Company: DVAX
Filing Date: 2025-02-19
Form Type: DFAN14A
Source: 0001193125-25-029690
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-19
Form: DFAN14A
Chunk 3
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| 4. | Focus exclusively on growing Heplisav into a must-own asset for any 
 large pharma company with a vaccine portfolio.                      |

Unfortunately, after months of discussions, including numerous meetings that led nowhere, it has become clear that the Board at Dynavax is more interested in entrenchment and pursuing its misguided strategy than delivering for shareholders. In fact, the Board has taken steps to limitthe rights of shareholders in response to our engagement and made only perfunctory moves to appearshareholder-friendly by “checking the box” with some governance reforms. Below are three recent notable examples:

| • |     | Reactive share buyback: Two weeks after our amended 13D filing, the Board announced a $200 million                                                   
 share repurchase – something we (and we believe many others) had long implored the Company to do, but that only occurred after we publicly surfaced. |

| • |     | Reactive changes to Board composition: Last month, Dynavax announced two director replacements in an                                                                                                                                           
 obvious entrenchment attempt following our engagement. Dynavax touted that these moves would “enhance [their] governance profile.” While these appointments may check certain boxes, it is hardly obvious to us just how they will improve the 
 governance deficiencies at the Company. These appointments appear to be intended to “not rock the boat” with independent voices, given that Mr. Myers is simply swapping out one of his former fellow directors at Harpoon Therapeutics        
 (Julie Eastland, who was also CEO of that Company) for another former Harpoon director (Lauren Silvernail)4.                                                                                                                                   |

Nevertheless, Deep Track has continually attempted to negotiate in good faith to bring real change. We proposed three director candidates to the Board; we then exhibited flexibility and proposed a single nominee combined with three shareholder-friendly changes: removal of the poison pill, doubling the share repurchase to $400 million, and fully declassifying the Board after the 2025 Annual Meeting of Stockholders (the “Annual Meeting”). This proposal was also rejected. The disappointing engagement with the Board has led us to conclude that the only way to effect meaningful change is to bring our case to all shareholders.

| 4 | Press Release, Harpoon Therapeutics Appoints Lauren Silvernail to Board of Directors |

The Board’s Misguided Strategy Has Failed to Deliver for Shareholders Shares of DVAX have not performed under this regime. Over any relevant period of time, returns have been disappointing:

| Event                 |