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

Rhea-AI Summary

On March 31, 2022, ImmunoGen, Inc. (NASDAQ: IMGN) announced the grant of non-qualified stock options to purchase 218,500 shares of common stock to three new employees under its Inducement Equity Incentive Plan. The options have an exercise price of $4.76 per share, equal to the closing stock price on the grant date. Options vest over four years, with 25% vesting after one year and subsequent quarterly vesting. The Inducement Plan aims to attract talent by providing equity awards to new hires, in line with Nasdaq Listing Rule 5635(c)(4).

Positive

• New stock options grant aims to attract talent.
• Options priced at $4.76 per share, reflecting market value.

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• 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 March 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 218,500 shares of its common stock to three 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 $4.76 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on March 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/20220401005334/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 did ImmunoGen announce on March 31, 2022?

ImmunoGen announced the grant of non-qualified stock options to three new employees to purchase 218,500 shares of common stock.

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

The exercise price of the stock options is $4.76 per share.

How long will the stock options vest for new employees?

The stock options will vest over a four-year period.

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

The plan is designed to grant equity awards to new hires as an inducement to join the company.