ImmunoGen Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
December 31 2019 - 4:01PM
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 December 23, 2019 the compensation
committee of the Company’s Board of Directors granted a
non-qualified stock option award to purchase an aggregate of 16,900
shares of its common stock to a new employee under the ImmunoGen,
Inc. Inducement Equity Incentive Plan, or the Inducement Plan. The
stock option was 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 option has an exercise price of $5.46 per share, which is
equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on December 23, 2019. The 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. The
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/20191231005179/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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