ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
September 01 2022 - 3:30PM
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 August 31, 2022, the compensation committee
of the Company’s Board of Directors approved grants of
non-qualified stock option awards to purchase an aggregate of
883,720 shares of its common stock to twenty-four new employees
under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as
amended (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 $5.81 per share, which is
equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on August 31, 2022. 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/20220901005165/en/
INVESTOR RELATIONS CONTACT ImmunoGen Anabel Chan
781-895-0600 anabel.chan@immunogen.com
MEDIA CONTACTS 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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