KIES PETER 4

What Happened

• Peter Kies, CFO of Inovio Pharmaceuticals (INO), had 8,700 restricted stock units (RSUs) vest on May 20, 2026 and those vested units were converted/settled. To satisfy tax withholding, 4,688 of the shares were withheld (disposed) at $1.23 per share, resulting in $5,766 withheld.
• On the same date, Kies was granted 39,760 stock options and 32,480 additional restricted stock units (both reported at $0.00 per share in the filing). These new awards were approved earlier by the Board (March 4, 2026) and became effective after shareholder approval of the amended incentive plan on May 20, 2026.

Key Details

• Transaction date: May 20, 2026. Tax withholding: 4,688 shares at $1.23/share = $5,766.24.
• RSUs vested: 8,700 shares vested on May 20, 2026 (partially withheld for taxes). The original RSU award covered 26,100 RSUs with future vesting of 8,700 shares on May 20, 2027 and 8,700 shares on May 20, 2028.
• Option grant: 39,760 options granted; vesting schedule: 13,254 on Feb 26, 2027; 13,253 on Feb 26, 2028; 13,253 on Feb 26, 2029.
• New RSU grant: 32,480 RSUs; vesting schedule: 10,827 on Feb 26, 2027; 10,827 on Feb 26, 2028; 10,826 on Feb 26, 2029.
• Filing timeliness: Report filed May 21, 2026 for transactions on May 20, 2026 (filed timely).
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Footnotes: RSUs can be settled in shares, cash or a combination. The option and RSU grants were board-approved subject to shareholder approval of the 2023 Omnibus Incentive Plan amendment, which was approved May 20, 2026.

Context

• This was not an open-market sale of shares; the only disposition was withholding of shares to cover tax obligations on vested RSUs (common practice).
• The filing reports a mix of settlement (vested RSUs) and new awards (options and RSUs). Grants and vesting schedules indicate future potential equity dilution as those awards vest over 2027–2029.
• These kinds of transactions (vesting/withholding and grant of company compensation awards) are routine for executives and do not, by themselves, indicate a buy or sell decision in the open market.