PLYMOUTH MEETING, PA — INOVIO (NASDAQ: INO) has recently issued equity grants to new employees as part of its 2022 Inducement Plan. Aimed at attracting top talent, these inducement grants are approved by the Compensation Committee of INOVIO’s Board of Directors, aligning with Nasdaq Listing Rule 5635(c)(4).
The recent awards include restricted stock units (RSUs) covering a total of 1,526 shares of common stock and options to purchase 1,600 shares. The grant date is set for September 30, 2024. Inducement grants like these are often used to bring in new hires, particularly for executive or key roles, by offering a stake in the company’s success.
The RSUs will vest over three years, with one-third of the shares becoming available each year on the anniversary of the grant date. Meanwhile, the stock options, with an exercise price of $5.78 based on the closing price of INOVIO’s stock on the grant date, will vest at a rate of one-fourth initially and one-fourth annually over the next three years. These vesting schedules are contingent upon the continuous employment of the recipients with INOVIO.
Such equity grants are crucial for INOVIO to incentivize and retain skilled professionals, ensuring alignment between employee performance and company growth objectives. Each award is governed by specific agreements under the Inducement Plan, offering new employees a tangible connection to the company’s long-term success.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.