Company: DVAX
Filing Date: 2025-04-03
Form Type: PREC14A
Source: 0000930413-25-001153
Chunk: 67

Company: DYNAVAX TECHNOLOGIES CORP
Filing Date: 2025-04-03
Form: PREC14A
Chunk 67
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 equity grant,                                                                                                                                                                                     
 in terms of option equivalents, to be RSU awards and we targeted roughly 33% to be PSU awards. PSUs generally vest upon the Compensation                                                                                                               
 Committee’s certification of achievement of pre-established performance goals over specified performance periods, as discussed below.                                                                                                                  
 In determining the exact number of RSUs or PSUs, we use a conversion                                                                                                                                                                                   
 factor that recognizes that the implied value of an RSU or PSU is greater than that of a stock option, as discussed above.                                                                                                                             |
| Other Compensation                                                                                                  |     | Our executive officers generally participate in the same benefits offered to all other employees, which promote employee health and welfare and assist in attracting and retaining our executive officers.                                                                                                          |     | Indirect compensation elements consisting of programs such as medical,                                                                                                                                                                                 
 vision, dental, life and accidental death, long-term care and disability insurance as well as a 401(k) plan with a Company matching contribution,                                                                                                      
 and other plans and programs made available to all regular employees.                                                                                                                                                                                  
 In addition, we provide our executive officers with supplemental long-term                                                                                                                                                                             
 disability insurance benefits which we believe are reasonable in amount and customary in our industry.                                                                                                                                                 |
| Severance and Change in Control Benefits                                                                            |     | Serves our retention objectives by helping our named executive officers maintain continued focus and dedication to their responsibilities to maximize stockholder value, including in the event of a transaction that could result in a change in control of our Company.                                           |     | Provides protection in the event of a termination of employment under specified circumstances, including following a change in control of our Company as described below under “Potential Payments Upon Change in Control or Involuntary Termination.” |

| 49 |

2024 Executive Compensation Decisions

Overview of Target Compensation Structure

We use the above-mentioned compensation elements to create compensation
packages that are heavily weighted toward variable, at-risk pay to help align pay to performance. For 2024, the Compensation Committee
used its judgment, as well as market data and input from Alpine, to establish an appropriate mix of fixed and variable pay, as well as
short-term and long-term incentive compensation, and cash and equity compensation, for each NEO. The balance between these components
may change from year to year based on corporate strategy and objectives, market conditions, and other considerations. For 2024, our CEO
and other NEOs had the following target pay mix, which may not sum to one hundred percent due to rounding:

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