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

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced on January 29, 2021, the grant of non-qualified stock options to two new employees totaling 83,600 shares under its Inducement Equity Incentive Plan. The options, with an exercise price of $7.13 per share, equal the closing price on the grant date. Vesting occurs over four years, with 25% vesting after one year and 6.25% quarterly thereafter, based on continued employment status. This program complies with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent as ImmunoGen advances its antibody-drug conjugate therapies for improved cancer treatment.

Positive

• Granting stock options demonstrates ImmunoGen's commitment to attracting new talent.
• The exercise price matches the market price, indicating fair value for new hires.

Negative

• None.

ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that on January 29, 2021 the compensation committee of the Company’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 83,600 shares of its common stock to two four 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 $7.13 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on January 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.

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FAQ

What stock options were granted by ImmunoGen on January 29, 2021?

ImmunoGen granted non-qualified stock options to purchase an aggregate of 83,600 shares to two new employees.

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

The exercise price of the stock options is $7.13 per share.

How long will it take for the stock options granted to vest?

The stock options will vest over four years, starting with 25% after one year.

What is the purpose of ImmunoGen's Inducement Equity Incentive Plan?

The Inducement Equity Incentive Plan is designed to grant equity awards to new employees as an inducement to join ImmunoGen.

What is Nasdaq Listing Rule 5635(c)(4) related to ImmunoGen's stock options?

Nasdaq Listing Rule 5635(c)(4) allows companies to grant stock options to new employees as a material inducement for employment.