ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
November 16 2021 - 4:30PM
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 in connection with the appointment of Kristen
Harrington-Smith as ImmunoGen’s Senior Vice President and Chief
Commercial Officer, the Company granted to Ms. Harrington-Smith
awards of non-qualified stock options and restricted stock units
(“RSUs”), under the ImmunoGen, Inc. Inducement Equity Incentive
Plan (the “Inducement Plan”).
The awards consist of the following: (i) non-qualified stock
options to purchase 450,000 shares of common stock, which options
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, and (ii) RSUs representing the
right to receive 75,000 shares of common stock, which RSUs vest
with respect to 1/3 of the RSUs on each of the first three
anniversaries of the date of grant. The vesting of the options and
RSUs are subject to Ms. Harrington-Smith’s continued employment
with ImmunoGen on each applicable vesting date. The options have an
exercise price of $5.68 per share, which is equal to the closing
price of ImmunoGen’s common stock on the Nasdaq Global Select
Market on November 15, 2021.
The options and RSUs were approved by the Compensation Committee
of ImmunoGen’s Board of Directors and were granted as an inducement
material to Ms. Harrington-Smith becoming an employee of ImmunoGen
in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject
to the terms and conditions of the Inducement Plan, the stock
option agreement, and the restricted stock unit agreement covering
the applicable grants.
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 individuals’ entering into
employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the
Nasdaq Listing Rules.
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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version on businesswire.com: https://www.businesswire.com/news/home/20211116006082/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
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