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

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced the granting of a non-qualified stock option award for 16,800 shares as part of its Inducement Equity Incentive Plan to a new employee on December 31, 2021. The option has an exercise price of $7.42, aligning with the stock's closing price on that date. The options will vest over four years, with 25% vesting after one year and the remainder vesting quarterly, contingent on continued employment. This plan is designed to attract new talent to ImmunoGen.

Positive

• Non-qualified stock option award granted to new employee.
• Stock option price aligns with current market value at $7.42.
• Vesting schedule incentivizes long-term employee retention.

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 December 31, 2021 the compensation committee of the Company’s Board of Directors granted a non-qualified stock option award to purchase 16,800 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 $7.42 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on December 31, 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/20220103005412/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 stock option award was granted by ImmunoGen on December 31, 2021?

ImmunoGen granted a non-qualified stock option award for 16,800 shares to a new employee.

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

The exercise price of the stock options is $7.42 per share.

How does the vesting schedule work for the stock options granted by ImmunoGen?

The options will vest over four years, with 25% vesting after one year and an additional 6.25% vesting quarterly thereafter.

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

The Inducement Plan is designed to grant equity awards to individuals who were not previously employees to attract new talent.