Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 88

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 88
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 share on December 31,    
 2024. The value for stock option awards is calculated based on the “spread” between the closing price per share on December 31, 
 2024 of $12.77 and the exercise price of the vested awards, to the extent such vested awards were “in the money.”               |

Pursuant to the terms of the PSUs granted in February 2024, in the
event that there had been a corporate transaction or change in control (each as defined in the 2018 Equity Incentive Plan) on December 31,
2024, and if the surviving or acquiring corporation had elected to assume, continue or substitute for the PSUs, then (i) the vesting schedule
of the PSUs would be revised as if the target number of PSUs would vest on each of the first three anniversaries of the grant date, subject
to the NEO’s continued services; (ii) any portion of the PSUs that would have vested under such time-based schedule on or prior
to the effective date of such transaction would become vested on such effective date; and (iii) any portion of the PSUs that would be
unvested immediately following such effective date would vest in accordance with such time-based schedule. No associated acceleration
value is disclosed in the table above this paragraph because the first vesting date under these circumstances would be February 2025.

Qualifying Termination in Connection with a Change in Control.

Under the Management Agreements, if, on or during the three months
preceding, or the twenty-four month period following, a change in control (as described below), the NEO’s employment is terminated
due to an “involuntary” termination without “cause” (and other than due to death or disability) or, if applicable,
upon a resignation for “good reason” (as defined below) the NEO will, subject to the execution of a release of claims, be
entitled to receive:

| • | a lump-sum cash payment equal to a specified number of months (24 months for Mr. Spencer, 21 months for Mr.                    
 Novack and 18 months for our other NEOs) of the executive’s then-effective annual base salary;                                 |
| • | a lump-sum cash payment equal to a specified percentage of the NEO’s target annual variable cash compensation (200% of         
 such target for Mr. Spencer, 175% for Mr. Novack, and 150% of such target for our