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

Rhea-AI Summary

ImmunoGen, Inc. (NASDAQ: IMGN) announced on April 29, 2022, that its Board of Directors approved the grant of non-qualified stock options for 729,530 shares to 16 new employees under the Inducement Equity Incentive Plan. The exercise price is set at $4.83 per share, matching the closing stock price on that day. These options vest over four years, with 25% vesting after one year and subsequent quarterly vesting. This plan is aimed at attracting talent and facilitating employment with the company.

Positive

• The approval of stock options may enhance talent acquisition, potentially benefiting long-term company growth.

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• 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 April 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 729,530 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 $4.83 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on April 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/20220502005723/en/

INVESTOR RELATIONS AND 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 were the details of ImmunoGen's stock option grants on April 29, 2022?

ImmunoGen granted non-qualified stock options for 729,530 shares to 16 new employees with an exercise price of $4.83, vesting over four years.

What is the purpose of the Inducement Equity Incentive Plan by ImmunoGen?

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

How does the stock option vesting schedule work for ImmunoGen's new employees?

Options vest 25% after one year, with an additional 6.25% vesting quarterly thereafter.

Why is the exercise price of the stock options significant?

The exercise price of $4.83 reflects the closing price of ImmunoGen's stock on the date of the grant, ensuring alignment with market conditions.