Company: DVAX
Filing Date: 2025-04-21
Form Type: DEFC14A
Source: 0001193125-25-087127
Chunk: 11

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-21
Form: DEFC14A
Chunk 11
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 growing cash balance on an ill-advised acquisition and jeopardize future profitability and rob
shareholders of the immense opportunities to be realized by focusing on Heplisav. We believe change is clearly and urgently required at the Company. Our nominees are not tied to prior Board decisions and would critically evaluate the Company’s
strategy. They would also bring financial, healthcare-related, and corporate governance experience and expertise, as well as fresh thinking and Stockholder alignment.

We believe that the Company has lost credibility among the investment community, as evidenced by a stock price that underperformed two
prominent biotech indices over the one and three-year periods prior to the filing of

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our beneficial ownership report disclosing a 13.6% ownership interest in the Company, and the relatively small number of specialist healthcare investors in the Company.

We believe the Deep Track Nominees will help instill accountability and drive improved performance by restoring credibility among the
investment community and putting the best interests of Stockholders first.

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PROPOSAL ONE

ELECTION OF DIRECTORS

The
Company has a classified board, divided into three (3) classes, and each class has a three-year term. The directors in each class are elected for staggered terms such that the term of office of one (1) class of directors expires at each
annual meeting of stockholders. On January 26, 2025, the Company announced that, effective February 3, 2025, it had appointed two new members to the Board of Directors and had increased the authorized number of directors to eleven (11),
effective immediately prior to these new appointments. The Company also announced at that time that two existing board members would retire as members of the Board effective immediately prior to the 2025 Annual Meeting, and that, immediately prior
to the 2025 Annual Meeting, the authorized number of directors would be decreased to nine (9). The terms of four (4) Class I directors are set to expire at the 2025 Annual Meeting.

We are seeking your support at the 2025 Annual Meeting to elect each of the Deep Track Nominees, Brett A. Erkman, Jeffrey S. Farrow, Michael
Mullette and Donald J. Santel, for terms ending at the 2028 Annual Meeting. Assuming one or more of the Deep Track Nominees receives sufficient votes to be elected to the Board, your vote to elect such Deep Track Nominees will have the legal effect
of replacing an equivalent number (up to four