Company: DVAX
Filing Date: 2025-04-15
Form Type: PRER14A
Source: 0000930413-25-001254
Chunk: 73

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-15
Form: PRER14A
Chunk 73
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 avoid penalizing Ms. MacDonald for living in a state that provides benefit payments for maternity leave, we paid Ms.      
 MacDonald a supplemental bonus of $6,642 in addition to the $239,408 annual cash incentive paid to her for 2024 corporate        
 and individual performance.                                                                                                      |

Long-Term Equity Incentive Awards

2024 Equity Awards

In making annual long-term equity incentive
awards to our NEOs in early 2024, the Compensation Committee considered each NEO’s total equity outstanding as of December
31, 2024, individual performance during 2023, the potential amount that could be realized at different hypothetical stock prices
upon exercise or vesting of those awards and each NEO’s percentage of ownership of the Company. The Compensation Committee
also reviewed market and peer group data reference points with respect to an approximation of grant date fair value and shares
granted, expressed as a percentage of total common shares outstanding. Additionally, the Compensation Committee considered the
mix of stock options, RSUs and PSUs granted in 2024. The Compensation Committee made final determinations based on its judgment
in accordance with our pay-for-performance philosophy and the need to retain and motivate these highly experienced and essential
members of our management team.

For 2024, the Compensation Committee (and
the Board with respect to Mr. Spencer) determined to grant each NEO’s annual long-term incentive compensation with a mix
of stock options RSUs and PSUs. Specifically, in February 2024, the Compensation Committee approved annual equity grants for the
NEOs in the form of stock options, RSUs and PSUs, with each representing approximately one-third of the aggregate target option
equivalents granted. This particular mix was chosen in order to provide appropriate retention incentives and the opportunity for
our NEOs to realize value directly in line with our stock price, particularly in light of historic volatility in our stock price,
as well as to respond to investor feedback. Consideration was also given to annual/ cumulative equity plan dilution and impact
to future share availability to ensure program sustainability.

The PSUs granted in 2024 would, subject
to and qualified by the terms of the grant agreement, vest solely upon the Compensation Committee’s certification that our
relative total stockholder return ranking (as defined in the grant agreement) is equal to or greater than the 50
percentile during the performance period starting January 1, 2024 and ending December 31, 2026 (“Performance Period”).
To