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

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On October 1, 2021, Dynavax Technologies Corporation (Nasdaq: DVAX) announced the grant of 40,000 nonstatutory stock options to a newly-hired employee as part of their inducement for joining the company. The options are priced at $16.84 per share, equal to the stock's closing price on the grant date. They have a seven-year term, vesting over three years, with one-third vesting after one year and the remainder vesting monthly. This grant complies with Nasdaq Listing Rule 5635(c)(4) and is part of Dynavax's 2021 Inducement Award Plan.

EMERYVILLE, Calif., Oct. 1, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today reported that it has granted nonstatutory stock options to purchase an aggregate of 40,000 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 October 1, 2021 at an exercise price of $16.84 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 stock options were granted by Dynavax on October 1, 2021?

Dynavax granted nonstatutory stock options to purchase 40,000 shares at an exercise price of $16.84.

How do the stock options for Dynavax employees vest?

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

What regulatory rule did Dynavax comply with for the stock option grant?

Dynavax's stock option grant complies with Nasdaq Listing Rule 5635(c)(4).

What is the purpose of the stock option grants by Dynavax?

The stock options serve as inducements for new employee hires.

What is the term length for the stock options granted by Dynavax?

The stock options have a seven-year term.