ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
November 24 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 on November 22, 2021 the compensation
committee of the Company’s Board of Directors granted non-qualified
stock option awards to purchase an aggregate of 327,700 shares of
its common stock to ten new employees under the ImmunoGen, Inc.
Inducement Equity Incentive Plan (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 $5.06 per share, which is
equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on November 22, 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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version on businesswire.com: https://www.businesswire.com/news/home/20211124005658/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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