Dynavax Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
EMERYVILLE, Calif., June 29, 2021 /PRNewswire/ -- Dynavax Technologies Corporation (Nasdaq: DVAX) today announced that, in connection with the appointment of John Slebir as Senior Vice President, General Counsel on June 28, 2021, the Company granted him a non-statutory stock option to purchase 300,000 shares of Dynavax common stock.
The stock option 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 Mr. Slebir’s continued service with Dynavax through the applicable vesting dates. The stock option was granted with an exercise price of $9.29 per share, which is equal to the closing price of Dynavax common stock on the date of grant, and was provided as a material inducement to Mr. Slebir’s employment in accordance with Nasdaq Listing Rule 5635(c)(4). The option is subject to the terms and conditions of a stock option agreement covering the grant and Dynavax’s 2021 Inducement Award Plan, which was adopted on January 9, 2021 and provides for the granting of stock options to new employees.
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.
Nicole Arndt, Senior Manager, Investor Relations
Derek Cole, President
Investor Relations Advisory Solutions
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SOURCE Dynavax Technologies