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 224,000 shares to 8 new employees as an inducement for their employment. The options, priced at $19.00 per share, match the closing stock price on the grant date, September 1, 2021. The options vest over three years, with one-third vesting on the first anniversary and the remainder vesting in monthly increments. This grant complies with Nasdaq Listing Rule 5635(c)(4) and follows the company's 2021 Inducement Award Plan.

Positive

• Inducement of 8 new employees with stock options, potentially improving company talent.
• Stock options granted at closing price of $19.00, aligning employee interests with share performance.

Negative

• None.

EMERYVILLE, Calif., Sept. 2, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 224,000 shares of Dynavax common stock as inducements to 8 newly-hired employees in connection with commencement of employment with the Company.

The stock options were granted on September 1, 2021 at an exercise price of $19.00 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 is the stock options grant announced by Dynavax on September 2, 2021?

Dynavax announced the granting of stock options to purchase 224,000 shares to 8 new employees as an inducement for their employment.

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

The exercise price for the stock options is $19.00 per share, equal to the closing stock price on the grant date.

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

The stock options have a term of 7 years.

What are the vesting terms for the stock options granted by Dynavax?

The options vest over three years, with one-third vesting after one year and the remaining shares vesting in equal monthly installments.