INOVIO Reports Inducement Grants Under Inducement Plan

Rhea-AI Summary

INOVIO has announced an equity grant to a newly hired employee under its 2022 Inducement Plan. The grant consists of an option to purchase 15,625 shares of common stock at an exercise price of $0.36, the closing price on the grant date. The option will vest over a period of four years, with one-fourth of the shares vesting on the grant date and an additional one-fourth vesting on each anniversary of the grant date. The employee's continued employment with INOVIO is required for the option to vest.

PLYMOUTH MEETING, Pa., Nov. 1, 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 a newly hired employee under its 2022 Inducement Plan (the "Inducement Plan").

The Compensation Committee of INOVIO's Board of Directors has approved the award of an option to purchase an aggregate of 15,625 shares of common stock, with a grant date of October 31, 2023 (the "Grant Date"), to the newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option has an exercise price of $0.36, 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 stock option will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. This award is subject to the terms and conditions of a stock option 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-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools. 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

 

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What did INOVIO announce?

INOVIO announced an equity grant to a newly hired employee.

What is the grant under?

The grant is under INOVIO's 2022 Inducement Plan.

How many shares are included in the grant?

The grant includes an option to purchase 15,625 shares of common stock.

What is the exercise price of the stock option?

The exercise price is $0.36, the closing price of INOVIO's common stock on the grant date.

How will the option vest?

The option will vest over a period of four years, with one-fourth of the shares vesting on the grant date and an additional one-fourth vesting on each anniversary of the grant date.

What is required for the option to vest?

The option will vest subject to the employee's continued employment with INOVIO on the applicable vesting dates.