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

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced on March 31, 2021, that it granted non-qualified stock options for 29,500 shares of common stock to two new employees as part of its Inducement Equity Incentive Plan. This action complies with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $8.10 per share, equal to the closing price on the grant date. The options will vest over four years, beginning with 25% vesting after one year and the remainder vesting quarterly, contingent on ongoing employment.

Positive

• Grant of 29,500 stock options to incentivize new employees.
• Exercise price set at $8.10, aligning with the market rate on the grant date.
• Equity awards are a strategic move to attract talent.

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 March 31, 2021 the compensation committee of the Company’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 29,500 shares of its common stock to two 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 $8.10 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on March 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.

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FAQ

What is the recent stock option grant by ImmunoGen?

On March 31, 2021, ImmunoGen granted stock options for 29,500 shares to new employees.

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

The exercise price for the stock options is $8.10 per share.

How long will the stock options vest for ImmunoGen's employees?

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

Why did ImmunoGen issue stock options to new employees?

The stock options were granted as an inducement for new employees to join the company.

Under which plan were the stock options granted at ImmunoGen?

The stock options were granted under ImmunoGen's Inducement Equity Incentive Plan.