Company: DVAX
Filing Date: 2025-05-16
Form Type: DFAN14A
Source: 0001193125-25-121025
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-05-16
Form: DFAN14A
Chunk 2
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 the Board’s composition is aligned with this aim. That is why we urged the Company to improve its governance by balancing its lopsided                                                                                                                                                                                  
 director classes – given only two directors are up for election in 2026,7 one of whom is the CEO – and to de-classify the Board in an expedient                                                                                                                                                                                                                                                                       
 manner. The Board’s rejection of these proposals exposes its focus on entrenchment. Any argument that Deep Track was insistent on “control” is clearly refuted by the fact that we proposed a settlement with a two-year standstill. Additionally, we believe the Board’s own adamant refusal to accept shareholder representation in the boardroom makes it plainly obvious who is truly after “control” at Dynavax. |

| 6 | Source: FactSet, enterprise value as of May 14, 2025 was $757.53 million. Trailing twelve-month                                                           
 revenues were $285.5 million, aggregated from Dynavax financial results reported on May 6, 2025; February 20, 2025; November 7, 2024; and August 6, 2024. |

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| • |     | Shareholders deserve a voice in the Dynavax boardroom. Not one of the Board members up for election this                                                                                                                                                                                                                                         
 year has purchased a single share of DVAX stock on the open market. Given that a meaningful proportion of their compensation is in the form of stock options, these directors appear to have misjudged the market’s level of risk tolerance when                                                                                                 
 evaluating strategic and capital allocation decisions. Last week’s announcement on the initiation of a pandemic flu vaccine program is only the latest troubling example of the Company’s scattershot strategy.8 It is wholly unclear why the Company believes dusting off the playbook that didn’t work 20 years ago9 is the best risk-adjusted 
 opportunity they have today. Additionally, we find it concerning that the Board continues to protect its own interests by relying on false statements and distortions. For example, the Company recently claimed Deep Track insisted Dynavax “return                                                                                             
 all cash to stockholders.”10 On the contrary, we want the Company to invest in the best risk-adjusted opportunities available at any given point in time. The fact that Dynavax is                                                                                                                                                               
 resorting to such baseless accusations shines a spotlight on their lack of data-driven arguments. The bottom line is this: the current directors have taken their collective eye off the ball and Dynavax’s stock has reacted accordingly.