Shea Jacqueline Elizabeth 4

What Happened

• Jacqueline Elizabeth Shea, CEO of INOVIO Pharmaceuticals (INO), had restricted stock units (RSUs) vest on February 26, 2026. A total of 47,033 RSUs vested (18,632 from a 2024 grant and 28,401 from a 2025 grant).
• To cover tax withholding, the company withheld 21,714 shares (two withholding transactions of 8,057 and 13,657 shares) at $1.79 per share, totaling $38,868. After withholding, Shea received a net 25,319 shares.
• This was a compensation/vesting event (not an open-market purchase or a discretionary sale).

Key Details

• Transaction date: 2026-02-26; Form 4 filed 2026-02-27.
• Vested shares: 47,033 (18,632 + 28,401). Shares withheld for taxes: 21,714 (8,057 + 13,657) at $1.79/share = $38,868.
• Net shares delivered to insider: 25,319.
• Transaction codes: M = exercise/conversion of derivative (conversion/settlement of RSUs); F = shares withheld to satisfy tax obligations.
• Relevant footnotes: F1/F3 describe the original RSU grant schedules (2024 and 2025 grants). F2/F4 confirm the withheld-share transactions were to satisfy tax withholding on the vesting.
• Shares owned after the transactions are not specified in this Form 4.

Context

• This is a routine compensation event: RSUs vested and were settled with share withholding to cover taxes (a cashless settlement). No open-market sale or purchase beyond the withholding was reported.
• Such filings typically reflect payroll/tax mechanics rather than an insider expressing a buy/sell opinion; purchases tend to be more informative about insider sentiment.