<SEC-DOCUMENT>0001193125-23-173847.txt : 20230623
<SEC-HEADER>0001193125-23-173847.hdr.sgml : 20230623
<ACCEPTANCE-DATETIME>20230623162502
ACCESSION NUMBER:		0001193125-23-173847
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20230623
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230623
DATE AS OF CHANGE:		20230623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INOVIO PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001055726
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				330969592
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14888
		FILM NUMBER:		231038042

	BUSINESS ADDRESS:	
		STREET 1:		6769 MESA RIDGE RD.
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		8584103134

	MAIL ADDRESS:	
		STREET 1:		6769 MESA RIDGE RD.
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INOVIO BIOMEDICAL CORP
		DATE OF NAME CHANGE:	20050404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENETRONICS BIOMEDICAL CORP
		DATE OF NAME CHANGE:	20011116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENETRONICS BIOMEDICAL LTD
		DATE OF NAME CHANGE:	19980213
</SEC-HEADER>
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<TYPE>8-K
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:WrittenCommunications" contextRef="duration_2023-06-23_to_2023-06-23" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:SolicitingMaterial" contextRef="duration_2023-06-23_to_2023-06-23" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left">Soliciting material pursuant to Rule <span style="white-space:nowrap">14a-12</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14a-12)</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementTenderOffer" contextRef="duration_2023-06-23_to_2023-06-23" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">14d-2(b)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.14d-2(b))</span></p></td></tr></table> <p style="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<tr style="page-break-inside:avoid">
<td style="width:4%;vertical-align:top"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" contextRef="duration_2023-06-23_to_2023-06-23" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></td>
<td style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;text-align:left"><span style="white-space:nowrap">Pre-commencement</span> communications pursuant to Rule <span style="white-space:nowrap">13e-4(c)</span> under the Exchange Act (17 CFR <span style="white-space:nowrap">240.13e-4(c))</span></p></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&#160;12(b) of the Act:</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="width:34%"></td>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom;white-space:nowrap"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Title&#160;of&#160;each&#160;class</p></td>
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<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Trading<br />Symbol(s)</p></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; border-bottom:1.00pt solid #000000;vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman;font-weight:bold;text-align:center">Name of each exchange<br />on which registered</p></td></tr>
<tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2023-06-23_to_2023-06-23">Common Stock, $0.001 par value</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2023-06-23_to_2023-06-23">INO</ix:nonNumeric></td>
<td style="vertical-align:bottom">&#160;</td>
<td style=" text-align: center;margin:auto; vertical-align:top"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2023-06-23_to_2023-06-23" format="ixt-sec:exchnameen">The Nasdaq Stock Market LLC</ix:nonNumeric></td></tr></table> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <span style="white-space:nowrap">12b-2</span> of the Securities Exchange Act of 1934 <span style="white-space:nowrap">(&#167;240.12b-2</span> of this chapter).</p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&#160;&#160;<ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2023-06-23_to_2023-06-23" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p> <p style="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</p> <p style="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&#160;</p> <p style="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&#160;</p> <p style="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&#160;</p></div></div>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<div style="text-align:center"><div style="width:8.5in;text-align:left;margin-left: auto;margin-right: auto">

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<td style="width:11%;vertical-align:top" align="left"><span style="font-weight:bold">Item&#160;7.01</span></td>
<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Regulation FD Disclosure. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, on April&#160;20, 2020, a purported stockholder derivative complaint was filed in the United States District Court for the Eastern District of Pennsylvania (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Court</span></span>&#8221;), naming eight current and former directors of Inovio Pharmaceuticals, Inc. (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Company</span></span>&#8221;) as defendants. The lawsuit asserted state and federal claims that the Company made misleading statements regarding its development of a vaccine for <span style="white-space:nowrap">COVID-19</span> in its public disclosures in violation of certain federal securities laws. The derivative lawsuit also accused the Company&#8217;s board of directors of failing to exercise reasonable and prudent supervision over the Company&#8217;s management, policies, practices, and internal controls. The plaintiffs sought unspecified monetary damages on behalf of the Company as well as governance reforms. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&#160;19, 2023, the plaintiffs filed a motion with the Court for preliminary approval of a settlement resolving the litigation. On June&#160;14, 2023, the court entered an order (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Order</span></span>&#8221;) preliminarily approving the proposed settlement of the derivative claims (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Settlement</span></span>&#8221;), in accordance with a Stipulation of Settlement dated March&#160;31, 2023 (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Stipulation</span></span>&#8221;). The Order also approved the form and manner of the notice of the Settlement (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Notice</span></span>&#8221;) and set October&#160;11, 2023 as the date for a settlement hearing to determine, among other things, whether the terms of the Stipulation should be approved as fair, reasonable and adequate. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Stipulation and the Order, the Company is attaching the Stipulation and exhibits thereto as Exhibit 99.1 to this Current Report on Form <span style="white-space:nowrap">8-K.</span> The Stipulation contemplates that, following the settlement hearing and the final approval of the Settlement by the Court, the Company will implement certain corporate governance reforms described in Exhibit A to the Stipulation. </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, as required by the Stipulation and the Order, on June&#160;23, 2023, the Company issued a press release containing the Notice. A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form <span style="white-space:nowrap">8-K.</span> </p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information provided in this Item 7.01 of this Current Report on Form <span style="white-space:nowrap">8-K,</span> including the exhibits hereto, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended (the &#8220;<span style="font-weight:bold"><span style="font-style:italic">Exchange Act</span></span>&#8221;), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any of the Company&#8217;s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing. </p> <p style="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td align="left" style="vertical-align:top"> <p style=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold;text-align:left">Financial Statements and Exhibits. </p></td></tr></table> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman;font-weight:bold">(d) Exhibits </p> <p style="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&#160;</p>
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<td style="vertical-align:top"><a href="d455953dex991.htm">Stipulation of Settlement, dated March&#160;31, 2023 </a></td></tr>
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<td style="vertical-align:top"><a href="d455953dex992.htm">Press Release, dated June&#160;23, 2023 </a></td></tr>
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<td style="vertical-align:top;white-space:nowrap">104</td>
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<td style="vertical-align:top">Cover Page Interactive Data File (formatted as inline XBRL).</td></tr>
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<td style="vertical-align:bottom" colspan="3"><span style="font-weight:bold">INOVIO&#160;PHARMACEUTICALS,&#160;INC.</span></td></tr>
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<td style="vertical-align:bottom">Date: June&#160;23, 2023</td>
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<td style="vertical-align:bottom"> <p style="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Peter Kies</p></td></tr>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES DISTRICT COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EASTERN DISTRICT OF PENNSYLVANIA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="padding-bottom:6pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN RE INOVIO PHARMACEUTICALS,
INC.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DERIVATIVE LITIGATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="padding-bottom:6pt ;">Lead Case No.<B> </B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STIPULATION AND AGREEMENT OF SETTLEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Stipulation and Agreement of Settlement (the &#147;Stipulation&#148;) is made and entered into by the following parties, each by and
through their respective counsel: (1)&nbsp;plaintiffs Pedram Beheshti (&#147;Beheshti&#148;), Arthur Isman (&#147;Isman&#148;), Krishna Kishor Devarakonda (&#147;Devarakonda&#148;), Brian Foster (&#147;Foster&#148;), and Brandon Fettig
(&#147;Fettig&#148;) (the &#147;Federal Plaintiffs&#148;) in the above-captioned consolidated stockholder derivative action (the &#147;Federal Action&#148;) pending in the United States District Court for the Eastern District of Pennsylvania (the
&#147;Court&#148;); plaintiff Leo Schumacher (&#147;Schumacher,&#148; and collectively with the Federal Plaintiffs, the &#147;Derivative Plaintiffs&#148;) in the shareholder derivative action <I>Schumacher v. Benito, et al.</I>, C.A. No.
2022-0292-KJSM, pending in the Delaware Court of Chancery (the &#147;Delaware Chancery Action,&#148; and together with the Federal Action, the &#147;Derivative Actions&#148;); stockholders Rita Azrelyant (&#147;Azrelyant&#148;) and Lydia Grech
(&#147;Grech&#148;) (the &#147;Stockholders,&#148; and collectively with Derivative Plaintiffs, the &#147;Plaintiffs&#148;), who made separate inspection demands pursuant to 8 <I>Del. C.</I> &#167; 220 (&#147;Section&nbsp;220&#148;) and a joint
litigation demand (the &#147;Demands&#148;) on Inovio Pharmaceuticals, Inc. (&#147;Inovio&#148; or the &#147;Company&#148;); (2) individual defendants J. Joseph Kim, Simon X. Benito, Angel Cabrera, Ann C. Miller, Jay P. Shepard, David B. Weiner,
Wendy L. Yarno, Lota S. Zoth, Peter D. Kies, Robert J. Juba, Jr., Jacqueline Shea, Michael W. Cordera, and Laurent Humeau (collectively the &#147;Individual Defendants&#148;); and (3)&nbsp;nominal defendant Inovio (together with the Individual
Defendants, &#147;Defendants&#148;) (the &#147;Settling Parties&#148; refers collectively to Plaintiffs and Defendants). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Stipulation, subject to the approval of the Court, is intended to fully, finally, and
forever resolve, discharge, and settle any and all Released Claims (as defined herein) upon the terms and subject to the conditions set forth herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FACTUAL AND PROCEDURAL BACKGROUND </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Plaintiffs allege that, <I>inter alia</I>, between February&nbsp;14, 2020 and September&nbsp;28, 2020, at least, the Individual Defendants
breached their fiduciary duties by issuing and/or causing the Company to issue false and misleading statements and omissions to the public regarding the Company&#146;s <FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccine candidate <FONT
STYLE="white-space:nowrap">(&#147;INO-4800&#148;),</FONT> the amount of time it took the Company to develop <FONT STYLE="white-space:nowrap">INO-4800,</FONT> and Inovio&#146;s capacity to manufacture the vaccine, by failing to maintain adequate
internal controls, and by engaging in improper insider selling. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Securities Class&nbsp;Action </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;12, 2020, several Inovio stockholders filed a securities class action in the Court against the Company and defendant J. Joseph
Kim for violations of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) alleging substantially the same false and misleading statements that are alleged in the Derivative Actions and Demands, captioned <I>McDermid v. Inovio
Pharmaceuticals, Inc., et al.</I>, Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01402</FONT></FONT> (the &#147;Securities Class&nbsp;Action&#148;). On February&nbsp;16, 2021, Judge Gerald J. Pappert denied, in
part, a motion to dismiss in the Securities Class&nbsp;Action. (Securities Class&nbsp;Action, ECF No.&nbsp;86). Following several amendments and a renewed motion to dismiss (Securities Class&nbsp;Action,<I> </I>ECF No.&nbsp;60, 68, 129), the parties
to the Securities Class&nbsp;Action executed a Stipulation of Settlement on August&nbsp;22, 2022. (Securities Class&nbsp;Action,<I> </I>ECF <FONT STYLE="white-space:nowrap">No.&nbsp;149-1).</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Federal Action </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;20, 2020, plaintiff Beheshti filed a Verified Shareholder Derivative Complaint on behalf of Inovio against defendants J. Joseph
Kim, Simon X. Benito, Angel Cabrera, Ann C. Miller, Jay P. Shepard, David B. Weiner, Wendy L. Yarno, and Lota S. Zoth (the &#147;Federal Action Defendants&#148;) in the Federal Action, formerly captioned <I>Beheshti v. Kim, et al.</I>, Case No. <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962,</FONT></FONT> asserting claims for breaches of fiduciary duty, unjust enrichment, and for violations of the Exchange Act. (ECF No.&nbsp;1). On June&nbsp;5, 2020, plaintiff
Beheshti and the Federal Action Defendants filed a stipulation to stay the case until the entry of an order denying the motion to dismiss the amended complaint in the related Securities Class&nbsp;Action. (ECF No.&nbsp;3). The Court entered an order
staying the case the same day. (ECF No.&nbsp;4). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;12, 2020, plaintiff Isman filed a Verified Shareholder Derivative Complaint
on behalf of Inovio in the Court against defendants Simon X. Benito, J. Joseph Kim, Ann C. Miller, Jay P. Shepard, David B. Weiner, Wendy L. Yarno, and Lota S. Zoth in an action captioned <I>Isman v. Benito, et al.</I>,<I> </I>Case No. <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-02817-GJP</FONT></FONT></FONT> (the &#147;<I>Isman </I>Action&#148;), asserting claims substantially similar to those in the Federal Action.
(<I>Isman </I>Action,<I> </I>ECF No.&nbsp;1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;15, 2020, plaintiffs Devarakonda and Foster filed a Verified Shareholder
Derivative Complaint on behalf of Inovio in the Court against the Federal Action Defendants in an action captioned <I>Devarakonda, et al. v. Kim</I>,<I> </I>Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">2:20-cv-02829-GJP</FONT></FONT></FONT> (the &#147;<I>Devarakonda </I>Action&#148;), asserting claims substantially similar to those in the Federal and <I>Isman </I>Actions. (<I>Devarakonda </I>Action,<I> </I>ECF
No.&nbsp;1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;7, 2020, plaintiff Fettig filed a Verified Shareholder Derivative Complaint on behalf of Inovio in the Court
against the Federal Action Defendants in an action captioned <I>Fettig v. Kim, et al.</I>, Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-03316</FONT></FONT> (the &#147;<I>Fettig </I>Action&#148;), asserting
claims substantially similar to those in the Federal, <I>Isman</I>, and <I>Devarakonda </I>Actions. (<I>Fettig</I> Action,<I> </I>ECF No.&nbsp;1). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;14, 2020, plaintiffs Beheshti, Isman, and Devarakonda, filed a joint motion to
consolidate their three derivative actions and appoint The Brown Law Firm, P.C. and Gainey McKenna&nbsp;&amp; Egleston as plaintiffs&#146; <FONT STYLE="white-space:nowrap">co-lead</FONT> counsel. (ECF No.&nbsp;5). On July&nbsp;21, 2020, the Court
issued an order consolidating those three actions into the lead case, captioned<I> In re Inovio Pharmaceuticals, Inc. Derivative Litigation</I>, Lead Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT> (E.D. Pa.) (the &#147;Federal Action&#148;), and appointing The Brown Law Firm, P.C. and Gainey McKenna&nbsp;&amp; Egleston as plaintiffs&#146;
<FONT STYLE="white-space:nowrap">co-lead</FONT> counsel. (ECF No.&nbsp;6). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On August&nbsp;27, 2020, the Court issued an order
consolidating the <I>Fettig </I>Action with the Federal Action. (ECF No.&nbsp;7). The Federal Action was thereafter stayed pursuant to the terms set forth in the order entered by the Court on June&nbsp;5, 2020. (ECF No.&nbsp;4). </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>C.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Delaware Chancery Action </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;28, 2020, plaintiff Schumacher sent an inspection demand to Inovio pursuant to Section&nbsp;220, seeking to exercise his right as
a stockholder to inspect specific books and records relating to the development and manufacture of <FONT STYLE="white-space:nowrap">INO-4800,</FONT> as well as the public statements concerning the production and FDA approval timeline for <FONT
STYLE="white-space:nowrap">INO-4800.</FONT> In response to the Section&nbsp;220 demand, Inovio produced more than 1,400 pages of internal, Board-level documents to plaintiff Schumacher. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;28, 2022, plaintiff Schumacher filed a Verified Stockholder Derivative Complaint incorporating information from the documents
produced pursuant to the Section&nbsp;220 demand, under seal in the Delaware Chancery Action on behalf of Inovio against defendants Simon X. Benito, J. Joseph Kim, Ann C. Miller, Jay Shepard, David B. Weiner, Wendy L. Yarno, Lota S. Zoth, and Angel
Cabrera in the Delaware Court of Chancery, alleging, <I>inter alia</I>, breaches of fiduciary duty and unjust enrichment. (Delaware Chancery<I> </I>Action, Trans. ID 67430261). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;31, 2022, plaintiff Schumacher filed a public version of his Verified
Stockholder Derivative Complaint, redacting information from the confidential materials produced pursuant to the Section&nbsp;220 demand cited in his complaint. (Delaware Chancery Action,<I> </I>Trans. ID 67443918). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;3, 2022, the parties in the Delaware Chancery Action filed a stipulation with the Delaware Court of Chancery requesting the court
to stay the Delaware Chancery Action pending resolution of a motion to dismiss in the Securities<I> </I>Class&nbsp;Action, which the court granted the following day. (Delaware Chancery Action, Trans. ID 67581727, 67586977). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;2, 2022, plaintiff Schumacher informed defense counsel in the Delaware Chancery Action that, pursuant to paragraph 2 of the
May&nbsp;4, 2022 stipulation, he no longer consented to the stay in light of the settlement of the Securities Class&nbsp;Action. (Delaware Chancery Action,<I> </I>Trans. ID 68261568). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;17, 2022, the parties in the Delaware Chancery Action filed a status report, advising the Delaware Court of Chancery that
plaintiff Schumacher had terminated the stay and that the parties were meeting and conferring about a mutually agreeable schedule. (Delaware Chancery Action, Trans. ID 68261568). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following additional discussions, on November&nbsp;14, 2022, the parties informed the Delaware Court of Chancery of their agreement to submit
the Delaware Chancery Action to mediation in January 2023. (Delaware Chancery Action,<I> </I>Trans. ID 68383283). On February&nbsp;15, 2023, the parties informed the Delaware Court of Chancery of their continuing discussions regarding a resolution.
(Delaware Chancery Action,<I> </I>Trans. ID 69159066). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>D.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Demands </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;26, 2021, Grech sent an inspection demand to Inovio pursuant to Section&nbsp;220, seeking to exercise her right as a stockholder
to inspect specific books and records relating to the development and manufacture of <FONT STYLE="white-space:nowrap">INO-4800,</FONT> as well as the public statements concerning the production and FDA approval timeline for <FONT
STYLE="white-space:nowrap">INO-4800.</FONT> In response, Inovio produced over 1,400 pages of internal, Board-level documents to Grech. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;16, 2021, Azrelyant sent an inspection demand to Inovio pursuant to
Section&nbsp;220, seeking to exercise her right as a stockholder to inspect specific books and records relating to the development and manufacture of <FONT STYLE="white-space:nowrap">INO-4800,</FONT> as well as the public statements concerning the
production and FDA approval timeline for <FONT STYLE="white-space:nowrap">INO-4800.</FONT> In response, Inovio produced over 1,400 pages of internal, Board-level documents to Azrelyant. Counsel for Grech and Azrelyant subsequently agreed to work
together and, on September&nbsp;15, 2021, served a joint litigation demand on the Board to investigate and bring action against the Individual Defendants for, <I>inter alia</I>, breach of their fiduciary duties. In response to the Demands, counsel
for Inovio&#146;s Board secured tolling agreements with each of the individuals alleged to have breached their fiduciary duties. Additionally, the Board deferred its investigation pending resolution of the various related securities and derivative
litigation matters. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>E.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Settlement Negotiations </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;18, 2021, the Federal Plaintiffs sent a settlement demand letter to Defendants that, <I>inter alia</I>, proposed a settlement
framework that included a comprehensive set of corporate governance reforms designed to address the governance deficiencies that resulted in the wrongdoing alleged in the Federal Action complaints. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2022, Plaintiffs and Defendants agreed to mediate the Derivative Actions and Demands to attempt to resolve the claims and
potential claims asserted therein. The mediation was set for January&nbsp;18, 2023, with Michelle Yoshida, Esq. (the &#147;Mediator&#148;), an experienced mediator with Phillips ADR. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;20, 2022, Plaintiffs sent a global settlement demand letter to Defendants
that, <I>inter alia</I>, proposed a settlement framework that included a comprehensive set of corporate governance reforms designed to address the governance deficiencies alleged in the Derivative Actions and Demands. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;10, 2023, in anticipation of the mediation, Plaintiffs submitted a joint mediation statement to Defendants and the Mediator,
addressing relevant arguments and allegations in the Derivative Actions and Demands. That same day, Defendants provided Plaintiffs and the Mediator with their own mediation statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;18, 2023, Plaintiffs and Defendants participated in the <FONT STYLE="white-space:nowrap">full-day</FONT> mediation, in which
some participants attended in person and others attended remotely. That day, the Settling Parties were able to reach an agreement in principle on the substantive terms of the settlement, including the corporate governance reforms that Inovio would
adopt as consideration for the settlement as reflected in the term sheet attached hereto as Exhibit A (the &#147;Corporate Governance Reforms&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the Settling Parties&#146; agreement in principle on the substantive terms of the settlement, the Settling Parties separately
negotiated the attorneys&#146; fees and expenses to be paid to counsel for the Stockholders in consideration of the substantial benefits achieved for the Company through their efforts. On February&nbsp;17, 2023, the Settling Parties accepted a
double-blind mediator&#146;s proposal for Inovio to pay $1,175,000.00 in attorneys&#146; fees and expenses to Plaintiffs, subject to Court approval. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PLAINTIFFS&#146; CLAIMS AND THE BENEFITS OF SETTLEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Plaintiffs believe that the derivative claims in the Derivative Actions and the potential claims in the Demands have substantial merit, and
Plaintiffs&#146; entry into this Stipulation is not intended to be and shall not be construed as an admission or concession concerning the relative strength or merit of the claims or potential claims alleged in the Derivative Actions or Demands.
However, Plaintiffs and Plaintiffs&#146; Counsel recognize and acknowledge the significant risk, expense, and length of continued proceedings necessary to prosecute derivative claims against the Individual Defendants through trial and possible
appeals. Plaintiffs&#146; Counsel also have taken into account the uncertain outcome and the risk of any litigation, especially in complex cases such as derivative actions, as well as the difficulties and delays inherent in such litigation.
Plaintiffs&#146; Counsel are also mindful of the inherent problems of establishing standing in derivative litigation, and the possible defenses to the claims alleged in the Derivative Actions and the Demands.&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Plaintiffs&#146; Counsel have conducted extensive investigation and analysis, including, <I>inter alia</I>: (i)&nbsp;reviewing and analyzing
Inovio press releases, public statements, filings with the U.S. Securities and Exchange Commission (&#147;SEC&#148;); (ii) reviewing and analyzing securities analysts&#146; reports and advisories and media reports about the Company;
(iii)&nbsp;reviewing and analyzing the pleadings contained in the Securities Class&nbsp;Action; (iv)&nbsp;researching the applicable law with respect to the claims alleged and the potential defenses thereto; (v)&nbsp;preparing and filing initial
complaints in the Derivative Actions; (vi)&nbsp;researching, preparing and sending the Demands and related correspondence; (vii)&nbsp;reviewing internal documents produced by the Company pursuant to the Section&nbsp;220 demands;
(viii)&nbsp;researching and evaluating factual and legal issues relevant to the claims; (ix)&nbsp;engaging in settlement negotiations with Defendants&#146; counsel regarding the specific facts, and perceived strengths and weaknesses of the
Derivative Actions and the Demands, and other issues in an effort to facilitate negotiations; (x)&nbsp;researching the Company&#146;s corporate governance structure in connection with settlement efforts; (xi)&nbsp;preparing comprehensive written
settlement demands and modified demands over the course of the Settling Parties&#146; settlement negotiations; (xii)&nbsp;preparing a mediation statement; (xiii)&nbsp;participating in the <FONT STYLE="white-space:nowrap">full-day</FONT> mediation;
and (xiv)&nbsp;negotiating and drafting this comprehensive Stipulation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on Plaintiffs&#146; Counsel&#146;s thorough review and analysis of the relevant facts,
allegations, defenses, and controlling legal principles, Plaintiffs&#146; Counsel believe that the Settlement set forth in this Stipulation is fair, reasonable, and adequate, and confers substantial benefits upon Inovio. Based upon Plaintiffs&#146;
Counsel&#146;s evaluation, Plaintiffs have determined that the Settlement is in the best interests of Inovio and its shareholders, and have agreed to settle the Derivative Actions and the Demands upon the terms and subject to the conditions set
forth herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>III.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEFENDANTS&#146; DENIALS OF WRONGDOING AND LIABILITY </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Defendants deny that they have committed or engaged in any wrongdoing or violation of law whatsoever. Defendants further deny each and all of
the claims and contentions alleged by Plaintiffs in the Derivative Actions and the Demands. The Individual Defendants have expressly denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct,
statements, acts, or omissions alleged, or that could have been alleged in the Derivative Actions or the Demands. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nonetheless, Defendants
have concluded that it is desirable for the Derivative Actions and the Demands to be fully and finally settled in the matter and upon the terms and conditions set forth in this Stipulation. Defendants have also taken into account the uncertainty and
risks inherent in any litigation, especially in complex derivative actions. Defendants have, therefore, determined that it is in the best interests of Inovio for the Derivative Actions and the Demands to be settled in the manner and upon the terms
and conditions set forth in this Stipulation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>IV.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERMS OF STIPULATION AND AGREEMENT OF SETTLEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED by and among the undersigned counsel for the Settling Parties herein, in consideration of
the benefits flowing to the Settling Parties from the Settlement, and subject to the approval of the Court, that the Released Claims shall be finally and fully compromised, settled, and released, and the Derivative Actions shall be dismissed with
prejudice and with full preclusive effect as to all Settling Parties, upon and subject to the terms and conditions of this Stipulation, as set forth below. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DEFINITIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As used in this Stipulation, the following terms have the meanings specified below: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board&#148; means the Board of Directors of Inovio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate Governance Reforms&#148; means the corporate governance measures set forth in Exhibit A attached
hereto, which the Company shall adopt, implement, and maintain, pursuant to and in accordance with this Stipulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3&nbsp;&nbsp;&nbsp;&nbsp;&#147;Court&#148; means the United States District Court for the Eastern District of Pennsylvania. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.4&nbsp;&nbsp;&nbsp;&nbsp;&#147;Current Inovio Stockholders&#148; means any Person or Persons who are record or beneficial owners of Inovio
stock as of the date of this Stipulation, excluding the Individual Defendants, the officers and directors of Inovio, members of their immediate families, and their legal representatives, heirs, successors, or assigns, and any entity in which any of
the Individual Defendants has or has had a controlling interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.5&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defendants&#148; means the Individual
Defendants and nominal defendant, Inovio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.6&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defendants&#146; Counsel&#148; means Cooley LLP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.7&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defendants&#146; Released Claims&#148; means all claims or
causes of action (including known and Unknown Claims), including, but not limited to, any claims for damages, injunctive relief, interest, attorneys&#146; fees, expert, or consulting fees, and any and all other costs, expenses, or liabilities
whatsoever, that could be asserted in any forum by any of the Released Persons against Defendants&#146; Released Persons, arising out of, relating to, or in connection with the institution, prosecution, assertion, settlement, or resolution of the
Derivative Actions, Demands or the Released Claims. &#147;Defendants&#146; Released Claims&#148; shall not include claims to enforce the terms of the Stipulation and/or the Judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.8&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defendants&#146; Released Persons&#148; means Plaintiffs, Plaintiffs&#146; Counsel, and each and all of their
past, present, or future family members, spouses, domestic partners, parents, associates, affiliates, subsidiaries, officers, directors, stockholders, owners, members, representatives, employees, attorneys, financial or investment advisors,
consultants, underwriters, investment banks or bankers, commercial bankers, insurers, reinsurers, excess insurers, <FONT STYLE="white-space:nowrap">co-insurers,</FONT> advisors, principals, agents, heirs, executors, trustees, estates, beneficiaries,
distributees, foundations, general or limited partners or partnerships, joint ventures, personal or legal representatives, administrators, or any other Person or entity acting or purporting to act for or on behalf of any Plaintiff or any counsel for
any Plaintiff, and each of their respective predecessors, successors, and assigns, Inovio, and all Inovio stockholders (solely in their capacity as Inovio stockholders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.9&nbsp;&nbsp;&nbsp;&nbsp;&#147;Demands&#148; means the respective inspection demands for books and records made by stockholders, Rita
Azrelyant and Lydia Grech, on Inovio pursuant to 8 Del. C. &#167; 220 and the joint litigation demand made by the Stockholders on the Board. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.10&nbsp;&nbsp;&nbsp;&nbsp;&#147;Derivative Actions&#148; means the above-captioned
consolidated shareholder derivative action and the shareholder derivative action captioned <I>Schumacher v. Benito, et al.</I>, C.A. No. 2022-0292-KJSM, pending in the Delaware Court of Chancery. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.11&nbsp;&nbsp;&nbsp;&nbsp;&#147;Derivative Plaintiffs&#148; means Pedram Beheshti, Arthur Isman, Krishna Kishor Devarakonda, Brian Foster,
Brandon Fettig, and Leo Schumacher. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.12&nbsp;&nbsp;&nbsp;&nbsp;&#147;Effective Date&#148; means the date by which all of the events and
conditions specified in paragraph IV (6.1) have been met and occurred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.13&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal Plaintiffs&#148; means
Pedram Beheshti, Arthur Isman, Krishna Kishor Devarakonda, Brian Foster, and Brandon Fettig. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.14&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal
Plaintiffs&#146; Counsel&#148; means The Brown Law Firm, P.C. and Gainey McKenna&nbsp;&amp; Egleston, as <FONT STYLE="white-space:nowrap">co-lead</FONT> counsel for the Federal Plaintiffs; The Rosen Law Firm, P.A., as additional counsel for Federal
Plaintiffs Krishna Kishor Devarakonda and Brian Foster; and Levi&nbsp;&amp; Korsinsky, LLP, as additional counsel for Federal Plaintiff Brandon Fettig. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.15&nbsp;&nbsp;&nbsp;&nbsp;&#147;Final&#148; means the expiration of all time to seek appeal or other review of the Judgment (defined
herein), or if any appeal or other review of such Judgment is filed and not dismissed, after such Judgment is upheld on appeal in all material respects and is no longer subject to appeal, reargument, or review by writ of certiorari or otherwise.
However, any appeal or proceeding seeking subsequent review pertaining solely to an order issued with respect to attorneys&#146; fees, costs, or expenses shall not in any way delay or preclude the Judgment from becoming Final. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.16&nbsp;&nbsp;&nbsp;&nbsp;&#147;Individual Defendants&#148; means J. Joseph Kim, Simon X. Benito, Angel Cabrera, Ann C. Miller, Jay P.
Shepard, David B. Weiner, Wendy L. Yarno, Lota S. Zoth, Peter D. Kies, Robert J. Juba, Jr., Jacqueline Shea, Michael W. Cordera, and Laurent Humeau. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.17&nbsp;&nbsp;&nbsp;&nbsp;&#147;Inovio&#148; or the &#147;Company&#148; means nominal
defendant Inovio Pharmaceuticals, Inc. and its affiliates, subsidiaries, predecessors, successors, and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.18&nbsp;&nbsp;&nbsp;&nbsp;&#147;Judgment&#148; means the Order and Final Judgment entered by the Court that dismisses the Federal Action
pursuant to the Settlement, substantially in the form of Exhibit D attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.19&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice&#148; means
the Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions, substantially in the form of Exhibit<B> </B>C attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.20&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means any natural person, individual, corporation, partnership, limited partnership, limited
liability partnership, limited liability company, association, joint venture, joint stock company, estate, legal representative, trust, unincorporated association, government, or any political subdivision or agency thereof, any business or legal
entity, and any spouse, heir, legatee, executor, administrator, predecessor, successor, representative, or assign of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.21&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plaintiffs&#148; means Derivative Plaintiffs Pedram Beheshti, Arthur Isman, Krishna Kishor Devarakonda,
Brian Foster, Brandon Fettig, Leo Schumacher, and Stockholders Rita Azrelyant and Lydia Grech. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.22&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plaintiffs&#146; Counsel&#148; means The Brown Law Firm, P.C. and Gainey McKenna&nbsp;&amp; Egleston, as <FONT
STYLE="white-space:nowrap">co-lead</FONT> counsel for the Federal Plaintiffs; The Rosen Law Firm, P.A., as additional counsel for Federal Plaintiffs Krishna Kishor Devarakonda and Brian Foster; Levi&nbsp;&amp; Korsinsky, LLP, as additional counsel
for Federal Plaintiff Brandon Fettig; Rigrodsky Law, P.A. as counsel for Plaintiff Leo Schumacher; Pomerantz LLP, as counsel for Lydia Grech; and Shuman Glenn&nbsp;&amp; Stecker, as counsel for Rita Azrelyant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.23&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plaintiffs Releasing Parties&#148; means Plaintiffs, Inovio, and each and every Inovio stockholder, for
themselves and derivatively on behalf of Inovio, and for their heirs, successors, representatives, assigns, and beneficiaries, and for any Person or entity that could assert any of the Released Claims on their behalf. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.24&nbsp;&nbsp;&nbsp;&nbsp;&#147;Preliminary Approval Order&#148; means the [Proposed]
Preliminary Approval Order entered by the Court that preliminarily approves the Settlement, authorizes the form and manner of providing notice of the Settlement to Current Inovio Stockholders, and sets a date for the Settlement Hearing,
substantially in the form of Exhibit<B> </B>B attached hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.25&nbsp;&nbsp;&nbsp;&nbsp;&#147;Released Claims&#148; means all claims
or causes of action (including known and Unknown Claims), including, but not limited to, any claims for damages, injunctive relief, interest, attorneys&#146; fees, expert, or consulting fees, and any and all other costs, expenses, sums of money, or
liabilities whatsoever, against any of the Released Persons that: (i)&nbsp;were asserted or could have been asserted derivatively in the Derivative Actions or Demands; (ii)&nbsp;would have been barred by <I>res judicata</I> had the Derivative
Actions been fully litigated to final judgment; (iii)&nbsp;that have been, could have been, or could in the future be, asserted derivatively in any forum or proceeding or otherwise against any of the Released Persons that concern, are based upon,
involve, or arise out of, or relate to any of the subject matters, allegations, transactions, facts, events, occurrences, disclosures, representations, statements, omissions alleged, acts, failures to act, alleged mismanagement, misconduct,
concealment, alleged misrepresentations, alleged violations of local, state or federal law, sale of stock, or other matters involved, set forth, or referred to, or could have been alleged in or encompassed by, the complaints in the Derivative
Actions or Demands; or (iv)&nbsp;arise out of, relate to, or concern the defense, settlement, or resolution of the Derivative Actions, Demands or the Released Claims. &#147;Released Claims&#148; shall not include: (i)&nbsp;claims to enforce the
terms of the Stipulation and/or the Judgment; or (ii)&nbsp;exclusively direct claims (i.e., as opposed to derivative claims) stockholders other than the Plaintiffs may have in an individual capacity against Defendants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.26&nbsp;&nbsp;&nbsp;&nbsp;&#147;Released Persons&#148; means Defendants&#146; Counsel and
each of Defendants and each and all of their past, present, or future family members, spouses, domestic partners, associates, affiliates, subsidiaries, parents, officers, directors, stockholders, owners, members, representatives, employees,
attorneys, financial or investment advisors, consultants, underwriters, investment banks or bankers, commercial bankers, insurers, reinsurers, excess insurers, <FONT STYLE="white-space:nowrap">co-insurers,</FONT> advisors, principals, agents, heirs,
executors, trustees, estates, beneficiaries, distributees, foundations, general or limited partners or partnerships, joint ventures, personal or legal representatives, administrators, or any other Person or entity acting or purporting to act for or
on behalf of any Defendant, and each of their respective predecessors, successors, and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.27&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settlement&#148; means the settlement and compromise of the Derivative Actions and the Demands as provided
for in this Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.28&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settlement Hearing&#148; means the hearing set by the Court to consider final
approval of the Settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.29&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settling Parties&#148; means Plaintiffs, Individual Defendants, and Inovio.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.30&nbsp;&nbsp;&nbsp;&nbsp;&#147;Stockholders&#148; means Inovio stockholders Rita Azrelyant and Lydia Grech. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.31&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unknown Claims&#148; means any Released Claim(s) that any
of the Plaintiffs Releasing Parties does not know of or suspect to exist in his, her, or its favor at the time of the release of the Released Persons, including claims that, if known by him, her, or it, might have affected his, her, or its
settlement with and release of the Released Persons or might have affected his, her, or its decision whether to object to this Settlement. With respect to any and all Released Claims, the Settling Parties stipulate and agree that, upon the Effective
Date, the Plaintiffs Releasing Parties shall expressly waive and relinquish, and each Current Inovio Stockholder shall be deemed to have and by operation of the Judgment shall have expressly waived and relinquished to the fullest extent permitted by
law, the provisions, rights and benefits conferred by and under California Civil Code &#167;&nbsp;1542, and any other law of the United States or any state or territory of the United States, or principle of common law, which is similar, comparable
or equivalent to California Civil Code &#167;&nbsp;1542, which provides: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR
RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Plaintiffs Releasing Parties acknowledge that they and Current Inovio Stockholders may hereafter discover facts in addition to or different from those now
known or believed to be true by them, with respect to the subject matter of the Released Claims, but it is the intention of the Settling Parties that the Plaintiffs Releasing Parties and all Current Inovio Stockholders shall be deemed to and by
operation of the Judgment shall completely, fully, finally, and forever compromise, settle, release, discharge, and extinguish any and all Released Claims, known or unknown, suspected or unsuspected, contingent or absolute, accrued or unaccrued,
apparent or unapparent, which do now exist, or heretofore existed, or may hereafter exist, upon any theory of law or equity now existing or coming into existence in the future, and without regard to the subsequent discovery of additional or
different facts. The Settling Parties acknowledge that the foregoing waiver was separately bargained for and is a key element of the Stipulation of which this release is a part. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERMS OF THE SETTLEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1&nbsp;&nbsp;&nbsp;&nbsp;Within thirty (30)&nbsp;days of the Effective Date, the Board shall adopt resolutions and amend Board committee
charters, corporate governance documents, and/or the Company&#146;s Bylaws<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> to ensure the adoption, implementation, and maintenance of the Corporate Governance Reforms, which are set forth in
Exhibit A attached hereto, and which shall remain in effect for no less than five (5)&nbsp;years. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The term &#147;Bylaws&#148; refers to the Amended and Restated Bylaws of Inovio Pharmaceuticals, Inc. a
Delaware corporation (adopted August&nbsp;10, 2011), as amended through January&nbsp;18, 2023. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2&nbsp;&nbsp;&nbsp;&nbsp;Inovio acknowledges and agrees that the initiation, pendency, and
settlement of the Derivative Actions and Demands was the primary cause of the Company&#146;s decision to adopt, implement, and maintain the Corporate Governance Reforms. Inovio also acknowledges and agrees that the Corporate Governance Reforms
confer substantial benefits to Inovio and Inovio&#146;s shareholders. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>APPROVAL AND NOTICE </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable, the Federal Plaintiffs shall submit this Stipulation together with its exhibits to the Court
and shall jointly apply for entry of the Preliminary Approval Order, substantially in the form of Exhibit B attached hereto, requesting: (i)&nbsp;preliminary approval of the Settlement set forth in this Stipulation; (ii)&nbsp;approval of the form
and manner of providing notice of the Settlement to Current Inovio Stockholders; and (iii)&nbsp;a date for the Settlement Hearing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2&nbsp;&nbsp;&nbsp;&nbsp;Within ten (10)&nbsp;days after the entry of an order by the Court preliminarily approving the settlement, Inovio
shall: (1)&nbsp;post a copy of the Notice and the Stipulation and exhibits thereto on the investor relations page of the Company&#146;s website; (2)&nbsp;publish the Notice in <I>Investor</I><I>&#146;</I><I>s Business Daily </I>or issue a press
release with <I>GlobeNewswire</I>; and (3)&nbsp;file with the SEC the Notice and Stipulation and exhibits thereto as exhibits to an SEC Form <FONT STYLE="white-space:nowrap">8-K.</FONT> The Notice shall provide a link to the investor relations page
on Inovio&#146;s website where the Notice and Stipulation and exhibits thereto may be viewed, which page will be maintained through the date of the Settlement Hearing. Inovio shall be solely responsible for paying the costs and expenses related to
providing notice of the Settlement set forth in this paragraph or as otherwise required by the Court. The Settling Parties believe the form and manner of the notice procedures set forth in this paragraph constitute adequate and reasonable notice to
Inovio stockholders pursuant to applicable law and due process. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3&nbsp;&nbsp;&nbsp;&nbsp;Pending the Court&#146;s determination as to final approval of
the Settlement, Plaintiffs and Current Inovio Stockholders are barred and enjoined from commencing, prosecuting, instigating, or in any way participating in the commencement or prosecution of any action asserting any Released Claim against any of
the Released Persons. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ATTORNEYS&#146; FEES AND REIMBURSEMENT OF EXPENSES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1&nbsp;&nbsp;&nbsp;&nbsp; In consideration of the substantial benefits conferred upon Inovio by the Corporate Governance Reforms as a direct
result of Plaintiffs&#146; and Plaintiffs&#146; Counsel&#146;s efforts in connection with the Derivative Actions and the Demands, and subject to Court approval, the Company shall pay to Plaintiffs&#146; Counsel, collectively, their attorneys&#146;
fees and costs in the amount of one million one hundred seventy-five thousand dollars ($1,175,000.00) (the &#147;Fee and Expense Amount&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2&nbsp;&nbsp;&nbsp;&nbsp;The Fee and Expense Amount shall be paid to The Brown Law Firm, P.C.&#146;s escrow account (the &#147;Escrow
Account&#148;) within twenty (20)&nbsp;days after: (i)&nbsp;the date of entry of the Preliminary Approval Order, or (ii)&nbsp;the date on which Plaintiffs&#146; Counsel provides written payment instructions and a
<FONT STYLE="white-space:nowrap">W-9</FONT> form to Defendants&#146; Counsel (whichever is later), and which amount, to the extent approved by the Court, shall be released from the Escrow Account once the Court enters the Judgment and an order
approving the Fee and Expense Amount, notwithstanding any potential appeals, to Plaintiffs&#146; Counsel, pursuant to an allocation agreed to by Plaintiffs&#146; Counsel. Plaintiffs&#146; Counsel shall make no request to the Court for (and hereby
release any right they may otherwise have to seek) attorneys&#146; fees and/or costs beyond the Fee and Expense Amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Judgment fails to become Final as defined
in paragraph IV (&para;1.12), or to the extent that the Court does not approve Plaintiffs&#146; Counsel&#146;s application for an award of attorneys&#146; fees and costs in the full amount of the Fee and Expense Amount, Plaintiffs&#146; Counsel must
refund the Fee and Expense Amount to Inovio within 30 days from receiving notice from Defendants&#146; Counsel or from a court of appropriate jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4&nbsp;&nbsp;&nbsp;&nbsp;Plaintiffs&#146; Counsel may apply to the Court for service awards of up to one thousand five hundred dollars
($1,500.00) for each of the Plaintiffs to be paid from the Fee and Expense Amount in recognition of Plaintiffs&#146; participation and effort in the prosecution of the Derivative Actions and the Demands (the &#147;Service Awards&#148;). Defendants
shall not object to the application for the Service Awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5&nbsp;&nbsp;&nbsp;&nbsp;The procedure for and the allowance or
disallowance by the Court of any application by Plaintiffs&#146; Counsel for fees and costs are not part of this Settlement, and are to be considered by the Court separately from the Court&#146;s consideration of the fairness, reasonableness, and
adequacy of the Settlement. The Court&#146;s awarding of any fees and costs is not a necessary term of this Settlement, and it is not a condition of this Settlement that Plaintiffs&#146; Counsel&#146;s application(s) for such fees and costs be
approved by the Court in the amount of the Fee and Expense Amount or in any other amount whatsoever. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RELEASES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1&nbsp;&nbsp;&nbsp;&nbsp;Within five (5)&nbsp;days after the Effective Date, the parties in the Delaware Chancery Action will file a
stipulation of dismissal with prejudice in the Delaware Chancery Action. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2&nbsp;&nbsp;&nbsp;&nbsp;Upon the Effective Date, the Plaintiffs Releasing Parties shall
be deemed to have, and by operation of the Judgment shall have, fully, finally, and forever released, relinquished, and discharged the Released Claims against the Released Persons. Plaintiffs Releasing Parties shall be deemed to have, and by
operation of the Judgment shall have, covenanted not to sue any Released Person with respect to any Released Claims, and shall be permanently barred and enjoined from instituting, commencing or prosecuting the Released Claims against the Released
Persons except to enforce the releases and other terms and conditions contained in the Settlement and/or the Judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3&nbsp;&nbsp;&nbsp;&nbsp;Upon the Effective Date, the Released Persons shall be deemed to have, and by operation of the Judgment shall have,
fully, finally, and forever released, relinquished and discharged each and all of Defendants&#146; Released Persons from Defendants&#146; Released Claims. The Released Persons shall be deemed to have, and by operation of the Judgment shall have,
covenanted not to sue Defendants&#146; Released Persons with respect to any of Defendants&#146; Released Claims, and shall be permanently barred and enjoined from instituting, commencing or prosecuting Defendants&#146; Released Claims against
Defendants&#146; Released Persons except to enforce the releases and other terms and conditions contained in the Stipulation and/or the Judgment. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONDITIONS OF SETTLEMENT; EFFECT OF DISAPPROVAL, CANCELLATION, OR TERMINATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1&nbsp;&nbsp;&nbsp;&nbsp;The Effective Date of this Stipulation shall be conditioned on the occurrence of all of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">a.&nbsp;&nbsp;&nbsp;&nbsp;Court approval of the content and method of providing notice of the proposed Settlement to Current
Inovio Stockholders, and the subsequent dissemination of the notice of the proposed Settlement to Current Inovio Stockholders; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp;Court entry of the Judgment, in all material respects in the form set forth as Exhibit D annexed
hereto, approving the Settlement and dismissing the Federal Action with prejudice, without awarding costs to any party, except as provided herein; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">c.&nbsp;&nbsp;&nbsp;&nbsp; payment of the Fee and Expense Amount in
accordance with paragraph IV (4.2); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">d.&nbsp;&nbsp;&nbsp;&nbsp;the passing of the date upon which the Judgment becomes
Final. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2&nbsp;&nbsp;&nbsp;&nbsp;If any of the conditions specified above in paragraph IV (6.1) are not met, then this Stipulation shall
be canceled and terminated subject to paragraph IV (6.3), unless counsel for the Settling Parties mutually agree in writing to proceed with this Stipulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3&nbsp;&nbsp;&nbsp;&nbsp;If for any reason the Effective Date of this Stipulation does not occur, or if this Stipulation is in any way
canceled, terminated or fails to become Final in accordance with its terms: (a)&nbsp;all Settling Parties shall be restored to their respective positions in the Derivative Actions and the Demands as of the date of this Stipulation; (b)&nbsp;all
releases delivered in connection with this Stipulation shall be null and void, except as otherwise provided for in this Stipulation; (c)&nbsp;the Fee and Expense Amount, if paid to Plaintiffs&#146; Counsel, shall be refunded and returned within
thirty (30)&nbsp;days; and (d)&nbsp;all negotiations, proceedings, documents prepared, and statements made in connection herewith shall be without prejudice to the Settling Parties, shall not be deemed or construed to be an admission by a Settling
Party of any act, matter, or proposition, and shall not be used in any manner for any purpose in any subsequent proceeding in the Derivative Actions, the Demands, or in any other action or proceeding. In such event, the terms and provisions of this
Stipulation shall have no further force and effect with respect to the Settling Parties and shall not be used in the Derivative Actions, the Demands, or in any other proceeding for any purpose. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>MISCELLANEOUS PROVISIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1&nbsp;&nbsp;&nbsp;&nbsp;The Settling Parties: (i)&nbsp;acknowledge that it is their intent to consummate the Settlement; and (ii)&nbsp;agree
to cooperate to the extent reasonably necessary to effectuate and implement all terms and conditions of the Settlement and to exercise their reasonable best efforts to accomplish the foregoing terms and conditions of the Settlement. In the event
that any dispute arises between the Settling Parties regarding such efforts, they shall attempt to resolve the dispute in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.2&nbsp;&nbsp;&nbsp;&nbsp;In the event that any part of the Settlement is found to be unlawful, void, unconscionable, or against public
policy by a court of competent jurisdiction, the remaining terms and conditions of the Settlement shall remain intact. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.3&nbsp;&nbsp;&nbsp;&nbsp;The Settling Parties intend this Settlement to be a final and complete resolution of all disputes between them with
respect to the Derivative Actions, the Demands, and any and all claims released herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.4&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this
Stipulation, or any other settlement-related documents or communications, constitutes an admission that any claim which was brought or could have been brought in the Derivative Actions or asserted in the Demands has or lacks any merit whatsoever, or
that Defendants have committed or engaged in any violation of law or wrongdoing whatsoever. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.5&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation
shall not be deemed to prejudice any of the positions of any of the Settling Parties. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.6&nbsp;&nbsp;&nbsp;&nbsp;Neither this Stipulation, nor any of its terms or provisions, nor
entry of the Judgment (defined herein), nor any act performed or document executed pursuant to or in furtherance of this Stipulation or the Settlement, is, may be construed as, or may be used as evidence of the validity of any of the claims released
herein or an admission by or against the Individual Defendants of any fault, wrongdoing, or concession of liability whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.7&nbsp;&nbsp;&nbsp;&nbsp;<B> </B>Defendants may file this Stipulation and/or the Judgment in any action that has or may be brought against
them in order to support a defense or counterclaim based on principles of <I>res judicata</I>, collateral estoppel, release, good faith settlement, judgment bar or reduction, or any other theory of claim preclusion or issue preclusion or similar
defense or counterclaim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.8&nbsp;&nbsp;&nbsp;&nbsp;This Settlement may not be terminated, modified, or amended, except by an agreement
in writing signed by the Settling Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.9&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation shall be construed as if the Settling Parties
collectively prepared it, and any uncertainty or ambiguity shall not be interpreted against any of the Settling Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.10&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation shall be considered to have been negotiated, executed and delivered, and to be wholly performed,
in the State of Pennsylvania, and shall be governed by, construed, and enforced in accordance with the laws of the State of Pennsylvania without regard to any state&#146;s principles, policies, or provisions governing choice of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.11&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation and the exhibits attached hereto contain the entire understanding of the Settling Parties
concerning the subject matter hereof and supersede any and all prior agreements, discussions, or negotiations of the Settling Parties, whether oral or in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.12&nbsp;&nbsp;&nbsp;&nbsp;The exhibits to this Stipulation are material and integral parts hereof and are fully incorporated herein. In the
event that there exists a conflict or inconsistency between the terms of this Stipulation and the terms of any exhibit hereto, the terms of this Stipulation shall prevail. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.13&nbsp;&nbsp;&nbsp;&nbsp;This Settlement may be executed in any number of counterparts with the same effect as if all Settling Parties had
executed the same document. All such counterparts shall be construed together and shall constitute one instrument. A facsimile or electronic (e.g., PDF format) copy of this Settlement as executed shall be deemed an original. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.14&nbsp;&nbsp;&nbsp;&nbsp;Subject to, and conditional on, the Court&#146;s final approval
of the Settlement contemplated herein, the Settling Parties agree that each has complied fully with the applicable requirements of good faith litigation. The Settling Parties shall not take the position that the Derivative Actions or the Demands
were brought or defended in bad faith or in violation of Rule 11 of the Federal Rules of Civil Procedure or its state law counterparts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.15&nbsp;&nbsp;&nbsp;&nbsp;No representations, warranties, or inducements have been made to any of the Settling Parties concerning this
Stipulation or its exhibits other than the representations, warranties, and covenants contained and memorialized in such documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.16&nbsp;&nbsp;&nbsp;&nbsp;In the event any proceedings by or on behalf of Inovio, whether voluntary or involuntary, are initiated under any
chapter of the United States Bankruptcy Code, including an act of receivership, asset seizure, or similar federal or state law action (&#147;Bankruptcy Proceedings&#148;), the Settling Parties agree to use their reasonable best efforts to obtain all
necessary orders, consents, releases, and approvals for effectuation of this Stipulation in a timely and expeditious manner. In the event of any Bankruptcy Proceedings by or on behalf of Inovio, the Settling Parties agree that all dates and
deadlines set forth herein will be extended for such periods of time as are necessary to obtain necessary orders, consents, releases and approvals from the bankruptcy court to carry out the terms and conditions of the Stipulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.17&nbsp;&nbsp;&nbsp;&nbsp;Any planned, proposed, or actual sale, merger, or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">change-in-control</FONT></FONT> of Inovio shall not void this Stipulation. The Stipulation shall run to the Settling Parties&#146; respective <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">successors-in-interest.</FONT></FONT> In the event of a planned, proposed, or actual sale, merger, or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">change-in-control</FONT></FONT> of Inovio, the
Settling Parties shall continue to seek court approval of the Settlement expeditiously, including without limitation the Settlement terms reflected in this Stipulation and the Fee and Expense Amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.18&nbsp;&nbsp;&nbsp;&nbsp;Any dispute arising out of or relating to the Settlement shall
be resolved by the Mediator, or by a mutually agreed upon private neutral, first by way of mediation and, if unsuccessful, then by way of final, binding, <FONT STYLE="white-space:nowrap">non-appealable</FONT> resolution. <B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.19&nbsp;&nbsp;&nbsp;&nbsp;The Court shall retain jurisdiction to implement and enforce the terms of the Stipulation and the Judgment and to
consider any matters or disputes arising out of or relating to the Settlement, and the Settling Parties submit to the jurisdiction of the Court for purposes of implementing and enforcing the Settlement embodied in the Stipulation and Judgment, and
for matters or disputes arising out of or relating to the Settlement.<B>&nbsp;</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Settling Parties have caused
the Stipulation to be executed by their duty authorized attorneys and dated March&nbsp;31, 2023. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Agreed to this 31 day of March, 2023: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BROWN LAW FIRM, P.C.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>COOLEY LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Timothy Brown</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Koji Fukumura</I></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Timothy Brown</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Koji Fukumura</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">767 Third Avenue, Suite 2501</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">4401 Eastgate Mall</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">New York, NY 10017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">San Diego, CA 92121</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>GAINEY&nbsp;MCKENNA&nbsp;&amp;&nbsp;EGLESTON</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><I>Counsel for Defendants</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Thomas J. McKenna</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Thomas J. McKenna</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Gregory M. Egleston</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">501 Fifth Avenue, 19th Floor</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">New York, NY 10017</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><I>Co-Lead Counsel for the Federal Plaintiffs</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE ROSEN LAW FIRM, P.A.</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Phillip Kim</I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Phillip Kim</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Erica Stone</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">275 Madison Avenue, 40th Floor</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">New York, NY 10016</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top" COLSPAN="3"><I>Additional </I><I>Counsel for </I><I>Federal Plaintiffs Krishna Kishor Devarakonda and Brian Foster</I></TD>
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<TD VALIGN="top" COLSPAN="3"><B>LEVI &amp; KORSINSKY, LLP</B></TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Gregory M. Nespole</I></P></TD>
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<TD VALIGN="top" COLSPAN="3">Gregory M. Nespole</TD>
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<TD VALIGN="top" COLSPAN="3">55 Broadway, 10th Floor</TD>
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<TD VALIGN="top" COLSPAN="3">New York, NY 10006</TD>
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<TD VALIGN="top" COLSPAN="3"><I>Additional Counsel for Federal Plaintiff Brandon Fettig</I></TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<TD VALIGN="top" COLSPAN="3"><B>RIGRODSKY LAW, P.A.</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Timothy J. MacFall</I></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Seth D. Rigrodsky</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Timothy J. MacFall</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Herbert Mondros</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Vincent A. Licata</TD></TR>
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<TD VALIGN="top" COLSPAN="3">300 Delaware Avenue, Suite 210</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Wilmington, DE 19801</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><I>Counsel for Plaintiff Leo Schumacher</I></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>POMERANTZ LLP</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Gustavo F. Bruckner</I></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Gustavo F. Bruckner</TD></TR>
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<TD VALIGN="top" COLSPAN="3">600 Third Avenue</TD></TR>
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<TD VALIGN="top" COLSPAN="3">New York, NY 10016</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><I>Counsel for Stockholder Lydia Grech</I></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>SHUMAN GLENN &amp; STECKER</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><I>/s/ Rusty E. Glenn</I></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Rusty E. Glenn</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Brett D. Stecker</TD></TR>
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<TD VALIGN="top" COLSPAN="3">600 17th Street, Suite 2800 South</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Denver, CO 80202</TD></TR>
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<TD VALIGN="top" COLSPAN="3"><I>Counsel for Stockholder Rita Azrelyant</I></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES DISTRICT COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EASTERN DISTRICT OF PENNSYLVANIA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN RE INOVIO PHARMACEUTICALS, INC.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DERIVATIVE LITIGATION</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lead Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT A</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CORPORATE GOVERNANCE REFORMS </U></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within thirty (30)&nbsp;days of the Effective Date as defined in the Stipulation of
Settlement dated March&nbsp;31, 2023, Inovio&#146;s Board shall adopt resolutions and amend Board committee charters, corporate governance documents, and/or the Company&#146;s Bylaws<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> to ensure
the adoption, implementation, and maintenance of the following Reforms, which shall remain in effect for no less than five (5)&nbsp;years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inovio acknowledges and agrees that the initiation, pendency, and settlement of the Derivative Matters was the primary cause of the
Company&#146;s decision to adopt, implement, and maintain the Reforms. Inovio also acknowledges and agrees that the Reforms confer substantial benefits to Inovio and Inovio&#146;s shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>1. ESTABLISHMENT OF A SCIENCE REVIEW AND OVERSIGHT COMMITTEE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board shall establish a new Science Review and Oversight Committee (&#147;<B><I>Science Committee</I></B>&#148;) with board-level
oversight of the Company&#146;s research and development strategy (including any collaboration agreements, and changes in technology and/or therapeutic focus), disclosure of results of clinical trials and clinical holds, and all material related
activities. The Science Committee shall be comprised of at least two (2)&nbsp;independent directors. The Company&#146;s Chief Executive Officer (&#147;<B><I>CEO</I></B>&#148;) shall provide a report to the Science Committee. The Science Committee
shall have standing authority to retain separate and independent advisors at the Company&#146;s expense to provide advice and counsel on significant or material developments arising out of the Company&#146;s clinical trials, tests, or other studies
or analyses, and related risk issues and disclosure obligations with respect to the Company&#146;s public statements and filings with the U.S. Securities and Exchange Commission (&#147;<B><I>SEC</I></B>&#148;). The Science Committee&#146;s Chair
shall have free and open access to the Company&#146;s scientific and executive personnel, including the Company&#146;s Scientific Advisory Board. The Science Committee shall meet at least quarterly, or more frequently as necessary to carry out the
following responsibilities: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> Discuss with management the Company&#146;s ongoing relationship and formal communications with the
FDA and other relevant agencies, including foreign regulators outside of the U.S.; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> Discuss with management the Company&#146;s
compliance with any agreements, protocols, or understandings with the FDA or other relevant agencies governing the conduct of clinical trials, tests, or other studies or analyses, and evaluating the need for remedial action and/or disclosures to
address any significant or material deviations with any agreements or other understandings with the relevant agencies; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> Discuss
with management the design, conduct and reporting of results and data for all clinical trials, or data compilations or analyses intended to form the basis for new drug applications to any governing regulatory agency, with particular focus on any
agreements, protocols, understandings with or advice or recommendations by any reviewing regulatory agency; and </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The term &#147;Bylaws&#148; refers to the Amended and Restated Bylaws of Inovio Pharmaceuticals, Inc. a
Delaware corporation (Adopted August 10, 2011), as amended through the date of the acceptance of this agreement. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> Preparing a <FONT STYLE="white-space:nowrap">bi-annual</FONT> report to the full
Board regarding all clinical trials underway, including but not limited to, all significant clinical data, results, studies, or analyses of drug safety and efficacy and all significant communications with reviewing regulatory agencies relating
thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>2. CREATION OF A DISCLOSURE COMMITTEE POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company shall draft a policy establishing effective procedures and protocols at the Company relating to material Generally Accepted
Accounting Principles (&#147;<B><I>GAAP</I></B>&#148;) and <FONT STYLE="white-space:nowrap">non-</FONT> GAAP financial disclosures to ensure that all of the Company&#146;s significant public statements, including without limitation, SEC filings,
material press releases, are reviewed for accuracy, integrity, and completeness; and for reviewing with management its ongoing compliance with these protocols and procedures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Disclosure Committee members shall consist of, at least, the Company&#146;s Chief Scientific Officer, Chief Medical Officer, and, to the
extent necessary, their designees; and one other senior officer with <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> oversight of the key functional areas of the Company. After the Disclosure
Committee&#146;s review and approval of <FONT STYLE="white-space:nowrap">at-issue</FONT> disclosures, the Chair will consult with the CEO and, to the extent relevant, the CFO, about the disclosures and obtain their approval prior to the
disclosure&#146;s dissemination to the public. The Disclosure Committee shall, among other responsibilities: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> Establish
procedures and review timelines relating to the preparation and filing of the Company&#146;s quarterly earnings press releases and periodic SEC reports, including disclosure policies and lines of communication to ensure that relevant Company
personnel timely report to the Disclosure Committee information potentially requiring disclosure, in coordination with other groups within the Company as appropriate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> Review the Company&#146;s periodic filings with the SEC (including, but not limited to the Company&#146;s Forms <FONT
STYLE="white-space:nowrap">10-K,</FONT> Forms <FONT STYLE="white-space:nowrap">10-Q,</FONT> Forms <FONT STYLE="white-space:nowrap">8-K,</FONT> and proxy statements), registration statements, correspondence to shareholders, and presentations to
analysts and investors, and other information material to the Company&#146;s shareholders; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> In conducting such review,
coordinate with other Company senior officers, independent accountants, internal auditors, outside legal counsel, and the Audit Committee, as necessary; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> At least annually review and assess the Company&#146;s <FONT STYLE="white-space:nowrap">non-financial</FONT> metrics disclosed in
its SEC filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>3. IMPROVEMENTS TO THE AUDIT COMMITTEE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inovio shall adopt a resolution to amend its Audit Committee Charter. The amended Audit Committee Charter shall be posted on the
Company&#146;s website. The Audit Committee Charter shall be amended as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> The Audit Committee shall meet at least four
(4)&nbsp;times annually and in separate executive sessions with the Company&#146;s management, independent auditor, and Disclosure Committee in carrying out its duties. The CFO will not be present at such meetings. The Audit Committee shall meet
quarterly in separate sessions with the Company&#146;s General Counsel and outside counsel to review any legal matters pertinent to carrying out its duties; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> The Audit Committee shall annually receive a report listing all trades in Inovio
securities engaged in by Section&nbsp;16 officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>4. INSIDER TRADING CONTROLS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inovio currently maintains both an Insider Trading Policy and a <FONT STYLE="white-space:nowrap">Pre-Clearance</FONT> and Blackout Policy
(referred to collectively herein as the &#147;<B><I>Insider Trading Policies</I></B>&#148;), provides Company personnel with a memorandum summarizing the Insider Trading Policies, and requires Company personnel to sign a certification acknowledging
that they have read, understand, and will comply with the Insider Trading Policies. The Insider Trading Policies are available on the Company website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the Insider Trading Policies, Inovio has approved Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> Trading Plan Guidelines
(the &#147;<B><I>Trading Plan Guidelines</I></B>&#148;). The Trading Plan Guidelines will be amended as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> Inovio&#146;s
directors, executive officers, EVPs, SVPs and VPs will be strongly encouraged to adopt a Rule <FONT STYLE="white-space:nowrap">10b5-1</FONT> trading plan (a &#147;<B><I>Trading Plan</I></B>&#148;) to govern all trades they make involving Inovio
securities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> Trading Plans must be in writing and signed by the participant establishing the plan. Inovio will keep a copy of
each Trading Plan; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> Participants must enter into a plan in good faith and not as part of a plan or scheme to evade the
prohibitions of Rule <FONT STYLE="white-space:nowrap">10b5-1,</FONT> the Insider Trading Policies or any other insider trading prohibitions; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(d)</B> Trading Plans must include a representation that, at the time of adoption, the participant does not possess any material <FONT
STYLE="white-space:nowrap">non-public</FONT> information about Inovio; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(e)</B> Trading Plans for directors and executive officers
shall prohibit the commencement of trading until the later of (i) 90 days following a Trading Plan&#146;s adoption or (ii)&nbsp;two business days following the disclosure of Inovio&#146;s financial results with the SEC for the fiscal quarter in
which the Trading Plan was adopted, not to exceed 120 days; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(f)</B> Trading Plans for individuals who are not directors or executive
officers shall prohibit the commencement of trading until 30 days following a Trading Plan&#146;s adoption; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(g)</B> Trading Plans
shall require that trading be conducted according to specific instructions or formulae with regard to amount, price, and date of transactions (i.e., an insider may not give his or her broker the right to determine whether and how to make
transactions); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(h)</B> Modifications or changes to the number of securities to be purchased or sold, the price of timing of the
purchase or sales of securities, or a modification or change to the formula, algorithm, or computer program that affects the amount, price, or timing of the purchase or sale of securities will be considered a termination of the original plan and
adoption of a new <FONT STYLE="white-space:nowrap">10b5-1</FONT> plan, triggering a new <FONT STYLE="white-space:nowrap">cooling-off</FONT> period pursuant to paragraph (f)&nbsp;or (g) above, as applicable; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(i)</B> Trading Plans shall have a minimum length of six (6)&nbsp;months and shall not be
longer than twenty-four (24)&nbsp;months; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(j)</B> Participants may not have multiple overlapping Trading Plans for open market
purchases or sales of Inovio securities of the issuer during the same period; provided that the foregoing restriction on overlapping plans will not prohibit a separate plan that instructs a broker or agent to sell securities to satisfy income tax
withholding obligations arising in connection with the vesting (and settlement) of certain compensatory equity awards, including restricted stock and restricted stock units, often referred to as <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">&#147;sell-to-cover&#148;</FONT></FONT> plans, where the individual does not otherwise exercise control over the timing of such sales; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(k)</B> Participants may not have more than one Trading Plan covering a single open market transaction during any rolling <FONT
STYLE="white-space:nowrap">12-month</FONT> period; provided that the foregoing restriction on single-trade plans will not apply to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;sell-to-cover&#148;</FONT></FONT> plans
entered into for the purpose of selling securities to cover <FONT STYLE="white-space:nowrap">tax-withholding</FONT> obligations related to the vesting of equity compensation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(l)</B> Trading Plans entered into by directors and executive officers, including the aggregate number of shares involved, shall be
publicly disclosed, if and when required, in accordance with Item 408 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> adopted by the SEC; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(m)</B> Section 16 reports filed by directors and executive officers with the SEC shall indicate whether the reported transactions were
effected under Trading Plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>5. IMPROVEMENTS TO THE NOMINATION AND CORPORATE GOVERNANCE COMMITTEE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inovio shall adopt a resolution to amend the Nomination and Corporate Governance Committee Charter. The amended Nomination and Corporate
Governance Committee Charter shall be posted on the Company&#146;s website. The Nomination and Corporate Governance Committee Charter shall require the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> The Nomination and Corporate Governance Committee shall meet with each prospective new Board member prior to his or her nomination
to the Board and then recommend whether such individual shall be nominated for membership to the Board. Such review shall require, <I>inter alia</I>, a background check of each candidate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> Final approval of a director candidate shall be determined by the full Board. Familial relationships with Company officers or
directors, interlocking directorships, and/or substantial business, civic, and/or social relationships with other members of the Board that could impair the prospective Board member&#146;s ability to act independently from the other Board members
may potentially be disqualifying conflicts of interest; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> The Nomination and Corporate Governance Committee shall be
responsible for ensuring that an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">up-to-date</FONT></FONT> version of the Corporate Governance Guidelines is available on the Company website. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6. EXECUTIVE REPORTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At each regularly scheduled Board meeting, the Company&#146;s CFO (or their designee) shall provide a written report regarding the
Company&#146;s financial condition and prospects, including, but not limited to, a discussion of all reasons for material increases in expenses and liabilities, if any, and material decreases in revenues and earnings, if any, management plans for
ameliorating or reversing such negative trends, and the success or failure of any such plans presented in the past. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All Section&nbsp;16
officers shall make written reports to the Board regarding their respective areas of responsibility at least quarterly and shall meet at least quarterly with the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7. INTERNAL CONTROLS AND COMPLIANCE FUNCTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board shall retain an independent consult to conduct an annual analysis for each of the next three (3)&nbsp;years regarding appropriate
steps Inovio should take to test and then strengthen the internal audit and control function, including, but not limited to, the accuracy of public disclosures and compliance with laws and regulations, by taking the following actions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Identify necessary resources needed to effectively manage internal knowledge of risk exposure, existing laws and regulations, and
disclosure obligations; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Assess risks of noncompliance with laws and regulations, internal controls, and disclosure obligations,
incorporating such risk assessments into internal audit procedures; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Implement technology to improve auditing techniques, data
mining, and predictive modeling with respect to compliance issues and risk exposure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consultant shall annually prepare a written
report with recommended changes to the Audit Committee. This consultant shall meet annually with the Board, CEO, CFO, and Inovio&#146;s external auditors to present the written report in advance of Inovio&#146;s finalization of its annual Form <FONT
STYLE="white-space:nowrap">10-K</FONT> report (regardless of whether the annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> is a restatement, amended filing, or initial filing, and whether it is submitted late or on time). The Board
shall consider implementation of each recommendation contained in the report. As to each recommendation contained in the report, the Board shall decide whether to implement the recommendation and shall prepare minutes setting forth the specific
reason(s) for the decision (including the results of the Board vote for each recommendation that is not accepted). The consultant&#146;s report shall be attached to the Board minutes as an exhibit. A copy of such minutes and the consultant&#146;s
report shall be maintained by the CFO for a period of ten (10)&nbsp;years. Moreover, in the final report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> issued after the Board&#146;s evaluation of the consultant&#146;s report, the Board shall
include a summary of the consultant&#146;s proposals, the Board&#146;s determination regarding the proposals, and the reasons for such determination. Inovio&#146;s CFO shall not have been employed by any of Inovio&#146;s outside auditor firms during
the prior two (2)&nbsp;years or, if involved in the auditor firm&#146;s audit of Inovio, during the prior five (5)&nbsp;years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.
BOARD COMPOSITION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board shall include a provision in the Company&#146;s Bylaws and Corporate Governance Guidelines that, in the
&#147;unusual circumstances as determined by the Board&#148; in which the CEO and Chairman of the Board are the same individual, the Company shall have a lead independent director. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9. DIRECTOR INDEPENDENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inovio&#146;s Corporate Governance Guidelines shall be amended, as necessary, to provide that at least a simple majority of the Board shall
consist of directors who meet the criteria for director independence set forth in NASDAQ Listing Rule 5605(a)(2), and any other statutory director independence requirement, as well as the following qualifications: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a)</B> has no personal services contract(s) with Inovio or any member of the Company&#146;s senior management; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> is not employed by a public company at which an executive officer of Inovio serves as a director, regardless of whether that
executive officer serves on the compensation committee of that public company or not; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> is not affiliated with a <FONT
STYLE="white-space:nowrap">non-profit</FONT> entity that receives significant contributions from Inovio; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(d) </B>has not had any of
the relationships described in subsections (a)&#150;(c) above with any affiliate of Inovio; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(e)</B> is not a member of the
immediate family of any person described in subsections (a)&#150;(d) above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Employment as an interim Chair, CEO, or other executive
officer at the Company shall disqualify a director from being considered independent within three (3) years following that employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If
the Company fails to comply with the independence requirements set forth herein due to one or more vacancies of the Board, Inovio shall within thirty (30)&nbsp;days regain compliance with these requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10. WHISTLEBLOWER POLICY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board shall require management to amend the written policy protecting whistleblowers (the &#147;<B><I>Whistleblower Policy</I></B>&#148;)
that consists of the following and shall include this policy on the Company&#146;s website: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(a) </B>The Company&#146;s Whistleblower
Policy shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>i.</B> Encourage interested parties to bring forward ethical and legal violations and/or a reasonable belief that
ethical and legal violations have occurred to the Audit Committee, Human Resources, Legal Department, and/or the Convercent phone number or website so that action may be taken to resolve the problem. These complaints shall be reviewed, as
appropriate, by the Audit Committee, in consultation with and under the supervision of the Company&#146;s legal counsel, and presented to the full Board; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>ii.</B> Effectively communicate that Inovio is serious about adherence to its corporate governance policies and that whistleblowing is an
important tool in achieving this goal. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(b)</B> The Whistleblower Policy&#151;with the endorsement of the Board and the most
senior management of the Company&#151;must adequately notify employees, independent contractors and vendors of Inovio of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>i.</B> Executives are subject to criminal penalties, including imprisonment, for retaliation against whistleblowers; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>ii.</B> Whistleblower complaints may be directed to the Audit Committee, Human Resources, Legal Department, and/or the Convercent phone
number or website. All whistleblower complaints will be handled by these parties anonymously and in confidence; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>iii.</B> If a
whistleblower brings their complaint to an outside regulator or other governmental entity, they will be protected by the terms of the Whistleblower Policy just as if they directed the complaint to the Audit Committee, Human Resources, Legal
Department, and/or the Convercent phone number or website; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>iv.</B> If an employee is subject to an adverse employment decision as a
result of whistleblowing, the employee may file a complaint with the Department of Labor within ninety (90)&nbsp;days of the alleged violation (a failure to report such claims within the <FONT STYLE="white-space:nowrap">90-day</FONT> window does not
foreclose any other available legal remedy); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><B>v.</B> It is both illegal and against Inovio&#146;s policy to discharge, demote,
suspend, threaten, intimidate, harass, or in any manner discriminate against whistleblowers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>(c)</B> The Company shall remind
employees of whistleblower options and whistleblower protections in employee communications provided at least twice a year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>11.
CREATION OF A CHIEF COMPLIANCE OFFICER POSITION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board shall direct Inovio to create the new position of CCO. The CCO&#146;s
duties shall include, but not be limited to, oversight and administration of Inovio&#146;s corporate governance policies (including the Code of Ethics), fostering a culture that integrates compliance and ethics into business processes and practices
through awareness and training, maintaining and monitoring a system for accurate public and internal disclosures, and reporting and investigating potential compliance and ethics concerns. The CCO will promptly report any allegations of compliance
and ethics concerns relating to financial fraud or reporting violations to the Audit Committee and where necessary recommend remedial actions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Inovio&#146;s CCO shall be primarily responsible for managing Inovio&#146;s ethics and compliance program and for assisting the Board in
fulfilling its oversight duties regarding Inovio&#146;s compliance with applicable laws, regulations, and the dissemination of true and accurate information. The CCO must have executive-level experience in risk mitigation, legal-regulatory
compliance, and appropriate public disclosures in a highly regulated industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In performing their duties and fulfilling their
responsibilities as described herein, the CCO shall keep the Audit Committee timely informed, seek the Audit Committee&#146;s assistance, and may delegate responsibilities as reasonably necessary. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The responsibilities and duties of Inovio&#146;s CCO shall include the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Working with the Audit Committee to evaluate and define the goals of Inovio&#146;s ethics and compliance program in light of trends and
changes in laws which may affect Inovio&#146;s compliance with laws relating to disclosure of the Company&#146;s risk exposure; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
Managing and overseeing Inovio&#146;s ethics and compliance program, implementing procedures for monitoring and evaluating the program&#146;s performance, and communicating with and informing the entire Board regarding progress toward meeting
program goals; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Acting as a liaison between management and the Board relating to material compliance and ethics concerns; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Performing an independent review of Inovio&#146;s draft Quarterly and Annual Reports, filed with the SEC on Forms <FONT
STYLE="white-space:nowrap">10-K</FONT> and <FONT STYLE="white-space:nowrap">10-Q,</FONT> and related materials prior to their publication to ensure: (i)&nbsp;the accuracy, completeness, and timeliness of disclosures relating to risk exposure from
the Company&#146;s reporting of financial data and quality of its internal controls; (ii)&nbsp;the identification and disclosure of any material risks to Inovio&#146;s compliance with applicable laws and regulations; and (iii)&nbsp;accurate
reporting of any material issues that may merit disclosure to Inovio&#146;s Disclosure Committee; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Reviewing and approving
Inovio&#146;s press releases and related materials prior to their publication to ensure the accuracy, completeness, and timeliness of disclosures relating to accounting matters, and any material risks to Inovio&#146;s compliance with applicable laws
and regulations, and reporting any material issues that may merit disclosure to Inovio&#146;s Disclosure Committee; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Overseeing
employee training in risk assessment and compliance. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES DISTRICT COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EASTERN DISTRICT OF PENNSYLVANIA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN RE INOVIO PHARMACEUTICALS, INC.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DERIVATIVE LITIGATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lead Case No.<B>
</B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT B</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>[PROPOSED] PRELIMINARY APPROVAL ORDER </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This matter came before the Court for a hearing on ___________, 2023. Pedram Beheshti, Arthur Isman, Krishna Kishor Devarakonda, Brian Foster,
and Brandon Fettig (the &#147;Federal Plaintiffs&#148;) in the above-captioned action (the &#147;Federal Action&#148;) pending in the United States District Court for the Eastern District of Pennsylvania (the &#147;Court&#148;) have made an
unopposed motion, pursuant to Rule 23.1 of the Federal Rules of Civil Procedure, for an order: (i)&nbsp;preliminarily approving the proposed settlement (the &#147;Settlement&#148;) of stockholder derivative claims brought on behalf of Inovio
Pharmaceuticals, Inc. (&#147;Inovio&#148; or the &#147;Company&#148;), as well as the potential claims asserted by certain Inovio stockholders, in accordance with the Stipulation of Settlement dated March&nbsp;31,&nbsp;2023 (the
&#147;Stipulation&#148;); (ii) approving the form and manner of the Notice of the Settlement; and (iii)&nbsp;setting a date for the Settlement Hearing.<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Stipulation sets forth the terms and conditions for the Settlement, including, but not limited to a proposed Settlement and
dismissal of the following stockholder derivative actions with prejudice: (i)&nbsp;the above-captioned action, titled <I>In re Inovio Pharmaceuticals, Inc. Derivative Litigation</I>, Lead C.A. No. <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">2:20-cv-01962</FONT></FONT> (E.D. Pa.); and (ii)<I>&nbsp;Schumacher v. Benito, et al.</I>, C.A. No. 2022-0292-KJSM (Del. Ch.) (collectively, the &#147;Derivative Actions&#148;); </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as otherwise expressly provided below or as the context otherwise requires, all capitalized terms
contained herein shall have the same meanings and/or definitions as set forth in the Stipulation. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Stipulation resolves the litigation demand asserted by Inovio stockholders Rita
Azrelyant and Lydia Grech; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Court having: (i)&nbsp;read and considered Plaintiffs&#146; Unopposed Motion for Preliminary
Approval of Stockholder Derivative Settlement together with the accompanying Memorandum of Points and Authorities; (ii)&nbsp;read and considered the Stipulation, as well as all the exhibits attached thereto; and (iii)&nbsp;heard and considered
arguments by counsel for the Settling Parties in favor of preliminary approval of the Settlement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Court finds, upon a
preliminary evaluation, that the proposed Settlement falls within the range of possible approval criteria, as it provides a beneficial result for Inovio Pharmaceuticals, Inc. (&#147;Inovio&#148; or the &#147;Company&#148;) and appears to be the
product of serious, informed, <FONT STYLE="white-space:nowrap">non-collusive</FONT> negotiations overseen by an experienced mediator; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Court also finds, upon a preliminary evaluation, that Inovio stockholders should be apprised of the Settlement through the
proposed form of notice, allowed to file objections, if any, thereto, and appear at the Settlement Hearing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, IT IS HEREBY
ORDERED, ADJUDGED, AND DECREED AS FOLLOWS: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. This Court, for purposes of this Preliminary Approval Order, adopts the definitions set
forth in the Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. This Court preliminarily approves, subject to further consideration at the Settlement Hearing described
below, the Settlement as set forth in the Stipulation as being fair, reasonable, and adequate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. A hearing shall be held on _______________, 2023 at ____ _.m., before the Honorable
Gerald J. Pappert, at the U.S. District Court for the Eastern District of Pennsylvania, Philadelphia Division, James A. Byrne United States Courthouse, 601 Market Street, Philadelphia, Pennsylvania 19106 (the &#147;Settlement Hearing&#148;), at
which the Court will determine: (i)&nbsp;whether the terms of the Stipulation should be approved as fair, reasonable, and adequate; (ii)&nbsp;whether the Notice fully satisfied the requirements of Rule 23.1 of the Federal Rule of Civil Procedure and
the requirements of due process; (iii)&nbsp;whether all Released Claims against the Released Persons should be fully and finally released; (iv)&nbsp;whether the <FONT STYLE="white-space:nowrap">agreed-to</FONT> Fee and Expense Amount should be
approved; (v)&nbsp;whether Service Awards payable from the Fee and Expense Amount should be approved; and (vi)&nbsp;such other matters as the Court may deem appropriate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Court finds that the form, substance, and dissemination of information regarding the proposed Settlement in the manner set out in this
Preliminary Approval Order constitutes the best notice practicable under the circumstances and complies fully with Rule 23.1 of the Federal Rules of Civil Procedure and due process. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. Within ten (10)&nbsp;days after the entry of this Preliminary Approval Order, Inovio shall: (1)&nbsp;post a copy of the Notice and the
Stipulation and exhibits thereto on the investor relations page of the Company&#146;s website; (2)&nbsp;publish the Notice in <I>Investor&#146;s Business Daily </I>or issue a press release with <I>GlobeNewswire</I>; and (3)&nbsp;file with the SEC
the Notice and Stipulation and exhibits thereto as exhibits to an SEC Form <FONT STYLE="white-space:nowrap">8-K.</FONT> The Notice shall provide a link to the investor relations page on Inovio&#146;s website where the Notice and Stipulation and
exhibits thereto may be viewed, which page will be maintained through the date of the Settlement Hearing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. All costs incurred in the filing, posting, and publication of the Notice shall be paid by
Inovio, and Inovio shall undertake all administrative responsibility for the filing, posting, and publication of the Notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. At least
thirty (30)&nbsp;calendar days prior to the Settlement Hearing, Defendants&#146; Counsel shall file with the Court an appropriate affidavit or declaration with respect to filing, publishing, and posting the Notice as provided for in paragraph 5 of
this Preliminary Approval Order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. All Current Inovio Stockholders shall be subject to and bound by the provisions of the Stipulation
and the releases contained therein, and by all orders, determinations, and judgments in the Derivative Actions concerning the Settlement, whether favorable or unfavorable to Current Inovio Stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. Pending final determination of whether the Settlement should be approved, Plaintiffs and Current Inovio Stockholders shall not commence or
prosecute against any of the Released Persons any action or proceeding in any court or tribunal asserting any of the Released Claims. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. Any stockholder of Inovio common stock may appear and show cause, if he, she, or it has
any reason why the Settlement embodied in the Stipulation should not be approved as fair, reasonable, and adequate, or why a judgment should or should not be entered hereon, or the Fee and Expense Amount or Service Awards should not be awarded.
However, no Inovio stockholder shall be heard or entitled to contest the approval of the Settlement, or, if approved, the Judgment to be entered thereon, unless that Inovio stockholder has caused to be filed, and served on counsel as noted below:
(i)&nbsp;a written notice of objection with the case name and number (<I>In re Inovio Pharmaceuticals, Inc. Derivative Litigation</I>, Lead Case No.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT> (E.D. Pa.)); (ii) the Person&#146;s name, legal address, and telephone number; (iii)&nbsp;notice of whether
such Person intends to appear at the Settlement Hearing and the reasons such Person desires to appear and be heard, and whether such Person is represented by counsel and if so, contact information for counsel; (iv)&nbsp;competent evidence that such
Person held shares of Inovio common stock as of the date of the Stipulation and continues to hold such stock as of the date the objection is made, including the date(s) such shares were acquired; (v)&nbsp;a statement of objections to any matters
before the Court, the grounds therefor, as well as all documents or writings such Person desires the Court to consider; and (vi)&nbsp;the identities of any witnesses such Person plans on calling at the Settlement Hearing, along with a summary
description of their expected testimony.. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. At least <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days prior
to the Settlement Hearing set for _____________, 2023, any such person must file the written objection(s) and corresponding materials with the Clerk of the Court, U.S. District Court for the Eastern District of Pennsylvania, Philadelphia Division,
James A. Byrne United States Courthouse, 601 Market Street, Philadelphia, Pennsylvania 19106 and serve such materials by that date, to each of the following Settling Parties&#146; counsel: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Counsel for Plaintiffs:</I></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>THE BROWN LAW FIRM, P.C.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Timothy Brown</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">767 Third Avenue, Suite 2501</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">New York, NY 10017</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>RIGRODSKY LAW, P.A.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Seth D. Rigrodsky</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">300 Delaware Avenue, Suite 210</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wilmington, DE 19801</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><I>Counsel for Defendants:</I></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>COOLEY LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Koji Fukumura</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4401 Eastgate Mall</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">San Diego, CA 92121</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Only stockholders who have filed with the Court and sent to the Settling Parties&#146;
counsel valid and timely written notices of objection and notices of appearance will be entitled to be heard at the hearing unless the Court orders otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. Any Person or entity who fails to appear or object in the manner provided herein shall be deemed to have waived such objection and shall
forever be foreclosed from making any objection to the fairness, reasonableness, or adequacy of the Settlement and to the Fee and Expense Amount and service awards, unless otherwise ordered by the Court, but shall be forever bound by the Judgment to
be entered and the releases to be given as set forth in the Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. The Federal Plaintiffs shall file their motion for final
approval of the Settlement at least twenty-eight (28)&nbsp;calendar days prior to the Settlement Hearing. If there is any objection to the Settlement, the Federal Plaintiffs shall file a response to the objection(s) at least seven (7)&nbsp;calendar
days prior to the Settlement Hearing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. All proceedings in the Federal Action are stayed until further order of the Court, except as
may be necessary to implement the Settlement or comply with the terms of the Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. This Court may, for good cause, extend any
of the deadlines set forth in this Preliminary Approval Order without further notice to Inovio stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. Neither the Stipulation,
nor any of its terms or provisions, nor entry of the Judgment, nor any document or exhibit referred or attached to the Stipulation, nor any action taken to carry out the Stipulation, is, may be construed as, or may be used as evidence of the
validity of any of the claims released herein or an admission by or against the Individual Defendants of any fault, wrongdoing, or concession of liability whatsoever. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. The Court may, in its discretion, change the date and/or time of the Settlement Hearing
without further notice to Current Inovio Stockholders and reserves the right to hold the Settlement Hearing telephonically or by videoconference without further notice to Current Inovio Stockholders. Any Current Inovio Stockholder (or his, her or
its counsel) who wishes to appear at the Settlement Hearing should consult the Court&#146;s calendar and/or the investors relations page of Inovio&#146;s website for any change in date, time or format of the Settlement Hearing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>IT IS SO ORDERED. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">DATED:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HONORABLE GERALD J. PAPPERT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">UNITED STATES
DISTRICT JUDGE</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES DISTRICT COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EASTERN DISTRICT OF PENNSYLVANIA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">IN RE INOVIO PHARMACEUTICALS, INC. DERIVATIVE LITIGATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lead Case No.<B>
</B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT C</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER <U> </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DERIVATIVE ACTIONS</U> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">TO:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF INOVIO PHARMACEUTICALS, INC. (&#147;INOVIO&#148; OR THE
&#147;COMPANY&#148;) COMMON STOCK AS OF MARCH&nbsp;31, 2023.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. THIS NOTICE
RELATES TO A PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE OF STOCKHOLDER DERIVATIVE LITIGATION AND CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IF THE COURT APPROVES THE SETTLEMENT OF THE DERIVATIVE ACTIONS, CURRENT INOVIO STOCKHOLDERS WILL BE FOREVER BARRED FROM CONTESTING THE APPROVAL OF THE
PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE, AND FROM PURSUING RELEASED CLAIMS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS ACTION IS NOT A &#147;CLASS ACTION.&#148; THUS, THERE IS NO
COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLEASE TAKE NOTICE that this action is being settled on the terms set forth in a
Stipulation of Settlement dated March&nbsp;31, 2023 (the &#147;Stipulation&#148;). The purpose of this Notice is to inform you of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existence of the above-captioned consolidated derivative action pending in the United States District Court
for the Eastern District of Pennsylvania (the &#147;Court&#148;) captioned <I>In re Inovio Pharmaceuticals, Inc. Derivative Litigation</I>, Lead<I> </I>Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT> (the &#147;Federal Action&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existence of a similar derivative action pending in the Delaware Court of Chancery (the &#147;Chancery
Court&#148;) captioned <I>Schumacher v. Benito, et al.</I>, Case No. 2022-0292-KJSM (the &#147;Delaware Chancery Action&#148; and, together with the Federal Action, the &#147;Derivative Actions&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existence of a pending stockholder litigation demand served on the Company&#146;s Board of Directors (the
&#147;Board&#148;) to investigate and bring action against the Individual Defendants<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> following stockholder demands to produce books and records pursuant to Section&nbsp;220 of the Delaware
General Corporations Law (collectively, the &#147;Demands&#148;); </P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All capitalized terms used in this notice, unless otherwise defined herein, are defined as set forth in the
Stipulation. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the proposed settlement between Plaintiffs and Defendants reached in the Derivative Actions and the Demands (the
&#147;Settlement&#148;), </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement and
dismissal of the Federal Action with prejudice, </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Plaintiffs&#146; Counsel&#146;s application to the Court for a Fee and Expense Amount, and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Plaintiffs&#146; Counsel&#146;s application to the Court for case Service Awards to the Plaintiffs.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Notice describes what steps you may take in relation to the Settlement. This Notice is not an expression of any
opinion by the Court about the truth or merits of Plaintiffs&#146; claims or Defendants&#146; defenses. This Notice is solely to advise you of the proposed Settlement of the Derivative Actions and of your rights in connection with the proposed
Settlement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
March&nbsp;31, 2023, Inovio, in its capacity as a nominal defendant, entered into the Stipulation to resolve the Derivative Actions and the Demands, which Stipulation was filed in the United States District Court for the Eastern District of
Pennsylvania, Philadelphia Division (the &#147;Court&#148;). The Derivative Actions and Demands were brought on behalf of Inovio against certain current and former directors and officers of the Company. Inovio was named as a nominal defendant in the
Derivative Actions. The Stipulation and the settlement contemplated therein (the &#147;Settlement&#148;), subject to the approval of the Court, are intended by the Settling Parties to fully, finally, and forever compromise, resolve, discharge, and
settle the Released Claims and to result in the complete dismissal of the Derivative Actions with prejudice, and resolution of the Demands, upon the terms and subject to the conditions set forth in the Stipulation. The proposed Settlement requires
the Company to adopt and maintain certain corporate governance reforms and procedures, as outlined in Exhibit A to the Stipulation (the &#147;Corporate Governance Reforms&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In recognition of the substantial benefits conferred upon Inovio as a direct result of the Corporate Governance Reforms achieved through the
prosecution and Settlement of the Derivative Actions and the Demands, and subject to Court approval, the Settling Parties agreed on February&nbsp;17, 2023 that Inovio shall pay to Plaintiffs&#146; Counsel attorneys&#146; fees and expenses in the
amount of one million one hundred seventy-five thousand dollars ($1,175,000.00) (the &#147;Fee and Expense Amount&#148;), subject to Court approval. Plaintiffs&#146; Counsel shall also apply to the Court for service awards to be paid to each of the
eight Plaintiffs in an amount of up to one thousand five hundred dollars ($1,500.00) each (the &#147;Service Awards&#148;), to be paid out of the Fee and Expense Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This notice is a summary only and does not describe all of the details of the Stipulation. For full details of the matters discussed in this
summary, please see the full Stipulation and its exhibits posted on the investor relations page of the Company&#146;s website, www.________, contact Plaintiffs&#146; Counsel at the addresses listed below, or inspect the full Stipulation filed with
the Clerk of the Court. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>What are the Lawsuits About? </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Derivative Actions and Demands are brought derivatively on behalf of nominal defendant Inovio and allege that, <I>inter alia</I>, between
February&nbsp;14, 2020 and September&nbsp;28, 2020, at least, the Individual Defendants breached their fiduciary duties by issuing and/or causing the Company to issue materially false and misleading statements and by failing to disclose material
facts to the public regarding the effectiveness and FDA approval of the Company&#146;s <FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccine candidate <FONT STYLE="white-space:nowrap">(&#147;INO-4800&#148;),</FONT> the development of <FONT
STYLE="white-space:nowrap">INO-4800,</FONT> and Inovio&#146;s capacity to manufacture the vaccine, by failing to maintain adequate internal controls, and by engaging in improper insider selling. The Derivative Actions and Demands allege that, as a
result of the foregoing, the Company experienced reputational and financial harm. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Why is there a Settlement of the Federal Action? </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Court has not decided in favor of Defendants or the Federal Plaintiffs. Instead, the parties to this action have agreed to the Settlement
to avoid the distraction, costs, and risks of further litigation, and because the Company has determined that the Corporate Governance Reforms that the Company has adopted and will adopt as part of the Settlement provide substantial benefits to
Inovio and its stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Defendants have denied and continue to deny each and all of the claims and contentions alleged by the
Plaintiffs in the Derivative Actions and the Demands. Defendants have expressly denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could
have been alleged, in the Derivative Actions and the Demands. Nonetheless, Defendants have concluded that it is desirable for the Derivative Actions and the Demands to be fully and finally settled in the matter and upon the terms and conditions set
forth in this Stipulation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>The Settlement Hearing, and Your Right to Object to the Settlement </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On ____ __, 2023, the Court entered an order preliminarily approving the Stipulation and the Settlement contemplated therein (the
&#147;Preliminary Approval Order&#148;) and providing for notice of the Settlement to be made to current Inovio stockholders (&#147;Current Inovio Stockholders&#148;). The Preliminary Approval Order further provides that the Court will hold a
hearing (the &#147;Settlement Hearing&#148;) on ________ __, 2023 at __:__ _.m. before the Honorable Gerald J. Pappert at the U.S. District Court for the Eastern District of Pennsylvania, Philadelphia Division, James A. Byrne U.S. Courthouse, 601
Market Street, Philadelphia, Pennsylvania 19106 to among other things: (i)&nbsp;determine whether the proposed Settlement is fair, reasonable and adequate and in the best interests of the Company and its stockholders; (ii)&nbsp;consider any
objections to the Settlement submitted in accordance with this Notice; (iii)&nbsp;determine whether a judgment should be entered dismissing all claims in the Federal Action with prejudice, and releasing the Released Claims against the Released
Persons; (iv)&nbsp;whether the Court should approve the <FONT STYLE="white-space:nowrap">agreed-to</FONT> Fee and Expense Amount; (v)&nbsp;whether the Court should approve the Service Awards, which shall be funded from the Fee and Expense Amount to
the extent approved by the Court; and (vii)&nbsp;consider any other matters that may properly be brought before the Court in connection with the Settlement. Upon final approval of the Settlement, the Derivative Plaintiffs will voluntarily dismiss
their complaints with prejudice, and the Demands will be withdrawn. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Court may, in its discretion, change the date and/or time of the Settlement Hearing
without further notice to you. The Court also has reserved the right to hold the Settlement Hearing telephonically or by videoconference without further notice to you. If you intend to attend the Settlement Hearing, please consult the Court&#146;s
calendar or the investor relations page of the Company&#146;s website, www.________, for any change in date, time or format of the Settlement Hearing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any Current Inovio Stockholder who wishes to object to the fairness, reasonableness, or adequacy of the Settlement as set forth in the
Stipulation, or to the Fee and Expense Amount or Service Awards, may file with the Court a written objection. An objector must, at least <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days prior to the Settlement Hearing:
(1)&nbsp;file with the Clerk of the Court and serve (either by hand delivery or by first class mail) upon the below listed counsel a written objection to the Settlement setting forth (i)&nbsp;a written notice of objection with the case name and
number (<I>In re Inovio Pharmaceuticals, Inc. Derivative Litigation</I>, Lead Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT> (E.D. Pa.)); (ii) the
Person&#146;s name, legal address, and telephone number; (iii)&nbsp;notice of whether such Person intends to appear at the Settlement Hearing and the reasons such Person desires to appear and be heard, and whether such Person is represented by
counsel and if so, contact information for counsel; (iv)&nbsp;competent evidence that such Person held shares of Inovio common stock as of the date of the Stipulation and continues to hold such stock as of the date the objection is made, including
the date(s) such shares were acquired; (v)&nbsp;a statement of objections to any matters before the Court, the grounds therefor, as well as all documents or writings such Person desires the Court to consider; and (vi)&nbsp;the identities of any
witnesses such Person plans on calling at the Settlement Hearing, along with a summary description of their expected testimony. Any objector who does not timely file and serve a notice of intention to appear in accordance with this paragraph shall
be foreclosed from raising any objection to the Settlement and shall not be permitted to appear at the Settlement Hearing, except for good cause shown. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>IF YOU MAKE A WRITTEN OBJECTION, IT MUST BE RECEIVED BY THE CLERK OF THE COURT NO LATER THAN ________ __, 2023.</I> The Clerk&#146;s
address is: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Clerk of the Court, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S. District Court for the Eastern District of Pennsylvania, Philadelphia Division </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">James A. Byrne U.S. Courthouse </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">601
Market Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19106 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>YOU ALSO MUST DELIVER COPIES OF THE MATERIALS TO PLAINTIFFS&#146; COUNSEL AND
DEFENDANTS&#146; COUNSEL SO THEY ARE RECEIVED NO LATER THAN ________ __, 2023.</I> Counsel&#146;s addresses are: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Counsel for Derivative
Plaintiffs: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BROWN LAW FIRM, P.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Timothy Brown</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">767 Third Avenue,
Suite 2501</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, NY 10017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RIGRODSKY LAW, P.A.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Seth D. Rigrodsky</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">300 Delaware
Avenue, Suite 210</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Wilmington, DE 19801</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Counsel for Defendants: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COOLEY LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Koji Fukumura</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4401 Eastgate
Mall</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">San Diego, CA 92121</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An objector may file an objection on his, her, or its own or through an attorney hired at his, her, or its own
expense. If an objector hires an attorney to represent him, her, or it for the purposes of making such objection, the attorney must serve (either by hand delivery or by first class mail) a notice of appearance on the counsel listed above and file
such notice with the Court no later than <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days before the Settlement Hearing. Any Inovio stockholder who does not timely file and serve a written objection complying with the above
terms shall be deemed to have waived, and shall be foreclosed from raising, any objection to the Settlement, and any untimely objection shall be barred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any objector who files and serves a timely, written objection in accordance with the instructions above, may appear at the Settlement Hearing
either in person or through counsel retained at the objector&#146;s expense. Objectors need not attend the Settlement Hearing, however, in order to have their objections considered by the Court. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a Current Inovio Stockholder and do not take steps to appear in this action and object to the proposed Settlement, you will be
bound by the Judgment of the Court and will forever be barred from raising an objection to the settlement in the Derivative Actions, and from pursuing any of the Released Claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>CURRENT INOVIO STOCKHOLDERS AS OF _______ __, 2023 WHO HAVE NO OBJECTION TO THE SETTLEMENT DO NOT NEED TO APPEAR AT THE SETTLEMENT HEARING
OR TAKE ANY OTHER ACTION. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Interim Stay and Injunction </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pending the Court&#146;s determination as to final approval of the Settlement, Plaintiffs and Plaintiffs&#146; Counsel, and any Current Inovio
Stockholders, derivatively on behalf of Inovio, are barred and enjoined from commencing, prosecuting, instigating, or in any way participating in the commencement or prosecution of any action asserting any Released Claims derivatively against any of
the Released Persons in any court or tribunal. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Scope of the Notice </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Notice is a summary description of the Derivative Actions, the Demands, the complaints, the terms of the Settlement, and the Settlement
Hearing. For a more detailed statement of the matters involved in the Derivative Actions and the Demands, reference is made to them in the Stipulation and its exhibits, copies of which may be reviewed and downloaded at the investor relations page of
the Company&#146;s website, www.________. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may obtain further information by contacting Plaintiffs&#146; Counsel at: Timothy Brown, The Brown Law Firm, P.C., 767 Third Avenue, Suite
2501, New York, NY 10017, Telephone: (516) <FONT STYLE="white-space:nowrap">922-5427,</FONT> <FONT STYLE="white-space:nowrap">E-mail:</FONT> tbrown@thebrownlawfirm.net; or Timothy J. MacFall, Rigrodsky Law, P.A., 825 East Gate Boulevard, Suite 300,
Garden City, NY 11530 Telephone: (516) <FONT STYLE="white-space:nowrap">683-3516,</FONT> <FONT STYLE="white-space:nowrap">E-mail:</FONT> <FONT STYLE="white-space:nowrap">tjm@rl-legal.com.</FONT> <B>Please Do Not Call the Court or Defendants with
Questions About the Settlement.</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES DISTRICT COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EASTERN DISTRICT OF PENNSYLVANIA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">IN RE INOVIO PHARMACEUTICALS, INC. DERIVATIVE LITIGATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lead Case No.<B>
</B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>EXHIBIT D</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>[PROPOSED] ORDER AND FINAL JUDGMENT </U></B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This matter came before the Court for hearing on ____________, 2023, to consider approval of
the proposed settlement (&#147;Settlement&#148;) set forth in the Stipulation and Agreement of Settlement dated March&nbsp;31, 2023 (the &#147;Stipulation&#148;). The Court has reviewed and considered all documents, evidence, objections (if any),
and arguments presented in support of or against the Settlement. Good cause appearing therefore, the Court enters this Order and Final Judgment (the &#147;Judgment&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. This Judgment incorporates by reference the definitions in the Stipulation, and all capitalized terms used herein shall have the same
meanings as set forth in the Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. This Court has jurisdiction over the subject matter of the Federal Action, including all
matters necessary to effectuate the Settlement, and over all Settling Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. The Court finds that the Notice provided to Inovio
Pharmaceuticals, Inc. (&#147;Inovio&#148;) stockholders constituted the best notice practicable under the circumstances. The Notice fully satisfied the requirements of Rule 23.1 of the Federal Rules of Civil Procedure and the requirements of due
process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. The Court hereby approves the Settlement set forth in the Stipulation and finds that the Settlement is, in all respects,
fair, reasonable, and adequate to each of the Settling Parties, and further finds that the Settlement is in the best interests of Inovio and its stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. The Federal Action and all claims contained therein, as well as all of the Released Claims against Released Persons, are dismissed with
prejudice. The Settling Parties are to bear their own costs, except as otherwise provided below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 1 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. Upon the Effective Date, the Plaintiffs Releasing Parties shall be deemed to have, and by
operation of the Judgment shall have, fully, finally, and forever released, relinquished, and discharged the Released Claims against the Released Persons. Plaintiffs Releasing Parties shall be deemed to have, and by operation of the Judgment shall
have, covenanted not to sue any Released Person with respect to any Released Claims, and shall be permanently barred and enjoined from instituting, commencing or prosecuting the Released Claims against the Released Persons except to enforce the
releases and other terms and conditions contained in the Settlement and/or this Judgment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. Upon the Effective Date, the Released
Persons shall be deemed to have, and by operation of the Judgment shall have, fully, finally, and forever released, relinquished and discharged each and all of Defendants&#146; Released Persons from Defendants&#146; Released Claims. The Released
Persons shall be deemed to have, and by operation of the Judgment shall have, covenanted not to sue Defendants&#146; Released Persons with respect to any of Defendants&#146; Released Claims, and shall be permanently barred and enjoined from
instituting, commencing or prosecuting Defendants&#146; Released Claims against Defendants&#146; Released Persons except to enforce the releases and other terms and conditions contained in the Stipulation and/or this Judgment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. During the course of the litigation, all parties and their respective counsel at all times complied with the requirements of Rule 11 of the
Federal Rules of Civil Procedure, and all other similar laws or statutes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. The Court hereby approves the sum of $1,175,000.00 for the
payment of Plaintiffs&#146; Counsel&#146;s attorneys&#146; fees and expenses in the Derivative Actions and the Demands (&#147;Fee and Expense Amount&#148;), and finds that the Fee and Expense Amount is fair and reasonable. No other fees, costs, or
expenses may be awarded to Plaintiffs&#146; Counsel in connection with the Settlement. The Fee and Expense Amount shall be distributed in accordance with the terms of the Stipulation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. The Court hereby approves the service awards of $1,500.00 for each of the eight
Plaintiffs to be paid from Plaintiffs&#146; Counsel&#146;s Fee and Expense Amount in recognition of Plaintiffs&#146; participation and effort in the prosecution of the Derivative Actions and the Demands. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. Neither the Stipulation, nor any of its terms or provisions, nor entry of this Judgment, nor any act performed or document executed
pursuant to or in furtherance of the Stipulation or the Settlement, may be construed as, or may be used as evidence of the validity of any of the claims released herein or an admission by or against the Individual Defendants of any fault,
wrongdoing, or concession of liability whatsoever. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. Defendants may file the Stipulation and/or the Judgment in any action that has or
may be brought against them in order to support a defense or counterclaim based on principles of <I>res judicata</I>, collateral estoppel, release, good faith settlement, judgment bar or reduction, or any other theory of claim preclusion or issue
preclusion or similar defense or counterclaim. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. Without affecting the finality of this Judgment in any way, this Court hereby retains
continuing jurisdiction with respect to implementation and enforcement of the terms of the Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. Pursuant to Rule 23.1 of the
Federal Rules of Civil Procedure, this Court hereby finally approves the Stipulation and Settlement in all respects, and orders the Settling Parties to perform its terms to the extent the Settling Parties have not already done so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. This Judgment is a final judgment, and the Court finds that no just reason exists for delay in entering the Judgment in accordance with
the Stipulation. Accordingly, the Clerk is hereby directed to enter this Judgment forthwith in accordance with Rule 58 of the Federal Rules of Civil Procedure. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 3 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>IT IS SO ORDERED. </B></P>
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<TD VALIGN="bottom">DATED:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HONORABLE GERALD J. PAPPERT</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">UNITED STATES
DISTRICT JUDGE</P></TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INOVIO Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLYMOUTH MEETING, PA.,&nbsp;June&nbsp;23, 2023&nbsp;&#151; INOVIO (NASDAQ: INO) has released the following pursuant to an order of the UNITED STATES DISTRICT
COURT EASTERN DISTRICT OF PENNSYLVANIA: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES DISTRICT COURT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EASTERN DISTRICT OF PENNSYLVANIA </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">IN RE INOVIO PHARMACEUTICALS, INC. DERIVATIVE LITIGATION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Lead Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF STOCKHOLDER </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DERIVATIVE ACTIONS </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>TO:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ALL RECORD HOLDERS AND BENEFICIAL OWNERS OF INOVIO PHARMACEUTICALS, INC. (&#147;INOVIO&#148; OR THE
&#147;COMPANY&#148;) COMMON STOCK AS OF MARCH&nbsp;31, 2023. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. THIS NOTICE
RELATES TO A PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE OF STOCKHOLDER DERIVATIVE LITIGATION AND CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IF THE COURT APPROVES THE SETTLEMENT OF THE DERIVATIVE ACTIONS, CURRENT INOVIO STOCKHOLDERS WILL BE FOREVER BARRED FROM CONTESTING THE APPROVAL OF THE
PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE, AND FROM PURSUING RELEASED CLAIMS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS ACTION IS NOT A &#147;CLASS ACTION.&#148; THUS, THERE IS NO
COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PLEASE TAKE NOTICE that this action is being settled on the terms set forth in a
Stipulation of Settlement dated March&nbsp;31, 2023 (the &#147;Stipulation&#148;). The purpose of this Notice is to inform you of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existence of the above-captioned consolidated derivative action pending in the United States District Court
for the Eastern District of Pennsylvania (the &#147;Court&#148;) captioned <I>In re Inovio Pharmaceuticals, Inc. Derivative Litigation</I>, Lead Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT> (the &#147;Federal Action&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existence of a similar derivative action pending in the Delaware Court of Chancery (the &#147;Chancery
Court&#148;) captioned <I>Schumacher v. Benito, et al.</I>, Case No.&nbsp;2022-0292- KJSM (the &#147;Delaware Chancery Action&#148; and, together with the Federal Action, the &#147;Derivative Actions&#148;); </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the existence of a pending stockholder litigation demand served on the Company&#146;s Board of Directors (the
&#147;Board&#148;) to investigate and bring action against the Individual Defendants<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> following stockholder demands to produce books and records pursuant to Section&nbsp;220 of the Delaware
General Corporations Law (collectively, the &#147;Demands&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the proposed settlement between Plaintiffs and Defendants reached in the Derivative Actions and the Demands (the
&#147;Settlement&#148;), </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the hearing to be held by the Court to consider the fairness, reasonableness, and adequacy of the Settlement and
dismissal of the Federal Action with prejudice, </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Plaintiffs&#146; Counsel&#146;s application to the Court for a Fee and Expense Amount, and </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Plaintiffs&#146; Counsel&#146;s application to the Court for case Service Awards to the Plaintiffs.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Notice describes what steps you may take in relation to the Settlement. This Notice is not an expression of any opinion by the
Court about the truth or merits of Plaintiffs&#146; claims or Defendants&#146; defenses. This Notice is solely to advise you of the proposed Settlement of the Derivative Actions and of your rights in connection with the proposed Settlement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Summary </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;31, 2023, Inovio, in its capacity
as a nominal defendant, entered into the Stipulation to resolve the Derivative Actions and the Demands, which Stipulation was filed in the United States District Court for the Eastern District of Pennsylvania, Philadelphia Division (the
&#147;Court&#148;). The Derivative Actions and Demands were brought on behalf of Inovio against certain current and former directors and officers of the Company. Inovio was named as a nominal defendant in the Derivative Actions. The Stipulation and
the settlement contemplated therein (the &#147;Settlement&#148;), subject to the approval of the Court, are intended by the Settling Parties to fully, finally, and forever compromise, resolve, discharge, and settle the Released Claims and to result
in the complete dismissal of the Derivative Actions with prejudice, and resolution of the Demands, upon the terms and subject to the conditions set forth in the Stipulation. The proposed Settlement requires the Company to adopt and maintain certain
corporate governance reforms and procedures, as outlined in Exhibit A to the Stipulation (the &#147;Corporate Governance Reforms&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In recognition
of the substantial benefits conferred upon Inovio as a direct result of the Corporate Governance Reforms achieved through the prosecution and Settlement of the Derivative Actions and the Demands, and subject to Court approval, the Settling Parties
agreed on February&nbsp;17, 2023 that Inovio shall pay to Plaintiffs&#146; Counsel attorneys&#146; fees and expenses in the amount of one million one hundred seventy-five thousand dollars ($1,175,000.00) (the &#147;Fee and Expense Amount&#148;),
subject to Court approval. Plaintiffs&#146; Counsel shall also apply to the Court for service awards to be paid to each of the eight Plaintiffs in an amount of up to one thousand five hundred dollars ($1,500.00) each (the &#147;Service
Awards&#148;), to be paid out of the Fee and Expense Amount. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All capitalized terms used in this notice, unless otherwise defined herein, are defined as set forth in the
Stipulation. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This notice is a summary only and does not describe all of the details of the Stipulation. For full details
of the matters discussed in this summary, please see the full Stipulation and its exhibits posted on the investor relations page of the Company&#146;s website, www.inovio.com, contact Plaintiffs&#146; Counsel at the addresses listed below, or
inspect the full Stipulation filed with the Clerk of the Court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>What are the Lawsuits About? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Derivative Actions and Demands are brought derivatively on behalf of nominal defendant Inovio and allege that, <I>inter alia</I>, between February&nbsp;14,
2020 and September&nbsp;28, 2020, at least, the Individual Defendants breached their fiduciary duties by issuing and/or causing the Company to issue materially false and misleading statements and by failing to disclose material facts to the public
regarding the effectiveness and FDA approval of the Company&#146;s <FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccine candidate <FONT STYLE="white-space:nowrap">(&#147;INO-4800&#148;),</FONT> the development of
<FONT STYLE="white-space:nowrap">INO-4800,</FONT> and Inovio&#146;s capacity to manufacture the vaccine, by failing to maintain adequate internal controls, and by engaging in improper insider selling. The Derivative Actions and Demands allege that,
as a result of the foregoing, the Company experienced reputational and financial harm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Why is there a Settlement of the Federal Action? </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Court has not decided in favor of Defendants or the Federal Plaintiffs. Instead, the parties to this action have agreed to the Settlement to avoid the
distraction, costs, and risks of further litigation, and because the Company has determined that the Corporate Governance Reforms that the Company has adopted and will adopt as part of the Settlement provide substantial benefits to Inovio and its
stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Defendants have denied and continue to deny each and all of the claims and contentions alleged by the Plaintiffs in the Derivative Actions
and the Demands. Defendants have expressly denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Derivative
Actions and the Demands. Nonetheless, Defendants have concluded that it is desirable for the Derivative Actions and the Demands to be fully and finally settled in the matter and upon the terms and conditions set forth in this Stipulation. </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Settlement Hearing, and Your Right to Object to the Settlement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On June&nbsp;14, 2023, the Court entered an order preliminarily approving the Stipulation and the Settlement contemplated therein (the &#147;Preliminary
Approval Order&#148;) and providing for notice of the Settlement to be made to current Inovio stockholders (&#147;Current Inovio Stockholders&#148;). The Preliminary Approval Order further provides that the Court will hold a hearing (the
&#147;Settlement Hearing&#148;) on October&nbsp;11, 2023 at 10:00 a.m. before the Honorable Gerald J. Pappert at the U.S. District Court for the Eastern District of Pennsylvania, Philadelphia Division, James A. Byrne U.S. Courthouse, 601 Market
Street, Philadelphia, Pennsylvania 19106 to among other things: (i)&nbsp;determine whether the proposed Settlement is fair, reasonable and adequate and in the best interests of the Company and its stockholders; (ii)&nbsp;consider any objections to
the Settlement submitted in accordance with this Notice; (iii)&nbsp;determine whether a judgment should be entered dismissing all claims in the Federal Action with prejudice, and releasing the Released Claims against the Released Persons;
(iv)&nbsp;whether the Court should approve the <FONT STYLE="white-space:nowrap">agreed-to</FONT> Fee and Expense Amount; (v)&nbsp;whether the Court should approve the Service Awards, which shall be funded from the Fee and Expense Amount to the
extent approved by the Court; and (vii)&nbsp;consider any other matters that may properly be brought before the Court in connection with the Settlement. Upon final approval of the Settlement, the Derivative Plaintiffs will voluntarily dismiss their
complaints with prejudice, and the Demands will be withdrawn. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Court may, in its discretion, change the date and/or time of the Settlement Hearing
without further notice to you. The Court also has reserved the right to hold the Settlement Hearing telephonically or by videoconference without further notice to you. If you intend to attend the Settlement Hearing, please consult the Court&#146;s
calendar or the investor relations page of the Company&#146;s website, www.inovio.com, for any change in date, time or format of the Settlement Hearing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any Current Inovio Stockholder who wishes to object to the fairness, reasonableness, or adequacy of the Settlement as set forth in the Stipulation, or to the
Fee and Expense Amount or Service Awards, may file with the Court a written objection. An objector must, at least <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days prior to the Settlement Hearing: (1)&nbsp;file with the
Clerk of the Court and serve (either by hand delivery or by first class mail) upon the below listed counsel a written objection to the Settlement setting forth (i)&nbsp;a written notice of objection with the case name and number (<I>In re Inovio
Pharmaceuticals, Inc. Derivative Litigation</I>, Lead Case No. <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">2:20-cv-01962-GJP</FONT></FONT></FONT> (E.D. Pa.)); (ii) the Person&#146;s name, legal
address, and telephone number; (iii)&nbsp;notice of whether such Person intends to appear at the Settlement Hearing and the reasons such Person desires to appear and be heard, and whether such Person is represented by counsel and if so, contact
information for counsel; (iv)&nbsp;competent evidence that such Person held shares of Inovio common stock as of the date of the Stipulation and continues to hold such stock as of the date the objection is made, including the date(s) such shares were
acquired; (v)&nbsp;a statement of objections to any matters before the Court, the grounds therefor, as well as all documents or writings such Person desires the Court to consider; and (vi)&nbsp;the identities of any witnesses such Person plans on
calling at the Settlement Hearing, along with a summary description of their expected testimony. Any objector who does not timely file and serve a notice of intention to appear in accordance with this paragraph shall be foreclosed from raising any
objection to the Settlement and shall not be permitted to appear at the Settlement Hearing, except for good cause shown. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>IF YOU MAKE A WRITTEN
OBJECTION, IT MUST BE RECEIVED BY THE CLERK OF THE COURT NO LATER THAN SEPTEMBER</I><I></I><I>&nbsp;20, 2023. </I>The Clerk&#146;s address is: </P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Clerk of the Court, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S. District Court for the Eastern District of Pennsylvania, Philadelphia Division </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">James A. Byrne U.S. Courthouse </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">601
Market Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Philadelphia, PA 19106 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>YOU
ALSO MUST DELIVER COPIES OF THE MATERIALS TO PLAINTIFFS&#146; COUNSEL AND DEFENDANTS&#146; COUNSEL SO THEY ARE RECEIVED NO LATER THAN SEPTEMBER</I><I></I><I>&nbsp;20, 2023. </I>Counsel&#146;s addresses are: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Counsel for Derivative Plaintiffs: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BROWN LAW FIRM, P.C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Timothy Brown</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">767 Third Avenue,
Suite 2501</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New York, NY 10017</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone: (516) <FONT STYLE="white-space:nowrap">922-5427</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Email: tbrown@thebrownlawfirm.net</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RIGRODSKY LAW, P.A.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Seth D. Rigrodsky</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">300 Delaware
Avenue, Suite 210</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Wilmington, DE 19801</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone: (302) <FONT STYLE="white-space:nowrap">295-5310</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Email: <FONT STYLE="white-space:nowrap">sdr@rl-legal.com</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Counsel for Defendants: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COOLEY LLP</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Koji Fukumura</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4401 Eastgate
Mall</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">San Diego, CA 92121</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone: (858) <FONT STYLE="white-space:nowrap">550-6008</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Email: kfukumura@cooley.com</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An objector may file an objection on his, her, or its own or through an attorney hired at his, her, or its own expense. If an
objector hires an attorney to represent him, her, or it for the purposes of making such objection, the attorney must serve (either by hand delivery or by first class mail) a notice of appearance on the counsel listed above and file such notice with
the Court no later than <FONT STYLE="white-space:nowrap">twenty-one</FONT> (21)&nbsp;calendar days before the Settlement Hearing. Any Inovio stockholder who does not timely file and serve a written objection complying with the above terms shall be
deemed to have waived, and shall be foreclosed from raising, any objection to the Settlement, and any untimely objection shall be barred. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any objector
who files and serves a timely, written objection in accordance with the instructions above, may appear at the Settlement Hearing either in person or through counsel retained at the objector&#146;s expense. Objectors need not attend the Settlement
Hearing, however, in order to have their objections considered by the Court. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you are a Current Inovio Stockholder and do not take steps to appear in
this action and object to the proposed Settlement, you will be bound by the Judgment of the Court and will forever be barred from raising an objection to the settlement in the Derivative Actions, and from pursuing any of the Released Claims. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CURRENT INOVIO STOCKHOLDERS AS OF MARCH&nbsp;31, 2023 WHO HAVE NO OBJECTION TO THE SETTLEMENT DO NOT NEED TO APPEAR AT THE SETTLEMENT HEARING OR TAKE ANY
OTHER ACTION. </B></P>
</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interim Stay and Injunction </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pending the Court&#146;s determination as to final approval of the Settlement, Plaintiffs and Plaintiffs&#146; Counsel, and any Current Inovio Stockholders,
derivatively on behalf of Inovio, are barred and enjoined from commencing, prosecuting, instigating, or in any way participating in the commencement or prosecution of any action asserting any Released Claims derivatively against any of the Released
Persons in any court or tribunal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Scope of the Notice </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Notice is a summary description of the Derivative Actions, the Demands, the complaints, the terms of the Settlement, and the Settlement Hearing. For a
more detailed statement of the matters involved in the Derivative Actions and the Demands, reference is made to them in the Stipulation and its exhibits, copies of which may be reviewed and downloaded at the investor relations page of the
Company&#146;s website, www.inovio.com. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You may obtain further information by contacting Plaintiffs&#146; Counsel at: Timothy Brown, The Brown Law Firm, P.C., 767 Third Avenue, Suite 2501, New York,
NY 10017, Telephone: (516) <FONT STYLE="white-space:nowrap">922-5427,</FONT> <FONT STYLE="white-space:nowrap">E-mail:</FONT> tbrown@thebrownlawfirm.net; or Timothy J. MacFall, Rigrodsky Law, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY
11530 Telephone: (516) <FONT STYLE="white-space:nowrap">683-3516,</FONT> <FONT STYLE="white-space:nowrap">E-</FONT> mail: <FONT STYLE="white-space:nowrap">tjm@rl-legal.com.</FONT> <B>Please Do Not Call the Court or Defendants with Questions About
the Settlement.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About INOVIO </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INOVIO is a
biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from <FONT STYLE="white-space:nowrap">HPV-related</FONT> diseases, cancer, and infectious diseases. INOVIO&#146;s DNA medicines in
development are delivered using its investigational proprietary smart device, CELLECTRA<SUP STYLE="font-size:75%; vertical-align:top">&reg;</SUP>, to produce immune responses against targeted pathogens and cancers. For more information,
visit&nbsp;www.inovio.com. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media: Jennie
Willson (267) <FONT STYLE="white-space:nowrap">429-8567&nbsp;jennie.willson@inovio.com</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors: Thomas Hong (267)
<FONT STYLE="white-space:nowrap">440-4298&nbsp;thomas.hong@inovio.com</FONT> </P>
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  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CoverAbstract_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Cover [Abstract]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_AmendmentFlag_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Amendment Flag</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Central Index Key</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentType_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Type</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Document Period End Date</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityRegistrantName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Registrant Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityIncorporationStateCountryCode" xlink:type="locator" xlink:label="dei_EntityIncorporationStateCountryCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Incorporation State Country Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Incorporation State Country Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityFileNumber" xlink:type="locator" xlink:label="dei_EntityFileNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity File Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityFileNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity File Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityTaxIdentificationNumber" xlink:type="locator" xlink:label="dei_EntityTaxIdentificationNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Tax Identification Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine1" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line One</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line One</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressAddressLine2" xlink:type="locator" xlink:label="dei_EntityAddressAddressLine2" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Address Line Two</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Address Line Two</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, City or Town</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, City or Town</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, State or Province</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressStateOrProvince_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, State or Province</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Address, Postal Zip Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">City Area Code</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_CityAreaCode_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">City Area Code</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Local Phone Number</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_LocalPhoneNumber_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Local Phone Number</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_WrittenCommunications" xlink:type="locator" xlink:label="dei_WrittenCommunications" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Written Communications</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_WrittenCommunications_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Written Communications</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SolicitingMaterial" xlink:type="locator" xlink:label="dei_SolicitingMaterial" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Soliciting Material</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SolicitingMaterial_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Soliciting Material</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Pre Commencement Issuer Tender Offer</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pre Commencement Issuer Tender Offer</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_Security12bTitle" xlink:type="locator" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security 12b Title</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_Security12bTitle_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security 12b Title</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_TradingSymbol" xlink:type="locator" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Trading Symbol</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_TradingSymbol_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Trading Symbol</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_SecurityExchangeName" xlink:type="locator" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Security Exchange Name</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_SecurityExchangeName_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Security Exchange Name</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityEmergingGrowthCompany" xlink:type="locator" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label">Entity Emerging Growth Company</link:label>
    <link:label xml:lang="en-US" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Entity Emerging Growth Company</link:label>
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>ino-20230623_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii" standalone="yes"?>
<!-- DFIN - https://www.dfinsolutions.com/ -->
<!-- CTU Version: Release master Build:20221108.6 -->
<!-- Creation date: 6/24/2023 12:20:51 AM Eastern Time -->
<!-- Copyright (c) 2023 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
<link:linkbase
    xmlns:link="http://www.xbrl.org/2003/linkbase"
    xmlns:xlink="http://www.w3.org/1999/xlink"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns:xbrldt="http://xbrl.org/2005/xbrldt"
    xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:roleRef roleURI="http://www.inovio.com//20230623/taxonomy/role/DocumentDocumentAndEntityInformation" xlink:href="ino-20230623.xsd#Role_DocumentDocumentAndEntityInformation" xlink:type="simple" />
  <link:presentationLink xlink:type="extended" xlink:role="http://www.inovio.com//20230623/taxonomy/role/DocumentDocumentAndEntityInformation">
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CoverAbstract" xlink:type="locator" xlink:label="dei_CoverAbstract" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_AmendmentFlag" xlink:type="locator" xlink:label="dei_AmendmentFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_AmendmentFlag" order="22.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityCentralIndexKey" xlink:type="locator" xlink:label="dei_EntityCentralIndexKey" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityCentralIndexKey" order="23.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentType" xlink:type="locator" xlink:label="dei_DocumentType" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentType" order="25.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_DocumentPeriodEndDate" xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_DocumentPeriodEndDate" order="26.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityRegistrantName" xlink:type="locator" xlink:label="dei_EntityRegistrantName" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityRegistrantName" order="27.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressCityOrTown" xlink:type="locator" xlink:label="dei_EntityAddressCityOrTown" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressCityOrTown" order="33.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressStateOrProvince" xlink:type="locator" xlink:label="dei_EntityAddressStateOrProvince" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_EntityAddressStateOrProvince" order="34.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_EntityAddressPostalZipCode" xlink:type="locator" xlink:label="dei_EntityAddressPostalZipCode" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_CityAreaCode" xlink:type="locator" xlink:label="dei_CityAreaCode" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_CityAreaCode" order="36.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_LocalPhoneNumber" xlink:type="locator" xlink:label="dei_LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="dei_CoverAbstract" xlink:to="dei_LocalPhoneNumber" order="37.001" priority="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2022/dei-2022.xsd#dei_PreCommencementIssuerTenderOffer" xlink:type="locator" xlink:label="dei_PreCommencementIssuerTenderOffer" />
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  </link:presentationLink>
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</XBRL>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.2</span><table class="report" border="0" cellspacing="2" id="idm140440812288544">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Jun. 23, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001055726<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 23,  2023<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Inovio Pharmaceuticals, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-14888<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">33-0969592<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">660 W. Germantown Pike<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite 110<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Plymouth Meeting<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">PA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">19462<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(267)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">440-4200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, $0.001 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">INO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
