ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
June 01 2023 - 3:30PM
Business Wire
June 1, 2023 – ImmunoGen, Inc., (Nasdaq: IMGN), a leader in the
expanding field of antibody-drug conjugates (ADCs) for the
treatment of cancer, today announced that the compensation
committee of the Company’s Board of Directors (the “Compensation
Committee”) approved, effective as of May 31, 2023, grants of a
non-qualified stock option award to purchase 15,600 shares of its
common stock and restricted stock units (“RSUs”) covering 7,800
shares of its common stock under the Inducement Plan to one new
employee.
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 $13.64 per share, which is
equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on May 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 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 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/20230601005335/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
ImmunoGen (NASDAQ:IMGN)
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