Chain for Diagnostics and previously from 2007 to 2009 as the Global Head of Vaccine Manufacturing Strategy. Prior to Novartis, Mr. Novack was the Vice President, Business Development for
Vaxin, Inc., a vaccine company, from 2004 to 2006. From 1993 until 2004, Mr. Novack worked at MedImmune, formerly Aviron, serving in several capacities including business development, manufacturing, contract operations and most recently as
Senior Director, Supply Chain Operations. Previously, from 1989 to 1993, Mr. Novack was with American Cyanamid Company in various roles. Mr. Novack received a B.S. in Biology from State University of New York and an M.B.A. from Columbia
University.
Mr. Spencer joined Dynavax in November, 2006, as Associate Director, External Reporting. Since then, he held a variety
of positions with increasing responsibility, leading to his current role as Senior Vice President, Commercial. Prior to joining Dynavax, Mr. Spencer was the Assistant Controller at QRS Corporation, a publicly-held technology company, and was a
member of the audit practice at Ernst & Young. Mr. Spencer earned a B.A. in Business Economics from University of California, Santa Barbara.
There are no arrangements or understandings between either Mr. Novack or Mr. Spencer and/or any other persons pursuant to which
either one was selected as the Companys interim
Co-President.
There are also no family relationships between Mr. Novack and/or Mr. Spencer and any of the Companys directors or executive
officers, and neither of them has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation
S-K.
In connection with their appointment as interim
Co-Presidents,
each of Mr. Novack and
Mr. Spencer will receive a stipend equal to $6,500 per month, less standard payroll deductions and withholdings, payable on the Companys regular payroll schedule (the
Stipend
). The Stipend will be payable for each month
(or portion of each month, without any proration) during their service as interim
Co-Presidents,
in addition to their current compensation and benefits described below.
Mr. Spencers compensation as Senior Vice President, Commercial consists of an annual base salary of $360,000, and target annual
bonus of 50% of his annual base salary. He also is a party to a standard Amended and Restated Management Continuity and Severance Agreement, a form of which was filed with the SEC as Exhibit 10.1 on Form
8-K
on April 19, 2016, and entitled to the benefits thereunder.