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

Rhea-AI Summary

Dynavax Technologies Corporation (Nasdaq: DVAX) announced the grant of nonstatutory stock options for 58,500 shares to 5 new employees on December 1, 2021. The options have an exercise price of $15.11 per share, aligning with the closing stock price on that date. Each option has a 7-year term and will vest over three years. This grant complies with Nasdaq Listing Rule 5635(c)(4) as an inducement to employment under the 2021 Inducement Award Plan.

Positive

• Granting stock options to new employees can enhance talent acquisition and retention.
• The stock options align the interests of new hires with shareholder value through potential stock appreciation.

Negative

• The stock options may lead to potential dilution of shares if exercised, impacting existing shareholders.

EMERYVILLE, Calif., Dec. 2, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 58,500 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 December 1, 2021 at an exercise price of $15.11 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, plague, Tdap, 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 has Dynavax granted to its new employees?

Dynavax granted nonstatutory stock options to purchase 58,500 shares to 5 newly-hired employees on December 1, 2021.

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

The exercise price for the stock options is $15.11 per share, matching the closing price on the grant date.

What is the vesting schedule for the stock options granted by Dynavax?

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

Under which Nasdaq rule were the stock options granted?

The stock options were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as an inducement to employment.