Company: DVAX
Filing Date: 2025-02-19
Form Type: DFAN14A
Source: 0001193125-25-029690
Chunk: 7

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-19
Form: DFAN14A
Chunk 7
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L), Umoja and Convergent Therapeutics). We are deeply concerned that four simultaneous chairmanships have left Mr. Myers stretched too thin. Even with a partial year in 2021, Mr. Myers has earned an average of 
 $440,226 annually over the last three years as the chairman of Dynavax. We have no issue paying for performance, but this level of compensation does not square with a -31% decline in DVAX shares since he                             
 joined the Company. Further, Mr. Myers’ transactional experience in negotiating sales of distressed assets is of limited relevance to Dynavax’s acquisition strategy.                                                                   |

| • |     | Instead of allowing shareholders to vote for the entire Board at every annual meeting, Dynavax uses a                                                                                                                             
 “staggered” or “classified” Board structure. In response to our criticism of this poor governance practice, the Company announced last month that they would seek approval to declassify the Board at the upcoming Annual Meeting 
 – but only over the course of years, with the full effect not taking place until 2028.                                                                                                                                            |

Our Solution – A Truly Refreshed Board To help catalyze critical improvements at Dynavax, we are seeking to elect four highly qualified director candidates at the Annual Meeting. Our nominees will bring the expertise, owner’s mindset, and skillsets required to protect the interests of all shareholders, maximize the long-term value of Dynavax’s assets, and help eliminate hepatitis B. Given the Board’s classified structure and the unevenness of the classes – with only two directors (including the Company’s CEO) up for election in 2026 – we believe it is critical that shareholders have a real choice of candidates for all four seats in this year’s class. In our view, the Board’s unwillingness to compromise, coupled with the urgency of addressing the risk that the Company squanders its cash, warrants this level of change. Deep Track’s director candidates include:

| 1. | Brett Erkman: a Managing Director at Deep Track Capital. Mr. Erkman has spent the last twenty years                                                                                                                                   
 investing in biotechnology companies and will bring a much needed (and the only) perspective of a large shareholder to the Board – something that is sorely lacking and would be highly valuable in the boardroom. Mr. Erkman’s first 
 investment in Dynavax dates back to April 2010, giving him an extraordinary long-term perspective on the value of Heplisav.                                                                                                           |

| 2. | Jeffrey