Company: DVAX
Filing Date: 2025-04-17
Form Type: DEFC14A
Source: 0000930413-25-001273
Chunk: 66

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-17
Form: DEFC14A
Chunk 66
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ensation should align our executives’ interests with that of our stockholders over the long-term through
achievement of strategic corporate objectives that are fundamental to our business and that are intended to create long-term
stockholder value. Our executive compensation programs are designed to be competitive within our industry and within our peer
group to enable us to attract, motivate, reward, and retain outstanding talent. Our compensation programs are based on the
following key principles:

| • | Directly link a meaningful proportion of pay to performance and achievement of corporate and individual goals;                     |
| • | Clearly align our executives’ interests with those of our stockholders by using equity compensation as well as cash                
 incentive     programs using goals that we believe help drive long-term stockholder value;                                         |
| • | Based on past performance, make corresponding adjustments over time to various compensation components, including future salary    
 increases, bonus multipliers, and equity grants to incentivize future performance;                                                 |
| • | Achieve a mix 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.

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

| Element                                           |     | Purpose                                                                                                                          |     | Key Characteristics                                                                                                                       |