2011 Bonuses, 2012 Base Salaries and 2012 Equity Awards

On January 31, 2012, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") approved 2011 bonuses, 2012 base salaries and 2012 equity awards for the executive officers, including the named executive officers, of Dynavax other than the CEO and the President. On February 1, 2012, the Board approved 2011 bonuses, 2012 base salaries and 2012 equity awards for the CEO and the President.

The Board and the Committee annually evaluate the performance and determine the compensation of Dynavax's executive officers.

The 2011 bonuses, 2012 base salaries, and 2012 equity awards approved by the Board and Committee are as set forth below:

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(1)        Stock options with an exercise price per share of $3.48, representing the closing price on the grant date of January 31, 2012. All options will vest over four (4) years with one fourth (1/4) of the shares subject to the option vesting twelve months after January 31, 2012, and one forty-eighth (1/48) of the shares subject to the option vesting on the last day of each month thereafter.

(2) Stock options with an exercise price per share of $3.68, representing the closing price on the grant date of February 1, 2012. All options will vest over four (4) years with one fourth (1/4) of the shares subject to the option vesting twelve months after February 1, 2012, and one forty-eighth (1/48) of the shares subject to the option vesting on the last day of each month thereafter.

(3)        The 2011 bonus of 98,899 euros and 2012 base salary of 247,248 euros for the Chief Executive Officer of Dynavax Europe was converted using the daily average interbank euro to USD rate on January 31, 2012.