INOVIO Reports Inducement Grant Under Inducement Plan

Rhea-AI Summary

INOVIO (NASDAQ:INO) announced an equity grant under its 2022 Inducement Plan to a newly hired employee. The Compensation Committee of INOVIO's Board of Directors approved the award of 9,307 restricted stock units (RSUs) and an option to purchase 12,100 shares of common stock, effective July 31, 2024. The RSUs will vest over three years, with one-third vesting annually starting on the first anniversary of the grant date. The stock option has an exercise price of $10.66, INOVIO's closing price on the grant date, and will vest in four parts: one-fourth on the grant date and the rest annually over the next three years. Vesting is contingent on continued employment. These awards are governed by the terms of a stock option agreement and RSU award agreement under the Inducement Plan.

Positive

• None.

Negative

• The stock option exercise price of $10.66 may be considered high if INOVIO's stock price does not perform strongly.
• Vesting of RSUs and stock options is contingent on the employee's continued employment, which includes risks of forfeiture.

PLYMOUTH MEETING, Pa., Aug. 1, 2024 /PRNewswire/ -- INOVIO (NASDAQ:INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related 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 restricted stock units ("RSU"s) covering an aggregate of 9,307 shares of common stock and an option to purchase an aggregate of 12,100 shares of common stock, with a grant date of July  31, 2024 (the "Grant Date"), to a 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 $10.66, 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 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 option 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-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 are the details of INOVIO's recent equity grant?

INOVIO granted 9,307 RSUs and an option to purchase 12,100 shares of common stock to a new employee under its 2022 Inducement Plan.

When did INOVIO's equity grant become effective?

The equity grant became effective on July 31, 2024.

What is the vesting schedule for INOVIO's RSUs?

The RSUs will vest over three years, with one-third vesting on each of the first, second, and third anniversaries of the grant date.

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

The exercise price of the stock options is $10.66, the closing price of INOVIO's stock on the grant date.

What are the vesting conditions for INOVIO's stock options?

The stock options will vest in four parts: one-fourth on the grant date and the remaining annually over the next three years.