T HIS C ONSULTING A GREEMENT (“Agreement”) is entered into as of May 1, 2013, by and between Dino Dina (“Consultant”) and Dynavax Technologies Corporation (“Dynavax”).
Dynavax desires that Consultant provide Dynavax with consulting services, and Consultant desires to provide such consulting services.
N OW , T HEREFORE , in consideration of the foregoing and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
1 . E NGAGEMENT OF S ERVICES . Effective as of the date hereof, Consultant is retained by Dynavax to provide consulting services relating to Dynavax’s business (“Services”). Consultant agrees to be available to provide the Services at such times and locations as reasonably required by Dynavax or otherwise as necessary to perform the Services. Consultant agrees to exercise the highest degree of professionalism in providing the Services and to perform the Services in a timely manner consistent with industry standards.
2. F EES AND T AXES . Consultant shall be paid a fee of $50,000 per calendar month for the Services. In addition, Dynavax will grant Consultant stock options under the Company’s 2011 Equity Incentive Plan to purchase 100,000 shares of the Company’s Common Stock, effective as of the date of this Agreement, with an exercise price equal to the fair market value of the Common Stock on such date, with vesting upon expiration of the term of this Agreement. The options will be governed by the terms and conditions of the Equity Plan and customary option agreement.
Consultant will be eligible for reimbursement for all reasonable travel expenses incurred when associated with the rendering of Services at locations away from his home area, subject to the prior written approval of Dynavax. Consultant shall be solely responsible for all other expenses incurred in the performance
Holy #$%$. Retains entire $600,000 salary + options while company BLEEDING cash. I'm quickly becoming a fan of Gray selling the company ASAP, if necessary on the cheap. Eddie, $5 will do; I'm ready to ... move on ...
That's called, "one last surprise as I'm on my way out the door."
Like I said, no one will ever do surprises better than Dino.
If the company REALLY couldn't afford it, they wouldn't have allowed it. And the BOD obviously has given the consultancy the green light.
I'm pretty sure that the funding will come from "somewhere"; and that "somehere" is HQ'd in blow-tee, old, England. Jolly good, indeed.
And, in reality, let's face it TL-9 was never anyone else's "baby" other than Dino DINA'S baby.
The company ain't called Martin-vax or Ostrach-vax or Lew-vax; and it's that way for a reason.
If I were in his position (Dino's) I'd probably take advantage of that situation too.
It appears that maybe Dino didn't get as "out-Dino'ed" by the board as I thought he did.
If I had a company named after me, and I were in this situation; I'd probably do the EXACT same thing. And I cannot think of anyone (including you) that would do anything differently.
The end is in sight, Citic. Earle Grey is now signed-on as the GSK-installed takeover regime. This will go to GSK; it's only a matter of time. Isn't that what people are hoping for here?
Patent issues? WHAT patent issues? WE'RE TALKING GSK HERE!!!