OvaScience Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
WALTHAM, Mass.–(BUSINESS WIRE)–OvaScienceSM (NASDAQ: OVAS), a global fertility company focused on the
discovery, development and commercialization of new treatment options,
today announced the grant of an inducement awards to its newly appointed
Chief Financial Officer, Christophe Couturier, and Executive Vice
President, Regulatory, Clinical, Medical Affairs and Quality Assurance,
Karen Long. The awards were approved by OvaScience’s Compensation
Committee on September 8, 2016 as an inducement material to each of them
entering into employment with the Company, as permitted under NASDAQ
Listing Rule 5635(c)(4).
The inducement grant to Mr. Couturier consisted of an option to purchase
up to 200,000 shares of common stock and the inducement grant to Ms.
Long consisted of an option to purchase up to 120,000 shares of common
stock. The inducement grants are exercisable at a price of $7.15 per
share, equal to the closing price per share of OvaScience’s common stock
as reported by NASDAQ on September 8, 2016. The stock options vest over
four years, with 25% of the shares vesting on September 6, 2017 for Mr.
Couturier and 25% of the shares vesting on August 22, 2017 for Ms. Long,
and an additional 6.25% of the shares vesting at the end of each
subsequent quarter thereafter, subject to each executive’s continued
service relationship with OvaScience through the applicable vesting
dates.
In addition, OvaScience also announced the grant of inducement awards to
purchase an aggregate of 407,500 shares of its common stock to 18 newly
hired employees. These grants were also made in accordance with NASDAQ
Listing Rule 5635(c)(4). The awards were approved by OvaScience’s
Compensation Committee on September 8, 2016 as an inducement material to
each employee’s acceptance of employment with the Company in accordance
with NASDAQ Listing Rule 5635(c)(4). These new hire inducement grants
are exercisable at a price of $7.15 per share, equal to the closing
price per share of OvaScience’s common stock as reported by NASDAQ on
September 8, 2016. These stock options will vest over four years, with
25% of the shares vesting on the one-year anniversary of each employee’s
hire date and an additional 6.25% of the shares vesting at the end of
each subsequent quarter thereafter, subject to the new employee’s
continued service relationship with the Company through the applicable
vesting dates.
About OvaScience
OvaScience, Inc. (NASDAQ: OVAS) is a global
fertility company dedicated to improving treatment options for women
around the world. OvaScience is discovering, developing and
commercializing new fertility treatments because it believes women
deserve more options. Each OvaScience treatment is based on the
Company’s proprietary technology platform that leverages the
breakthrough discovery of egg precursor (EggPCSM) cells –
immature egg cells found inside the protective ovarian lining. The
AUGMENTSM treatment, a fertility option specifically designed
to improve egg health, is available in certain IVF clinics in select
international regions. OvaScience is developing the OvaPrimeSM treatment,
which could increase a woman’s egg reserve, and the OvaTureSM treatment,
a potential next-generation IVF treatment that could help a woman
produce healthy, young, fertilizable eggs without hormone injections.
OvaScience treatments are not available in the U.S.
Contacts
Media and Investor Contact:
OvaScience
Jennifer
Viera, 617-420-8748
jviera@ovascience.com
