INOVIO Reports Inducement Grants Under Inducement Plan

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INOVIO announces equity grants to two newly hired employees under its 2022 Inducement Plan. The grants include 10,000 restricted stock units (RSUs) and options to purchase 50,000 shares of common stock. RSUs vest over a three-year period, while stock options vest on specific anniversaries of the grant date. The exercise price of the stock options is $0.53.

PLYMOUTH MEETING, Pa., Aug. 4, 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 equity grants to two newly hired employees 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 10,000 shares of common stock and options to purchase an aggregate of 50,000 shares of common stock, with a grant date of July 31, 2023 (the "Grant Date"), to two newly hired employees 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 options have an exercise price of $0.53, the closing price of INOVIO's common stock on the Grant Date. The stock options will vest and become exercisable with respect to one-fourth of the shares underlying the stock options vested on the Grant Date, and an additional one-fourth of the shares underlying the stock options on the first, second, and third anniversaries of the Grant Date. The vesting of the RSUs and stock options will be subject to the employees' 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

 

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What did INOVIO announce?

INOVIO announced equity grants to two newly hired employees.

What is the 2022 Inducement Plan?

The 2022 Inducement Plan is a program under which INOVIO grants equity awards to new employees.

What types of equity grants were made?

The grants include 10,000 restricted stock units (RSUs) and options to purchase 50,000 shares of common stock.

How will the RSUs vest?

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.

What is the exercise price of the stock options?

The exercise price of the stock options is $0.53, the closing price of INOVIO's common stock on the grant date.