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 award to
its newly appointed Executive Vice President, Human Resources, Toni
Spinazzola. The award was approved by the Board’s Compensation Committee
on June 1, 2016 and ratified by the full Board on June 2, 2016 as an
inducement material to her entering into employment with the Company, as
permitted under NASDAQ Listing Rule 5635(c)(4). The inducement grant to
Ms. Spinazzola consisted of an option to purchase up to 100,000 shares
of common stock. The inducement grant is exercisable at a price of $7.30
per share, equal to the closing price per share of OvaScience’s common
stock as reported by NASDAQ on June 1, 2016. The stock options vest over
four years, with 25% of the shares vesting on May 16, 2017 and an
additional 6.25% of the shares vesting at the end of each subsequent
quarter thereafter, subject to Ms. Spinazzola’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 244,450 shares of its common stock to 19 newly
hired employees. These grants were also made in accordance with NASDAQ
Listing Rule 5635(c)(4). The awards were approved by the Board’s
Compensation Committee on June 1, 2016 and ratified by the full Board on
June 2, 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 $7.30 per share, equal to the closing price per share of OvaScience’s
common stock as reported by NASDAQ on June 1, 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 has commenced a non-commercial
preceptorship training program with the OvaPrimeSM treatment,
which could increase a woman’s egg reserve, and is developing 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.
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Contacts
Media and Investor Contact:
OvaScience
Rebecca
J. Peterson, 617-420-8736
rpeterson@ovascience.com
