Vaxart (VXRT) investor relations material

Executive summary

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

• The group criticizes the current board for value destruction, poor stock performance, and disregarding stockholder input, especially regarding repeated reverse stock split proposals.

• The proxy contest follows failed attempts by the board to pass reverse stock splits and ongoing concerns about governance, accountability, and stockholder engagement.

• The Concerned Vaxart Stockholders own 1,515,343 shares and recommend voting for their three nominees and three unopposed company nominees using the GOLD universal proxy card.

Voting matters and shareholder proposals

• Proposals include electing six directors (three from the Concerned Vaxart Stockholders, three unopposed company nominees), ratifying the selection of WithumSmith + Brown, PC as auditor, and a non-binding advisory vote on executive compensation.

• The group recommends voting FOR their nominees and the unopposed company nominees, FOR auditor ratification, and AGAINST the executive compensation proposal.

• Voting is conducted via a universal proxy card, allowing shareholders to mix nominees up to six total; over-voting invalidates the ballot.

Board of directors and corporate governance

• The board currently has six members, all up for election; if the Concerned Vaxart Stockholder Nominees are elected, they would comprise 50% of the board.

• The group argues for board change due to poor performance, lack of responsiveness to stockholders, and unilateral board actions such as appointing directors without stockholder input.

• 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 asserts all their nominees are independent under NASDAQ and Sarbanes-Oxley standards.