Form of Right Certificate



 Exhibit 4.5 
 FORM OF RIGHT CERTIFICATE 
  

			
	Certificate No. R-[            ]	  	[            ] Rights

 NOT EXERCISABLE AFTER NOVEMBER 17, 2018 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS
ARE SUBJECT TO REDEMPTION AT $0.001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. 
 RIGHT CERTIFICATE 

 DYNAVAX TECHNOLOGIES CORPORATION 
 This certifies that
[                                         
   ] or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of
November 5, 2008 (the “Rights Agreement”), between Dynavax Technologies Corporation, a Delaware corporation (the “Company”), and Mellon Investor Services LLC (the “Rights
Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 p.m., California time, on November 17, 2018 at the office of the Rights Agent
designated for such purpose, or at the office of its successor as Rights Agent, one one-hundredth of a fully paid non-assessable share of Series A Junior Participating Preferred Stock, par value $0.001 per share (the “Preferred
Shares”), of the Company, at a purchase price of $6.00 per one one-hundredth of a Preferred Share (the “Purchase Price”), upon presentation and surrender of this Right Certificate with the Form of Election to
Purchase duly executed. The number of Rights evidenced by this Right Certificate (and the number of one one-hundredths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the
number and Purchase Price as of November 17, 2008, based on the Preferred Shares as constituted at such date. 
 From and after the time
any Person becomes an Acquiring Person, (as such terms are defined in the Rights Agreement), if the Rights evidenced by this Right Certificate are beneficially owned by (i) an Acquiring Person or an Affiliate or Associate of any such Acquiring
Person (as such terms are defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person, Associate or Affiliate who becomes a transferee after the Acquiring Person becomes such, or (iii) under certain circumstances
specified in the Rights Agreement, a transferee of any such Acquiring Person, Associate or Affiliate who becomes a transferee prior to or concurrently with the Acquiring Person becoming such, such Rights shall become null and void without any
further action and no holder hereof shall have any right with respect to such Rights from and after the time any Person becomes an Acquiring Person. 
 As provided in the Rights Agreement, the Purchase Price and the number of one one-hundredths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject
to modification and adjustment upon the happening of certain events. 
  

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 This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement,
as amended from time to time, which terms, provisions and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of
rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the above-mentioned
offices of the Rights Agent. 
 This Right Certificate, with or without other Right Certificates, upon surrender at the office of the Rights
Agent designated for such purpose, may be exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by
the Right Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate or
Right Certificates for the number of whole Rights not exercised. 
 Subject to the provisions of the Rights Agreement, the Rights evidenced
by this Certificate (i) may be redeemed by the Company at a redemption price of $0.001 per Right or (ii) may be exchanged in whole or in part for shares of the Company’s common stock, par value $0.001 per share, or, upon circumstances
set forth in the Rights Agreement, cash, property or other securities of the Company, including fractions of a share of Preferred Stock. 
 No fractional Preferred Shares will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-hundredth of a Preferred Share, which may, at the election of the Company,
be evidenced by depositary receipts) but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. 
 No holder of
this Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall
anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or
subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been exercised as provided in the Rights Agreement. 
 This Right Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent. 
  

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 WITNESS the facsimile signature of the proper officers of the Company and its
corporate seal. Dated as of                     , 20__. 
  

			
	DYNAVAX TECHNOLOGIES CORPORATION
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 


  

			
	 COUNTERSIGNED:
  
 MELLON INVESTOR SERVICES LLC
 as Rights Agent

		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  

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 Form of Reverse Side of Right Certificate 
 FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such 

 holder desires to transfer the Right Certificate.) 
 FOR VALUE RECEIVED
                                        
                         hereby sells, assigns and transfers unto 
  
  
  
 (Please print name and address of transferee) 
                                        
                                         
                                         
                                        this Right
Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                                         
                Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of substitution. 
 Dated:
                                         
        
  

	
	
	  
	Signature


  

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 SIGNATURE GUARANTEED: 
 Signatures must be guaranteed by a member or participant in the Securities Transfer Agent Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchange Medallion Program. 

 
  
 The undersigned hereby certifies that (1) the Rights evidenced by this Right Certificate are not being sold, assigned or transferred by or on behalf
of a Person who is or was an Acquiring Person, an Interested Stockholder or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement); and (2) after due inquiry and to the best of the knowledge of the undersigned,
the undersigned did not acquire the Rights evidenced by this Right Certificate from any Person who is or was an Acquiring Person, an Interested Stockholder, or an Affiliate or Associate thereof. 
  

	
	
	  
	Signature


  

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 FORM OF ELECTION TO PURCHASE 
 (To be executed if holder desires to exercise 
 Rights represented by the Right
Certificate.) 
 To Mellon Investor Services LLC, as Rights Agent: 
 The undersigned hereby irrevocably elects to exercise
                                         
                                         
   Rights represented by this Right Certificate to purchase the Preferred Shares issuable upon the exercise of such Rights and requests that certificates for such Preferred Shares be issued in the name of: 
 Please insert social security or other identifying number:
                                        

  
  
  
 (Please print name and address) 
  
  
  
 If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be
registered in the name of and delivered to: 
 Please insert social security or other identifying number:
                                        

  
  
  
 (Please print name and address) 
  
  
  
 Dated:
                             
  

	
	
	  
	Signature


  

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 SIGNATURE GUARANTEED: 
 Signatures must be guaranteed by a member or participant in the Securities Transfer Agent Medallion Program, the New York Stock Exchange Medallion Signature Program or the Stock Exchange Medallion Program. 

 
  
 The undersigned hereby certifies that (1) the Rights evidenced by this Right Certificate are not beneficially owned by nor are they being exercised
on behalf of an Acquiring Person, an Interested Stockholder or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement); and (2) after due inquiry and to the best of the knowledge of the undersigned, the undersigned
did not acquire the Rights evidenced by this Right Certificate from any Person who is or was an Acquiring Person, an Interested Stockholder, or an Affiliate or Associate thereof. 
  

	
	
	  
	Signature


  
  
 NOTICE 
 The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this
Right Certificate in every particular, without alteration or enlargement or any change whatsoever. 
 In the event the certification set
forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the beneficial owner of the Rights evidenced by this Right Certificate to be an Acquiring
Person or an Affiliate or Associate thereof (as defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored. 
  

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