Company: DVAX
Filing Date: 2025-04-17
Form Type: PRRN14A
Source: 0001193125-25-084044
Chunk: 8

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: PRRN14A
Chunk 8
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 such as the share buyback program, which                                                    
 occurred only after Deep Track Capital publicly disclosed its ownership position, and board composition changes, which did not improve the Company’s governance profile or lack of director independence. The letter also highlighted the 
 backgrounds and skills of Deep Track Capital’s nominees, who offer independence, valuable perspectives, life sciences expertise, capital allocation experience, and operational skills.                                                   |

| • |     | On March 5, 2025, the Company entered into agreements with certain holders of its 2.50% convertible senior                                                                                                        
 notes due 2026 (the “2026 Notes”) and new investors to issue $185.3 million aggregate principal amount of 2.00% convertible senior notes due 2030 (the “New Notes”) and pay $82.5 million in cash in exchange for 
 approximately $185.3 million aggregate principal amount of 2026 Notes, and to issue approximately $39.7 million aggregate principal amount of New Notes for cash (the “Financing Transactions”).                  |

10

| • |     | On March 12, 2025, Mr. Kroin and Mr. Spencer held a phone conversation. Mr. Spencer proposed                                                                                                                                             
 that Mr. Santel and Mr. Farrow become board members, replacing two existing longer-term directors. Mr. Kroin responded that he did not believe that Deep Track Capital would agree to a settlement that did not include Mr. Erkman       
 joining the Board. Mr. Spencer then offered that Mr. Santel (with a term expiring in 2026) and Mr. Erkman (with a term expiring in 2027) join the Board, and Deep Track Capital agree to a standstill through the conclusion of the 2026 
 Annual Meeting. Mr. Kroin requested that the Company increase its stock buyback program and reiterated that, in Deep Track Capital’s view, Company resources should not be used to focus on business development and acquisitions.       
 Mr. Spencer indicated that an additional $200 million in stock buybacks was too much of an increase, though an additional $100 million in buybacks might be workable. Mr. Spencer also indicated that the Board does not want to         
 accelerate its Board declassification plan, and asked Mr. Kroin to consider and revert with thoughts on forward-looking strategy if Mr. Santel and Mr. Erkman were to join the Board.                                                    |

| • |     | On March 13, 2025, the Company completed the Financing