Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 65

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 65
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 to executive compensation, governance as well as other topics of interest to them.
We also consider feedback from Institutional Shareholder Services and Glass Lewis (together, the “Proxy Advisory Firms”),
in addition to the say-on-pay voting results of the prior year’s say-on-pay proposal as noted above. These outreach and feedback
mechanisms complement the many touchpoints our investor relations team has with stockholders throughout the year. In addition, on a more
informal basis, we also engage with our stockholders through industry and corporate governance conferences and informal exchanges in other
settings. During 2024, we continued this long-standing practice, conducting over 300 meetings with investors and analysts, including 90%
of our top 10 actively managed stockholders. In the first quarter of 2025, we met with over 80 investors and analysts.

| 47 |

During our prior discussions
with stockholders, which generally include an opportunity for detailed questions, none of our stockholders have expressed
any significant concerns about our executive compensation practices, although the Proxy Advisory Firms and certain
stockholders have previously expressed a preference for us to increase the percentage of executives’ equity awards that
use performance-based vesting, rather than time-based vesting. Based on this feedback, in 2023, the Compensation
Committee increased the performance-based portion of the NEOs’ equity awards from 12.5% to 30% for 2023. We further
increased this proportion to 33% for 2024. This percentage represents the portion of the stock option equivalents awarded to
each NEO that is tied to a performance metric rather than time-based vesting. Stock option equivalents are calculated as
(number of stock options granted) plus (full value awards divided by a fungible share ratio of 1.4). For 2025, the fungible share ratio used to calculate stock option equivalents was increased from 1.4 to 1.65 by the Compensation
Committee.

We have not made any other changes to our executive compensation policies or processes as a result of our
say-on-pay vote or stockholder feedback for 2024. We will monitor and continually evaluate our compensation program going
forward, taking into account our stockholders’ views, input from our independent compensation consultant, peer group
practices, evolving market dynamics and our transforming business needs, including, but not limited to, recruitment and
retention.

Executive Compensation Philosophy and Objectives

We believe our NEOs’
comp