EVFM 2018 Proxy Statement

20 Kelly Culwell, M.D. Dr. Culwell’s employment with the Company is at-will. Dr. Culwell is eligible to participate in the Company’s 401K plan, to receive paid vacation each year and to participate in other benefit plans and programs generally available to the Company’s employees. The Merger did not constitute a “change in control” for the purposes of the above described Evofem Operations employment arrangements. The Evofem Operations offer letters and severance agreements described above are currently in effect and will remain in effect until amended by our board of directors. Outstanding Equity Awards at December 31, 2017 The following table presents the outstanding equity awards held by our named executive officers as of December 31, 2017, and includes outstanding equity awards held by the principal executive officer and the two most highly compensated executive officers of Evofem Operations as of December 31, 2017, giving retroactive effect to the Merger. Option Awards Name Number of Securities Underlying Unexercised Options Exercisable (1) Number of Securities Underlying Unexercised Options Unexercisable (2) Option Exercise price Option Expiration date Susan A. Knudson 5,119 (3) — $7.32 2/11/2020 5,544 (3) — $8.05 2/6/2024 4,160 (3) — $27.45 7/17/2024 2,454 (3) — $40.74 2/10/2025 5,146 (3) — $40.74 2/10/2025 7,500 (3) — $5.82 2/4/2026 11,655 (3) — $8.58 3/2/2027 5,011 (3) — $8.58 3/2/2027 5,249 (3) — $13.62 6/22/2027 5,583 (3) — $13.62 6/22/2027 Maria Feldman 3,583 (3) — $8.05 3/10/2024 2,454 (3) — $40.74 2/10/2025 545 (3) — $40.74 2/10/2025 4,166 (3) — $5.82 2/4/2026 11,655 (3) — $8.58 3/2/2027 3,345 (3) — $8.58 3/2/2027 4,724 (3) — $13.62 3/22/2027 18,608 (3) — $13.62 3/22/2027 Saundra Pelletier 6,719 (4) — $79.87 6/3/2023 9,994 (5) — $46.36 9/28/2026 10,821 (6) 8,428 (6) $46.36 9/28/2026 4,009 (7) 8,824 (7) $46.36 9/28/2026 Justin J. File 7,209 (8) 5,624 (8) $46.36 9/28/2026 3,205 (9) 7,061 (9) $46.36 9/28/2026 Kelly Culwell, M.D. 4,322 (10) 3,377 (10) $46.36 9/28/2016 (1) The number of shares under the option that have vested. (2) The number of shares under the option that have not vested. (3) Pursuant to the 2014 Plan, all options issued under the 2014 Plan are immediately exercisable regardless of whether they have vested. (4) The share numbers and exercise prices reflected are those of options issued to the executive upon completion of the Merger in January 2018. These options were issued upon completion of the Merger in exchange for options to purchase 261,784 shares of Evofem Operations common stock, which were fully vested upon grant, at an exercise price of $2.05 per share awarded to the executive by Evofem Operations in 2013. (5) The share numbers and exercise prices reflected are those of options issued to the executive upon completion of the Merger in January 2018. These options were issued upon completion of the Merger in exchange for options to