Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFA14A
Source: 0000930413-25-001275
Chunk: 6

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFA14A
Chunk 6
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holder value.Deep Track’s
plan would saddle the Company with high-cost debt, jeopardize our strong platform and inhibit our ability to invest in the growth
of HEPLISAV-B, internal development of our current pipeline, and future development of medicines and vaccines
for patients, in exchange for a near-term payoff at a considerably lower value.

Notwithstanding Deep Track’s short-sightedness,
we have not dismissed their requests. Since August 2024, the Company has had over 20 exchanges with Deep Track and we have offered
four reasonable settlement proposals. We do not want this proxy contest and have made every effort to avoid it.Notably,
we have offered to (1) appoint up to two of Deep Track’s independent candidates and (2) have up to three incumbent directors
step down. Deep Track refused all of our offers and has failed to negotiate in good faith – regularly introducing new settlement demands or going silent without warning.Most recently, after the filing of Dynavax’s preliminary proxy, Deep
Track approached us with yet another proposal that was not a meaningful step toward resolution, again insisting that Deep Track
principal Brett Erkman and another Deep Track candidate replace two incumbent directors, but this time without a standstill restriction,
while also re-balancing the Board’s classes such that Deep Track could achieve majority turnover on the Board at our 2026
Annual Meeting. Deep Track appears to be misinterpreting our sincere and generous settlement proposals to avert a contested election
as a baseline for additional demands that no reasonable Board could accept.

We believe that Deep Track’s campaign ultimately
comes down to one objective: gain majority control of the Dynavax Board at the 2026 Annual Meeting in order to effectuate its value
destructive plan, at the expense of all other stockholders, while not paying a control premium. Deep Track has made
it abundantly clear that any settlement – including its latest proposal – must afford Deep Track the ability to obtain
majority control of the Board at the 2026 Annual Meeting and must include the appointment of its own principal, Mr. Erkman, who
the Board interviewed and found unqualified to serve as a director based on a lack of relevant skills and experience. It is our
strong belief that Mr. Erkman, as a Deep Track employee, would not be open-minded or act with independence in the Boardroom –
he is beholden to Deep Track.

Replacing any of Dynavax’s directors with Deep
Track’s nominees would leave Dynavax deficient in