Document:

Form of amendment to Management Continuity Agreement

 Exhibit 10.61 
 [NAME OF EXECUTIVE OFFICER] 
 c/o Dynavax Technologies Corporation 

2929 Seventh Street, Suite 100 
 Berkeley, CA
94710 
 This letter agreement (the “Agreement”) from Dynavax Technologies Corporation (the “Company”) amends your
Management Continuity and Severance Agreement from the Company dated [DATE] (the “MCA”) in order to bring the MCA into compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) –
specifically, to clarify the severance payment timing requirements (including the potential application of a six month delay in payment) and to correct certain ambiguities, as provided in Section IV.B and Section VIII of Treasury Notice 2010-6. This
Agreement amends your MCA only as expressly set forth herein. 
 1. TERMINATION DATE;
INVOLUNTARY TERMINATION. The Company and you understand and agree that all references in your MCA to your employment termination and termination date are intended to mean the date of your
“separation from service” (as such term is defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternate definitions thereunder, “Separation from Service”) and will be interpreted and construed as
such. The Company and you also understand and agree that an Involuntary Termination does not include a termination due to death or disability. 
 2. SEVERANCE BENEFITS.  
 a. In
Section 2(c) of the MCA, the Company and you understand and agree that the intention was that the lump sum cash severance payments were always to be paid as soon as practicable after Separation from Service, but in no event later than
March 15 of the year following the year in which the severance is no longer subject to a “substantial risk of forfeiture” (as defined under Treasury Regulation 1.409A-1(b)(4)). However, to avoid confusion, the Company and you hereby
agree that this lump sum severance will be paid on the date that is sixty (60) days after your Separation from Service, except to the extent a six (6) month delay is required under Section 409A. 

b. Due to the nondiscrimination rules of Section 105(h)(2) of the Code and the 2010 Patient Protection and Affordable Care Act, as
amended by the 2010 Health Care and Education Reconciliation Act, the Company has determined that in lieu of paying the COBRA (or any similar state law) premiums as part of your severance under the MCA, the Company will instead pay to you (subject
to all of the same terms and conditions of the MCA), if you timely elect and remain eligible for continued coverage under COBRA, on the last day of each month following Separation from Service as a result of your qualifying Involuntary Termination,
a cash payment equal to the applicable COBRA premiums for that month (including premiums for you and your eligible dependents who have elected and remain enrolled in such COBRA coverage), subject to applicable tax withholdings (such amount, the
“Special Cash Payment”), for a number of months equal to the lesser of (i) the duration of the period in which you and your eligible dependents are eligible for and enrolled in such COBRA coverage (and not otherwise covered by

 
another employer’s group health plan) and (ii) (A) six (6) months if the termination occurs under Section 2(c) of the MCA and (B) twelve (12) months if the
termination occurs under Section 3(b) of the MCA. You may, but are not obligated to, use such Special Cash Payment toward the cost of COBRA premiums. Except to the extent a six (6) month delay in payment is required under paragraph 2(c)
below, on the 60th day following your Separation from
Service, the Company will make the first payment to you under this paragraph, in a lump sum, equal to the aggregate Special Cash Payments that the Company would have paid to you through such date had the Special Cash Payments commenced on the last
day of the first month following the Separation from Service through such 60th day, with the balance of the Special Cash Payments paid thereafter on the schedule described above. If you become covered under another employer’s group health plan or otherwise cease to be eligible
for COBRA during the period provided in this paragraph, you must immediately notify the Company of such event and the Company shall cease payment of the Special Cash Payments and shall have no further obligations under this paragraph. 

c. It is intended that all of the severance benefits and other payments payable under the MCA, as amended by this Agreement, satisfy, to
the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and will be construed to the greatest extent possible as consistent with
those provisions. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments (whether severance payments,
reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to
the contrary herein, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments or benefits due upon Separation
from Service set forth in this Agreement, in the MCA and/or under any other agreement with the Company are deemed to be “deferred compensation” (whether or not such payments are due in connection with an Involuntary Termination in
connection with a Change of Control), then to the extent delayed commencement of any portion of such payments or benefits is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse
taxation under Section 409A, such payments shall not be provided to you prior to the earliest of (i) the expiration of the six (6) month period measured from the date of your Separation from Service with the Company, (ii) the
date of your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period,
all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred.

 3. Vesting of Stock Awards. To the extent that the Company determines now or in the future that
any compensatory equity awards that have or may be granted to you are deferred compensation, any shares that vest under those award agreements shall be issued to you not later than the later of December 31 of the year of vesting (that is, the
year in which such shares are no longer subject to a substantial risk of forfeiture) and the 15th day of the third calendar month after the vesting date, except to the extent such issuance must be delayed pursuant to Section 2(c) of this Agreement. 

  
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 4. The last two sentences of Section 8(a) of the MCA are amended and restated in
their entirety as follows: “If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments shall occur in the following order: (a) reduction of cash payments; (b) cancellation of accelerated vesting
of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Employee. Within any such category of payments and benefits (that is, (a), (b), (c) or
(d)), a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are. In the event that acceleration of compensation from
Employee’s equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.” 

5. Your MCA, as amended by this Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement
between you and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties
or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in
part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable. Any ambiguity in this Agreement shall not be construed against either party as the
drafter. This Agreement may be executed in counterparts and email or facsimile signatures will suffice as original signatures. 
 If this
Agreement is acceptable to you, please sign below and return the original to me. 
 Sincerely, 

 

			
	DYNAVAX TECHNOLOGIES CORPORATION
		
	By:	 	  

		 	        Jennifer Lew
		 	        Vice President, Finance

 I HAVE READ, UNDERSTAND AND AGREE FULLY TO THE FOREGOING
AGREEMENT: 
  

	
	  

	[NAME OF EXECUTIVE]

 Date: 

  
 3Employment Offer Letter, dated February 11, 2011

 Exhibit 10.1 

 

 

 February 11, 2011 
 Vincent Pangrazio 
 Re: Offer of Employment 

Dear Vince: 
 We are pleased to confirm our
offer to have you join Cavium Networks, Inc. (“Cavium Networks” or the “Company”) as Senior Vice President & General Counsel, reporting to Syed Ali and located in our Mountain View, CA office. Your semi-monthly base
salary will be $11,458.33, equivalent to an annualized amount of $275,000, less all applicable deductions and withholdings. This position is classified as Exempt. As a regular full-time employee of Cavium Networks, you will be eligible to
participate in the Company’s benefit plans which includes medical, dental, disability and life insurance, our 401(k) Plan, and the Company’s paid time off policy and annual paid holidays. There is currently no cash or other bonus program
in place for Cavium Networks officers, however, if such a program is put in place in the future, you will be eligible to participate. 
 We will recommend to the Board of Directors that you be granted an option to purchase 45,000 shares of Cavium Networks Common Stock. The option would vest in accordance with the Cavium Networks 2007
Equity Incentive Plan (the “Plan”) and your individual Stock Option Agreement. Unless otherwise specified, your options will vest over a four-year period, as follows: the first 12.5% will vest six-months following your employment start
date and 1/48th will vest on a monthly basis thereafter.
The option (i) is subject to approval by the Board of Directors, (ii) would have a per share exercise price equal to the per-share fair market value of the common stock on the date of such grant, as determined by the Board of Directors and
(iii) would be subject to your completing a Stock Option Agreement which, along with the Plan, would set out additional details of the grant. 
 We will also recommend to the Board of Directors that you be granted a Restricted Stock Unit (“RSU”) award of 45,000 shares of Cavium Networks Common Stock. The RSUs will vest in accordance with
the Plan and your individual RSU Award Agreement. Unless otherwise specified, your RSUs will vest over a four-year period, and be delivered to you on a quarterly basis. The RSU (i) is subject to approval by the Board of Directors and
(ii) would be subject to your completing the RSU Award Agreement which, along with the Plan, would set out additional details of the grant. 
 In the event Cavium Networks (or any successor-in-interest) terminates your employment without Cause (as defined in the attached appendix) or you resign for Good Reason (as defined in the attached
appendix), two-thirds (66.67%) of all then unvested stock options and RSU’s granted pursuant to this offer letter or during the term of your employment will immediately vest 

  
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and you will receive, in one lump sum, six months of base salary plus 50% of your target annual cash bonus (if applicable). In addition, Cavium will pay directly to the COBRA administrator six
months of your COBRA premiums at the level of benefits received immediately before your termination, providing that the COBRA payments shall cease in the event you receive benefits comparable to the COBRA benefits from a new employer. 

In the event there is a Change in Control (as defined in the attached Appendix), 100% of all unvested stock options and RSUs granted pursuant to this
offer letter or during the term of your employment will immediately vest if any of the following events occur: (i) you are terminated or resign for Good Reason within three months prior to or 12 months following such Change in Control, or
(ii) you are not offered a similar position of responsibility within the surviving or continuing entity within 3 months following the Change in Control. You also agree to assist the company with the transition following the Change of Control
for a period of time that is mutually agreed to at the time of the Change of Control, but not to exceed 3 months. 
 Your employment pursuant to
this offer is contingent on you executing the Company’s Proprietary Information and Inventions Agreement. You also must establish your identity and authorization to work as required by the Immigration Reform and Control Act of 1986
(“IRCA”). Enclosed is a copy of the Employment Verification Form (I-9), with instructions required by IRCA. 
 Cavium Networks is an
“at-will” employer. That means that both the employee and/or the Company have the right to terminate employment at any time, with or without advance notice, and with or without cause. No one other than an officer of the Company has the
authority to alterthis arrangement, to enter into an agreement for employment for a specified period of time, or to make any agreement contrary to this policy, and any such agreement must be in writing and must be signed by an officer of the Company
and by the affected employee. This letter constitutes the complete agreement concerning your employment with Cavium Networks and supersedes all prior and contemporaneous agreements and representations. 

We very much look forward to your joining the Cavium Networks team. This offer of employment will expire on February 14, 2011 at 5 pm PST, so if you
accept, please sign below and return one copy to Azfar Hasib, Director HR. If you have any questions, or would like additional information, please do not hesitate to call Azfar. 
 Sincerely, 
 Syed Ali 
 President and CEO 
 Accepted and Agreed: 
 Signature: /s/ Vincent P. Pangrazio 
 Date: February 11, 2011 

  
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 Your start date will be March 7, 2011  

APPENDIX TO OFFER LETTER 
 DATED FEBRUARY 11, 2011 
 BETWEEN CAVIUM NETWORKS, INC. AND VINCENT PANGRAZIO

 “Cause” means (i) refusal to follow a reasonable and lawful direction of the Company’s Board or CEO after 30 days written
notice from the Company specifying the nature of the employee’s refusal and demanding that such refusal be remedied, provided that if the employee remedies the refusal, Cause shall not exist under this subsection; (ii) the employee’s
conviction of a felony crime involving moral turpitude; or (iii) the employee’s material breach of such employee’s fiduciary obligations to the Company after 30 days written notice from the Company specifying the nature of the
employee’s breach of fiduciary duty and demanding that such breach be remedied, provided that if the employee remedies the breach, Cause shall not exist under this subsection. 
 “Change in Control” shall have the meaning set forth in the Company’s 2007 Equity Incentive Plan. 
 “Good Reason” means (i) a reduction in the employee’s salary, bonus opportunity or in the employee’s benefits, excluding the substitution of substantially equivalent compensation
and benefits; (ii) a reduction of the employee’s duties, authority or responsibilities as in effect immediately prior to such reduction; (iii) any reduction in the employee’s title; (iv) any requirement that the employee
move such employee’s principal place of employment more than 30 miles from the employee’s principal place of employment on the employment start date; (v) the failure of an acquiror or successor-in-interest to the Company to assume and
perform all of the material obligations of the Company’s agreements with the employee; or (vi) the employee’s death or disability. 

  
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