Document:

Employee Stock Purchase Plan, as amended and restated

 Exhibit 10.6 
 ZHONE TECHNOLOGIES, INC. 
 2002 EMPLOYEE STOCK PURCHASE PLAN

 (Amended and Restated Effective February 22, 2011) 

1. Establishment of Plan. Zhone Technologies, Inc., a Delaware Corporation (the “Company”), proposes to
grant options for purchase of shares of the Company’s Common Stock (“Shares”) to eligible employees of the Company and its Participating Subsidiaries (as hereinafter defined) pursuant to this Employee Stock Purchase Plan (this
“Plan”). For purposes of this Plan, “Parent Corporation” and “Subsidiary” shall have the same meanings as “parent corporation” and “subsidiary corporation” in Sections 424(e) and
424(f), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). “Participating Subsidiaries” are Parent Corporations or Subsidiaries that the Board of Directors of the Company (the
“Board”) designates from time to time as corporations that shall participate in this Plan. The Company intends this Plan to qualify as an “employee stock purchase plan” under Section 423 of the Code (including any
amendments to or replacements of such Section), and this Plan shall be so construed. Any term not expressly defined in this Plan but defined for purposes of Section 423 of the Code shall have the same definition herein. A total of 1,399,751
Shares is reserved for issuance under this Plan. 
 2. Purpose. The purpose of this Plan is to provide eligible
employees of the Company and Participating Subsidiaries with a convenient means of acquiring an equity interest in the Company through payroll deductions, to enhance such employees’ sense of participation in the affairs of the Company and
Participating Subsidiaries, and to provide an incentive for continued employment. 
 3. Certain terms. 

(a) “Change in Capitalization” shall mean any increase or reduction in the number of Shares, or any change (including,
without limitation, in the case of a spin-off, dividend or other distribution in respect of Shares, a change in value) in the Shares or exchange of Shares for a different number or kind of shares or other securities of the Company or another
corporation, by reason of a reclassification, recapitalization, merger, consolidation, reorganization, spin-off, split-up, issuance of warrants or rights or debentures, stock dividend, stock split or reverse stock split, cash dividend, property
dividend, combination or exchange of shares, repurchase of shares, change in corporate structure or a substantially similar transaction. 
 (b) “Change in Control” shall mean the occurrence of any of the following: 
 (1) An acquisition (other than directly from the Company) of any Voting Securities of the Company by any “person,” as such term is used for purposes of Section 13(d) or 14(d) of the
Securities Exchange Act of 1934, as amended, including, without limitation, any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust, or any group thereof (a “Person”), immediately
after which such Person has ownership, within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended (“Beneficial Ownership”), of fifty percent (50%) or more of the then outstanding Shares or the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of the Board (“Voting Securities”), provided, however, in determining whether a Change in Control has occurred
pursuant to this Section (b)(1), Shares or Voting Securities which are acquired in a “Non-Control Acquisition” (as hereinafter defined) shall not constitute an acquisition which would cause a Change in Control. A
“Non-Control  

  
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Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other
Person of which a majority of its voting power or its voting equity securities or equity interest is owned, directly or indirectly, by the Company (for purposes of this definition, a “Related Entity”), (ii) the Company or any
Related Entity, or (iii) any Person in connection with a “Non-Control Transaction” (as hereinafter defined); 

(2) The individuals who, as of the date hereof, are members of the Board (the “Incumbent Board”), cease for any reason
to constitute at least a majority of the members of the Board, or following a Merger (as defined in paragraph (c)(i) below) which results in a Parent corporation, the board of directors of the ultimate Parent Corporation (as defined in paragraph
(3)(i)(A) below); provided, however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director
shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of
an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle a Proxy Contest; or 

(3) The consummation of: 
 (i) A merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued (a “Merger”), unless such Merger is a “Non-Control
Transaction.” A “Non-Control Transaction” shall mean a Merger where: 
 (A) the stockholders of the
Company, immediately before such Merger own directly or indirectly immediately following such Merger at least fifty percent (50%) of the combined voting power of the outstanding voting securities of (x) the corporation resulting from such
Merger (the “Surviving Corporation”) if fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly by
another Person (a “Parent Corporation”), or (y) if there are one or more Parent Corporations, the ultimate Parent Corporation; and 
 (B) the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of
directors of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there are one or more Parent Corporations, the ultimate Parent Corporation; and 

(C) no Person other than (w) the Company, (x) any Related Entity, (y) any employee benefit plan (or any trust forming a
part thereof) that, immediately prior to such Merger was maintained by the Company or any Related Entity, or (z) any Person who, together with its Affiliates, immediately prior to such Merger, had Beneficial Ownership of fifty percent
(50%) or more of the then outstanding Voting Securities or Shares, owns, together with its Affiliates, Beneficial Ownership of fifty percent (50%) or more of the combined voting power of the outstanding voting securities or common stock of
(I) the Surviving Corporation if there is no Parent Corporation, or (II) if there are one or more Parent Corporations, the ultimate Parent Corporation. 

  
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 (ii) A complete liquidation or dissolution of the Company; or 

(iii) The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a
Related Entity or under conditions that would constitute a Non-Control Transaction with the disposition of the assets being regarded as a Merger for this purpose or the distribution to the Company’s stockholders of the stock of a Related Entity
or any other assets). 
 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any
Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by the Company which, by
reducing the number of Shares or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as
a result of the acquisition of Shares or Voting Securities by the Company, and (1) before such share acquisition by the Company the Subject Person becomes the Beneficial Owner of any new or additional Shares or Voting Securities in
contemplation of such share acquisition by the Company or (2) after such share acquisition by the Company the Subject Person becomes the Beneficial Owner of any new or additional Shares or Voting Securities which in either case increases the
percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 
 (c) “Fair Market Value” on any date means the closing price at the close of the primary trading session of the Shares on such date on the principal national securities exchange on which
such Shares are listed or admitted to trading, or, if such Shares are not so listed or admitted to trading, the closing price at the close of the primary trading session on such date as quoted on the Nasdaq Stock Market or such other market in which
such prices are regularly quoted, or, if there has been no such closing price with respect to Shares on such date, the Fair Market Value shall be the value established by the Compensation Committee of the Board in good faith. 

4. Administration. This Plan shall be administered by the Compensation Committee of the Board (the
“Committee”). Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan shall be determined by the
Committee and its decisions shall be final and binding upon all participants. Members of the Committee shall receive no compensation for their services in connection with the administration of this Plan, other than standard fees as established from
time to time by the Board for services rendered by Board members serving on Board committees. All expenses incurred in connection with the administration of this Plan shall be paid by the Company. 

5. Eligibility. Any employee of the Company or the Participating Subsidiaries is eligible to participate in an Offering
Period (as hereinafter defined) under this Plan except the following: 
 (a) employees who are not employed by the Company or a
Participating Subsidiary (10) days before the beginning of such Offering Period; 
 (b) employees who are customarily
employed for twenty (20) hours or less per week; 

  
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 (c) employees who are customarily employed for five (5) months or less in a calendar
year; 
 (d) employees who, together with any other person whose stock would be attributed to such employee pursuant to
Section 424(d) of the Code, own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any of its Subsidiaries or affiliates or
who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes
of stock of the Company or any of its Participating Subsidiaries; 
 (e) individuals who provide services to the Company or any
of its Participating Subsidiaries as independent contractors who are reclassified as common law employees for any reason except for federal income and employment tax purposes; and 

(f) any employee of the Company or any Participating Subsidiary who is a citizen or resident of a foreign jurisdiction if the grant of an
option under this Plan to such employee would be prohibited under the laws of such foreign jurisdiction or the grant of an option to such employee in compliance with the laws of such foreign jurisdiction would cause this Plan to violate the
requirements of Section 423 of the Code, as determined by the Committee in its sole discretion. 
 6. Offering
Dates. The offering periods of this Plan (each, an “Offering Period”) shall be of three (3) months duration commencing on March 1, June 1, September 1 and December 1 of each year and
ending on February 28, May 31, August 31 and November 30 of each year. The first business day of each Offering Period is referred to as the “Offering Date.” The last business day of each Offering Period
is referred to as the “Purchase Date.” The Committee shall have the power to change the duration of Offering Periods under this Plan without stockholder approval if such change is announced at least fifteen (15) days prior to
the scheduled beginning of the first Offering Period to be affected; provided, however, that no Offering Period may be longer than twenty-seven (27) months. 
 7. Participation in this Plan. Eligible employees may become participants in an Offering Period under this Plan on the first Offering Date after satisfying the eligibility requirements by
delivering a subscription agreement to the Company’s stock administration department (the “Stock Administration Department”) not later than one (1) day before such Offering Date. An eligible employee who does not deliver a
subscription agreement to the Stock Administration Department by such date after becoming eligible to participate in such Offering Period shall not participate in that Offering Period or any subsequent Offering Period unless such employee enrolls in
this Plan by filing a subscription agreement with the Stock Administration Department not later than one (1) day preceding a subsequent Offering Date. Once an employee becomes a participant in an Offering Period, such employee will
automatically participate in the Offering Period commencing immediately following the last day of the prior Offering Period unless the employee withdraws or is deemed to withdraw from this Plan. Such participant is not required to file any
additional subscription agreement in order to continue participation in this Plan. 
 8. Grant of Option on
Enrollment. Enrollment by an eligible employee in this Plan will constitute the grant (as of the Offering Date) by the Company to such employee of an option to purchase on the Purchase Date up to that number of Shares of the Company
determined 

  
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by dividing the (a) amount accumulated in such employee’s payroll deduction account during such Offering Period by (b) the lower of (i) eighty-five percent (85%) of the
Fair Market of a Share on the Offering Date (but in no event less than par value of a Share), or (ii) eighty-five percent (85%) of the Fair Market of a Share on the Purchase Date (but in no event less than par value of a Share),
provided, however, that the number of Shares subject to any option granted pursuant to this Plan shall not exceed the maximum number of Shares set by the Committee pursuant to Section 11(b) below with respect to the applicable Purchase
Date. 
 9. Purchase Price. The purchase price at which a Share will be sold in any Offering Period shall be
eighty-five percent (85%) of the lesser of: 
  

	 	(a)	The Fair Market Value on the Offering Date; or 

  

	 	(b)	The Fair Market Value on the Purchase Date. 

 10. Payment Of Purchase Price; Changes In Payroll Deductions; Issuance Of Shares. 
 (a) The purchase price of the Shares is accumulated by regular payroll deductions made during each Offering Period. The deductions are made as a percentage of the participant’s compensation in one
percent (1%) increments not less than two percent (2%), nor greater than ten percent (10%) or such lower limit set by the Committee. Compensation shall mean all W-2 cash compensation, including, but not limited to, base salary, wages,
commissions, overtime, shift premiums and bonuses, plus draws against commissions, provided, however, that for purposes of determining a participant’s compensation, any election by such participant to reduce his or her regular cash
remuneration under Sections 125 or 401(k) of the Code shall be treated as if the participant did not make such election. Payroll deductions shall commence on the first payday of the Offering Period and shall continue to the end of the Offering
Period unless sooner altered or terminated as provided in this Plan. 
 (b) A participant may not increase or decrease the rate
of payroll deductions during an Offering Period. A participant may, however, increase or decrease the rate of payroll deductions for any subsequent Offering Period by filing with the Stock Administration Department a new authorization for payroll
deductions not later than one (1) day before the beginning of such subsequent Offering Period. 
 (c) All payroll
deductions made for a participant are credited to his or her account under this Plan and are deposited with the general funds of the Company. No interest accrues on the payroll deductions. All payroll deductions received or held by the Company may
be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

(d) On each Purchase Date, so long as this Plan remains in effect, the Company shall apply the funds then in the participant’s
account to the purchase of whole Shares reserved under the option granted to such participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The purchase price per Share shall be as specified
in Section 9 of this Plan. Any cash remaining in a participant’s account after such purchase of Shares shall be refunded to such participant in cash, without interest; provided, however, that any amount remaining in such
participant’s account on a Purchase Date which is less than the amount necessary to purchase a full Share shall be carried forward, without interest, into the next Offering Period. In the event that this Plan has been oversubscribed, all funds
not 

  
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used to purchase Shares on the Purchase Date shall be returned to the participant, without interest. No Shares shall be purchased on a Purchase Date on behalf of any employee whose participation
in this Plan has terminated prior to such Purchase Date. 
 (e) As promptly as practicable after the Purchase Date, the Company
shall issue Shares for the participant’s benefit representing the Shares purchased upon exercise of his or her option. Shares issued to pursuant to the Plan may be evidenced in such manner as the Committee may determine and may be issued in
certificated form or issued pursuant to book-entry procedures. 
 (f) During a participant’s lifetime, his or her option to
purchase Shares hereunder is exercisable only by him or her. The participant will have no interest or voting right in Shares covered by his or her option until such option has been exercised. 

11. Limitations on Shares to be Purchased. 
 (a) No participant shall be entitled to accrue rights to purchase stock under this Plan at a rate which, when aggregated with his or her rights to purchase stock under all other employee stock purchase
plans of the Company or any Parent Corporation or any Subsidiary, exceeds $25,000 in fair market value of such stock (determined as of the first day of the Offering Period during which such rights are granted) for each calendar year in which such
rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8) of the Code and the Treasury Regulations thereunder. The Company shall automatically suspend the payroll deductions of any participant as
necessary to enforce such limit provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate of payroll deduction in effect immediately prior to such suspension. 

(b) No participant shall be entitled to purchase more than the Maximum Share Amount (as defined below) on any single Purchase Date. Not
less than ten (10) days prior to the commencement of any Offering Period, the Committee shall determine, in its sole discretion, the maximum number of Shares which may be purchased by any employee at any single Purchase Date (hereinafter the
“Maximum Share Amount”); provided, however, that in the absence of any such determination by the Committee, the Maximum Share Amount shall be 2,000 shares. If a new Maximum Share Amount is set, then all participants
must be notified of such Maximum Share Amount prior to the commencement of the next Offering Period. The Maximum Share Amount shall continue to apply with respect to all succeeding Offering Periods unless revised by the Committee as set forth above.

 (c) If the number of Shares to be purchased on a Purchase Date by all employees participating in this Plan exceeds the lesser
of (i) the number of Shares that were available for issuance under this Plan on the first day of the Offering Period, or (ii) the number of Shares then available for issuance under this Plan, then the Company will make a pro rata
allocation of the remaining Shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company shall give written notice of such reduction of the number of Shares to be
purchased under a participant’s option to each participant affected. 
 (d) Any payroll deductions accumulated in a
participant’s account which are not used to purchase stock due to the limitations in this Section 11 shall be returned to the participant as soon as practicable after the end of the applicable Offering Period, without interest. 

  
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 12. Withdrawal. A participant may not withdraw from a current Offering Period
under this Plan. However, a participant may, by signing and delivering to the Stock Administration Department a written withdrawal notice one (1) day in advance of a subsequent Offering Period, decline to participate in such subsequent Offering
Period. After the Stock Administration Department’s timely receipt of such request no further payroll deductions will be made with respect to such participant during subsequent Offering Periods until such time as the participant affirmatively
elects to participate in the Plan by filing a new authorization for payroll deductions in the same manner as set forth in Section 7 above for initial participation in the Plan. 

13. Termination of Employment. Termination of a participant’s employment for any reason, including retirement,
death or the failure of a participant to remain an eligible employee of the Company or of a Participating Subsidiary, immediately terminates his or her participation in this Plan. In such event, the payroll deductions credited to the
participant’s account will be returned to him or her or, in the case of his or her death, to his or her legal representative, without interest. For purposes of this Section 13, an employee will not be deemed to have terminated employment
or failed to remain in the continuous employ of the Company or of a Participating Subsidiary in the case of sick leave, military leave, or any other leave of absence approved by the Company or the employing Participating Subsidiary and meeting the
requirements of Treasury Regulation Section 1.421-7(h)(2). 
 14. Return of Payroll Deductions. In the
event a participant’s interest in this Plan is terminated by withdrawal, termination of employment or otherwise, or in the event this Plan is terminated by the Board, the Company shall deliver to the participant all payroll deductions credited
to such participant’s account. No interest shall accrue on the payroll deductions of a participant in this Plan. 
 15.
Change in Capitalization and Change in Control. 
 (a) Subject to any required action by the stockholders of the Company, in
the event of a Change in Capitalization, the number of Shares covered by each option under this Plan which has not yet been exercised and the number of Shares which have been authorized for issuance under this Plan but have not yet been placed under
option (collectively, the “Reserves”), as well as the price per Share covered by each option under this Plan which has not yet been exercised, shall be proportionately adjusted for any increase or decrease in the number of issued
and outstanding Shares resulting from a stock split or the payment of a stock dividend (but only on the Common Stock) or any other increase or decrease in the number of issued and outstanding Shares effected without receipt of any consideration by
the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Committee, whose
determination shall be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by
reason thereof shall be made with respect to, the number or price of Shares subject to an option. 
 (b) In the event of a
Change in Control due to the dissolution or liquidation of the Company, all rights to purchase Shares under the Plan shall terminate and all amounts credited to employee accounts which have not been applied to the purchase of Shares shall be
refunded; provided, however, that the Committee may, in the exercise of its sole discretion in such instances, declare that this Plan shall terminate as of a date fixed by the Committee and give each participant the right to purchase Shares
under this Plan prior to such termination. In the event of a Change in Control for any other reason and after which the Company is not the 

  
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Surviving Corporation, the Committee may determine in its sole discretion that: (1) a date established by the Board on or up to 10 days before the date of consummation of such Change in
Control shall be treated as the last day of any Offering Periods then in progress and shall also be a Purchase Date, and there shall be no further Offering Periods under this Plan; (2) all rights to purchase Shares under the Plan shall
terminate and all amounts credited to employee accounts which have not been applied to the purchase of Shares shall be refunded; or (3) the Plan will continue with regard to Offering Periods that commenced prior to the closing of the proposed
transaction and shares of the Surviving Corporation will be purchased based on the Fair Market Value of the Surviving Corporation’s stock on each Purchase Date. 
 (c) The Committee may, if it so determines in the exercise of its sole discretion, in the event of a Change in Capitalization or a Change in Control, also make provision for adjusting the Reserves, as
well as the price per Share covered by each outstanding option. 
 16. Nonassignability. Neither payroll
deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive Shares under this Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws
of descent and distribution or as provided in Section 23 below) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be void and without effect. 

17. Reports. Individual accounts will be maintained for each participant in this Plan. Each participant shall receive
promptly after the end of each Purchase Period a report of his or her account setting forth the total payroll deductions accumulated, the number of Shares purchased, the per share price thereof and the remaining cash balance, if any, carried forward
to the next Offering Period. 
 18. Notice of Disposition. Each participant shall notify the Company in
writing if the participant disposes of any of the Shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which
such Shares were purchased (the “Notice Period”). The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing Shares acquired pursuant to this Plan requesting the Company’s
transfer agent to notify the Company of any transfer of the Shares. The obligation of the participant to provide such notice shall continue notwithstanding the placement of any such legend on the certificates. 

19. No Rights to Continued Employment. Neither this Plan nor the grant of any option hereunder shall confer any right
on any employee to remain in the employ of the Company or any Participating Subsidiary, or restrict the right of the Company or any Participating Subsidiary to terminate such employee’s employment. 

20. Equal Rights And Privileges. Subject to Section 27, all eligible employees shall have equal rights and
privileges with respect to this Plan so that this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan
which is inconsistent with Section 423 or any successor provision of the Code shall, without further act or amendment by the Company, the Committee or the Board, be reformed to comply with the requirements of Section 423. This
Section 20 shall take precedence over all other provisions in this Plan. 
 21. Notices. All notices or
other communications by a participant to the Company under or in connection with this Plan shall be deemed to have been duly given when received in 

  
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the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 22. Term; Stockholder Approval. This amended and restated Plan will become effective on February 22, 2011 (the “Restatement Effective Date”). This Plan shall be
approved by the stockholders of the Company, in any manner permitted by applicable corporate law, within twelve (12) months before or after the Restatement Effective Date. No purchase of Shares pursuant to this Plan shall occur prior to such
stockholder approval. This Plan shall continue until the earlier to occur of (a) termination of this Plan by the Board (which termination may be effected by the Board at any time), (b) issuance of all of the Shares reserved for issuance
under this Plan, or (c) the tenth anniversary of the Restatement Effective Date. 
 23. Designation of Beneficiary.

 (a) A participant may file a written designation of a beneficiary who is to receive any Shares and cash, if any, from the
participant’s account under this Plan in the event of such participant’s death subsequent to the end of an Offering Period but prior to delivery to him of such Shares and cash. In addition, a participant may file a written designation of a
beneficiary who is to receive any cash from the participant’s account under this Plan in the event of such participant’s death prior to a Purchase Date. 
 (b) Such designation of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under
this Plan who is living at the time of such participant’s death, the Company shall deliver such Shares or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such Shares or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such
other person as the Company may designate. 
 24. Conditions Upon Issuance of Shares; Limitation on Sale of
Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign,
including, without limitation, the Securities Act, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the Shares may
then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

25. Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the
State of Delaware. 
 26. Amendment or Termination of this Plan. The Board may at any time amend, terminate
or extend the term of this Plan, except that, any such termination cannot affect options previously granted under this Plan, nor may any amendment make any change in an option previously granted which would adversely affect the right of any
participant; provided, however, that no action taken under Section 15 shall be considered to adversely affect the right of any participant within the meaning of this sentence, nor may any amendment be made without approval of the
stockholders of the Company obtained in accordance with Section 22 above within twelve (12) months of the adoption of such amendment (or earlier if required by Section 22) if such amendment would: 

  
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 (a) increase the number of Shares, or change the type of securities, that may be issued
under this Plan; or 
 (b) change the designation of the employees (or class of employees) eligible for participation in this
Plan. 
 Notwithstanding the foregoing, the Board may make such amendments to the Plan as the Board determines to be advisable, if the
continuation of the Plan or any Offering Period would result in financial accounting treatment for the Plan that is different from the financial accounting treatment in effect on the date this Plan is adopted by the Board. 

27. Foreign Employees. In order to facilitate participation in this Plan, the Committee may provide for such special terms
applicable to participants who are citizens or residents of a foreign jurisdiction, or who are employed by the Company or Participating Subsidiary outside of the United States, as the Committee may consider necessary or appropriate to accommodate
differences in local law, tax policy or custom. Such special terms may not be more favorable than the terms of options granted under this Plan to eligible employees who are residents of the United States. Moreover, the Committee may approve such
supplements to, or amendments, restatements or alternative versions of, this Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of this Plan as in effect for any other purpose. No such special
terms, supplements, amendments or restatements shall include any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan could have been amended to eliminate such inconsistency without further approval by the
shareholders of the Company. 

  
 10Employment Agreement

 Exhibit 10.5 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the
“Agreement”), dated as of December 27, 2010 is made by and between Inovio Pharmaceuticals, Inc., a Delaware corporation having offices at 1787 Sentry Parkway West, Bldg 18, Suite 400, Blue Bell PA 19422 (the
“Company”), and Peter Kies, having residence at 3657 Tierra De Dios, Escondido, California 92025 (“Executive”). 
 R E C I T A L S 
 WHEREAS, the Company desires to employ Executive
and to have the benefit of his skills and services, and Executive desires to accept employment with the Company, on the terms and conditions set forth herein; and 
 WHEREAS, as a condition to his employment by the Company, Executive agrees to execute and shall be bound by the terms and conditions of the Proprietary Information, Invention, and Non-Compete
Agreement (the “Non-Compete Agreement”) attached hereto as Exhibit A, and the Confidentiality and Non-Disclosure Agreement (the “Confidentiality Agreement”), attached hereto as Exhibit B. 

NOW, THEREFORE, in consideration of the mutual promises, terms, covenants and conditions set forth herein and in the Non-Compete
Agreement, and the performance of each, the parties hereto, intending legally to be bound, hereby agree as follows: 
  

	1.	Employment; Term. 

 a. The
Company hereby agrees to employ Executive as Chief Financial Officer, and Executive hereby agrees to accept such employment with the Company in accordance with the terms and conditions of this Agreement. 

b. The “Term” of this Agreement shall commence on the date hereof (the “Commencement Date”) and shall
continue in effect until terminated as provided in Section 7 below. 
  

	2.	Position and Duties. 

 a.
The Company agrees to employ Executive throughout the Term as Chief Financial Officer of the Company with such responsibilities, duties and authority as are assigned to him by the Chief Executive Officer of the Company or his designee. 

b. Executive shall faithfully devote his full business/working time, attention and energy to the business and affairs of the Company and
the performance of his duties hereunder and to use reasonable efforts to perform such responsibilities faithfully and efficiently. 
 c. Without limiting the generality of the foregoing paragraph, during the Term, upon prior written consent of the Chief Executive Officer of the Company, Executive shall be permitted to serve on other
Boards of Directors, professional associations and otherwise be involved with any family business or trust to the extent that, in the reasonable judgment of the Chief Executive Officer, such other business pursuits and activity do not materially
(i) interfere 

 
with Executive’s ability to discharge Executive’s duties and responsibilities to the Company, whether or not such activity is pursued for gain, profit or other pecuniary advantage, or
(ii) cause Executive to violate any provision of the Non-Compete Agreement or the Confidentiality Agreement. 
  

	3.	Compensation. 

 a.
Executive shall be entitled to receive as compensation for his employment a base annual salary at a rate of $230,000 per annum (the “Base Salary”), which shall be paid to Executive by the Company or any of its affiliates in
accordance with the Company’s standard payroll practices, as in effect from time to time. 
 b. Increases in the Base
Salary shall be reviewed annually by the Company’s Board of Directors (the “Board”) or its Compensation Committee during the Term, and any such increases will be at the Board’s or Compensation Committee’s sole
discretion and will otherwise be consistent with the Company’s annual policies and budget for payroll increases. 
  

	4.	Bonus. 

 During the Term,
Executive shall be eligible to receive an incentive cash bonus up to the amount, based upon the criteria, and payable at such times, as may be determined by the Board or its Compensation Committee. The amount shall be determined by the Board or
Compensation Committee, in its sole and absolute discretion, which shall be binding and final, and shall be paid in a one-time lump sum payment (less payroll taxes). To the extent that such cash bonus is to be determined in light of financial
performance during a specified fiscal period and the Agreement commences on a date after the start of such fiscal period, any cash bonus payable in respect of such fiscal period’s results may be prorated. In addition, if the period of
Executive’s employment hereunder expires before the end of a fiscal period, and if Executive is eligible to receive a cash bonus at such time (such eligibility being subject to the restrictions set forth in Section 7 below), any cash bonus
payable in respect of such fiscal period’s results may be prorated. Notwithstanding the foregoing, all annual bonuses shall be paid within two and one-half months after the close of each year. 

 

	5.	Benefits; Stock Options. 

In addition to the salary and cash bonus referred to above, Executive shall be entitled during the Term to participate in such employee
benefits plans or programs of the Company, and shall be entitled to such other fringe benefits, as are from time to time adopted by the Board and made available by the Company generally to employees of Executive’s position, tenure, salary, and
other qualifications. Without limiting the generality of the foregoing, Executive shall be eligible for such awards and benefits, if any, under the Company’s employee benefits plans or programs as shall be granted to Executive in the sole
discretion of the Board or its Compensation Committee and as shall be provided pursuant to the terms of the plans or programs. Executive acknowledges and agrees that the Company does not guarantee the adoption or continuance of any particular
employee benefits plan or program or other fringe benefits during the Term, and participation by Executive in any such plan or program shall be subject to the rules and regulations applicable thereto. 

  
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	6.	Expenses. 

 The Company
will reimburse Executive, in accordance with the practices in effect from time to time for other officers or staff personnel of the Company, for all reasonable and necessary business and traveling expenses and other disbursements incurred by
Executive for or on behalf of the Company in the performance of Executive’s duties hereunder, upon presentation by Executive to the Company of appropriate vouchers and supporting documentation. 

 

	7.	Termination. 

Executive’s employment by the Company pursuant hereto is subject to termination as follows: 

a. Death or Disability. Executive’s employment shall be deemed to terminate automatically on the date of Executive’s
death, and the Company may by written notice to Executive terminate Executive’s employment on account of his Total Disability effective as of the date of such notice. For purposes hereof, Executive shall be deemed to experience a “Total
Disability” if Executive is considered totally disabled under any group disability plan maintained by the Company and in effect at that time, or in the absence of any such plan, Executive shall be deemed to experience a Total Disability if
he shall have been unable to perform his duties hereunder on a full-time basis for 90 consecutive days or longer, or for shorter periods aggregating 120 days in any 360-day period. In the event of any dispute under this Section 7(a), Executive
shall submit to a physical examination by a licensed physician mutually satisfactory to the Company and Executive, the cost of such examination to be paid by the Company, and the determination of such physician shall be determinative. In the case of
a Total Disability, until the Company shall have terminated Executive’s employment hereunder in accordance with the foregoing, Executive shall be entitled to receive compensation provided for herein notwithstanding any such Total Disability. In
the event of the termination of Executive’s employment on account of his death or Total Disability, neither Executive nor his personal representative will have any rights or claims against the Company under this Agreement except as follows:

 (i) Executive (or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary
computed on a pro rata basis through the date of his termination and (B) any unreimbursed expenses; 
 (ii) All other of
Executive’s accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee benefits plan or program of the Company in which Executive is then participating at the
time of his termination; and 
 (iii) in the case of Executive’s Total Disability only, (A) the Company shall continue
Executive’s medical benefits coverage existing at the time of his termination for as long as permissible under the Company’s health benefits policies (not to exceed 60 days) and the Company further agrees to pay Executive’s COBRA
premiums for six months thereafter, with such premiums to provide for coverage at the same level and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of Executive, but

  
 3 

 
excluding any applicable tax consequences for Executive) as in effect for Executive at the time of termination, and (B) Executive shall further receive a lump-sum payment, within 30 days
after the effective date of termination, equal to the aggregate amount of Executive’s Base Salary as in effect immediately prior to such termination that would be payable over a period of six months following the effective date of such
termination. 
 b. Involuntary Termination for Cause. In the event the Company terminates Executive’s employment for
Cause (as such term is defined below), such termination shall be effective immediately upon notice thereof, in which case Executive will have no rights or claims against the Company under this Agreement except as follows: 

(i) Executive shall be paid (A) any unpaid portion of his Base Salary computed on a pro rata basis through the date of his
termination and (B) any unreimbursed expenses; and 
 (ii) All other of Executive’s accrued but unpaid rights shall be
as determined under any incentive compensation, stock option, retirement, employee welfare or other employee benefits plan and program of the Company in which Executive is then participating at the time of his termination. 

“Cause” shall mean: (1) conviction of Executive of any felony; (2) participation by Executive in any fraud or
act of dishonesty against the Company; (3) material violation by Executive of (i) any contract between the Company and Executive, or (ii) any statutory, contractual or common law duty of Executive to the Company; (4) conduct of
Executive that, based upon a good faith and reasonable factual investigation and determination by the Board, demonstrates Executive’s gross unfitness to serve; or (5) the continued, willful refusal or failure by Executive to perform any
material duties reasonably requested by the Board or the Chief Executive Officer. 
 c. Involuntary Termination Without
Cause. The Company may terminate Executive’s employment, other than on account of death, Total Disability or for Cause, on 30 days’ prior written notice, in which case Executive will have no rights or claims against the Company under
this Agreement except as follows: 
 (i) Executive (or his estate or representative, as applicable) shall be paid (A) any
unpaid portion of his Base Salary computed on a pro rata basis through the date of his termination, and (B) any unreimbursed expenses; 
 (ii) All other of Executive’s accrued but unpaid rights shall be as determined under any incentive compensation, stock option, retirement, employee welfare or other employee benefits plan and program
of the Company in which Executive is then participating at the time of his termination; 
 (iii) Executive shall receive
severance payments in the form of monthly payments of Executive’s Base Salary (as in effect immediately prior to such termination) for a period of twelve months following the effective date of such termination; and 

  
 4 

 (iv) The Company shall pay Executive’s COBRA premiums for twelve months thereafter,
with such premiums to provide for coverage at substantially the same level and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of Executive, but excluding any applicable tax consequences for
Executive) as in effect for Executive at the time of termination. 
 d. Voluntary Termination For Good Reason. Executive
may terminate his employment for good reason (“Termination For Good Reason”) by providing 30 days’ prior written notice to the Company of a breach constituting Good Reason, which notice shall be provided within 45 days after
the initial existence of the breach, and further provided that such breach is not cured in all material respects to the reasonable satisfaction of Executive within 30 days after such notice. In the event of Termination for Good Reason, Executive
shall be entitled to receive the payments and other rights provided in Section 7(c) hereof. For purposes of this Agreement, termination for “Good Reason” shall mean voluntary termination by Executive of his employment with
the Company based on one of the following events: 
 (i) the material diminution in Executive’s position, title,
responsibilities or authority from those in effect at the Commencement Date; provided, however, that a material diminution shall not be deemed to have occurred upon a change of control of the Company solely by virtue of the Company’s having
been acquired and made part of a larger organization; 
 (ii) a relocation of Executive’s principal executive offices more
than fifty miles from its location at the Commencement Date; or 
 (iii) the breach by the Company of any of its material
obligations under this Agreement; 
 e. Other Voluntary Termination. Executive may otherwise terminate his employment
without Good Reason upon 30 days’ prior written notice to the Company, in which case Executive (or his estate or representative, as applicable) shall be paid (A) any unpaid portion of his Base Salary on a pro rata basis through the date of
the termination, and (B) any unreimbursed expenses. 
 f. Section 409A. The Base Salary continuation set forth
in Sections 7 (a), (c) and (d) hereof shall be intended to satisfy either (i) the safe harbor set forth in the regulations issued under Section 409A (as defined below) of the Internal Revenue Code of 1986, as amended (the
“Code”) (Treas. Regs. 1.409A-1(n)(2)(ii)), or (ii) be treated as a Short-term Deferral as that term is defined under Section 409A (Treas. Regs. 1.409A-1(b)(4)). To the extent that such continuation payments exceed the applicable
safe harbor amount or do not constitute a Short-term Deferral, the excess amount shall be treated as deferred compensation under Section 409A and as such shall be payable pursuant to the following schedule: such excess amount shall be paid via
standard payroll in periodic installments in accordance with the Company’s usual practice for its senior executives. 

Notwithstanding any provision in this Agreement to the contrary, in the event that Executive is a “specified employee” as
defined in Section 409A, any continuation payment, continuation benefits or other amounts payable under this Agreement that would be subject to the 

  
 5 

 
special rule regarding payments to “specified employees” under Section 409A(a)(2)(B) of the Code shall not be paid before the expiration of a period of six months following the
date of Executive’s termination of employment or before the date of Executive’s death, if earlier. 
 g. Forfeiture
of Rights. In the event that, subsequent to the termination of Executive’s employment hereunder, Executive breaches any of the provisions of the Non-Compete Agreement or Confidentiality Agreement in any material respect, all payments and
benefits to which Executive may otherwise have been entitled to pursuant to this Section 7 hereof shall immediately terminate and be forfeited. 
 h. Release. Executive shall not be entitled to any compensation under this Section 7 unless Executive executes and delivers to the Company a Separation of Employment Agreement and General
Release (the “Release”) in form and substance satisfactory to the Company, by which Executive releases the Company from any obligations and liabilities of any type whatsoever, except for the Company’s obligation to provide the
compensation and benefits specified in this Section 7. The parties hereto acknowledge that the payments to be provided under this Section 7 are to be provided in consideration for the Release. 

 

	8.	Remedies. 

 In addition to
other remedies provided by law or equity, upon a breach by Executive of any of the covenants contained herein, in the Non-Compete Agreement or in the Confidentiality Agreement, the Company shall be entitled to have a court of competent jurisdiction
enter an injunction against Executive enjoining Executive and prohibiting any further breach of the covenants contained herein. Executive acknowledges that a breach or threatened breach by Executive of the provisions of this Agreement will cause
irreparable damage to the Company because Executive’s services to be performed hereunder are of a unique, special and extraordinary character. Thus, the Company shall be entitled to injunctive relief without the necessity of proving actual
damages and the Company shall not be required to post a bond or other security in support of such injunctive relief. 
  

	9.	Arbitration. 

 Any claim,
dispute or controversy arising out of or in connection with Executive’s employment by the Company, his separation from the Company, this Agreement, or any breach thereof, shall be arbitrated by the parties before a sole neutral arbitrator (who
shall have substantial experience in the pharmaceutical and life sciences industry) conducted in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect. The claims subject
to mandatory arbitration under the terms of this agreement include, but are not limited to, claims that have been or could be asserted under: (a) the common law of the State of California; (b) the California Labor Code; (c) Title VII
of the Civil Rights act of 1964, as amended, 42 U.S.C. § 2000e et seq.; (d) the California Fair Employment and Housing Act, Cal. Govt. Code § 12900 et seq.; (e) the Consolidated Omnibus Budget
Reconciliation Act of 1985 (COBRA), as amended, 26 U.S.C. § 4980B; (f) the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. § 621 et seq., including the Older Workers Benefit Protection Act;
(g) the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001 et seq.; (h) the Civil Rights Act of 1866, as amended, 42 

  
 6 

 
U.S.C. § 1981 et seq.; (i) the Fair Labor Standards Act, 29 U.S.C. § 201 et seq.; (j) the Americans with Disabilities Act, 42 U.S.C. § 12101
et seq.; (k) the Civil Rights Act of 1991, Public Law 102-166 (105 Stat. 1071); (l) the Wage Orders of the California Industrial Welfare Commission; (m) any other federal, state or local law, constitution, regulation,
ordinance, decision or common law claim concerning employment discrimination or termination of employment; (n) any and all claims for personal injury, emotional distress, libel, slander, defamation, and other physical, economic, or emotional
injury; and (o) all claims for attorney’s fees and costs. 
 The arbitrator shall have the authority to order
discovery sufficient for both parties to adequately arbitrate any and all claim(s) and defense(s) at issue. Such discovery shall include access to relevant documents and witnesses but shall not have the authority to add to, detract from or modify
any provision hereof nor to award damages or other remedies not otherwise available under statute(s), contract(s) or common law relevant to the claim(s) and defense(s) at issue. Following the close of all evidence at the conclusion of the
arbitration hearing, the neutral arbitrator shall issue a written award that reveals his or her essential findings and conclusions. The neutral arbitrator’s decision shall be final and binding. Judgment may be entered on the arbitrator’s
award in any court having jurisdiction. The direct expense of any arbitration proceeding shall be borne by the Company. Each party shall bear its own attorneys’ fees unless such fees are awarded as a measure of damages under the applicable
contract or statute at issue. Such arbitration hearing shall take place in Montgomery County, Pennsylvania at a location and date mutually agreeable to the parties. The parties hereto consent to the jurisdiction of the state and federal courts
located in the Commonwealth of Pennsylvania with respect to any action arising under this Agreement. Notwithstanding the foregoing, the Company shall be entitled to seek injunctive or other equitable relief, as contemplated by Section 8 hereof,
from any court of competent jurisdiction, without the need to resort to arbitration. 
  

	10.	Assignment; Binding Nature. 

 This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of Executive) and permitted assigns. No rights or obligations of the
Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred to the successor of the Company or its business if the assignee or transferee assumes all of the
liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. If any such successor of the Company or its business does not agree to so assume such liabilities, obligations and
duties, Executive may immediately resign, which shall be deemed a Termination For Good Reason under the provisions of this Agreement. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than
Executive’s rights to compensation and benefits, which may be transferred only by will or operation of law, except as otherwise specifically provided or permitted hereunder. 

 

	11.	Notice. 

 Any notice which
a party is required or may desire to give pursuant to this Agreement shall be given in writing by personal delivery, by facsimile transmission, by registered or 

  
 7 

 
certified mail, return receipt requested, postage prepaid, or by overnight courier, at the following addresses: 
 If to the Company: 
 Inovio Pharmaceuticals, Inc. 

1787 Sentry Parkway West 
 Building 18, Suite 400 
 Blue Bell, PA 19422 

Attention: Chief Executive Officer 
 If to Executive: 
 Peter Kies 

3657 Tierra De Dios 
 Escondido, California 92025 
 Any notice personally delivered shall be deemed
received when given, or if given by facsimile or overnight courier shall be deemed received on the next business day and any notice mailed shall be deemed received on the third business day thereafter. 

 

	12.	Entire Agreement. 

 This
Agreement and the Non-Compete Agreement (Exhibit A) and the Confidentiality Agreement (Exhibit B) constitute the complete agreements and understandings between the Company and Executive concerning Executive’s employment by the Company, and
supersede any and all previous agreements or understandings concerning such employment, whether written or oral, between Executive and the Company. 
  

	13.	Modification. 

 This
Agreement may not be waived, amended or modified without the express written consent of the party against whom enforcement of such Agreement is sought. 
  

	14.	Waiver. 

 Except as set
forth herein, no delay or omission to exercise any right, power or remedy accruing to any party shall impair any such right, power or remedy or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver by either party
of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time.
Any waiver must be in writing and signed by Executive and the Chief Executive Officer or other duly authorized officer of the Company. 
  

	17.	Section 409A. 

 It is
intended that this Agreement be drafted and administered in compliance with section 409A of the Code, including, but not limited to, any future amendments to Code section 409A, 

  
 8 

 
and any other Internal Revenue Service or other governmental rulings or interpretations (collectively, “Section 409A”) issued pursuant to Section 409A so as not to subject
Executive to payment of interest or any additional tax under Section 409A. The parties intend for any payments under this Agreement to either satisfy the requirements of Section 409A or to be exempt from the application of
Section 409A, and this Agreement shall be construed and interpreted accordingly. In furtherance thereof, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the time specified herein would subject
such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or provision of such amount or benefit could be made
without incurring such additional tax. In addition, to the extent that any Internal Revenue Service guidance issued under Section 409A would result in Executive being subject to the payment of interest or any additional tax under
Section 409A, the parties agree, to the extent reasonably possible, to amend this Agreement in order to avoid the imposition of any such interest or additional tax under Section 409A, which amendment shall have the minimum economic effect
necessary to the Executive and shall not result in any additional cost to the Company, unless it agrees otherwise to incur such cost, and shall be reasonably determined in good faith by the Company and Executive. 

 

	18.	Invalidity of Any Provision. 

 If any portion of this Agreement is held invalid or inoperative, the other portions of this Agreement shall be deemed valid and operative and, so far as is reasonable and permitted by the law, effect
shall be given to the intent manifested by the portion held invalid or inoperative. 
  

	19.	Applicable Law. 

 This
Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the principles of conflict of laws thereof. 

 

	20.	Counterparts. 

 This
Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same agreement. 

 

	21.	Headings. 

 The Section
headings contained in this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. 
  

	22.	Binding Effect. 

 The
provisions of this Agreement will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties thereto. 
 [SIGNATURES ON FOLLOWING PAGE] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the
date first written above. 
  

			
	INOVIO PHARMACEUTICALS, INC.
		
	By:	 	 /s/ J. Joseph Kim, Ph.D.

		 	Name: J. Joseph Kim, Ph.D.
		 	Title: President and CEO
		
	Date:	 	12/27/10
	
	EXECUTIVE
	
	 /s/ Peter Kies

	Name:	 	Peter Kies
		
	Date:	 	12/27/10

  
 10

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