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

Rhea-AI Summary

ImmunoGen, Inc. announced the approval of non-qualified stock option awards totaling 960,000 shares for Dr. Michael J. Vasconcelles and 226,950 shares for nine new employees. The Vasconcelles Options have an exercise price of $5.16, while the Employee Options are priced at $4.96, both reflecting the closing stock price on their respective grant dates. Vesting occurs over four years, with 25% vesting annually. These grants are part of the Inducement Equity Incentive Plan aimed at attracting new talent to the company.

Positive

• Approval of 960,000 stock options for Dr. Vasconcelles and 226,950 for new employees indicates strong talent acquisition.
• Stock options exercise prices align with recent market performance, potentially benefiting the company financially.

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 29, 2022, and in connection with the previously announced appointment of Michael J. Vasconcelles, MD as ImmunoGen’s Executive Vice President, Research, Development, and Medical Affairs, the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) approved grants of non-qualified stock option awards to purchase 960,000 shares of its common stock (the “Vasconcelles Options”) under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the “Inducement Plan”).

In addition, ImmunoGen announced that on December 30, 2022, the Compensation Committee approved grants of non-qualified stock option awards to purchase an aggregate of 226,950 shares of its common stock (the “Employee Options”) to nine new employees under the Inducement Plan.

The Vasconcelles Options have an exercise price of $5.16 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on December 29, 2022. The Employee Options have an exercise price of $4.96 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on December 30, 2022. In each case, 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 applicable grant.

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 individuals’ entering into employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Vasconcelles Options and the Employee Options were granted as such inducement material to Dr. Vasconcelles and the other new employees, respectively, becoming employees of ImmunoGen.

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/20230104005886/en/

INVESTOR RELATIONS

ImmunoGen

Anabel Chan

781-895-0600

anabel.chan@immunogen.com



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 was the purpose of the stock options granted by ImmunoGen on December 29, 2022?

The stock options were granted as inducements for Dr. Michael J. Vasconcelles and new employees to join ImmunoGen.

What are the exercise prices of the stock options granted to ImmunoGen's new employees?

The exercise price for Dr. Vasconcelles' options is $5.16, and for the other new employees, it is $4.96.

How many shares were granted in the recent stock option awards by ImmunoGen?

ImmunoGen granted a total of 1,186,950 shares in stock options, comprising 960,000 for Dr. Vasconcelles and 226,950 for new employees.

What is the vesting schedule for the stock options granted by ImmunoGen?

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