UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT
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Securities Exchange Act of 1934
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Emerging growth company
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Senior Vice President and Chief Scientific Officer Retirement
On October 2, 2019, Robert L. Coffman, Ph.D., Dynavax Technologies Corporation’s (the “Company”) Senior Vice President and Chief Scientific Officer, submitted notice of his retirement from the Company, effective December 1, 2019. Given that the Company has restructured to principally align its operations around its vaccine business, the Company has no immediate plans to replace Dr. Coffman.
In connection with his retirement, Dr. Coffman entered into a separation agreement with the Company. Under the separation agreement, following his retirement and subject to the Company’s receipt of an effective general release and waiver of claims from him, Dr. Coffman will receive the following severance benefits (which amounts are consistent with Dr. Coffman’s Management Continuity and Severance Agreement): (a) a lump sum cash severance payment of $495,211.92, which is equal to 12 months of Dr. Coffman’s 2019 monthly base salary, less applicable withholdings; (b) a cash payment equal to the amount of COBRA premiums for continued health insurance for 12 months; and (c) an extended period of time to exercise any outstanding vested stock options held by Dr. Coffman as of the date of his retirement, which extended exercisability period will end upon the earlier of (i) the date on which the original term of such stock options would otherwise expire or (ii) December 2, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dynavax Technologies Corporation |
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Date: October 4, 2019 |
By: |
/s/ STEVEN N. GERSTEN . |
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Steven N. Gersten |
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Senior Vice President |