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

Rhea-AI Summary

ImmunoGen, Inc. (NASDAQ: IMGN) announced the grant of 687,700 non-qualified stock options to 17 new employees on October 31, 2022, under its Inducement Equity Incentive Plan. The options, priced at $5.94 per share, equal to the closing stock price on that date, will vest over four years. This strategic move aligns with Nasdaq Listing Rule 5635(c)(4), aimed at attracting talent to enhance ImmunoGen's focus on developing advanced antibody-drug conjugates for cancer treatment.

Positive

• Granting 687,700 stock options to new employees enhances recruitment efforts.
• Stock options are priced attractively at $5.94, matching the market price.

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 31, 2022, the compensation committee of the Company’s Board of Directors approved grants of non-qualified stock option awards to purchase an aggregate of 687,700 shares of its common stock to seventeen new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the “Inducement Plan”). The stock options were granted as an inducement material to the new employees’ becoming employees 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 $5.94 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on October 31, 2022. 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/20221101006101/en/

INVESTOR RELATIONS CONTACT

ImmunoGen

Anabel Chan

781-895-0600

anabel.chan@immunogen.com

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 the significance of the stock options granted by ImmunoGen on October 31, 2022?

The stock options are part of an effort to attract new talent under the Inducement Equity Incentive Plan, compliant with Nasdaq Listing Rule 5635(c)(4).

What is the exercise price for the stock options granted by ImmunoGen?

The exercise price for the stock options is $5.94 per share, equal to the closing price on October 31, 2022.

How will the stock options granted by ImmunoGen vest?

The stock options will vest over a four-year period, with 25% vesting on the one-year anniversary and an additional 6.25% vesting quarterly thereafter.

How many employees received stock options from ImmunoGen?

Seventeen new employees received the stock options from ImmunoGen.