Dynavax Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Dynavax Technologies Corporation (Nasdaq: DVAX) announced the appointment of John Slebir as Senior Vice President and General Counsel on June 28, 2021. To incentivize his employment, the company granted him a non-statutory stock option to purchase 300,000 shares at an exercise price of $9.29 per share, which matches the closing price on the grant date. The option has a 7-year term and vests over three years. This grant complies with Nasdaq Listing Rule 5635(c)(4) as part of Dynavax's 2021 Inducement Award Plan.

Positive

• Appointment of John Slebir as Senior VP and General Counsel, signaling leadership expansion.
• Granting stock options may align Slebir's interests with shareholder value through potential future stock appreciation.

Negative

• None.

EMERYVILLE, Calif., June 29, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today announced that, in connection with the appointment of John Slebir as Senior Vice President, General Counsel on June 28, 2021, the Company granted him a non-statutory stock option to purchase 300,000 shares of Dynavax common stock.

The stock option has a 7-year term and vests over three years, with one-third of the shares underlying the option vesting on the one-year anniversary of the grant date, and the remaining shares vesting 1/36 per month in equal installments, subject to Mr. Slebir's continued service with Dynavax through the applicable vesting dates. The stock option was granted with an exercise price of $9.29 per share, which is equal to the closing price of Dynavax common stock on the date of grant, and was provided as a material inducement to Mr. Slebir's employment in accordance with Nasdaq Listing Rule 5635(c)(4). The option is subject to the terms and conditions of a stock option agreement covering the grant and Dynavax's 2021 Inducement Award Plan, which was adopted on January 9, 2021 and provides for the granting of stock options to new employees.

About Dynavax
Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. The Company's first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the U.S. and the European Union for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. Dynavax is also advancing CpG 1018 adjuvant as a premier vaccine adjuvant through research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, pertussis and universal influenza. For more information, visit www.dynavax.com and follow the company on LinkedIn.

Dynavax Contacts:
Nicole Arndt, Senior Manager, Investor Relations
narndt@dynavax.com
510-665-7264

Derek Cole, President
Investor Relations Advisory Solutions
derek.cole@IRadvisory.com

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SOURCE Dynavax Technologies

FAQ

What was announced by Dynavax Technologies on June 29, 2021?

Dynavax announced the appointment of John Slebir as Senior Vice President and General Counsel, along with a stock option grant.

What is the stock option grant amount given to John Slebir?

John Slebir was granted a stock option to purchase 300,000 shares of Dynavax common stock.

What is the exercise price for the stock option granted to John Slebir?

The exercise price for the stock option is $9.29 per share.

What is the vesting schedule for the stock options granted to John Slebir?

The stock options vest over three years, with one-third vesting on the one-year anniversary of the grant and the remaining shares vesting monthly thereafter.

How does the stock option grant align with company policies?

The grant was made as a material inducement under Nasdaq Listing Rule 5635(c)(4), consistent with the 2021 Inducement Award Plan.