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

Rhea-AI Summary

ImmunoGen, Inc. (NASDAQ: IMGN) announced on September 30, 2022, that its Board of Directors approved the grant of stock options to 37 new employees to purchase a total of 1,067,850 shares of common stock. This grant is part of the Inducement Equity Incentive Plan and aims to incentivize new hires as per Nasdaq Listing Rule 5635(c)(4). The options are priced at $4.78 per share, equal to the closing stock price on the grant date. Vesting will occur over four years, encouraging retention and commitment from new employees.

Positive

• Grant of 1,067,850 stock options to new employees potentially enhances talent acquisition.
• Exercise price set at $4.78 per share, aligning with market price.

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 September 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 1,067,850 shares of its common stock to thirty-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 $4.78 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on September 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/20221003005247/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 was announced by ImmunoGen on September 30, 2022?

ImmunoGen announced the grant of stock options to 37 new employees totaling 1,067,850 shares under their Inducement Equity Incentive Plan.

What are the stock options' exercise price and vesting schedule?

The exercise price is set at $4.78 per share, and the options will vest over four years.

How does the Inducement Plan function at ImmunoGen?

The Inducement Plan grants equity awards to individuals not previously employed by ImmunoGen as an incentive for their employment.