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

Rhea-AI Summary

On November 22, 2021, ImmunoGen Inc. granted non-qualified stock options to purchase 327,700 shares to ten new employees under its Inducement Equity Incentive Plan. The options have an exercise price of $5.06 per share, equal to the closing price on that day. These stock options are intended as an inducement for employment and will vest over four years. ImmunoGen specializes in antibody-drug conjugates aimed at improving cancer treatment outcomes.

Positive

• Granting of 327,700 stock options indicates growth and recruitment efforts.
• Stock options at $5.06 reflect confidence in current stock price.
• Vesting schedule ensures retention of new employees over four years.

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 22, 2021 the compensation committee of the Company’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 327,700 shares of its common stock to ten 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 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 $5.06 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on November 22, 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/20211124005658/en/

INVESTOR RELATIONS AND MEDIA

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 did ImmunoGen announce on November 22, 2021?

ImmunoGen announced the granting of 327,700 stock options to ten new employees under its Inducement Equity Incentive Plan.

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

The exercise price of the stock options is $5.06 per share.

How will the stock options granted by ImmunoGen vest?

The stock options will vest over a four-year period, with 25% vesting after one year and 6.25% vesting quarterly thereafter.

What is the purpose of the Inducement Equity Incentive Plan by ImmunoGen?

The Inducement Equity Incentive Plan is used for granting equity awards to individuals not previously employed by ImmunoGen as an inducement for their employment.