Under the terms of his at-will employment agreement, Mr. Gray will be paid an annual base salary of $500,000 and a relocation bonus of $200,000. Mr. Gray is also eligible to receive an annual cash bonus targeted at 60% of his base salary, dependent on performance with respect to both corporate and individual milestones, as determined by the board of directors except, that with respect to the 2013 incentive bonus (to be paid in the first quarter of 2014), Mr. Gray will receive a 2013 incentive bonus payment calculated at the target amount and prorated for the period of his actual employment in 2013. In addition, Mr. Gray’s compensation includes an option to purchase 1,500,000 shares of the Company’s Common Stock. Dynavax has further agreed to grant Mr. Gray a second option to purchase 750,000 shares of the Company’s Common Stock on the date of the first meeting of the board of directors in 2014, and Mr. Gray will be eligible for a third, merit-based option grant dependent on his performance in 2013 as determined by the board of directors in 2014. All options granted will have an exercise price equal to the fair market value of the Common Stock on the date of the grant and will vest as follows: 25% of the shares subject to the option shall vest twelve months after the vesting commencement date, and 1/48 of the shares subject to the option shall vest on the last day of each month thereafter. All compensation offered to Mr. Gray is subject to applicable tax withholdings.
All options granted will have an exercise price equal to the fair market value of the Common Stock on the date of the grant
Conversion or Exercise Price of Derivative Security 2.21
500 K is feed for Grey IF he knows the end game his Prize is Much higer than 2.21