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

Rhea-AI Summary

ImmunoGen, Inc. (NASDAQ: IMGN) announced on August 31, 2022, that its Board's compensation committee approved the grant of stock options to purchase 883,720 shares to 24 new employees under the Inducement Equity Incentive Plan. The options have an exercise price of $5.81 per share, matching the closing price on the grant date. These options will vest over four years, with 25% vesting after one year and subsequently 6.25% every quarter, contingent on continued employment. This plan incentivizes recruitment in line with Nasdaq regulations.

Positive

• Stock options granted to 24 new employees could enhance talent acquisition.
• Options are priced at $5.81, aligning with the market value at issuance.

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 August 31, 2022, the compensation committee of the Company’s Board of Directors approved grants of non-qualified stock option awards to purchase an aggregate of 883,720 shares of its common stock to twenty-four 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 $5.81 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on August 31, 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/20220901005165/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 did ImmunoGen announce on August 31, 2022?

ImmunoGen announced the approval of stock options for 883,720 shares to 24 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 $5.81 per share.

How will the stock options vest for new employees at ImmunoGen?

The stock options will vest over four years, with 25% vesting after one year and an additional 6.25% vesting quarterly thereafter.

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

The Inducement Plan aims to grant equity awards to new hires as an employment inducement, in compliance with Nasdaq regulations.