests of the Company and its stockholders to declassify
the Board over a phase-in period, such that it will cease to be classified in 2028. This phase-in period is consistent with the approach
to declassification used by other public companies and balances the benefits of annual director elections with the Board’s interest
in promoting the long-term interests of the Company and its stockholders.

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The text of the proposed amendment and restatement of our Restated
Certificate of Incorporation is set forth in Appendix C.

Other Amendments

In addition to declassifying our Board on a phased basis, the Declassification
Restatement will also implement other changes to conform certain cross-references to the Company’s Amended and Restated Bylaws,