Dynavax Technologies Corporation Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
BERKELEY, CA–(Marketwired – December 05, 2017) – Dynavax Technologies Corporation (NASDAQ: DVAX) today announced that on November 28, 2017 the Compensation Committee of Dynavax’s Board of Directors approved (i) the grant of inducement stock options to purchase an aggregate 73,800 shares of common stock and (ii) an inducement restricted stock unit award covering an aggregate of 1,000 shares of common stock, to six new employees. These awards were granted pursuant to the Dynavax Technologies Corporation Inducement Plan, as an inducement material to the new employees entering into employment with Dynavax, in accordance with the NASDAQ Listing Rule 5635(c)(4).
Dynavax granted stock options to purchase shares of Dynavax’s common stock to the new employees with an exercise price of $18.40 per share, the closing price of Dynavax’s common stock on December 1, 2017, the effective date of such grants. The stock options and restricted stock units vest as follows: certain of the stock options and all of the restricted stock units vest immediately upon achievement of one or more performance conditions, and the remaining stock options awarded vest over a three-year period, with one-third of the shares subject to such awards vesting on the first anniversary of the award’s vesting commencement date, and the remaining shares vesting in equal monthly installments thereafter, subject to each such employee’s continued employment with Dynavax on such vesting dates.
Dynavax is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
Dynavax is a commercial-stage biopharmaceutical company focused on leveraging the power of the body’s innate and adaptive immune responses through toll-like receptor (TLR) stimulation. Dynavax discovers and develops novel vaccines and immuno-oncology therapeutics. The Company’s first commercial product, HEPLISAV-B™ [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the United States. Dynavax’s lead immunotherapy product, SD-101, is an investigational cancer immunotherapeutic currently being evaluated in Phase 1/2 studies and its second cancer immunotherapeutic, DV281, is in Phase 1 development. For more information, visit www.dynavax.com.
VP, Corporate Strategy & Communications