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

Rhea-AI Summary

Dynavax Technologies Corporation (Nasdaq: DVAX) announced the granting of nonstatutory stock options for 115,000 shares to a new employee, effective October 18, 2021. The options have an exercise price of $17.14, aligned with the stock's closing price on the grant date. These options have a 7-year term and vest over three years, with one-third vesting after one year and the remainder in monthly installments. This grant adheres to Nasdaq Listing Rule 5635(c)(4) and follows their 2021 Inducement Award Plan for new hires.

Positive

• Granting 115,000 stock options to attract talent.
• Options align exercise price with the current market value at $17.14.

Negative

• None.

EMERYVILLE, Calif., Oct. 18, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 115,000 shares of Dynavax common stock as inducements to 1 newly-hired employee in connection with commencement of employment with the Company.

The stock options were granted on October 18, 2021 at an exercise price of $17.14 per share, which is equal to the closing price of Dynavax common stock on the date of grant. Each stock option granted 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 continued service with Dynavax through the applicable vesting dates. The options were granted as a material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions of a stock option agreement covering the grant and Dynavax' 2021 Inducement Award Plan, which was adopted 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, universal influenza and plague. For more information, visit www.dynavax.com and follow the company on LinkedIn.

Dynavax Contacts: 
Nicole Arndt, 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 are the details of the stock options granted by Dynavax (DVAX)?

Dynavax granted 115,000 stock options at an exercise price of $17.14 per share, which is the closing price on the grant date, and these options vest over a three-year period.

When were the stock options granted by Dynavax (DVAX)?

The stock options were granted on October 18, 2021.

How long is the term for the stock options granted by Dynavax (DVAX)?

The stock options have a term of 7 years.

What is the vesting schedule for the stock options at Dynavax (DVAX)?

One-third of the shares vest on the one-year anniversary of the grant, and the remaining shares vest in equal monthly installments over the next two years.