Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 48

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 48
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has historically been, and is currently, weighted more heavily to equity.

The Board approves changes to the Director Compensation Policy after considering recommendations of the Compensation
Committee. The Compensation Committee reviews the Director Compensation Policy every year. When reviewing the policy, the Compensation
Committee believes it is important to be informed as to current compensation practices of comparable publicly held companies in
the life sciences industry, especially to understand the demand and competitiveness for attracting and retaining the expertise
of highly qualified individuals. Based on this review and the recommendation of Alpine Rewards LLC (“Alpine”), the
Compensation Committee recommended changes to the Director Compensation Policy in 2024 and in 2025, that were approved by the
Board.

Our 2018 Equity Incentive Plan provides a cap on the aggregate value of all cash and equity-based compensation
paid annually to our non-employee directors. Non-employee directors may not be paid more than $200,000 in cash compensation per
year or receive equity grants with a total value of more than $800,000 under any plans except newly appointed or elected non-employee
directors may receive an initial equity grant with total value of $1,200,000. The value of equity awards is based on the grant
date fair value of such awards for financial reporting purposes.

| 33 |

CASH COMPENSATION ARRANGEMENTS

During 2024, under our Director Compensation Policy, each member of our Board who was not an employee or
officer of the Company received the following cash compensation for Board services:

| • | A $100,000 annual retainer for service as Chair of the Board or, alternatively, a $50,000 annual retainer                   
 for service as a member of the Board;                                                                                       |
| • | A $20,000 annual retainer for the Chair of the Audit Committee and a $10,000 annual retainer for each additional member     
 of the Audit Committee (under the amended Non-Employee Director Compensation Policy, which became effective in January 2025 
 (“Amended Director Compensation Policy”), this annual retainer increased to  $25,000 for the Chair of the Audit             
 Committee and $12,500 for each additional member of the Audit Committee);                                                   |
| • | A $15,000 annual retainer for the Chair of the Compensation Committee and a $7,000 annual retainer for each additional      
 member of the Compensation Committee (under the Amended Director Compensation Policy, this annual retainer increased to     
 $20,000 for