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

Rhea-AI Summary

On November 2, 2021, Dynavax Technologies Corporation (DVAX) announced the granting of nonstatutory stock options for 5,000 shares to a newly hired employee. The options, granted at an exercise price of $20.56 per share, equal the stock's closing price on the grant date. Each option has a 7-year term and vests over three years. This grant adheres to Nasdaq Listing Rule 5635(c)(4) and is part of Dynavax's 2021 Inducement Award Plan aimed at incentivizing new hires.

Positive

• Granting of stock options demonstrates commitment to attracting talent.
• The stock options align employee interests with company performance.

Negative

• None.

EMERYVILLE, Calif., Nov. 2, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 5,000 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 November 1, 2021 at an exercise price of $20.56 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 nonstatutory stock options for 5,000 shares at an exercise price of $20.56, with a 7-year term and a vesting schedule over three years.

Why did Dynavax (DVAX) grant stock options to a new employee?

The stock options were granted as inducements for employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

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

The stock options were granted on November 1, 2021.

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

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