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 to purchase 33,250 shares and restricted stock units (RSUs) for 48,250 shares to a new employee, effective March 7, 2022. The exercise price of the options is $9.87 per share, equal to the stock's closing price on the grant date. The stock options will vest over three years, while the RSUs will vest one-third per year. These grants comply with Nasdaq Rule 5635(c)(4) and form part of the 2021 Inducement Award Plan.

Positive

• Inducement grants of stock options and RSUs represent a strategic effort to attract talent.
• Options have a long vesting period, potentially aligning employee interests with company performance.

Negative

• None.

EMERYVILLE, Calif., March 8, 2022 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 33,250 shares of Dynavax common stock and restricted stock units (RSUs) covering an aggregate of 48,250 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 March 7, 2022, at an exercise price of $9.87 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 RSUs vest one-third per year on each anniversary of the grant date, subject to continued service with Dynavax. The options and the RSUs were granted as material inducements 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 to help protect the world against infectious diseases. 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, plague, shingles, Tdap, seasonal influenza and universal influenza.  For more information, visit www.dynavax.com and follow the company on LinkedIn.

Contacts:
Nicole Arndt, Investor Relations and Corporate Communications
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 Technologies on March 7, 2022?

Dynavax granted nonstatutory stock options to purchase 33,250 shares at an exercise price of $9.87 per share.

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

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

Why were the stock options and RSUs granted by Dynavax?

They were granted as inducements to a newly-hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).

How many RSUs were granted by Dynavax Technologies?

Dynavax granted restricted stock units covering an aggregate of 48,250 shares.