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

Rhea-AI Summary

ImmunoGen, Inc. (Nasdaq: IMGN) announced on February 28, 2022, that its compensation committee approved stock options for 198,300 shares to three new employees under the Inducement Equity Incentive Plan. The options have an exercise price of $5.64 per share, equal to ImmunoGen's closing stock price on that date. Vests over four years, with an initial 25% vesting after one year. The Inducement Plan is specifically designed for new hires to incentivize their employment with ImmunoGen.

Positive

• Approval of 198,300 stock options for new employees may enhance talent acquisition.
• Stock options granted at the current market price of $5.64 per share aligns interests of new employees with shareholders.

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 February 28, 2022, the compensation committee of the Company’s Board of Directors approved grants of non-qualified stock option awards to purchase an aggregate of 198,300 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 $5.64 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on February 28, 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/20220301005852/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 stock option grants did ImmunoGen announce on February 28, 2022?

ImmunoGen announced stock option grants for 198,300 shares to three new employees under the Inducement Equity Incentive Plan.

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

The stock options have an exercise price of $5.64 per share, which is equal to the closing price on February 28, 2022.

What does the Inducement Equity Incentive Plan by ImmunoGen entail?

The Inducement Plan is used for granting equity awards to individuals who are new hires as an inducement to join ImmunoGen.

How will the stock options granted by ImmunoGen vest?

The stock options will vest over four years, with 25% vesting on the one-year anniversary of the grant and 6.25% vesting quarterly thereafter.