Company: DVAX
Filing Date: 2025-06-04
Form Type: DFAN14A
Source: 0001193125-25-134728
Chunk: 2

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-06-04
Form: DFAN14A
Chunk 2
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     | “In light of our findings, we believe that shareholders should support the change of two incumbent board                                                                                                                                       
 seats given the Company’s prolonged capital conservatism and the board’s limited responsiveness to shareholder feedback. Here, we believe shareholders here should support the removal of Management Nominees Brent MacGregor and Scott        
 Myers. [T]he board already has several directors who bring similar incremental skills and operational profiles. We also note that both of these directors have served on the board for multiple years, with Mr. Myers having chaired the board 
 since joining in October 2021.”                                                                                                                                                                                                                |

Glass Lewis cites deficiencies in the Board’s current composition and expresses its belief that Mr. Erkman and Mr. Santel would be valuable additions to the Board, noting:

| • |     | “...we find that the board is notably lacking in directors with direct capital markets or institutional 
 investor backgrounds.”                                                                                  |

| • |     | “Viewed in this light, we believe the board’s composition may fall short of reflecting the views of                                                       
 institutional shareholders or ensuring that capital allocation and governance matters are consistently evaluated through the lens of an active investor.” |

| • |     | “In the place of Management Nominees MacGregor and Myers, we believe shareholders would be best served                                     
 electing Dissident Nominees Brett Erkman and Donald Santel, each of whom would add relevant and differentiated perspectives to the board.” |

| • |     | “Mr. Erkman’s extensive background as a public equity investor in the life                                                                                                                                                     
 sciences sector addresses what we believe is a notable deficiency in the current board’s composition and could help sharpen the board’s approach to capital allocation, shareholder engagement, and long-term value creation.” |

| • |     | “…while we acknowledge the qualifications of each Dissident Nominee, we view                                                    
 Mr. Erkman’s investor background as offering the most distinct and potentially complementary perspective to the current board.” |

| • |     | “Mr. Erkman’s two decades of experience as an investor and managing director in                                                                                                                                                                     
 the life sciences sector suggest that he would bring a valuable lens to board-level deliberations on matters such as capital allocation, investor communication, and strategic positioning. His long history as an investor in Dynavax, dating back 
 to the HBV-16 trial, further adds a layer of familiarity with the Company’s development trajectory and market expectations.”                                                                                                                        |

| • |     | “Mr. Santel, for his part