ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
July 22 2020 - 8:00AM
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 in connection with the appointment of Susan
Altschuller, PhD as ImmunoGen’s Senior Vice President and Chief
Financial Officer, the compensation committee of ImmunoGen’s Board
of Directors granted to Dr. Altschuller non-qualified stock option
awards under the ImmunoGen, Inc. Inducement Equity Incentive Plan
(the “Inducement Plan”) to purchase (i) 300,000 shares of common
stock, which options 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, and (ii)
165,500 shares of common stock, which options will vest in
accordance with certain performance milestones as set forth in the
form of performance-based stock option agreement authorized by the
compensation committee of ImmunoGen’s Board of Directors as of
February 7, 2020 and previously filed by ImmunoGen with the
Securities and Exchange Commission; with vesting of the options
subject to Dr. Altschuller’s continued employment with ImmunoGen on
the applicable vesting date. The options have an exercise price of
$4.74 per share, which is equal to the closing price of ImmunoGen’s
common stock on the Nasdaq Global Select Market on July 20,
2020.
The options were granted as an inducement material to Dr.
Altschuller becoming an employee of ImmunoGen in accordance with
Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and
conditions of the Inducement Plan and the stock option agreement
covering the applicable grant.
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 individuals’ entering into
employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the
Nasdaq Listing Rules.
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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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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