Document:

EX-10.21

  Exhibit 10.21

   

  CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED.

   

  From: Valneva Scotland Limited (“Purchaser”)

  Oakbank Park Road,

  Livingston, Scotland

  EH53 0TG, United Kingdom

   

  And: Valneva Austria GmbH (“Valneva Austria”)

  Campus Vienna Biocenter 3

  1030 Vienna

  Austria

  		
	 
	 

   

  To: Dynavax Technologies Corporation (“Dynavax”)

  2100 Powell Street, Suite 900 

  Emeryville, CA 94308 

  USA

  28 October 2021 (the “Amendment Date”)

  Dear Sirs

   

  Supply Agreement between Dynavax, Purchaser and Valneva Austria dated 12 September 2020 (the “Agreement”)

   

  To the extent not otherwise defined in this letter (including Appendix One hereto, which is incorporated herein by this reference) (“Amendment”), capitalized terms used but not otherwise defined in this Amendment will have the same meanings as given to them in the Agreement.

   

  The Parties agree that, with effect from the Amendment Date (subject to execution and delivery of this Amendment by all Parties as provided below), the Agreement shall be amended as set forth in this Amendment.

   

  The Agreement, as varied by this Amendment, shall remain in full force and effect in accordance with its terms.

   

  This Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all of which together shall constitute one and the same instrument, but will not be effective until each Party has executed and delivered at least one counterpart to the other Parties.  This Amendment may be executed and delivered electronically, including by DocuSign, or by facsimile, and upon such delivery such electronic or facsimile signature will be deemed to have the same effect as if the original signature had been delivered.  

   

  This Amendment, and all questions regarding the existence, validity, interpretation, breach, or performance of this Amendment, shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, United States, without reference to its conflicts of laws principles.  The application of the U.N. Convention on Contracts for the International Sale of Goods (1980) is excluded.  Section 11.3 of the Agreement shall apply to this Amendment, mutatis mutandis.  

   

  [Signature page follows]

   

   

   

  

   

   

  Please confirm your acceptance of the terms of this Amendment by signing and returning to us a copy of this Amendment.

   

  Yours faithfully

  Valneva Scotland Limited

  Signed:		/s/ Thomas Lingelbach				/s/ Franck Grimaud		

  Name:  	Thomas Lingelbach				Franck Grimaud		

  		Director					Director			

  Date:    	29 October 2021		

   

  Valneva Austria GmbH

  Signed:		/s/ Dr. Juan Carlos Jaramillo			/s/ Frederic Jacotot		

  Name:  	Dr. Juan Carlos Jaramillo			Frederic Jacotot		

  		Managing Director				Managing Director		

  Date:    	29 October 2021		

   

  We agree to the above proposal.

  For and on behalf of Dynavax Technologies Corporation

  Signed:		/s/ David Novack		

  Name:  	David Novack			

  Date:    	10/28/2021			

   

  Attachment: 	Appendix One

   

  2.

  

   

   

  Appendix One

  1.The Parties agree and confirm that, in accordance with Section 2.5 of the Agreement, each of the Purchase Orders identified below, which collectively constitute all Purchase Orders which have been placed by Purchaser prior to the Amendment Date in respect of CpG Adjuvant which has not, as at the Amendment Date, been delivered to Purchaser, are hereby cancelled: 

  		
	Purchase Order No.
	Date

	PO21-000925
PO21-000927
	March 25, 2021
March 25, 2021

   

  The Parties hereby confirm that Dynavax is entitled to retain all Advance Payments paid by Purchaser to Dynavax under the Agreement prior to the Amendment Date, and Purchaser shall not be entitled to any refund thereof.

  2.The Parties wish to further vary the Agreement and agree that, with effect from the Amendment Date: 

  (a)Sections 2.2 is deleted in its entirety and replaced as follows:

  “2.2	Commitments and Orders.  

  (a)	Binding Purchase Order.  On the Amendment Date, Purchaser has submitted a binding Purchase Order for [***] of CpG Material, which has been accepted by Dynavax, as set out in the table below:

  				
	KG of CpG Material
	Order Deadline
	Delivery Date
	Final Payment paid on Delivery Date

	[***]
	[***]
	[***]
	[***], being [***] of the aggregate Cost per Dose of such CpG Material and constituting the Final Payment for such CpG Material.  Dynavax acknowledges and agrees that it shall be deemed to have received the Advance Payment for such CpG Material of [***], being [***] of the aggregate Cost per Dose of such CpG Material. 

   

  (b)	Optional Purchase Order.  As soon as reasonably practicable, Dynavax shall deliver written notice to Purchaser as to whether or not Dynavax can reasonably extend the shelf life of such CpG Material to [***].  If Dynavax determines not to extend such shelf life, Purchaser shall have the right to submit to Dynavax, within five (5) Business Days from delivery by Dynavax of such written notice, one (1) (and only one) additional Purchase Order under this Agreement for a maximum of [***] of CpG Material as set forth in the table below, which Dynavax will be obliged to accept:

  3.

  

   

   

  			
	KG of CpG Material
	Delivery Date
	Final Payment paid on Delivery Date

	[***]
	[***]
	[***], being [***] of the aggregate Cost per Dose of such CpG Material and constituting the Final Payment for such CpG Material.  Dynavax acknowledges and agrees that it shall be deemed to have received the Advance Payment for such CpG Material of [***], being [***] of the aggregate Cost per Dose of such CpG Material. 

   

  (c)	No Additional Quantities.  For clarity, the sum of the number of kilograms of CpG Material set forth in the table in Section 2.2(a), and, if applicable, the number of kilograms of CpG Material set forth in the table in Section 2.2(b) (collectively, the “Commitment”), represents the maximum amount of CpG Material that Purchaser has the right to order and purchase, and Dynavax is obligated to sell and supply to Purchaser, under this Agreement from and after the Amendment Date.  From the Amendment Date, Purchaser shall have no right to submit, and Dynavax shall have no obligation to accept, any Purchase Order from Purchaser for CpG Material under this Agreement, other than the Purchase Orders specified in Sections 2.2(a) and 2.2(b).  Should Purchaser wish to purchase from Dynavax, and Dynavax be willing to sell and supply to Purchaser, any quantity of CpG Adjuvant in excess of the Commitment, the terms and conditions of any such purchase, sale and supply, including the price of any such CpG Adjuvant, would be subject to negotiation and mutual written agreement of the Parties.”

  (b)Section 2.3 of the Agreement is deleted in its entirety.

  (c)The first sentence of Section 2.4(a) of the Agreement is deleted in its entirety. 

  (d)Notwithstanding the provisions of Section 2.4(b) of the Agreement, except for the obligation set forth in Section 2.2(b) of this Amendment to deliver written notice to Purchaser regarding whether Dynavax can reasonably extend the shelf life of the CpG Material already received by Purchaser under the Agreement (as amended by this Amendment), Dynavax shall have no additional obligation to extend the shelf life of CpG Material (including CpG Material previously delivered).  

  (e)Section 2.5(b) of the Agreement is deleted in its entirety and replaced as follows:

  “(b)	The Parties agree that Purchaser, in its sole discretion, may cancel the Purchase Order placed under Section 2.2(a) of this Agreement by written notice to Dynavax on or before the Order Deadline (1 December 2021).  If such Purchase Order is cancelled on or before the Order Deadline, Dynavax will not be required to deliver the CpG Material which is the subject of that Purchase Order, Purchaser shall not be required to pay the Final Payment for such CpG Material, and, for clarity, Purchaser shall not be entitled to any refund of the Advance Payment received by Dynavax in connection with such Purchase Order.”

  (f)Notwithstanding the first two sentences of Section 3.1 of the Agreement, the purchase price (and aggregate Cost per Dose) of all CpG Material supplied by Dynavax to Purchaser after the Amendment Date under Section 2.2 of the Agreement (as amended by this Amendment) is as specified in such Section 2.2. 

  (g)Section 3.2 of the Agreement is deleted in its entirety and replaced as follows:

  “3.2	Invoice and Payment.  In respect of the CpG Material ordered in any Purchase Order submitted by Purchaser pursuant to Section 2.2(a) or 2.2(b) of this Agreement, Purchaser is 

  4.

  

   

   

  deemed to have paid, and Dynavax is deemed to have received, prior to the Amendment Date, [***] of the aggregate Cost per Dose of such CpG Material as shown in the tables in such Section (the “Advance Payment”), and Dynavax will invoice Purchaser for [***] of the aggregate Cost per Dose of such CpG Material, as shown in the tables in such Section (the “Final Payment”), upon delivery of such CpG Material in accordance with Section 2.4(a).  Purchaser shall pay each invoice, in U.S. Dollars, within [***] days after receipt of such invoice by wire transfer of immediately available funds into an account designated by Dynavax.  If Purchaser disputes any invoiced amount hereunder (or a portion thereof), Purchaser shall timely pay any undisputed portion of the invoiced amount in accordance with the preceding sentence and shall notify Dynavax in writing of the disputed amount, including the basis on which Purchaser disputes such amount, within [***] days after receipt of the invoice.”

  (h)Section 10.1 of the Agreement is deleted in its entirety and replaced as follows:

  “10.1	Term.  This Agreement commenced on 13 September 2020 (the “Effective Date”) and, unless earlier terminated by the Parties pursuant to Section 10.2, will continue until the delivery by Dynavax to Purchaser in accordance with this Agreement of the quantity of CpG Material specified in Section 2.2(a), unless Purchaser timely submits a Purchase Order for the additional quantity of CpG Material specified in Section 2.2(b), in which case it will continue until the delivery by Dynavax to Purchaser in accordance with this Agreement of the quantity of CpG Material specified in Section 2.2(b).” 

  (i)The final sentence of Section 10.5 of the Agreement is deleted in its entirety and replaced as follows:

  "Notwithstanding anything to the contrary, the following provisions shall survive any expiration or termination of this Agreement: Article 1 (Definitions), Section 2.7 (Inspection and Acceptance), Article 5 (Use of CpG Material), Article 6 (Intellectual Property), Article 7 (Confidentiality), Article 9 (Indemnification), Section 10.5 (Effects of Termination; Survival), and Article 11 (General Provisions)."

  [End of Appendix One]

  5.EX-10.34

  Exhibit 10.34

  DYNAVAX TECHNOLOGIES CORPORATION

  NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

  EFFECTIVE OCTOBER 2021

   

  Directors who are not Employees (“Non-Employee Directors”) shall receive equity and cash compensation as set forth below.  Capitalized terms used in this Policy, unless otherwise defined herein, have the meaning given to them in the Company’s Amended and Restated 2018 Equity Incentive Plan (the “2018 Plan”) or any successor equity incentive plan, if applicable.

  Equity COMPENSAtION

  Initial Grant; Subsequent Grant

  Each Non-Employee Director shall be granted, automatically and without further action by the Board or the Compensation Committee of the Board, a Nonstatutory Stock Option (“NSO”) and a Restricted Stock Unit Award (“RSU”), together equal to the stock option equivalent of 60,000 shares of Common Stock (collectively, an “Initial Grant”) on the date on which such Non-Employee Director is first appointed or elected to the Board, using the methodology and subject to the terms and limitations and described below.   

  In addition, on the date of and immediately following each annual meeting of the Company’s stockholders, each Non-Employee Director who continues as a Non-Employee Director following such annual meeting shall be granted, automatically and without further action by the Board or the Compensation Committee of the Board, an NSO and an RSU, together equal to the stock option equivalent of 30,000 shares of Common Stock (collectively, a “Subsequent Grant”), using the methodology and subject to the terms and limitations and described below.  Each Non-Employee Director’s first Subsequent Grant shall be pro-rated as follows based on the number of months that have elapsed since the date on which such Non-Employee Director was first appointed or elected to the Board:

  		
	Service Period from Initial Date of Appointment or Election
	Pro-Rated Subsequent Grant

	10 months or more
	100% of grant (option equivalent of 30,000 shares)

	7 months or more, but less than 10
	75% of grant (option equivalent of 22,500 shares)

	4 months or more, but less than 7
	50% of grant (option equivalent of 15,000 shares)

	1 month or more, but less than 4
	25% of grant (option equivalent of 7,500 shares)

	Less than 1 month
	No grant

  Each Initial Grant and each Subsequent Grant will be delivered such that approximately 75% of the value is delivered as an NSO and approximately 25% of the value is delivered as an RSU, using the methodology for determining actual share amounts and the stock option to restricted stock unit award ratio most recently approved by the Board or the Compensation Committee of the Board and subject to any limits on compensation payable to Non-Employee Directors contained in the 2018 Plan or any successor plan, as applicable.  To the extent necessary to reduce the size of an Initial Grant or a Subsequent Grant to comply with any limit set forth in the 2018 Plan or any successor plan, as applicable, the number of option equivalent shares shall be reduced automatically and without further action by the Board or the Compensation Committee of the Board to the amount necessary to comply with such limit and then the methodology described in the first sentence of this paragraph shall be applied.  

  The Initial Grants and the Subsequent Grants shall be granted under and subject to the terms and conditions of the 2018 Plan, or any successor plan (including, but not limited to, any limits on compensation payable to non-employee directors contained in the 2018 Plan or any successor plan), and the terms of the award agreements entered into with each Non-Employee Director in connection with such awards.  In the event of any inconsistency between the 2018 Plan, or any successor plan, and this Non-Employee Director Compensation Plan, this Non-Employee Director Compensation Policy shall control.   

   

   

  

   

  NSO Vesting; RSU Vesting and Settlement

  Each Initial Grant shall vest as follows: 1/3rd of the shares vest on each of the one, two and three year anniversaries of the date of grant, such that the NSO will be fully vested and exercisable and the RSU will be fully vested three years after the date of grant, subject to the Non-Employee Director’s Continuous Service through the applicable vesting date.  

  Each Subsequent Grant shall vest as follows: 100% of the shares vest on the one-year anniversary of the date of grant, such that the NSO will be fully vested and exercisable and the RSU will be fully vested one year after the date of grant, subject to the Non-Employee Director’s Continuous Service through the applicable vesting date. 

  Each RSU shall be settled at the time set forth in the applicable award agreement.  Receipt of the shares of Common Stock issuable upon vesting of RSUs shall be deferred until the earlier of (i) the date that is six months and one day after “separation from service” (as defined in Treasury Regulations Section 1.409A-1(h), without regard to alternate definitions thereunder) as a director and (ii) a Change in Control (as defined in the 2018 Plan or any successor plan) that also constitutes a “change in control event” (as determined under Treasury Regulations Section 1.409A-3(i)(5)); provided, that such deferral is (a) in compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury final regulations and guidance thereunder, and (b) pursuant to such terms and conditions as the Board or the Compensation Committee of the Board may determine in its discretion.  

  NSO Exercise Price; RSU Consideration

  The exercise price per share of Common Stock of each NSO shall be 100% of the Fair Market Value per share on the date of grant.  With respect to RSUs, no payment to the Company will be required in connection with vesting or the issuance of shares of Common Stock. 

   

   

   

  

   

  CASH COMPENSATION

  Annual Fees 

  Each Non-Employee Director shall receive an annual retainer fee of $50,000, except that the Chairman of the Board shall receive an annual retainer fee of $100,000.  Such annual retainer fees will be paid in quarterly installments, in advance, at the beginning of each fiscal quarter.

  Committee Fees 

  The Chairman of the Audit Committee shall receive an annual retainer of $20,000, and each additional member of the Audit Committee shall receive an annual retainer of $10,000.

  The Chairman of the Compensation Committee shall receive an annual retainer of $15,000, and each additional member of the Compensation Committee shall receive an annual retainer of $7,000.

  The Chairman of the Nominating and Governance Committee shall receive an annual retainer of $10,000, and each additional member of the Nominating and Governance Committee shall receive an annual retainer of $5,000.

  Such annual retainer fees will be paid in quarterly installments, in advance, at the beginning of each fiscal quarter.

  Pro-Rated Fees and Limit on Fees

  If a Non-Employee Director joins the Board or a committee of the Board effective as of a date other than the first day of a fiscal quarter, the first quarterly installment for each applicable annual retainer fee set forth above will be pro-rated, based on the number of days served in the fiscal quarter of appointment, with regular full quarterly installments made thereafter.  All annual cash retainers fees are vested upon payment.

  All annual cash retainer fees are subject to any limits on compensation payable to non-employee directors contained in the 2018 Plan or any successor plan.  To the extent necessary to reduce the cash retainer fees to comply with any limit set forth in the 2018 Plan or any successor plan, as applicable, such fees shall be reduced automatically and without further action by the Board or the Compensation Committee of the Board to the amount necessary to comply with such limit.

  Travel and Related Costs 

  Reasonable travel and related costs associated with attending Board and committee meetings, and/or incurred in connection with the performance of Board business, shall be reimbursed. The Board member is required to submit proper documentation for reimbursement.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]