Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 69

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 69
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holder value. For our
other NEOs, their annual cash incentive payout is typically based on the achievement of pre-established corporate and individual goals.
Our Chief Executive Officer typically recommends individual goals for each of the other NEOs, which are aligned with our business strategy
and linked with corporate goals, and our Compensation Committee approves these goals. The individual goals for the NEOs are in addition
to the general responsibilities each officer has for managing his or her respective functional or operational area. In early 2024, the
Compensation Committee established corporate and, for NEOs other than Messrs. Spencer and Novack, individual goals to align NEO annual
cash incentive compensation with respective performance toward these goals. For 2024, Ms. MacDonald’s, Mr. Slebir’s and Dr.
Janssen’s respective annual cash incentive opportunity was based on a weighting of 80% corporate and 20% individual goals.

| 52 |

Our corporate goals included base goals and
stretch goals. Base goals in the aggregate were set to be appropriately difficult to require substantial effort during the year
to help create long-term value and to advance our business in the best interests of stockholders. The base goals were designed
to represent, if fully achieved, what would be, in our view, a very successful year for the Company. We also provided stretch goals
as an additional incentive toward over-achievement. The stretch goals, if achieved, were intended to provide a total bonus opportunity
in excess of 100% that incentivizes total value creation, including achievement and/or exceeding our base objectives. The maximum
possible payout, based on the achievement of the corporate goals and any applicable individual goals, is subject to a cap of 175%
of each individual’s target bonus, in accordance with the terms of our bonus plan. All goals, stretch goals included, were
set at the same time, in early 2024, were tied to specific performance metrics and were not adjusted during the year. No purely
discretionary bonuses or accelerators were provided as part of the 2024 bonus program at its outset.

Because we are a fully integrated biopharmaceutical
company with a marketed product and ongoing vaccine development program, our corporate goals were directly aligned with specific
strategic objectives incorporating matters that management could influence or control. We believe that our focus on these goals,
and our respective performance in pursuing them, properly aligned management’s interests with those of our stockholders and
helped to increase potential stockholder value. In February 202