INOVIO Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

INOVIO (NASDAQ: INO) announced the approval of equity grants to Dr. Michael John Sumner, the newly appointed Chief Medical Officer, as part of its 2022 Inducement Plan. The grants included a restricted stock unit (RSU) award of 105,000 shares, vesting over three years, and a stock option to purchase 160,000 shares at an exercise price of $1.73. Both awards are contingent on Dr. Sumner's continued employment. This move aligns with Nasdaq Listing Rule 5635(c)(4) and reflects INOVIO's commitment to attract top talent in biotechnology.

Positive

• Equity grants to Dr. Sumner as part of the 2022 Inducement Plan may enhance executive retention.
• The stock options and RSU awards align executive performance incentives with shareholder interests.

Negative

• None.

PLYMOUTH MEETING, Pa., July 1, 2022 /PRNewswire/ -- INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help protect people from infectious diseases and treat people with cancer and HPV-associated diseases, today announced that in connection with the hiring of Dr. Michael John Sumner as Chief Medical Officer, announced on June 27, 2022, the Compensation Committee of INOVIO's Board of Directors approved equity grants to Dr. Sumner as inducement awards under INOVIO's 2022 Inducement Plan (the "Inducement Plan"). The grants were awarded on June 30, 2022 (the "Grant Date"), in accordance with Nasdaq Listing Rule 5635(c)(4).

Dr. Sumner received a restricted stock unit (RSU) award covering 105,000 shares of INOVIO common stock. The RSU award vests 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. In addition, Dr. Sumner received a stock option to purchase an aggregate of 160,000 shares of INOVIO common stock. The stock option has an exercise price of ­­­$1.73, 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 RSU and stock option awards will be subject to Dr. Sumner's continued employment with INOVIO on such vesting dates. Each of these awards will be 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 potentially treat and protect people from infectious diseases, cancer, and diseases associated with HPV. Our DNA medicines are delivered using our proprietary smart device to produce a robust and tolerable immune response against targeted pathogens and cancers. For more information, visit www.inovio.com.

Contacts

Investors: Gene Kim, 267-589-9471, gene.kim@inovio.com
Media: Jeff Richardson, 267-440-4211, jeff.richardson@inovio.

 

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What stock grants were approved for Dr. Sumner at INOVIO?

Dr. Sumner received a restricted stock unit award of 105,000 shares and a stock option for 160,000 shares.

When were the stock grants awarded to Dr. Sumner at INOVIO?

The stock grants were awarded on June 30, 2022.

What is the exercise price for Dr. Sumner's stock options at INOVIO?

The exercise price for Dr. Sumner's stock options is $1.73.

What is the vesting schedule for Dr. Sumner's RSU award at INOVIO?

The RSU award vests over three years, with one-third of the shares vesting on each anniversary of the grant date.

What are the implications of the equity grants for INOVIO's shareholders?

The grants may align executive incentives with shareholder interests, potentially enhancing company performance.