Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 73

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 73
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 the Compensation Committee’s certification that our
relative total stockholder return ranking (as defined in the grant agreement) is equal to or greater than the 50
percentile during the performance period starting January 1, 2024 and ending December 31, 2026 (“Performance Period”).
To calculate the relative ranking, the Company’s total stockholder return will be compared to the returns of the other companies
comprising the Nasdaq Biotechnology Index during the entire Performance Period. No shares can vest under these awards if the Company’s
relative ranking is below the twenty-fifth percentile. Fifty percent can vest at a threshold of at least the twenty-fifth percentile,
one hundred percent can vest at the fiftieth percentile, and a maximum of two hundred percent can vest at or above a ninetieth
percentile relative total stockholder return ranking, except that the maximum portion that can vest is the target amount, 50%,
if the Company’s absolute total stockholder return is negative, regardless of whether the company achieves a higher than
target relative ranking. Stock options granted to each of the NEOs vest over three years, with one-third vesting on the anniversary
of grant, and the remainder vesting monthly.

| 61 |

The table
below describes the stock options, RSUs and PSUs granted to our NEOs in fiscal year 2024. Our Compensation Committee used its subjective
judgement to determine the size of awards it believed were appropriate for each named executive officer, weighing the factors described
above each NEO’s current equity holdings and its desire to provide strong retentive value. Each of the 2024 equity awards
listed below were granted in February 2024.

| Name                 |     |         Stock 
 Option Awards 
 (

# of shares) |     | Time-Based RSU 
         Awards 
  (

# of shares) |     | Performance-Based 
        RSU Awards 
     (

# of shares) |
| Ryan Spencer         |     |       231,000 |     |        165,000 |     |           165,000 |
| Kelly MacDonald      |     |        65,000 |     |         46,430 |     |            46,430 |
| David F. Novack      |     |        95,000 |     |         67,860 |     |            67,860 |
| John L. Slebir       |     |        70,000 |     |         50,