Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 103

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 103
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1018 adjuvant can be utilized to enhance the immune response to a coronavirus vaccine or other vaccines targeted at serving a global unmet
need.

STOCKHOLDER OUTREACH AND ENGAGEMENT

Our Board and management team value the views of our stockholders and
we proactively engage with our major stockholders on a regular basis throughout the year. In addition, we seek feedback from the governance
teams of our largest institutional stockholders each year. During 2024, we continued this long-standing practice, conducting over 300
meetings with investors and analysts, including 90% of our top 10 actively managed stockholders. In the first quarter of 2025, we met
with over 80 investors and analysts. During this outreach, we have significant and meaningful dialogue with our stockholders regarding
our compensation and governance policies. We believe our outreach efforts help ensure that our stockholders are aware of our governance
initiatives and provide us with valuable feedback in order to enhance our governance practices and disclosure to stockholders.

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Feedback from our outreach informs the Compensation Committee’s
thinking when evaluating our current compensation program and considering potential modifications to our compensation programs. It also
informs the Nominating and Corporate Governance Committee’s thinking when evaluating our corporate governance as well as ESG matters.
Based on this feedback and a systemic review of our governance, our Board determined to approve an amendment and restatement of our Restated
Certificate of Incorporation to declassify the Board on a phased basis and submit the proposed amendment to the stockholders for approval
at the Annual Meeting. The Board believes that the classification of the Board has benefited the Company by strengthening the independence
of Board members and encouraging the consideration of the long-term best interests of the Company and our stockholders against the often
short-term focus of certain stockholders and special interests, and ensuring the continuity of highly qualified, engaged and knowledgeable
directors focused on our long-term strategy and stockholder return. Nevertheless, the Board has considered that stockholders would like
the opportunity to review the composition of the Board on an annual basis and has determined, subject to stockholder approval, to implement
this significant governance change over a three-year period to enable a smooth transition. For additional information regarding this governance
change, please see “Proposal No. 4:To amend and restate the Company’s Restated Certificate of Incorporation to provide
for the declassification of the Company’s Board of Directors on a phased basis and to implement certain other changes