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

Rhea-AI Summary

ImmunoGen, Inc. (NASDAQ: IMGN) announced on February 28, 2023, the approval of stock options and restricted stock units (RSUs) for three new employees under its Inducement Equity Incentive Plan. A total of 49,450 stock options and 15,200 RSUs were granted, with options priced at $3.88, equivalent to the closing share price on the grant date. Each option and RSU will vest over a period of four years, contingent on continued employment. This initiative aims to attract talent crucial for developing its innovative antibody-drug conjugates, designed to enhance cancer treatment outcomes.

Positive

• Issuance of stock options and RSUs aims to attract skilled employees.
• Granting options at the current market price may align employee incentives with shareholder 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 February 28, 2023, the Compensation Committee of the Company’s Board of Directors approved, in aggregate, grants of non-qualified stock option awards to purchase 49,450 shares of its common stock and restricted stock units (“RSUs”) covering 15,200 shares of its common stock to three new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the “Inducement Plan”).

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 $3.88 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on February 28, 2023. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the grant date and as to an additional 6.25% of the shares underlying the option quarterly thereafter, subject to each such employee’s continued employment on each vesting date. Each RSU will vest as to 25% of the shares underlying the RSU award on the first anniversary of the grant date and as to an additional 25% of the shares underlying the RSU award annually thereafter, subject to such employee’s continued employment on each such vesting date. Each option and RSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of a stock option agreement and an RSU agreement covering the respective grants.

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/20230301005876/en/

INVESTOR RELATIONS

ImmunoGen

Anabel Chan

781-895-0600

anabel.chan@immunogen.com

MEDIA

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 February 28, 2023?

ImmunoGen announced grants of stock options and RSUs to three new employees.

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

The exercise price for the stock options is $3.88 per share.

How many stock options and RSUs were granted by ImmunoGen?

ImmunoGen granted a total of 49,450 stock options and 15,200 RSUs.

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

The Inducement Plan is designed to grant equity awards to new employees as an employment incentive.

What is the vesting schedule for the stock options granted by ImmunoGen?

The options will vest 25% on the first anniversary and 6.25% quarterly thereafter, contingent on employment.