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

Rhea-AI Summary

ImmunoGen, Inc. (Nasdaq: IMGN) announced the approval of stock options for 365,920 shares to fourteen new employees on May 31, 2022. This grant is part of the Inducement Equity Incentive Plan aimed at attracting new talent. The stock options have an exercise price of $3.66 per share, equivalent to the stock's closing price on the same day. Options will vest over four years, with 25% vesting after one year and 6.25% quarterly thereafter, contingent upon continued employment.

Positive

• Grant of 365,920 stock options to attract new talent.
• Exercise price set at $3.66, aligned with market price.

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 May 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 365,920 shares of its common stock to fourteen 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 $3.66 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on May 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/20220601005360/en/

INVESTOR RELATIONS AND 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 May 31, 2022?

ImmunoGen announced the grant of stock options for 365,920 shares to fourteen new employees under its Inducement Equity Incentive Plan.

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

The exercise price is $3.66 per share, which matches the closing price of the stock on May 31, 2022.

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

The 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 the Inducement Equity Incentive Plan at ImmunoGen?

The plan is designed to grant equity awards to individuals who were not previously employees of ImmunoGen as an inducement to join the company.