PLYMOUTH MEETING, PA — INOVIO (NASDAQ: INO) announced this week the issuance of an equity grant to a newly hired employee under its 2022 Inducement Plan. The move aims to attract and retain top talent in alignment with Nasdaq Listing Rule 5635(c)(4).
The Compensation Committee of INOVIO’s Board of Directors approved an option to purchase 1,400 shares of common stock, effective June 30, 2024. The stock option carries an exercise price of $8.08, matching the closing price of INOVIO’s common stock on June 28, 2024.
The vesting schedule is designed to encourage long-term commitment. One-fourth of the stock options will vest immediately on the grant date. The remaining shares will vest in equal tranches on the first, second, and third anniversaries of the grant date, contingent upon the employee’s continued employment at INOVIO.
This incentive aligns with INOVIO’s strategy to bolster its workforce by offering compelling equity-based compensation. The award is governed by the terms of a stock option agreement under the Inducement Plan, ensuring transparency and adherence to regulatory requirements.
The equity grant highlights INOVIO’s efforts to attract skilled professionals, vital for advancing its biotechnology initiatives.
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