Market Overview

GenVec Reports Inducement Award

GenVec, Inc. (NASDAQ: GNVC) announced today that on May 23, 2012 it granted an option to purchase shares of its common stock to Cynthia Collins, its newly appointed President and Chief Executive Officer. The option grant was approved by the Compensation Committee of GenVec's Board of Directors and the Board of Directors, and was made as an inducement material to Ms. Collins's acceptance of employment with GenVec in accordance with NASDAQ Listing Rule 5635(c)(4).

The option allows for the purchase of up to 250,000 shares of GenVec's common stock at an exercise price per share equal to $2.54, the closing price of the Company's common stock on May 23, 2012. The option has a ten-year term and will vest and become exercisable as to one-eighth (1/8th) of the shares of common stock covered by the option on the six month anniversary of the grant date and, on the first day of each month thereafter, the option will vest and become exercisable as to an additional one-forty-eighth (1/48th) of the shares of common stock covered by the option until the option is fully exercisable.

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