Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 42

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 42
---
 the Board and meets with the Chief Executive Officer and other senior executives.

The Nominating and Corporate Governance Committee and the Board believe that all directors should have sufficient
time and attention to devote to Board duties and to otherwise fulfill the responsibilities required of directors. In assessing
whether directors and director nominees have sufficient time and attention to devote to Board duties, the Nominating and Corporate
Governance Committee considers, among other things, whether directors may be “overboarded,” which refers to the situation
where a director serves on an excessive number of boards. The Nominating and Corporate Governance Committee and our Board believe
that each of our directors has demonstrated the ability to devote sufficient time and attention to Board duties and to otherwise
fulfill the responsibilities required of directors.

| 29 |

As a part of our Board refreshment process, on January 27, 2025, the Board announced the appointment of two
new independent directors, Dr. Emilio Emini and Lauren Silvernail. The Board also announced that Peggy Phillips, who has served
on the Board since 2006 would retire at the Annual Meeting and that Julie Eastland would resign from the Board at the Annual
Meeting given her recent appointment as a chief executive officer of another public company. Following these two departures, the
Board will have nine directors.

MAJORITY VOTE POLICY FOR UNCONTESTED ELECTIONS

Our Corporate Governance Guidelines include
a provision whereby any nominee for director in an uncontested election would submit an offer of resignation for
consideration by the Nominating and Corporate Governance Committee of the Board, if such nominee receives a greater number of
“Withhold” votes than “For” votes. The Nominating and Corporate Governance Committee would then
consider all of the relevant facts and circumstances and recommend to the Board the action to be taken with respect to such
offer of resignation. Promptly following the Board’s decision, we would disclose that decision and an explanation of
such decision in a filing with the SEC or press release. If Deep Track proceeds to nominate four candidates to stand for
election as directors at the Annual Meeting and all such nominations have not been withdrawn or abandoned by Deep Track, due
to the contested nature of such an election, this policy will not apply with respect to the election of directors at the
Annual Meeting by its own terms.

BOARD’S ROLE IN RISK OVERSIGHT

Risk assessment and oversight are an integral part of our governance and management processes. Our Board
encourages