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.
