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

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Dynavax Technologies Corporation (Nasdaq: DVAX) has granted nonstatutory stock options for 51,000 shares to five new employees as an inducement for employment. The options, with an exercise price of $10.23 per share, were issued on July 1, 2021, and are set to vest over three years. Each option has a 7-year term and vests one-third after one year, with the remainder vesting monthly. This action complies with Nasdaq Listing Rule 5635(c)(4) and is part of the 2021 Inducement Award Plan.

Positive

• Inducement grants to new employees may enhance talent acquisition.
• Stock options incentivize employee retention and long-term growth.

Negative

• None.

EMERYVILLE, Calif., July 2, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 51,000 shares of Dynavax common stock as inducements to 5 newly-hired employees in connection with commencement of employment with the Company.

The stock options were granted on July 1, 2021 at an exercise price of $10.23 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 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 did Dynavax announce on July 2, 2021?

Dynavax announced the grant of stock options for 51,000 shares to five new employees as inducements for employment.

What is the exercise price of the stock options granted by Dynavax?

The exercise price of the stock options is $10.23 per share.

How long is the vesting period for Dynavax's stock options?

The stock options vest over three years, with one-third vesting on the one-year anniversary.

What is the Nasdaq Listing Rule related to Dynavax's stock option grant?

The stock options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).