Company: DVAX
Filing Date: 2025-06-04
Form Type: DEFA14A
Source: 0001193125-25-135000
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-04
Form: DEFA14A
Chunk 2
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 leadership experience, would be detrimental to long-term stockholders.

| 3 | Use of capital from 2020 to present, excluding CapEx and SG&A expense; reflects full execution of the 
 $200 million share repurchase program.                                                                |

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Deep Track’s candidates lack the decades of public company biotechnology and vaccine
operational and financial acumen that Dynavax’s directors bring and have little to no public company board experience. In discussing the redundant skills of Deep Track’s independent candidates, Glass Lewis noted, “However, we note
that these functional areas – operations, commercialization, and C-suite leadership – are already represented to a meaningful degree on the current board.”

As Glass Lewis states, there are legitimate concerns with Brett Erkman’s candidacy and background that stockholders should question. As a
Deep Track fund principal, he is beholden to Deep Track’s thesis and has repeatedly demonstrated his unwillingness to be open-minded. Further, he is underqualified to serve on our Board given he has never served as an executive at a biotech
company or as a director of a public company nor served in an operational or financial role at any company. Glass Lewis noted, “Mr. Erkman’s candidacy is not without potential drawbacks. He has no prior experience serving as a public company director or executive, and as such, his fiduciary experience in a boardroom setting remains untested. Moreover, while his affiliation with Deep Track underscores alignment with shareholders, his interview with the Company
reportedly emphasized his firm belief that Dynavax’s current capital allocation strategy should change – a stance that management characterized as rigidly aligned with Deep Track’s views. This posture, along with the Company’s
consistent resistance to his appointment across multiple settlement discussions, may raise legitimate questions about his willingness or ability to balance Deep Track’s position with the broader interests of all shareholders.”

It remains abundantly clear that Deep Track simply wants a near-term payoff, which would come at the expense of long-term value generation for
all other stockholders.

Dynavax reminds stockholders that every vote is important, no matter how many or few shares it represents. Dynavax strongly urges
stockholders vote “FOR” ALL four of Dynavax’s director nominees standing for election – Brent MacGregor, Scott Myers, Lauren Silvernail and Elaine Sun – on the GOLD proxy card today.

Dynavax stockholders who need assistance in voting their shares may call the Company’s proxy solicitor, MacKenzie Partners, at 1