Co-President Officer Letter, dated May 30, 2019, between the Company and Ryan Spencer
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| Exhibit 10.4 |
| 2929 Seventh Street, Suite 100 |
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| Berkeley, California 94710 |
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HAND DELIVERED
May 30, 2019
Ryan Spencer
172 Gordon Way
Martinez, CA 94553
Re: Promotion
Dear Ryan,
On behalf of the Board of Directors, I am pleased to confirm your promotion and associated change in compensation effective May 16, 2019.
New Title: Senior Vice President, Commercial
New Annual Base Salary: $360,000
New Bonus Target: 50%
Note: Your 2019 Annual Bonus (payable in Q1 2020) will be prorated as follows:
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| • | The period from January 1, 2019 – May 1, 2019 will be calculated on your former annual base salary of $296,010 and your former bonus target of 40% |
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| • | The period from May 16, 2019 – December 31, 2019 will be calculated at your new base salary of $360,000 and your new bonus target of 50% |
Congratulations on this well-deserved promotion!
Best regards,
/s/ Peggy Phillips
Peggy Phillips
Chair, Compensation Committee of the Board of Directors
CC: Personnel file and Payroll
| Phone: 510 ###-###-#### | Toll-Free: 877 ###-###-#### | Fax: 510 ###-###-#### | www.dynavax.com |
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| 2929 Seventh Street, Suite 100 |
|
| Berkeley, California 94710 |
|
HAND DELIVERED
May 30, 2019
Ryan Spencer
172 Gordon Way
Martinez, CA 94553
Re: Monthly Stipend for Interim Appointment to The Shared Office of The President
Dear Ryan,
This letter confirms the monthly stipend of $6,500 associated with your interim appointment to the shared Office of the President effective May 21, 2019. The monthly stipend will be paid on the last payroll cycle of each month for each month (including partial months) that you serve in this interim capacity. In addition, the monthly stipend earnings will be included as income in the calculation of your 2019 Annual Bonus award.
On behalf of the Board of Directors, I want to personally thank you for accepting this interim leadership role during this period of transition for Dynavax.
Best regards,
/s/ Peggy Phillips
Peggy Phillips
Chair, Compensation Committee of the Board of Directors
CC: Personnel file and Payroll
| Phone: 510 ###-###-#### | Toll-Free: 877 ###-###-#### | Fax: 510 ###-###-#### | www.dynavax.com |
