ImmunoGen Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced the granting of non-qualified stock option awards for 51,500 shares to three new employees under its Inducement Equity Incentive Plan on November 30, 2020. The stock options, priced at $5.45 per share, match the closing price on that date. The options vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly, contingent on the employees' continued employment. This initiative complies with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to advance ImmunoGen's focus on antibody-drug conjugates for cancer treatment.

Positive

• Attracts new talent with stock options, potentially enhancing company capabilities.
• Stock options priced at $5.45, aligning with market value, reducing immediate dilution risk.

Negative

• None.

WALTHAM, Mass.--(BUSINESS WIRE)--ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that on November 30, 2020 the compensation committee of the Company’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 51,500 shares of its common stock to three new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan (the “Inducement Plan”). The stock options were granted as an inducement material to the new employee’s becoming an employee of ImmunoGen in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of ImmunoGen (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The options have an exercise price of $5.45 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on November 30, 2020. Each option will vest over a four-year period, with 25% of the shares vesting on the one year anniversary of the date of grant, and thereafter an additional 6.25% of the shares vesting on each succeeding quarterly anniversary of the date of grant, subject to such employee’s continued employment with ImmunoGen on such vesting dates. Each option is subject to the terms and conditions of the Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

ABOUT IMMUNOGEN

ImmunoGen is developing the next generation of antibody-drug conjugates to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to “target a better now.”

Learn more about who we are, what we do, and how we do it at www.immunogen.com.