Document:

exv4w1

Exhibit 4.1

INOVIO PHARMACEUTICALS, INC.

Warrant To Purchase Common Stock

Warrant No.:_____________

Number of Shares of Common Stock:_____________

Date of Issuance: January 27, 2011 (“Issuance Date”)

          Inovio Pharmaceuticals, Inc., a Delaware corporation (the “Company”), hereby certifies that,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
[INVESTOR NAME], the registered holder hereof or its permitted assigns (the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as
defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including
any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the
“Warrant”), at any time or times on or after the date that is one-hundred eighty (180) days after
the date hereof (the “Exercisability Date”), but not after 11:59 p.m., New York time, on the
Expiration Date (as defined below), [______________
(_____________)] fully paid nonassessable
shares of Common Stock (as defined below) (the “Warrant Shares”). Except as otherwise defined
herein, capitalized terms in this Warrant shall have the meanings set forth in Section 15.
This Warrant is the Warrant to purchase Common Stock (this “Warrant”) issued pursuant to (i)
Section 2 of that certain Subscription Agreement (the “Subscription Agreement”), dated as
of January 24, 2011 (the “Subscription Date”), by and between the Company and the Holder (the
“Subscription Agreement”) and (ii) the Company’s Registration Statement on Form S-3 (File number
333-160123) (the “Registration Statement”).

          1. EXERCISE OF WARRANT.

               (a) Mechanics of Exercise. Subject to the terms and conditions hereof, this Warrant
may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part,
by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the
“Exercise Notice”), of the Holder’s election to exercise this Warrant and (ii) (A) payment to the
Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant
Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by
wire transfer of immediately available funds or (B) provided the conditions for cashless exercise
set forth in Section 1(d) are satisfied, by notifying the Company that this Warrant is
being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder.
Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares
shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant
evidencing the right to purchase the remaining number of Warrant Shares. On or before the third
(3rd) Business Day following the date on which the Company has received each of the Exercise Notice
and the Aggregate Exercise Price (or notice of a Cashless Exercise) (the “Exercise Delivery
Documents”) (the “Share Delivery Date”), the Company shall (X) provided that Computershare Investor
Services Inc. (the “Transfer Agent”) is participating in The Depository Trust Company (“DTC”) Fast
Automated Securities Transfer Program, upon the

 

request of the Holder, credit such aggregate number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit/Withdrawal At Custodian system, or (Y) if the Transfer Agent is not
participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by
overnight courier to the address as specified in the Exercise Notice, a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of shares of
Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the
Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date
of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this
Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the
number of Warrant Shares represented by this Warrant submitted for exercise is greater than the
number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as
practicable and in no event later than three (3) Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to
purchase the number of Warrant Shares purchasable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No
fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather
the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number.
In the event the Registration Statement is not effective at the time this Warrant is exercised,
there is no circumstance that would require the Company to net cash settle this Warrant. The
Company shall pay any and all transfer taxes which may be payable with respect to the issuance and
delivery of Warrant Shares upon exercise of this Warrant.

               (b) Exercise Price. For purposes of this Warrant, “Exercise Price” means $1.40,
subject to adjustment as provided herein.

               (c) Company’s Failure to Timely Deliver Securities. If the Company shall fail for any
reason or for no reason to issue to the Holder within three (3) Business Days of receipt of the
Exercise Delivery Documents in compliance with the terms of this Section 1, a certificate
for the number of shares of Common Stock to which the Holder is entitled and register such shares
of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC
for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise of this Warrant, and if on or after such Trading Day the Holder purchases (in an open
market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving
from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the
Holder’s written request and in the Holder’s discretion, either (i) pay cash to the Holder in an
amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s obligation
to deliver such certificate (and to issue such Warrant Shares) shall terminate, or (ii) promptly
honor its obligation to deliver to the Holder a certificate or certificates representing such
Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In
Price over the product of (A) such number of shares of Common Stock, times (B) the Closing Bid
Price on the date of exercise.

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               (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, if
a registration statement covering the Warrant Shares that are the subject of the Exercise Notice
(the “Unavailable Warrant Shares”), or an exemption from registration, is not available for the
resale of such Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise this
Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be
made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to
receive upon such exercise the “Net Number” of shares of Common Stock determined according to the
following formula (a “Cashless Exercise”):

	 	 	 	 	 	 	 

	 
	 	Net Number =
	 	(A x B) - (A x C)
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	B	 	 

               For purposes of the foregoing formula:

	 	A=	 	 the total number of shares with respect to which
this Warrant is then being exercised.
	 
	 	B= 	 	the arithmetic average of the Closing Sale Prices
of the shares of Common Stock for the five (5) consecutive Trading
Days ending on the date immediately preceding the date of the
Exercise Notice.
	 
	 	C=	 	 the Exercise Price then in effect for
the applicable Warrant Shares at the time of such
exercise.

               (e) Rule 144. For purposes of Rule 144(d) promulgated under the Securities Act, as in
effect on the date hereof, assuming the Holder is not an affiliate of the Company, it is intended
that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the
Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the
date this Warrant was originally issued pursuant to the Subscription Agreement.

               (f) Disputes. In the case of a dispute as to the determination of the Exercise Price
or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder
the number of Warrant Shares that are not disputed.

               (g) Beneficial Ownership. The Company shall not effect the exercise of this Warrant,
and the Holder shall not have the right to exercise this Warrant, to the extent that after giving
effect to such exercise, such Person (together with such Person’s affiliates) would beneficially
own in excess of 19.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such exercise. For purposes of the foregoing sentence, the
aggregate number of shares of Common Stock beneficially owned by such Person and its affiliates
shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which the determination of such sentence is being made, but shall exclude shares of
Common Stock which would be issuable upon (i) exercise of the remaining, unexercised portion of
this Warrant beneficially owned by such Person and its affiliates and (ii) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such Person and its affiliates (including,

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without limitation, any convertible notes or convertible preferred stock or warrants) subject
to a limitation on conversion or exercise analogous to the limitation contained herein. Except as
set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of this Warrant, in determining the number of outstanding shares of
Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form
8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a
more recent public announcement by the Company or (3) any other notice by the Company or the
Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason at
any time, upon the written or oral request of the Holder, the Company shall within two (2) Business
Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder and its
affiliates since the date as of which such number of outstanding shares of Common Stock was
reported.

               (h) Call Right. In the event that the closing bid price per share of Common Stock as
traded on an Eligible Market equals or exceeds $2.80 (appropriately adjusted for any stock split,
reverse stock split, stock dividend or other reclassification or combination of the Common Stock
occurring after the date hereof) for twenty (20) consecutive Trading Days after the Issuance Date,
the Company, upon thirty (30) days prior written notice (the “Notice Period”) given to the Holder
within one Business Day immediately following the end of such twenty (20) Trading Day period, may
call this Warrant, in whole but not in part, at a redemption price equal to $0.01 per share of
Common Stock then purchasable pursuant to this Warrant; provided that (i) the Company
simultaneously calls all warrants issued in the Offering (as defined in the Subscription Agreement)
on the same terms, (ii) all of the Warrant Shares are either registered pursuant to an effective
registration Statement which is not suspended and for which no stop order is in effect, and
pursuant to which the Holder is able to sell all of such Warrant Shares or may be freely resold
upon a Cashless Exercise without restriction or limitation pursuant to Rule 144 at all times during
the Notice Period and (iii) notwithstanding the provisions of Section 1(g), this Warrant is
fully exercisable for the full amount of Warrant Shares covered hereby. Notwithstanding any such
notice by the Company, the Holder shall have the right to exercise this Warrant prior to the end of
the Notice Period.

          2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
the number of Warrant Shares shall be adjusted from time to time as follows:

               (a) Adjustment upon Subdivision or Combination of Common Stock. If the Company at any
time on or after the Subscription Date subdivides (by any stock split, stock dividend,
recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its
outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Subscription
Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme,
arrangement or otherwise) one or more classes of its outstanding shares

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of Common Stock into a smaller number of shares, the Exercise Price in effect immediately
prior to such combination will be proportionately increased and the number of Warrant Shares will
be proportionately decreased. Any adjustment under this Section 2(a) shall become
effective at the close of business on the date the subdivision or combination becomes effective.

               (b) Other Events. If any event occurs of the type contemplated by the provisions of
this Section 2 but not expressly provided for by such provisions (including, without
limitation, the granting of stock appreciation rights or phantom stock rights), then the Company’s
Board of Directors will make an appropriate adjustment in the Exercise Price and the number of
Warrant Shares so as to protect the rights of the Holder; provided that no such adjustment pursuant
to this Section 2(b) will increase the Exercise Price or decrease the number of Warrant
Shares as otherwise determined pursuant to this Section 2.

          3. RIGHTS UPON DISTRIBUTION OF ASSETS.

               (a) If at any time or from time to time the holders of Common Stock of the Company (or any
shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall
have received or become entitled to receive, without payment therefore.

               (i) Common Stock or any shares of stock or other securities which are at any time
directly or indirectly convertible into or exchangeable for Common Stock, or any rights or
options to subscribe for, purchase or otherwise acquire any of the foregoing by way of
dividend or other distribution (other than a dividend or distribution covered in Section
2(a) above);

               (ii) any cash paid or payable otherwise than as a cash dividend; or

               (iii) Common Stock or additional stock or other securities or property (including cash)
by way of spinoff, split-up, reclassification, combination of shares or similar corporate
rearrangement (other than shares of Common Stock pursuant to Section 2(a) above),
then and in each such case, the Holder hereof will, upon the exercise of this Warrant, be
entitled to receive, in addition to the number of shares of Common Stock receivable
thereupon, and without payment of any additional consideration therefor, the amount of stock
and other securities and property (including cash in the cases referred to in clauses (ii)
and (iii) above) which such Holder would hold on the date of such exercise had such Holder
been the holder of record of such Common Stock as of the date on which holders of Common
Stock received or became entitled to receive such shares or all other additional stock and
other securities and property.

               (b) Upon the occurrence of each adjustment pursuant to this Section 3, the Company at
its expense will, at the written request of the Holder, promptly compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment,
including a statement of the adjusted number or type of Warrant Shares or other securities issuable
upon exercise of this Warrant (as applicable), describing the transactions giving rise to such
adjustments and showing in detail the facts upon which such adjustment is

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based. Upon written request, the Company will promptly deliver a copy of each such
certificate to the Holder and to the Company’s transfer agent.

          4. FUNDAMENTAL TRANSACTIONS. The Company shall not enter into or be party to a
Fundamental Transaction unless the Successor Entity assumes this Warrant in accordance with the
provisions of this Section 4, including agreements to deliver to each holder of Warrants in
exchange for such Warrants a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant, including, without limitation, an
adjusted exercise price equal to the value for the shares of Common Stock reflected by the terms of
such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction, and satisfactory to the Holder. Upon the occurrence of any Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of
such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall
assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. In addition to and not in substitution for
any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to
which holders of shares of Common Stock are entitled to receive securities or other assets with
respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company shall make
appropriate provision to insure that the Holder will thereafter have the right to receive upon an
exercise of this Warrant at any time after the consummation of the Fundamental Transaction but
prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash,
assets or other property) purchasable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of stock, securities, cash, assets or any other property whatsoever
(including warrants or other purchase or subscription rights) which the Holder would have been
entitled to receive upon the happening of such Fundamental Transaction had the Warrant been
exercised immediately prior to such Fundamental Transaction. If holders of Common Stock are given
any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the consideration it receives upon any exercise of
this Warrant following such Fundamental Transaction. The provisions of this Section 4
shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and
shall be applied without regard to any limitations on the exercise of this Warrant. Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction other than one in which a
Successor Entity that is a publicly traded corporation whose stock is quoted or listed for trading
on an Eligible Market assumes this Warrant such that the Warrant shall be exercisable for the
publicly traded Common Stock of such Successor Entity, the Company or any Successor Entity shall,
at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the
consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the
Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of
this Warrant on the date of the consummation of such Fundamental Transaction. The terms of any
agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any
such successor or surviving entity to comply with the provisions of this Section 4 and insuring
that this Warrant (or any such

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replacement security) will be similarly adjusted upon any subsequent transaction analogous to
a Fundamental Transaction.

          5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will
not, by amendment of its Certificate of Incorporation, Bylaws or through any reorganization,
transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, and will at all times in good faith comply with all the
provisions of this Warrant and take all actions consistent with effectuating the purposes of this
Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the
Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable shares of
Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is
outstanding, take all action necessary to reserve and keep available out of its authorized and
unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant,
100% of the number of shares of Common Stock issuable upon exercise of this Warrant then
outstanding (without regard to any limitations on exercise).

          6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided
herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to
receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company.

          7. REISSUANCE OF WARRANTS.

               (a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall
surrender this Warrant to the Company and deliver the completed and executed Assignment Form, in
the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and
deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant
Shares being transferred by the Holder and, if less than the total number of Warrant Shares then
underlying this Warrant is being transferred, a new Warrant (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being
transferred.

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               (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary form and, in the case of mutilation, upon surrender and
cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in
accordance with Section 7(d)) representing the right to purchase the Warrant Shares then
underlying this Warrant.

               (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the principal office of the Company, for a new Warrant or
Warrants (in accordance with Section 7(d)) representing in the aggregate the right to
purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will
represent the right to purchase such portion of such Warrant Shares as is designated by the Holder
at the time of such surrender; provided, however, that no Warrants for fractional shares of Common
Stock shall be given. Notwithstanding anything to the contrary herein, in no event shall the
original Warrant be subdivided into more than three (3) separate Warrants and such new Warrants
shall not be further subdivided.

               (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this
Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase
the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued
pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the
Holder which, when added to the number of shares of Common Stock underlying the other new Warrants
issued in connection with such issuance, does not exceed the number of Warrant Shares then
underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions
as this Warrant.

          8. NOTICES. Whenever notice is required to be given under this Warrant, unless
otherwise provided herein, such notice shall be given in accordance with Section 7 of Annex
I to the Subscription Agreement.

          9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this
Warrant may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the written consent
of the Holder.

          10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in
accordance with, and all questions concerning the construction, validity, interpretation and
performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York.

          11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the
Company and the Holder and shall not be construed against any person as the

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drafter hereof. The headings of this Warrant are for convenience of reference and shall not
form part of, or affect the interpretation of, this Warrant.

          12. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of
receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If
the Holder and the Company are unable to agree upon such determination or calculation of the
Exercise Price or the Warrant Shares within three Business Days of such disputed determination or
arithmetic calculation being submitted to the Holder, then the Company shall, within two (2)
Business Days submit via facsimile (a) the disputed determination of the Exercise Price to an
independent, reputable investment bank selected by the Company and approved by the Holder, which
approval shall not be unreasonably withheld, or (b) the disputed arithmetic calculation of the
Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the
investment bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than ten Business Days
from the time it receives the disputed determinations or calculations. The prevailing party in any
dispute resolved pursuant to this Section 12 shall be entitled to the full amount of all reasonable
expenses, including all costs and fees paid or incurred in good faith, in relation to the
resolution of such dispute. Such investment bank’s or accountant’s determination or calculation,
as the case may be, shall be binding upon all parties absent demonstrable error.

          13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under
this Warrant, at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages
for any failure by the Company to comply with the terms of this Warrant.

          14. TRANSFER. Subject to applicable laws and the restrictions on transfer set forth
in the Subscription Agreement, this Warrant may not be offered for sale, sold, transferred or
assigned without the consent of the Company, such consent not to be unreasonably withheld or
delayed.

          15. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings:

               (a) “Black Scholes Value” means the value of this Warrant based on the Black and Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of
consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the
Expiration Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility
obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public
announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in
such calculation shall be the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any,

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being offered in such Fundamental Transaction and (D) a remaining option time equal to the
time between the date of the public announcement of the applicable Fundamental Transaction and the
Expiration Date.

               (b) “Bloomberg” means Bloomberg Financial Markets.

               (c) “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in The City of New York are authorized or required by law to remain closed.

               (d) “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the
Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an
extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security
prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not
the principal securities exchange or trading market for such security, the last closing bid price
or last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such
security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any
market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the
National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price
or the Closing Sale Price, as the case may be, of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar
transaction during the applicable calculation period.

               (e) “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share,
and (ii) any share capital into which such Common Stock shall have been changed or any share
capital resulting from a reclassification of such Common Stock.

               (f) “Convertible Securities” means any stock or securities (other than Options) directly or
indirectly convertible into or exercisable or exchangeable for shares of Common Stock.

               (g) “Eligible Market” means the Principal Market, The New York Stock Exchange, Inc., NYSE
Amex, The NASDAQ Global Market or The NASDAQ Capital Market.

               (h) “Expiration Date” means the date five (5) years following the Issuance Date or, if such
date falls on a day other than a Business Day or on which trading does not take place on the
Principal Market (a “Holiday”), the next date that is not a Holiday.

               (i) “Fundamental Transaction” means that the Company shall, directly or indirectly, in one or
more related transactions, (i) consolidate or merge with or into (whether

10

 

or not the Company is the surviving corporation) another Person (but excluding a migratory
merger effected solely for the purpose of changing the jurisdiction of incorporation of the
Company), or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all
of the properties or assets of the Company to another Person, or (iii) allow another Person to make
a purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the Person or
Persons making or party to, or associated or affiliated with the Persons making or party to, such
purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person whereby such other Person acquires more than the 50%
of the outstanding shares of Common Stock (not including any shares of Common Stock held by the
other Person or other Persons making or party to, or associated or affiliated with the other
Persons making or party to, such stock purchase agreement or other business combination), (v)
reorganize, recapitalize or reclassify its Common Stock, or (vi) any “person” or “group” (as these
terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock.

               (j) “Options” means any rights, warrants or options to subscribe for or purchase shares of
Common Stock or Convertible Securities.

               (k) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the
applicable Person and whose common stock or equivalent equity security is quoted or listed on an
Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the
Fundamental Transaction.

               (l) “Person” means an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization, any other entity and a government or any
department or agency thereof.

               (m) “Principal Market” means NYSE Amex.

               (n) “Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity)
formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected
by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been entered
into.

               (o) “Trading Day” means any day on which the Common Stock are traded on the Principal Market,
or, if the Principal Market is not the principal trading market for the Common Stock, then on the
principal securities exchange or securities market on which the Common Stock are then traded;
provided that “Trading Day” shall not include any day on which the Common Stock are scheduled to
trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are
suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the

11

 

closing time of trading on such exchange or market, then during the hour ending at 4:00:00
p.m., New York time).

[Signature Page Follows]

12

 

               IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly
executed as of the Issuance Date set out above.

	 	 	 	 	 	 

	 	 	INOVIO PHARMACEUTICALS, INC.
	 
	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	J. Joseph Kim
	 

	 	Title:
	 	President & Chief Executive Officer

 

 

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

INOVIO PHARMACEUTICALS, INC.

          The undersigned holder hereby exercises the right to purchase _________________ of the shares
of Common Stock (“Warrant Shares”) of Inovio Pharmaceuticals, Inc., a Delaware corporation (the
“Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set
forth in the Warrant.

          1. Form of Exercise Price. The Holder intends that payment of the Exercise Price
shall be made as:

          ____________     a “Cash Exercise” with respect to _________________ Warrant
Shares; and/or

          ____________     a “Cashless Exercise” with respect to _______________ Warrant
Shares.

          2. Payment of Exercise Price. In the event that the holder has elected a Cash
Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the holder
shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in
accordance with the terms of the Warrant.

          3. Delivery of Warrant Shares. The Company shall deliver to the holder __________
Warrant Shares in accordance with the terms of the Warrant and, after delivery of such Warrant
Shares, _____________ Warrant Shares remain subject to the Warrant.

Date: _______________ __, ______

                                                                    
            

       Name of Registered Holder

	 	 	 	 	 	 

	By:
	 	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	 
	 

	 	Title:	 	 

A-1

 

EXHIBIT B

ASSIGNMENT FORM

INOVIO PHARMACEUTICALS, INC.

          (To assign the foregoing Warrant, execute this form and supply required information. Do not
use this form to purchase shares.)

          FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

	 	 	 

	Name:	 	 
	 
	 	 
	 
	 	(Please Print)
	 	 	 
	Address:	 	 
	 
	 	 
	 
	 	(Please Print)

	 	 	 	 	 	 	 	 

	Dated:

	 	 	 	 	, 	 	 

	 	 	 	 	 

	Holder’s Signature:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Holder’s Address:
	 	 	 	 
	 

	 	 	 	 

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the
face of the Warrant, without alteration or enlargement or any change whatever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper
evidence of authority to assign the foregoing Warrant.

B-1exv10w1

Exhibit 10.1

January 24, 2011

Inovio Pharmaceuticals, Inc.

1787 Sentry Parkway West

Building 18, Suite 400

Blue Bell, PA 19422

Ladies and Gentlemen:

     The undersigned (the “Investor”) hereby confirms and agrees with you as follows:

     1. This Purchase Agreement (the “Agreement”) is made as of the date hereof between Inovio
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and the Investor that is a signatory
to this Agreement.

     2. The Company has authorized the sale and issuance of up to 21,130,400 shares (the “Offered
Shares”) of common stock, par value $0.001 per share (the “Common Stock”), and Warrants to purchase
up to 10,565,200 shares of Common Stock (the “Offered Warrants”). The Offered Shares and the
Offered Warrants will be sold together as units (“Units”), each Unit consisting of one share of
Common Stock and one Warrant to purchase 0.5 of a share of Common Stock. The Units will not be
certificated and the Offered Shares and the Offered Warrants shall be immediately separable and
transferable upon issuance. The Common Stock issuable upon exercise of the Offered Warrants is
herein referred to as the “Warrant Shares.” The Offered Shares, the Offered Warrants and the
Warrant Shares are collectively referred to herein as the “Offered Securities.” The offering of
the Offered Securities (the “Offering”) is being made pursuant to an effective shelf registration
statement on Form S-3 (SEC File No. 333-160123).

     3. The Company and the Investor agree that the Offering is being made subject to the execution
by the Company and the Placement Agent of the Placement Agency Agreement, delivery of the base
prospectus relating to the Offered Securities and delivery of additional offering information,
including pricing information. The Company and the Investor agree that the Investor will purchase
from the Company and the Company will issue and sell to the Investor the number of Offered
Securities set forth below the Investor’s name on Schedule I hereto, at a purchase price of $1.15
per Unit, pursuant to the Terms and Conditions for Purchase of Offered Securities attached hereto
as Annex I and incorporated herein by reference as if fully set forth herein. The Investor
acknowledges that the Offering is not being underwritten by the Placement Agent and that there is
no minimum offering amount. Shares of Common Stock will be credited to the Investor using
customary book-entry procedures. The executed Warrant will be delivered pursuant to the terms
thereof.

     4. The Investor represents that, except as set forth below, (a) it has had no position, office
or other material relationship within the past three years with the Company or persons known to it
to be affiliates of the Company, (b) except as set forth on Schedule II hereto, neither it, nor any
group of which it is a member or to which it is related, beneficially owns (including the right to
acquire or vote) any securities of the Company and (c) it is not a FINRA member or a person
associated with or affiliated with any FINRA member as of the date hereof.

 

 

     5. The Investor confirms that it has had full access to all filings made by the Company with
the Securities and Exchange Commission, including the registration statement and base prospectus
relating to the Offered Securities, and the documents incorporated by reference therein, and that
it was able to read, review, download and print each such filing.

2

 

     Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

	 	 	 	 	 	 	 	 	 

	 

	 	Name of Investor:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 
 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Austin W. Marxe	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:
	 	Authorized Signatory	 	 

	 	 	 	 	 

	AGREED AND ACCEPTED:	 	 
	 
	 	 	 	 
	INOVIO PHARMACEUTICALS, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Name:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Title:
	 	 	 	 
	 

	 	 

	 	 

3

 

SCHEDULE I

SCHEDULE OF INVESTORS

Name of Investor:

_______________________

Name of Individual Representing

Investor:

Austin W. Marxe

Title of Individual Representing

Investor:

Authorized Signatory

Address:      527 Madison Avenue, Suite 2600, New York, NY 10022

Telephone:      212-319-6670

Telecopier:      212-319-6677

	 	 	 	 	 
	Number of	 	Price Per	 	Aggregate
	Offered Units	 	Unit	 	Purchase
	to Be Purchased	 	In Dollars	 	Price
	 
	 	$1.15
	 	$

 

 

SCHEDULE II

SCHEDULE OF BENEFICIAL OWNERSHIP

     Please provide the number of securities of Inovio Pharmaceuticals, Inc. that you or your
organization will own immediately after Closing, including those Offered Securities purchased by
you or your organization pursuant to this Investor Purchase Agreement and those securities
purchased or acquired by you or your organization through other transactions and provide the number
of securities that you have or your organization has the right to acquire within 60 days of
Closing:

 

 

 

 

ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF OFFERED SECURITIES

     1. Agreement to Sell and Purchase the Offered Securities; Placement Agent.

     1.1 Upon the terms and subject to the conditions hereinafter set forth, at the Closing (as
defined in Section 2 below), the Company will sell to the Investor, and the Investor will purchase
from the Company, the number of units set forth on Schedule I of this Agreement below such
Investor’s name at the purchase price set forth therein.

     1.2 The Company may enter into agreements similar to this Agreement with certain other
investors (the “Other Investors”) and expects to complete sales of Offered Securities to them. The
Investor and the Other Investors hereinafter collectively are referred to as the “Investors,” and
this Agreement and the agreements executed by the Other Investors are hereinafter collectively
referred to as the “Agreements”. The Company may accept or reject any one or more Agreements in its
sole discretion.

     1.3 The Company has entered into a Placement Agency Agreement (the “Placement Agency
Agreement”) dated the date hereof with Roth Capital Partners, LLC in its capacity as Placement
Agent for the Offering (the “Placement Agent”), and the Company has agreed to pay the Placement
Agent a fee in respect of the sale of the units. The representations and warranties of the Company
in the Placement Agency Agreement are hereby incorporated by reference and the Company acknowledges
that the Investor has relied on such representations and warranties in determining to purchase the
Offered Securities.

     2. Delivery of the Offered Securities at Closing. The completion of the purchase and
sale of the Offered Securities (the “Closing”) shall take place at a place and time (the “Closing
Date”) to be specified by the Company and the Placement Agent, in accordance with Rule 15c6-1
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

          The Company’s obligation to issue and sell the Offered Securities at Closing to the Investor
shall be subject to the accuracy of the representations and warranties made by the Investor and the
fulfillment of those undertakings of the Investor to be fulfilled prior to the Closing.

          The Investor’s obligation to purchase the Offered Securities shall be subject to the condition
that the Placement Agent shall not have (a) terminated the Placement Agency Agreement pursuant to
the terms thereof or (b) determined that the conditions to closing in the Placement Agency
Agreement have not been satisfied.

          At the Closing, the Investor shall remit by wire transfer the amount of funds equal to the
aggregate purchase price for the Units being purchased by the Investor to the following account:

Genetronics, Inc.

Wells Fargo Bank, San Francisco, CA

Transit: 121000248

A/N: 4121149694

Swift: WFB1US6S

 

 

          Upon receipt of payment by, or on behalf of the Investor, the Company shall (a) deliver the
Offered Shares purchased by the Investor to the Investor through DTC directly to the account(s) of
the applicable DTC Holder as set forth on Annex II and (b) deliver the Offered Warrants to the
Investor at the address set forth on Annex II.

     3. Representations, Warranties and Covenants of the Company. The Company hereby
represents and warrants to, and covenants with, the Investor, as follows:

     3.1 The issuance and sale of each of the Offered Shares and the Offered Warrants have been
duly authorized by the Company, and the Offered Shares, when issued and paid for in accordance with
this Agreement, will be duly and validly issued, fully paid and nonassessable and will not be
subject to preemptive or similar rights. The Warrant Shares have been duly authorized and reserved
for issuance pursuant to the terms of the Offered Warrants, and the Warrant Shares, when issued by
the Company upon valid exercise of the Offered Warrants and payment of the exercise price, will be
duly and validly issued, fully paid and nonassessable and will not be subject to preemptive or
similar rights.

     3.2 Each of this Agreement and the Offered Warrants constitutes a valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, subject to the effect
of applicable bankruptcy, insolvency or similar laws affecting creditors’ rights generally and
equitable principles of general applicability.

     3.3 The Company shall not effect any offer or sale of any equity or equity-related securities
that would result in the transactions contemplated hereby becoming subject to stockholder approval
under the rules and regulations of FINRA or the NYSE Amex.

     4. Representations, Warranties and Covenants of the Investor. The Investor represents
and warrants to the Company as follows:

     4.1 The Investor has received the Company’s base prospectus relating to the Offered
Securities. The Investor acknowledges that the Investor has received certain additional
information regarding the Offering, including pricing information (the “Offering Information”).
Such Offering Information may be provided to the Investor by any means permitted under the
Securities Act of 1933, as amended, including through a prospectus supplement, a free writing
prospectus and oral communications.

     4.2 The Investor has full right, power, authority and capacity to enter into this Agreement
and to consummate the transactions contemplated hereby and has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, and this Agreement constitutes
a valid and binding obligation of the Investor enforceable against the Investor in accordance with
its terms, subject to the effect of applicable bankruptcy, insolvency or similar laws affecting
creditors’ rights generally and equitable principles of general applicability.

     4.3 The Investor is knowledgeable, sophisticated and experienced in making, and is qualified
to make, decisions with respect to investments in shares representing an investment decision like
that involved in the purchase of the Offered Securities and has, in connection with its decision to
purchase the number of Offered Securities set forth on Schedule I to the Agreement, relied solely
upon the registration statement, the base prospectus, the Offering Information and any amendments
or supplements thereto and has not relied upon any information provided by the Placement Agent.

     4.4 The Investor understands that nothing in the registration statement, the base prospectus,
the Offering Information and any amendments or supplements thereto, this Agreement or any other
materials presented to such Investor in connection with the purchase and sale of the Offered
Securities

A-2

 

constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of Offered Securities.

     4.5 From and after obtaining knowledge of the sale of the Offered Securities contemplated
hereby, the Investor has not engaged in any purchases or sales of the securities of the Company
(including, without limitation, any Short Sales (as defined herein) involving the Company’s
securities), and has not violated its obligations of confidentiality. The Investor covenants that
it will not engage in any purchases or sales of the securities of the Company (including Short
Sales) or disclose any information about the contemplated offering (other than to its advisors that
are under a legal obligation of confidentiality) prior to the time that the transactions
contemplated by this Agreement are publicly disclosed. The Investor agrees that it will not use
any of the Offered Securities acquired pursuant to this Agreement to cover any short position in
the Common Stock if doing so would be in violation of applicable securities laws. For purposes
hereof, “Short Sales” include, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and all
types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, short
sales, swaps, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and
similar arrangements (including on a total return basis), and sales and other transactions through
non-US broker dealers or foreign regulated brokers.

     5. Survival of Representations, Warranties and Agreements. Notwithstanding any
investigation made by any party to this Agreement, all covenants, agreements, representations and
warranties made by the Company and the Investor herein shall survive the execution of this
Agreement, the delivery to such Investor of the Offered Securities being purchased and the payment
therefor.

     6. Notices. All notices, requests, consents and other communications hereunder shall
be in writing, shall be mailed (A) if within domestic United States, by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile, or (B) if delivered from outside the United States, by International Federal Express or
facsimile, and shall be deemed given (i) if delivered by first-class registered or certified mail
domestic, three business days after so mailed, (ii) if delivered by a nationally recognized
overnight carrier, one business day after so mailed, (iii) if delivered by International Federal
Express, two business days after so mailed, (iv) if delivered by facsimile, upon electronic
confirmation of receipt and shall be delivered as addressed as follows: (a) if to the Company, at
the office of the Company, 1787 Sentry Parkway West, Building 18, Suite 400, Blue Bell,
Pennsylvania 19422; and (b) if to an Investor, at its address on Schedule I hereto, or at such
other address or addresses as may have been furnished to the Company in writing by such Investor.

     7. Changes. This Agreement may not be modified or amended except pursuant to an
instrument in writing signed by the Company and the Investor.

     8. Headings. The headings of the various sections of this Agreement have been
inserted for convenience or reference only and shall not be deemed to be part of this Agreement.

     9. Severability. In case any provision contained in this Agreement should be invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired thereby.

     10. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without giving effect to the principles of
conflicts of law.

A-3

 

     11. Counterparts; Facsimile. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when taken together,
shall constitute one instrument, and shall become effective when one or more counterparts have been
signed by each party hereto and delivered to the other parties. Facsimile signatures shall be as
effective as original signatures.

     12. Termination. In the event that the Placement Agency Agreement is terminated by
the Placement Agent pursuant to the terms thereof, this Agreement shall terminate without any
further action on the part of the parties hereto.

A-4

 

Annex II

INOVIO PHARMACEUTICALS, INC.

INVESTOR QUESTIONNAIRE

     Pursuant to Annex I to the Agreement, please provide us with the following
information:

	 	 	 	 	 

	1.

	 	The exact name that your Shares and Warrants are to be registered
in. You may use a nominee name if appropriate:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	2.

	 	The relationship between the Investor and the registered holder
listed in response to item 1 above:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	3.

	 	The mailing address of the registered holder listed in response to
item 1 above:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	4.

	 	The Social Security Number or Tax Identification Number of the
registered holder listed in the response to item 1 above:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	5.

	 	Name of DTC Participant (broker-dealer at which the account or
accounts to be credited with the Shares are maintained):
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	6.

	 	DTC Participant Number:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	7.

	 	Name of Account at DTC Participant being credited with the Shares:
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	8.

	 	Account Number at DTC Participant being credited with the Shares:

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