Company: DVAX
Filing Date: 2025-02-20
Form Type: DEFA14A
Source: 0001193125-25-029819
Chunk: 3

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-02-20
Form: DEFA14A
Chunk 3
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 Annual Meeting and the Board’s intention to seek stockholder approval at the 2025 Annual Meeting for the declassification of the Board. The Board has thoughtfully evolved as the Company has grown to ensure the directors have a balanced mix of skillsets and experiences that are closely tied to the Company’s key priorities, including vaccine development – R&D, marketing, commercial operations, executive leadership and financial expertise. Following the 2025 Annual Meeting, the Board will be comprised of nine directors, with six of its eight independent directors having been appointed since 2020. Engagement with Deep Track The Board and management team have engaged extensively with Deep Track over many years and incorporated Deep Track’s feedback into the Company’s decision making. Since the fall of 2024, Deep Track, and in particular, its founder, David Kroin, have become fixated on a strategy for Dynavax based on significantly flawed financial and strategic assumptions. Despite multiple attempts by the Board and management to find common ground, Deep Track has only become more insistent on a value destructive plan for Dynavax: abandoning portfolio diversification, returning any cash needed to sustain and grow the business by implementing an outsized share repurchase program and selling Dynavax as a single-asset company. Deep Track’s strip-mining plan for Dynavax jeopardizes a strong platform with significant long-term growth opportunities for a near-term payoff of a considerably lower value. To prosecute its strip-mining strategy, Deep Track initially proposed three new directors – Jeffrey Farrow, Donald Santel and Brett Erkman, a Deep Track representative. The Board’s Nominating and Corporate Governance Committee interviewed each of the three candidates and determined, after consultation with the full Board, that only one, Mr. Santel, would be additive to the Board relative to the existing directors and the other independent candidates the Board was already separately considering as part of its ongoing refreshment process. In order to avoid the distraction and cost of a potential proxy contest, the Board offered multiple highly reasonable settlement proposals that provided meaningful Board refreshment without compromising the Company’s long-term prospects. Unfortunately, Deep Track has been insistent on obtaining the ability to “control” the Board without paying a control premium and expanded its list of demands throughout the negotiation process:

| • |     | The Board initially proposed a settlement that included the appointments of two independent directors, one of                                                                                                                  
 whom was Mr. Santel, and one of the Board’s current directors stepping down. Mr. Kroin rejected this and demanded that any settlement must include, Mr. Er