Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 67

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 67
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 event of a termination of employment under specified circumstances, including following a change in control of our Company as described below under “Potential Payments Upon Change in Control or Involuntary Termination.” |

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2024 Executive Compensation Decisions

Overview of Target Compensation Structure

We use the above-mentioned compensation elements to create compensation
packages that are heavily weighted toward variable, at-risk pay to help align pay to performance. For 2024, the Compensation Committee
used its judgment, as well as market data and input from Alpine, to establish an appropriate mix of fixed and variable pay, as well as
short-term and long-term incentive compensation, and cash and equity compensation, for each NEO. The balance between these components
may change from year to year based on corporate strategy and objectives, market conditions, and other considerations. For 2024, our CEO
and other NEOs had the following target pay mix, which may not sum to one hundred percent due to rounding:

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Total Target Cash Compensation – Base Salaries and Target Bonus Percentages

When determining 2024 base salary and target bonus percentage adjustments,
the Compensation Committee considered each individual’s prior performance and criticality to the business, each individual’s
industry expertise, experience and tenure, internal pay equity, annual salary budget and retention objectives. The Compensation Committee
also reviewed a range of market data reference points, including disclosed peer group and survey data, with respect to total target cash
compensation (including both base salary and the annual target performance bonus).

In the early part of 2024, the Compensation Committee (and the Board
with respect to our CEO, Mr. Spencer) evaluated the 2023 compensation of each of our then-serving NEOs and approved base salary increases
as shown in the table below. Unless otherwise noted below, the target bonuses and 2024 base salaries were effective as of January 1, 2024.

The increases in total target cash that the Compensation Committee
(and the Board with respect to Mr. Spencer) approved varied in amounts for each NEO, based on individual considerations for each NEO applying
the factors listed above and the resulting amounts that the Compensation Committee (and the Board with respect to Mr. Spencer) felt was
appropriate to provide adequate recognition, retention and incentive value to each NEO.

For Mr. Spencer, the Compensation Committee and the Board approved
the 9.9% increase in total target cash compensation primarily due to performance achievement and its desire to make his compensation more
competitive with that of other