Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 13

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 13
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 No excessive change in control or severance payments                            |
| Tie a significant proportion of equity awards to performance-based vesting                                                       |     | No single-trigger change in control cash payments                               |
| Design non-equity incentive plans to incorporate personal, financial and/or operational performance goals                        |     | No repricing of underwater stock options without stockholder approval           |
| Engage an independent compensation consultant to guide compensation plan designs                                                 |     | No incentive programs with uncapped performance modifiers and/or payout         |
| Seek input from, listen to and respond to stockholders, incorporating reasonable changes to compensation approach as appropriate |     | No excise tax gross-ups                                                         |
| Conduct an annual say-on-pay vote                                                                                                |     | No excessive perquisites                                                        |
| Prohibit hedging and pledging by executive officers and directors                                                                |     | No guaranteed bonuses                                                           |
| Maintain a clawback policy to recoup incentive-based compensation awards under certain circumstances                             |     | No incentive to undertake excessive risks are built into our compensation plans |

| 5 |

<div align='center'>BACKGROUND TO THE SOLICITATION</div>

The summary below details the significant contacts between the Company and Deep Track through the date of this proxy statement. This summary does not purport to catalogue every conversation of or between members of the Board, the Company’s management and the Company’s advisors, on the one hand, and representatives of Deep Track and their advisors, on the other hand, relating to Deep Track’s solicitation.

The Board regularly reviews with the Company’s
management and approves the Company’s strategy for delivering long-term stockholder value, including its allocation of capital to
support its strategic plan. The three main pillars of the Company’s strategic plan are: (1) driving growth of the Company’s
lead commercial asset, HEPLISAV-B; (2) expanding the Company’s portfolio of innovative vaccine candidates leveraging the Company’s
CpG 1018® adjuvant technology; and (3) maintaining a disciplined capital allocation strategy that balances near-term and long-term value creation, including returning
capital to stockholders and exploring strategic opportunities to accelerate growth.

Based on publicly available data, Deep Track: first
initiated its position in the Company on December 30, 2022; first disclosed a greater than 5% position in the Company on May 19, 2023
through a Schedule 13G filing with the SEC; amended its Schedule 13G filing on February 14, 2024 to disclose a 5