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

Rhea-AI Summary

ImmunoGen, Inc. announced on March 31, 2023, that its Compensation Committee granted non-qualified stock options for 106,600 shares and RSUs for 7,800 shares to three new employees under the Inducement Equity Incentive Plan. The options have an exercise price of $3.84 per share, equal to the closing price on that date. Vesting for options and RSUs occurs over a four-year period, with 25% vesting on the first anniversary and the remainder vesting quarterly or annually thereafter. This plan incentivizes new talent as ImmunoGen continues to focus on developing advanced antibody-drug conjugates for cancer treatment.

Positive

• Grants of stock options and RSUs to new employees may enhance personnel quality.
• Options and RSUs align employee interests with shareholder value.

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 March 31, 2023, the Compensation Committee of the Company’s Board of Directors approved, in aggregate, grants of non-qualified stock option awards to purchase 106,600 shares of its common stock and restricted stock units (“RSUs”) covering 7,800 shares of its common stock to three new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the “Inducement Plan”).

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 $3.84 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on March 31, 2023. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the grant date and as to an additional 6.25% of the shares underlying the option quarterly thereafter, subject to each such employee’s continued employment on each vesting date. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to such employee’s continued employment on each such vesting date. Each option and RSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of a stock option agreement and an RSU agreement covering the respective grants.

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/20230403005180/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 announced by ImmunoGen on March 31, 2023?

ImmunoGen announced the grant of stock options and RSUs to new employees.

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

The exercise price for the stock options is $3.84 per share.

How many shares were granted as stock options by ImmunoGen?

106,600 shares were granted as stock options.

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

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

What percentage of the stock options granted by ImmunoGen vests on the first anniversary?

25% of the stock options vest on the first anniversary.