Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 81

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 81
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 in determining the structure and size of our executive
compensation programs.

Deductibility of Executive Compensation

Under Section 162(m), compensation paid to each of
the Company’s “covered employees” that exceeds $1 million per taxable year is generally non-deductible.

Although the Compensation Committee will continue
to consider tax implications as one factor in determining executive compensation, the Compensation Committee also looks at other factors
in making its decisions and retains the flexibility to provide compensation for the Company’s NEOs in a manner consistent with the
goals of the Company’s executive compensation program and the best interests of the Company and its stockholders, which may include
providing for compensation that is not deductible by the Company due to the deduction limit under Section 162(m). The Compensation Committee
also retains the flexibility to modify compensation that was initially intended to be exempt from the deduction limit under Section 162(m)
if it determines that such modifications are consistent with the Company’s business needs.

Compensation Risk Analysis

During fiscal 2024, our Compensation Committee reviewed
our compensation policies as generally applicable to our employees in order to determine whether any such programs were likely to present
a material risk to the Company. As part of its assessment, the Compensation Committee considered, among other things, the allocation of
compensation among base salary and short- and long-term compensation, our approach to establishing Company-wide and individual financial,
operational and other performance targets, and the nature of our key performance metrics. As a result of this review and analysis, the
Compensation Committee determined that our policies and programs do not encourage excessive or inappropriate risk taking, and that the
level of risk that they do encourage is not reasonably likely to have a material adverse effect on the Company.

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Compensation Committee Report

In early 2025, the Compensation Committee discussed
with management the Compensation Discussion and Analysis, contained in this proxy statement. Based on this review and discussion, the
Compensation Committee has recommended to the Board that the Compensation Discussion and Analysis be included in this proxy statement
and incorporated into our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The material in this report is not “soliciting material,” is furnished to, but not deemed “filed” with, the SEC and is not deemed to be incorporated by reference in any filing of the Company under the Securities Act or the Exchange Act, other than the Company’s Annual Report on Form 10-K, where it shall be deemed