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.
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
Investors: Gene Kim,
Media: Jeff Richardson,
SOURCE INOVIO Pharmaceuticals, Inc.