INOVIO Reports Inducement Grant Under Inducement Plan

Rhea-AI Summary

INOVIO (NASDAQ: INO) announced on April 3, 2023, an equity grant to its new Senior Vice President of Regulatory Affairs under the 2022 Inducement Plan. The Compensation Committee approved the award of 45,000 restricted stock units (RSUs) and options for 70,000 shares with a grant date of March 31, 2023. RSUs will vest over three years, while stock options have an exercise price of $0.82, matching the closing stock price on the grant date. The options will vest in phases, contingent on the employee's continued employment. This initiative aligns with INOVIO’s focus on developing DNA medicines against HPV-associated diseases and cancer.

Positive

• Equity grant includes 45,000 RSUs and options for 70,000 shares.
• RSUs vest over three years, aligning employee interests with company performance.
• Stock options have a favorable exercise price of $0.82.

Negative

• None.

PLYMOUTH MEETING, Pa., April 3, 2023 /PRNewswire/ -- INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases, today announced that it has made an equity grant to its newly hired Senior Vice President, Regulatory Affairs under its 2022 Inducement Plan (the "Inducement Plan").

The Compensation Committee of INOVIO's Board of Directors has approved the award of restricted stock units ("RSUs") covering an aggregate of 45,000 shares of common stock and options to purchase an aggregate of 70,000 shares of common stock, with a grant date of March 31, 2023 (the "Grant Date"), to the newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs will vest over a three-year period, with one-third of the shares vesting on each of the first, second and third anniversaries of the Grant Date. The stock option has an exercise price of ­­­$0.82, the closing price of INOVIO's common stock on the Grant Date. The stock option will vest and become exercisable with respect to one-fourth of the shares underlying the stock option vested on the Grant Date, and an additional one-fourth of the shares underlying the stock option on the first, second, and third anniversaries of the Grant Date. The vesting of the RSUs and stock options will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. Each of these awards is subject to the terms and conditions of a stock option agreement and RSU award agreement, as applicable, under the Inducement Plan.

About INOVIO

INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases. INOVIO's DNA medicines in development are delivered using its investigational proprietary smart device, CELLECTRA^®, to produce immune responses against targeted pathogens and cancers. For more information, visit www.inovio.com.

Contacts

Media: Jennie Willson (267) 429-8567 jennie.willson@inovio.com
Investors: Thomas Hong (267) 440-4298 thomas.hong@inovio.com

View original content:https://www.prnewswire.com/news-releases/inovio-reports-inducement-grant-under-inducement-plan-301787719.html

SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What was the date of INOVIO's latest equity grant announcement?

INOVIO announced the equity grant on April 3, 2023.

How many shares are included in INOVIO's equity grant?

The equity grant includes 45,000 restricted stock units and options for 70,000 shares.

What is the exercise price of the stock options granted by INOVIO?

The exercise price of the stock options is $0.82.

What is the vesting period for the restricted stock units granted by INOVIO?

The restricted stock units will vest over a three-year period.

Who received the equity grant from INOVIO?

The equity grant was awarded to the newly hired Senior Vice President of Regulatory Affairs.