Vaxart (VXRT) investor relations material

Executive summary

• A group of retail investors, the Concerned Vaxart Stockholders, is soliciting proxies to elect three of their nominees to the board, citing a need for board reconstitution and improved stockholder representation.

• The group owns 1,515,343 shares and is using a GOLD universal proxy card, allowing votes for any combination of six nominees (three of their own and three unopposed company nominees).

• The solicitation follows a period of significant share price decline, failed reverse stock split proposals, and board actions perceived as disregarding stockholder input.

• The annual meeting will be held virtually, and stockholders are encouraged to vote using the GOLD card to maximize their influence on board composition.

Voting matters and shareholder proposals

• Proposals include electing three Concerned Vaxart Stockholder Nominees, ratifying the selection of WithumSmith + Brown, PC as auditor, and a non-binding advisory vote on executive compensation.

• The group makes no recommendation on auditor ratification or executive compensation but intends to vote for the auditor and may vote for or against the compensation proposal.

• Stockholders can vote for up to six nominees in any combination; voting for more than six invalidates the ballot.

Board of directors and corporate governance

• The board currently has six members, all up for election; the Concerned Vaxart Stockholders seek to replace three with their nominees.

• The group criticizes the board for value destruction, lack of responsiveness to stockholders, and unilateral director appointments.

• Nominees include Daniel P. Houle (governance strategist), Mark Silverberg, DDS, MD (anesthesiologist and business executive), and Matthew M. Wallace, MD (dermatologist and largest stockholder among the group).

• The group emphasizes the need for retail investor representation and accountability.