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

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced on September 30, 2021, that its compensation committee awarded non-qualified stock options for 64,500 shares to three new employees under the Inducement Equity Incentive Plan. The options have an exercise price of $5.67 per share, equivalent to the closing stock price on the grant date. Vesting occurs over four years, with 25% vesting annually and an additional 6.25% quarterly, contingent on continued employment. This plan incentivizes new hires as part of Nasdaq Listing Rule 5635(c)(4).

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• Granting of stock options to incentivize new employees.
• Equity awards designed to attract talent and enhance 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 September 30, 2021 the compensation committee of the Company’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 64,500 shares of its common stock to three employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan (the “Inducement Plan”). The stock options were granted as an inducement material to the new employee’s becoming an employee 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 $5.67 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on September 30, 2021. 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/20211001005489/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 does the stock option grant from ImmunoGen entail?

ImmunoGen granted non-qualified stock options to purchase 64,500 shares to three new employees at an exercise price of $5.67 per share, vesting over four years.

When was the stock option grant announced by ImmunoGen?

The stock option grant was announced on September 30, 2021.

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

The Inducement Equity Incentive Plan aims to provide equity awards to attract individuals who were not previously employees to join ImmunoGen.

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

The options vest over four years, with 25% vesting on the one-year anniversary and 6.25% vesting quarterly thereafter.

How does ImmunoGen's stock option exercise price compare to its closing price?

The exercise price of $5.67 per share matches the closing stock price on September 30, 2021.