Waltham, Massachusetts 02451 RE: Termination of Advisory Agreement Dear Michelle:
Exhibit 10.4
HIGHLY CONFIDENTIAL
April 30, 2018
April 30, 2018
Xxxxxxxx Xxxx, M.D.
c/o OvaScience, Inc.
0 Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxxxxx 00000
RE: Termination of Advisory Agreement
Dear Xxxxxxxx:
You and OvaScience, Inc. (the “Company”) are parties to that certain Advisory Agreement governing your advisory services to the Company dated June 21, 2017 (as amended August 3, 2017) (the “Advisory Agreement”). We have agreed to terminate the Advisory Agreement in accordance with the terms set forth herein.
As further described herein, we agree to the following terms, which have been approved by our Board of Directors:
1. | Termination of the Advisory Agreement and Waiver of Retainer. |
The Advisory Agreement and your advisory services to the Company will be terminated as of the date hereof. You acknowledge you have been fully paid for your services through December 31, 2017 in accordance with Section 1(c)(i) of the Advisory Agreement and that you agree to forego the $250,000 retainer due to you for the period beginning January 1, 2018 and ending December 31, 2018 under Section 1(c)(ii) of the Advisory Agreement.
2. | Waiver of Bonus Payment Under the Advisory Agreement. |
You agree to waive the discretionary cash bonus for Fiscal 2017 based on your 2017 performance in the amount of up to $300,000 that you were entitled to under your employment agreement with the Company dated January 5, 2016 (the “Employment Agreement”) and that you continued to be eligible to receive under Section 1(c)(iv) of the Advisory Agreement.
3. | Option Vesting and Exercisability. |
Notwithstanding anything set forth in the Advisory Agreement, all outstanding options granted to you prior to the date hereof set forth on Exhibit A hereto (the “Outstanding Options”), shall become 100% fully vested and shall remain exercisable until each Outstanding Option’s Expiration Date set forth on Exhibit A, and otherwise in accordance with their terms.
If this letter correctly sets forth your understanding regarding the termination of your Advisory Agreement with the Company, please sign the enclosed duplicate of this letter in the space provided below and return it to me.
Sincerely,
/s/ Xxxxx Xxxxxxx
Name: Xxxxx Xxxxxxx
Title: CEO
The foregoing correctly sets forth the terms regarding the termination of my Advisory Agreement with OvaScience, Inc. I am not relying on any representation other than those set forth above.
/s/ Xxxxxxxx Xxxx April 30, 2018
Xxxxxxxx Xxxx, M.D. Date
Exhibit A
Outstanding Options
Grant Date | Number of Shares | Exercise Price | Expiration Date |
December 5, 2012 | 339,313 | $7.80 | December 4, 2022 |
June 13, 2014 | 23,724 | $8.43 | June 12, 2024 |
June 13, 2014 | 476,276 | $8.43 | June 12, 2024 |
December 9, 2014 | 200,000 | $32.36 | December 8, 2024 |
March 2, 2017 | 150,000 | $1.49 | March 2, 2027 |
June 21, 2017 | 133,505 | $1.46 | June 21, 2027 |
June 21, 2017 | 41,495 | $1.46 | June 21, 2027 |