Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 71

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 71
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 this performance metric, “Adjusted EBITDA” means net income                             
 or loss adjusted to exclude interest expense, interest income, the benefit from or provision for income taxes, depreciation,     
 amortization, stock-based compensation, and other adjustments to reflect changes that occur in our business but do not represent 
 ongoing operations. Adjusted EBITDA is a non-GAAP financial measure. Please refer to the “Non-GAAP Financial Measures”           
 on Appendix B for details regarding this measure.                                                                                |
| *** | As used for the Company’s measurement of this performance metric, “Free Cash Flow” means cash and cash                           
 equivalents and marketable securities at the end of the year, less cash and cash equivalents and marketable securities at        
 the beginning of the year, plus payments for repurchase of common stock during the year.                                         |

2024 Individual Goals. As described above, Messrs. Spencer
and Novack did not have individual goals, and their respective incentive compensation was based solely on achievement of our corporate
goals.

At the beginning of each year, our Chief Executive Officer typically
recommends individual goals for each of the other NEOs, which are aligned with our business strategy and linked to corporate goals,
and our Compensation Committee approves these goals. The individual goals for the NEOs include critical responsibilities assigned
to each NEO that go beyond the corporate goals and are significant to our success. Established in February 2024, the 2024 individual
goals for the NEOs named below focused on objectives linked to their functional expertise and responsibility as well as our then-current
business strategy. These specific goals were in addition to the general responsibilities each NEO had for managing his or her respective
functional operational area.

While individual goals and performance results relate to advancing
our corporate goals and business strategy, the Compensation Committee structures individual goals to be targeted to each applicable
NEO’s expertise and responsibility and evaluates achievement based on each applicable NEO’s individual efforts and
performance results. Thus, there can be circumstances where the individual goal grading may exceed corporate goal achievement,
and there can be instances where the corporate goal achievement may surpass the individual goal grading. In February 2025, based
on the recommendation of Mr. Spencer, as well as its own assessment of each NEO’s effectiveness, the Compensation Committee
determined the level of achievement of each NEO’s 2024 individual goals as follows:

| 55 |

| Name            | Individual Goals                                                                                                                  | Individual Achievement                                                                               | Individual  
 Achievement 
 Percentage  |
| Kelly MacDonald | •       Deliver