ImmunoGen Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
02 December 2020 - 8:30AM
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 30, 2020 the compensation
committee of the Company’s Board of Directors granted non-qualified
stock option awards to purchase an aggregate of 51,500 shares of
its common stock to three 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
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 options have an exercise price of $5.45 per share, which is
equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on November 30, 2020. 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/20201201005915/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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