WALTHAM, Mass.--(BUSINESS WIRE)--OvaScience℠, Inc. (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 Chief Executive Officer Elect, Christopher Kroeger. The award was approved by OvaScience’s Compensation Committee on June 21, 2017 as an inducement material to him entering into employment with the Company, as permitted under NASDAQ Listing Rule 5635(c)(4).
The inducement grant to Mr. Kroeger consisted of an option to purchase up to 1,783,106 shares of common stock. The inducement grant options are exercisable at a price of $1.46 per share, equal to the closing price per share of OvaScience’s common stock as reported by NASDAQ on June 21, 2017. The inducement stock options vest over about 5 years and 7 months, subject to continued service with the Company through the applicable vesting dates, pursuant to the following vesting schedule: (i) 1,069,864 of the shares subject to option will vest over the period from June 21, 2017 to June 21, 2021: with 25% of such shares vesting on June 21, 2018 and 6.25% of such shares vesting each quarter thereafter; (ii) 356,621 of the shares subject to option will vest over the period from June 21, 2017 through January 31, 2022, with 25% of such shares vesting on January 31, 2019 and 6.25% of such shares vesting each quarter thereafter; and (iii) 356,621 of the shares subject to the option will vest over the period from June 21, 2017 through January 31, 2023, with 25% of such shares vesting on January 31, 2020 and 6.25% of such shares vesting each quarter thereafter.
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 (EggPC℠) cells – immature egg cells found inside the protective ovarian lining. OvaScience is developing OvaTure℠, a potential next-generation in vitro fertilization (IVF) treatment that could help a woman produce healthy, young, fertilizable eggs without hormone injections and OvaPrime℠, which could increase a woman’s egg reserve. OvaScience’s AUGMENT℠ treatment is a fertility option designed to improve IVF success rates. OvaScience treatments are not available in the U.S. For more information, visit www.ovascience.com.