Company: DVAX
Filing Date: 2025-04-21
Form Type: DEFC14A
Source: 0001193125-25-087127
Chunk: 7

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-21
Form: DEFC14A
Chunk 7
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 that Deep Track Capital’s candidates would make themselves available quickly to meet with the Board, and again requested the opportunity to meet and 
 learn more about the Board’s existing candidate.                                                                                                                                        |

| • |     | On January 9, 10 and 16, 2025, Mr. Farrow, Mr. Santel, and Mr. Erkman, respectively, were 
 interviewed by the Nominating and Corporate Governance Committee of the Company.          |

8

| Meeting. Emilio Emini was appointed to serve as a Class III Director until the 2027 annual stockholder meeting. It was also announced that Peggy V. Phillips and Julie Eastland would be                                                                
 retiring from the Board, effective immediately prior to the 2025 Annual Meeting. In conjunction with these appointments and announcements, the Company announced that the size of the Board was being increased to 11 and that immediately prior to the 
 2025 Annual Meeting the size of the Board would be decreased to nine. Additionally, the Company announced that the Board intended to seek stockholder approval at the 2025 Annual Meeting for a phased-in                                               
 declassification of the Board by 2028.                                                                                                                                                                                                                  |

| • |     | On January 29, 2025, Deep Track Capital sent the following written settlement proposal to the Company:                                                                                                                               
 (i) Mr. Santel joins the Board and an existing director retires, for a Board size of nine directors; (ii) the Stockholder Rights Plan is removed; (iii) declassification of the Board so all directors are up for election in 2026;  
 and (iv) the share repurchase program is increased from $200 million to $400 million. Mr. Kroin explained that Deep Track Capital did not see a defensible business rationale for preserving a classified Board for three additional 
 years, and further explained that, in Deep Track’s view, the Company has ample cash to significantly increase its share repurchases to the requested level. Mr. Kroin also questioned the Board’s absolute refusal to appoint        
 Mr. Erkman to the Board, despite Mr. Erkman’s deep knowledge of, and investor perspective on, the Company.                                                                                                                           |

9

| governance and entrenchment tactics, such as the implementation of a stockholder rights plan, perfunctory and reactive “check the box” moves, such as the share buyback program, which                                                    
 occurred only after Deep Track Capital publicly disclosed its ownership position, and board composition changes,