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

Rhea-AI Summary

ImmunoGen Inc. (Nasdaq: IMGN) announced the granting of non-qualified stock options to purchase 59,700 shares of common stock to two new employees under the Inducement Equity Incentive Plan. This action, dated July 30, 2021, complies with Nasdaq Listing Rule 5635(c)(4), allowing awards exclusively for new or returning employees. The options feature an exercise price of $5.61 per share, equivalent to the stock’s closing price on the grant date, and will vest over four years contingent upon continued employment.

Positive

• Grants stock options to enhance employee incentives.
• Stock options are tied to a competitive exercise price of $5.61.

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• None.

ImmunoGen Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that on July 30, 2021 the compensation committee of the Company’s Board of Directors granted non-qualified stock option awards to purchase an aggregate of 59,700 shares of its common stock to two 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 $5.61 per share, which is equal to the closing price of ImmunoGen’s common stock on the Nasdaq Global Select Market on July 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.

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FAQ

What are the details of ImmunoGen's stock option grants on July 30, 2021?

ImmunoGen granted non-qualified stock options for 59,700 shares at an exercise price of $5.61 per share.

How do the stock options granted by ImmunoGen vest?

The options vest over four years, with 25% vesting after one year and the remainder vesting quarterly.

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

The plan is designed to award equity to new employees as an inducement for joining the company.

What is the significance of the Nasdaq Listing Rule 5635(c)(4) for ImmunoGen?

This rule allows ImmunoGen to grant stock options to new employees as part of their employment agreement.