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

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced the grant of a non-qualified stock option to a new employee for 8,400 shares at an exercise price of $6.03 per share, equivalent to the closing stock price on October 29, 2021. This grant is part of the company’s Inducement Equity Incentive Plan, designed to attract new talent. The stock options will vest over four years, with 25% vesting after the first year and 6.25% quarterly thereafter. ImmunoGen focuses on developing antibody-drug conjugates to enhance cancer treatment outcomes.

Positive

• Stock option grant of 8,400 shares may attract talent.
• Exercise price matches the stock's closing price, indicating no immediate dilution.

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 October 29, 2021 the compensation committee of the Company’s Board of Directors granted a non-qualified stock option award to purchase 8,400 shares of its common stock to a new employee 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 $6.03 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on October 29, 2021. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211101006016/en/

INVESTOR RELATIONS AND MEDIA CONTACTS

ImmunoGen

Courtney O’Konek

781-895-0600

courtney.okonek@immunogen.com



OR



FTI Consulting

Robert Stanislaro

212-850-5657

robert.stanislaro@fticonsulting.com

Source: ImmunoGen Inc.

FAQ

What is ImmunoGen's stock symbol?

ImmunoGen's stock symbol is IMGN.

What was the exercise price for the stock options granted?

The exercise price for the stock options granted was $6.03 per share.

When did ImmunoGen grant the stock options?

The stock options were granted on October 29, 2021.

How many shares were granted to the new employee?

A total of 8,400 shares were granted to the new employee.

What is the purpose of the Inducement Equity Incentive Plan?

The Inducement Plan is used to grant equity awards to attract new employees to ImmunoGen.