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ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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ImmunoGen, Inc. (IMGN) announced the grant of 112,252 restricted stock units to twelve new employees under the Inducement Plan. Each RSU will vest annually, subject to the employee's continued employment.
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WALTHAM, Mass.--(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 the compensation committee of the Company’s Board of Directors (the “Compensation Committee”) approved, effective as of November 30, 2023, the grant of restricted stock units (“RSUs”) covering 112,252 shares of ImmunoGen’s common stock under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the “Inducement Plan”) to twelve new employees.
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.
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 the employee’s continued employment on each vesting date. Each RSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of an RSU agreement covering the 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.
What did ImmunoGen, Inc. (IMGN) announce recently?
ImmunoGen, Inc. (IMGN) announced the grant of 112,252 restricted stock units to twelve new employees under the Inducement Plan.
How many shares do the restricted stock units (RSUs) cover?
The RSUs cover 112,252 shares of ImmunoGen's common stock.
What is the vesting schedule for the RSUs?
Each RSU will vest as to 25% of the shares underlying the award on the first anniversary of the grant date and as to an additional 25% annually thereafter, subject to the employee's continued employment.
What is the purpose of the Inducement Plan?
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of ImmunoGen, as an inducement material to entering into employment with the company.
What are the terms and conditions of the RSUs?
Each RSU is subject to the terms and conditions of the Inducement Plan and the terms and conditions of an RSU agreement covering the grants.
immunogen is a clinical-stage biotechnology company that develops targeted anticancer therapeutics with its proprietary antibody-drug conjugate (adc) technology. the company's lead product candidate, mirvetuximab soravtansine, is a potential treatment for folate receptor α-positive ovarian cancers and other solid tumors. leading healthcare companies have licensed rights to use immunogen's technology to develop novel anticancer therapies, and roche's marketed product, kadcyla, utilizes immunogen's adc technology. more information about the company can be found at www.immunogen.com.
