Company: DVAX
Filing Date: 2025-04-07
Form Type: PREC14A
Source: 0001193125-25-074629
Chunk: 24

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-07
Form: PREC14A
Chunk 24
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 meeting of Stockholders.
Director nominees standing for election at the 2025 Annual Meeting would be elected to serve a three-year term until the 2028 annual meeting of Stockholders.

The description of this Proposal No. 4 is qualified in its entirety and should be read in conjunction with the actual text of the changes
to the restated certificate of incorporation that would be implemented upon Stockholder approval of this Proposal No. 4, as marked in the form of restated certificate of incorporation attached to the Company’s proxy statement as Appendix
C.

We believe that holding directors accountable is of paramount importance and that the election of directors is the most powerful way
that stockholders hold directors accountable. It is our belief that the classification of the Board is not in the best interests of the Company and its Stockholders because it reduces accountability and is an unnecessary anti-takeover device. We
believe that such annual accountability would serve to keep directors closely focused on the performance of top executives and on maximizing Stockholder value.

We also believe that a classified board protects the incumbency of the Board and current management, which in turn limits accountability to
Stockholders. We believe that the Company’s corporate governance procedures and practices, and the level of accountability they impose on the Board and management, influence the financial performance of the Company.

We believe that the Company should be declassifying the Board much more quickly than over the course of three years and we repeatedly
requested the Company to do so. We would have supported a plan for immediate declassification. We are supporting the Declassification Plan only because it is better than doing nothing and retaining a classified board.

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The Company has historically protected the classified nature of the Board by requiring a
supermajority vote of the stockholders to repeal it. Accordingly, according to the Company’s proxy statement, approval of this proposal requires the affirmative vote of the holders of sixty-six and two-thirds percent (66-2/3%) of the shares of common stock issued and outstanding as of the Record Date.

WE RECOMMEND A VOTE “FOR” THE APPROVAL OF THE DECLASSIFICATION PLAN ON THE ENCLOSED WHITE PROXY CARD.

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PROPOSAL FIVE

BYLAW PROPOSAL

We have
notified the Company that we intend to present the Bylaw Proposal for consideration at the 2025 Annual Meeting.

The Stockholders are
being asked by the Deep Track Parties to adopt the Bylaw Proposal resolution which would repeal any provision of, or amendment to, the