Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 85

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 85
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 described below), the NEO’s employment is terminated
due to an “involuntary” termination without “cause” (and other than due to death or disability) or, if applicable,
upon a resignation for “good reason” (as defined below) the NEO will, subject to the execution of a release of claims, be
entitled to receive:

| • | a lump-sum cash payment equal to a specified number of months (24 months for Mr. Spencer, 21 months for Mr.                    
 Novack and 18 months for our other NEOs) of the executive’s then-effective annual base salary;                                 |
| • | a lump-sum cash payment equal to a specified percentage of the NEO’s target annual variable cash compensation (200% of         
 such target for Mr. Spencer, 175% for Mr. Novack, and 150% of such target for our other NEOs) for the year of termination;     |
| • | cash payments equal to the value of the applicable COBRA premiums for up to the same number of months as the NEO receives in   
 base salary as set forth in the first bullet, paid either monthly on employee’s behalf or to employee in a single lump sum     
 (the “COBRA Payment”);                                                                                                         |
| • | full acceleration of vesting of all outstanding equity awards at the time of such termination; and                             |
| • | the extension of exercisability of all stock options to purchase the Company’s common stock for a period of one year following 
 termination of employment (but in any event not beyond each option’s expiration date).                                         |

| 72 |

In addition, if any payments or benefits would constitute a “parachute
payment” within the meaning of Section 280G of the Code and such payments would be subject to the excise tax imposed by Section
4999 of the Code, then such payments will either be (1) provided to the NEO in full or (2) reduced to such lesser amount that would result
in no portion of such payments being subject to the excise tax, whichever amount after taking into account all applicable taxes, including
the excise tax, would result in the NEO’s receipt, on an after-tax basis, of the greatest amount of such payments.

For purposes of the Management Agreements, “cause” generally
means (1) gross negligence or willful misconduct in the performance of duties to the Company, where such gross negligence or willful misconduct
has resulted or is likely to result in substantial