PLYMOUTH MEETING, PA — INOVIO (NASDAQ: INO), a biotechnology company, announced that it has made an equity grant to a newly hired employee under its 2022 Inducement Plan.
The Compensation Committee of INOVIO’s Board of Directors recently approved the award of options to purchase an aggregate of 15,625 shares of common stock, with a grant date of May 31st, 2023, to the newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option has an exercise price of $0.60, 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 stock options will be subject to the employee’s continued employment with INOVIO on the applicable vesting dates. The award is subject to the terms and conditions of a stock option agreement under the Inducement Plan.
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