ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
April 03 2023 - 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 March 31, 2023, the Compensation Committee
of the Company’s Board of Directors approved, in aggregate, grants
of non-qualified stock option awards to purchase 106,600 shares of
its common stock and restricted stock units (“RSUs”) covering 7,800
shares of its common stock to three new employees under the
ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the
“Inducement Plan”).
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 $3.84 per share, which is
equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on March 31, 2023. Each option will
vest as to 25% of the shares underlying such option on the first
anniversary of the grant date and as to an additional 6.25% of the
shares underlying the option quarterly thereafter, subject to each
such employee’s continued employment on each vesting date. Each RSU
will vest as to 25% of the shares underlying the RSU award on the
first anniversary of the grant date and as to an additional 25% of
the shares underlying the RSU award annually thereafter, subject to
such employee’s continued employment on each such vesting date.
Each option and RSU is subject to the terms and conditions of the
Inducement Plan and the terms and conditions of a stock option
agreement and an RSU agreement covering the respective grants.
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/20230403005180/en/
INVESTOR RELATIONS ImmunoGen Anabel Chan 781-895-0600
anabel.chan@immunogen.com
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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