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

Rhea-AI Summary

ImmunoGen, Inc. has announced the grant of stock options to purchase 1,295,950 shares to 27 new employees, effective June 30, 2022, under its Inducement Equity Incentive Plan. This move aligns with Nasdaq Listing Rule 5635(c)(4) and is designed to attract new talent. The options have an exercise price of $4.50 per share, equal to the company's closing stock price on the grant date, and will vest over four years. ImmunoGen focuses on developing antibody-drug conjugates aimed at improving cancer treatment outcomes.

Positive

• Grant of stock options to 27 new employees may enhance talent acquisition.
• Stock options priced at $4.50 reflect the company’s current market value, potentially aligning interests.

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 June 30, 2022, the compensation committee of the Company’s Board of Directors approved grants of non-qualified stock option awards to purchase an aggregate of 1,295,950 shares of its common stock to twenty-seven 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 $4.50 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on June 30, 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/20220701005068/en/

INVESTOR RELATIONS CONTACT

ImmunoGen

Anabel Chan

781-895-0600

anabel.chan@immunogen.com

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 options did ImmunoGen grant on June 30, 2022?

ImmunoGen granted stock options to purchase an aggregate of 1,295,950 shares to 27 new employees under its Inducement Equity Incentive Plan.

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

The exercise price for the stock options is $4.50 per share, matching the closing price of ImmunoGen's common stock on June 30, 2022.

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

The Inducement Plan is designed to grant equity awards exclusively to new employees as an inducement for joining the company.

How will the stock options granted by ImmunoGen vest?

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

How many new employees received stock options from ImmunoGen?

A total of 27 new employees received stock options from ImmunoGen.