Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 57

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 57
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 of our annual meetings of stockholders, such that stockholders vote on and elect
approximately one-third of the Board each year.

At the Annual Meeting, we are asking stockholders to approve the proposed amendment and restatement of our Restated Certificate
of Incorporation, in the form of Restated Certificate of Incorporation attached hereto as Appendix C, to eliminate the classification
of our Board over a three-year period starting in 2026, provide for the annual election of all directors beginning at our
2028 Annual Meeting of Stockholders, and make certain conforming and technical changes to our Restated Certificate of Incorporation
(the “Declassification Restatement”). Our Board has approved, declared advisable, and recommends that our stockholders
adopt the amendment and restatement of our Restated Certificate of Incorporation that provides for the foregoing.

If this proposal is approved, the
declassification of our Board would be phased-in over a three-year period, beginning at our 2026 Annual Meeting of
Stockholders, at and after which directors would be elected to one-year terms, as the incumbents’ current three-year
terms expire. To avoid ambiguity, the Declassification Restatement specifies that directors elected before the Annual Meeting
(including those elected at the Annual Meeting itself) will serve out their three-year terms and stand for annual reelection
thereafter.

The description in this Proposal 4 of the Declassification Restatement
is qualified in its entirety and should be read in conjunction with the actual text of the changes included in the Restated Certificate
of Incorporation that would be implemented upon stockholder approval of this Proposal 4, which is marked to show those changes and attached
as Appendix C.

Accordingly, the three-year term for the Class I directors elected
at our 2022 Annual Meeting of Stockholders would expire as originally scheduled at the Annual Meeting, the three-year term for the Class
II directors elected at our 2023 Annual Meeting of Stockholders would expire as originally scheduled at our 2026 Annual Meeting of Stockholders,
and the three-year term for the Class III directors elected at the 2024 Annual Meeting of Stockholders would expire as originally scheduled
at our 2027 Annual Meeting of Stockholders. Director nominees standing for election at the Annual Meeting would be elected to serve a
three-year term until our 2028 Annual Meeting of Stockholders.

The implementation of the declassification of our Board pursuant to
the proposed amendment and restatement would commence at our 2026 Annual