INOVIO Reports Inducement Grants Under Inducement Plan

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INOVIO, a biotechnology company, granted equity awards to two new employees under its 2022 Inducement Plan. The awards include restricted stock units and stock options, with vesting over a three-year period. The grants aim to incentivize and retain talent as part of the company's strategic growth.

PLYMOUTH MEETING, Pa., May 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 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 awards of restricted stock units ("RSU"s) covering an aggregate of 415 shares of common stock and options to purchase an aggregate of 3,483 shares of common stock, with a grant date of April  30, 2024 (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 respective employee start date. The stock option has an exercise price of $11.45, 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 option 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 respective employee start 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-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 equity grants to two new employees under its 2022 Inducement Plan.

How many shares are covered by the grants?

The grants cover 415 shares of common stock in the form of restricted stock units and options to purchase 3,483 shares of common stock.

What is the vesting period for the RSUs and stock options?

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 respective employee start date.

What is the exercise price of the stock options?

The stock options have an exercise price of $11.45, based on the closing price of INOVIO's common stock on the Grant Date.

What are the conditions for vesting the RSUs and stock options?

The vesting of the RSUs and stock options is subject to the employee's continued employment with INOVIO on the applicable vesting dates.