2010 Bonuses, 2011 Base Salaries and 2011 Equity Awards

On January 6, 2011, the Board of Directors approved the following 2010 bonus, 2011 base salary and 2011 equity awards for certain executive officers. The Board of Directors annually evaluates the performance and determines the compensation of Dynavax's executive officers.

(1)        Stock options with an exercise price per share of $3.14, representing the closing price on the grant date of January 6, 2011. All options will vest at the rate of 1/3rd of the shares on the first anniversary of the vesting commencement date, with 1/36th of the total number of shares vesting each month thereafter, subject to continued service with the Company through each applicable vesting date.

(2)        The 2010 bonus of 54,468 Euro and 2011 base salary of 247,248 Euro for the Chief Executive Officer of Dynavax Europe was converted using the daily average interbank Euro to USD rate on January 6, 2011.

Janowicz Management Service Contract Amendment

On January 6, 2011, the Company and Dr. Janowicz entered into an amendment to Dr. Janowicz's Management Service Contract (the "Amendment") reflecting his 2010 bonus, 2011 base salary and 2011 equity award, each as set forth above. The Amendment also provides that Dr. Janowicz's target cash-based incentive compensation for 2011 will be 50% of his base salary. Dr. Janowicz's actual cash incentive payments will be based on achievement of the Company's corporate goals and Dynavax Europe goals, weighted equally. A copy of Dr. Janowicz's employment agreement is attached as Exhibit 10.60 to this current report and is incorporated herein by reference.

(d) Exhibit