Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 68

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 68
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 50 |

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 Chief Executive Officers at peer companies. For Ms. MacDonald, the Compensation Committee approved the
9.9% increase in total target cash compensation primarily due to performance achievement and its desire to make her compensation more
competitive with that of other Chief Financial Officers at peer companies.

The Compensation Committee approved increases for each of Mr. Novack
and Dr. Janssen that were intended to provide merit increases to keep their salaries competitive with their peers. The increases for each
of Mr. Novack and Dr. Janssen are representative of the longer tenures of Mr. Novack and Dr. Janssen as senior executives and the Compensation
Committee’s determination that their total compensation was previously market competitive.

| Name                 |     | 2024          
 (Base Salary) |         |     | % Increase  
 from Prior  
 Year Salary |     | 2024           
 (Target Bonus) |     | % Increase from  
 Prior Year Total 
 Cash Target      |
|:----------------