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

Rhea-AI Summary

Dynavax Technologies Corporation (Nasdaq: DVAX) recently announced the grant of nonstatutory stock options for 7,500 shares of common stock to a new employee. The options, awarded on February 1, 2021, have an exercise price of $10.27 per share, reflecting the closing stock price on the grant date. These options vest over three years, starting with one-third vesting after one year. This move aligns with Nasdaq Listing Rule 5635(c)(4) and supports the company's strategy to attract talent as it advances its vaccine development initiatives.

Positive

• Granted 7,500 stock options to attract new talent.
• Options vesting schedule incentivizes long-term employee commitment.

Negative

• None.

EMERYVILLE, Calif., Feb. 3, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 7,500 shares of Dynavax common stock as inducements to one newly-hired employee in connection with commencement of employment with the Company.

The stock options were granted on February 1, 2021 at an exercise price of $10.27 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 employment 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. 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 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 stock options were granted by Dynavax on February 1, 2021?

Dynavax granted nonstatutory stock options to purchase 7,500 shares at an exercise price of $10.27.

How do the stock options for Dynavax employees vest?

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

What is the purpose of granting stock options at Dynavax?

The stock options were granted as inducements to attract new talent and align with Nasdaq rules.

Is there a specific rule under which Dynavax granted stock options?

Yes, the options were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

What is the significance of the exercise price for Dynavax's stock options?

The exercise price of $10.27 is equal to the closing stock price on the date of grant, reflecting a fair valuation for new employees.