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

Rhea-AI Summary

ImmunoGen, a leader in antibody-drug conjugates for cancer treatment, announced the approval of non-qualified stock option grants totaling 667,800 shares to sixteen new employees on July 29, 2022. This award aims to incentivize new hires under the Inducement Equity Incentive Plan as per Nasdaq Listing Rule 5635(c)(4). The options carry an exercise price of $4.74 per share, equal to the closing stock price on the grant date, and will vest over four years. This move is part of ImmunoGen's strategy to enhance its workforce and drive innovation in cancer therapies.

Positive

• Granting of 667,800 stock options to new employees, promoting talent acquisition.
• Exercise price of options set at $4.74, aligning with market performance.

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 July 29, 2022, the compensation committee of the Company’s Board of Directors approved grants of non-qualified stock option awards to purchase an aggregate of 667,800 shares of its common stock to sixteen 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 $4.74 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on July 29, 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/20220801005570/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 July 29, 2022?

ImmunoGen granted non-qualified stock options to purchase 667,800 shares to sixteen new employees.

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

The exercise price of the options is $4.74 per share, equal to the closing stock price on July 29, 2022.

What is the purpose of the Inducement Equity Incentive Plan?

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