Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 66

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 66
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 of cash and equity within overall compensation that is competitive in the industry in which we compete for executive 
 talent and that appropriately balances short- and long-term decision making; and                                                   |
| • | Recognize individual contributions, teamwork and corporate performance.                                                            |

Elements of Executive Compensation

Our executive team continues to manage a changing and increasingly
complex business as we advance a differentiated vaccine pipeline and identify strategic opportunities to accelerate growth. We strive
to recognize these efforts by compensating our NEOs for the demands and risks associated with our business through three primary elements
that are designed to reward performance in a simple and straightforward manner – base salaries, annual performance-based cash incentives
and long-term equity incentive awards.

During our annual stockholder outreach in recent years, including in
2023 and in early 2024, our key stockholders did not express any significant concerns about the elements of our executive compensation
program, including our use of a mix of stock options and performance-based and time-based RSUs, but encouraged us to increase the proportion
of performance-vesting equity, which we did as described above.

During 2024, we provided grants of performance-based RSUs, or “PSUs”
as part of our compensation mix, and our PSUs once again included meaningful performance goals that must be met within a designated performance
period for any vesting to occur.

| 47 |

The table below summarizes the purpose and key characteristics of each
of our compensation elements.

| Element                                           |     | Purpose                                                                                                                          |     | Key Characteristics                                                                                                                       |
| Base Salary                                       |     | Provides a fixed level of compensation for performing the essential elements of the job; gives executives a degree of certainty  
 while having a majority of their total compensation at risk.                                                                     |     | Fixed compensation that is reviewed annually and adjusted as appropriate; reflects each NEO’s performance, experience,                    
 skills, level of responsibility and the breadth, scope and complexity of the position as well as the competitive marketplace for          
 executive talent specific to our industry.                                                                                                |
| Annual Cash Incentive Program                     |     | Motivates executive officers to achieve corporate and, as applicable, individual business objectives, which we believe serve     
 to increase stockholder value.                                                                                                   |     | Annual cash incentive based on corporate performance, and, as                                                                             
 applicable, individual performance compared to pre-established goals and actual accomplishments. For 2024, each of our Chief Executive    
 Officer’s and President and Chief Operating Officer’s annual incentive was based on corporate goals and accomplishments                   
 only.