Document:

Exhibit 10.2

SEVERANCE
AGREEMENT

 

This Agreement is entered into as of the 27th
day of November, 2007 (the “Effective Date”)  by
and between ImmunoGen, Inc., a Massachusetts corporation (the “Company”)  and
John A. Tagliamonte (the “Executive”).

 

WHEREAS, the Executive is the Vice President,
Business Development (“VP”) of the Company;

 

WHEREAS, the Company recognizes that the
Executive’s service to the Company is very important to the fixture success of
the Company;

 

WHEREAS, the Executive desires to enter into
this Agreement to provide the Executive with certain financial protection in
the event that his employment terminates under certain conditions following a
change in control of the Company; and

 

WHEREAS the Board of Directors of the Company
(the “Board”)  has
determined that it is in the best interests of the Company to enter into this
Agreement.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and
the Executive hereby agree as follows:

 

1.                                            Definitions.

 

 (a)                               Cause.  For
purposes of this Agreement, “Cause” shall
mean that Executive has (i) intentionally committed an act or omission
that materially harms the Company; (ii) been grossly negligent in the
performance of Executive’s duties to the Company; (iii) willfully failed
or refused to follow the lawful and proper directives of the Board or the CEO; (iv) been
convicted of, or pleaded guilty or nolo
contendre, to a felony; (v) committed an act involving moral
turpitude; (vi) committed an act relating to the Executive’s employment or
the Company involving, in the good faith judgment of the Board, material fraud
or theft; (vii) breached any material provision of this Agreement or any
nondisclosure or non-competition agreement between Executive and the Company,
as all of the foregoing may be amended prospectively from time to time; or (viii) breached
a material provision of any code of conduct or ethics policy in effect at the
Company, as all of the foregoing may be amended prospectively from time to
time.

 

 (b)                              Change
in Control.  For purposes of this Agreement, a “Change
in Control”  shall
mean the occurrence of any of the following events; provided that “Change in
Control” shall be interpreted in a manner, and limited to the extent necessary,
so that it will not cause adverse tax consequences for either party with
respect to Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and
the provisions of Treasury Notice 2005-1, and any successor statute, regulation
and guidance thereto:

 

(i)                                Ownership.
 Any “Person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under
said Act), directly or indirectly, of securities of the Company representing
50% or more of the total voting power represented by the Company’s then

 

 

outstanding voting securities (excluding for
this purpose any such voting securities held by the Company or its Affiliates
(as defined in the Company’s 2006 Employer, Director and Consultant Equity
Incentive Plan) or by any employee benefit plan of the Company) pursuant to a
transaction or a series of related transactions which the Board does not
approve; or

 

(ii)                                   Merger/Sale
of Assets.  (A) A merger or
consolidation of the Company whether or not approved by the Board, other than a
merger or consolidation which would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the
surviving entity or the parent of such corporation) at least 50% of the total
voting power represented by the voting securities of the Company or such
surviving entity or parent of such corporation, as the case may be, outstanding
immediately after such merger or consolidation; or (B) the stockholders of
the Company approve an agreement for the sale or disposition by the Company of
all or substantially all of the Company’s assets; or

 

(iii)                                Change
in Board Composition.  A change in the
composition of the Board, as a result of which fewer than a majority of the
directors are Incumbent Directors.  “Incumbent
Directors” shall mean directors who either (A) are directors of the
Company as of November 11, 2006, or (B) are elected, or nominated for
election, to the Board with the affirmative votes of at least a majority of the
Incumbent Directors at the time of such election or nomination (but shall not
include an individual whose election or nomination is in connection with an
actual or threatened proxy contest relating to the election of directors to the
Company).

 

(c)                                 Disability.   For
purposes of this Agreement, “Disability”  shall mean that Executive (i) is
unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in
death or can be expected to last for a continuous period of not less than
twelve (12) months, or (ii) is, by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months
under a Company-sponsored group disability plan. Whether the Executive has a
Disability will be determined by a majority of the Board based on evidence
provided by one or more physicians selected by the Board and approved by
Executive, which approval shall not be unreasonably withheld.

 

(d)                                Good Reason.   For
purposes of this Agreement, “Good
Reason”  shall mean
the occurrence of one or more of the following without the Executive’s consent:
(i) a change in the principal location at which the Executive performs his
duties for the Company to a new location that is at least forty (40) miles from
the prior location; (ii) a material change in the Executive’s authority,
functions, duties or responsibilities as SVP of the Company, which would cause
his position with the Company to become of less responsibility, importance or
scope than his position on the date of this Agreement or as of any subsequent
date prior to the Change in Control, provided, however, that such material
change is not in connection with the termination of the Executive’s employment
by the Company for Cause or death or Disability and further provided that it
shall not be considered a material change if the Company becomes a subsidiary
of another entity and Executive continues to

 

2

 

hold the position of VP in the subsidiary; or (iii) a reduction in
the VP’s annual base salary or (iv) a reduction in the VP’s target annual
bonus as compared to the target annual bonus set for the previous fiscal year.

 

2.                                       Term of Agreement.
 The term of this Agreement (the “Term”)
shall commence on the Effective Date and shall continue in effect for two (2) years;
provided, however, that commencing on second anniversary of the
Effective Date and continuing each anniversary thereafter, the Term shall
automatically be extended for one (1) additional year unless, not later
than nine (9) months before the conclusion of the Term, the Company or the
Executive shall have given notice not to extend the Term; and further provided,
however, that if a Change in Control shall have occurred during the Term, the
Term shall expire on the last day of the twenty-fourth (24th) month following
the month in which such Change in Control occurred.  Notice of termination or termination of this
Agreement shall not constitute Cause or Good Reason (both terms as defined
above).

 

3.                                       Termination;
Notice; Severance Compensation.

 

(a)                                  In the event that
within a period of two (2) months before or two (2) years following
the consummation of a Change in Control the Company elects to terminate the
Executive’s employment other than for Cause (but not including termination due
to the Executive’s Disability), then the Company shall give the Executive no
less than sixty (60) days advance notice of such termination (the “Company’s
Notice Period”); provided that the Company may elect to require the
Executive to cease performing work for the Company so long as the Company
continues the Executive’s full salary and benefits during the Company’s Notice
Period.

 

(b)                                 In the event that
within a period of two (2) months before or two (2) years following
the consummation of a Change in Control the Executive elects to terminate his
employment for Good Reason, then the Executive shall give the Company no less
than thirty (30) days and no more than (60) days advance notice of such
termination (the “Executive’s Notice Period”); provided that the Company may
elect to require the Executive to cease performing work for the Company so long
as the Company continues the Executive’s full salary and benefits during the
Executive’s Notice Period. In order to effect a termination for Good Reason
pursuant to this Agreement, the Executive must notice his intent to terminate
for Good Reason not later than ninety (90) days following the occurrence of the
Good Reason.

 

(c)                                  In the event that
within a period of two (2) months before or two (2) years following
the consummation of a Change in Control the Executive’s employment with the
Company is terminated by the Company other than for Cause (but not including
termination due to the Executive’s death or Disability), or by the Executive
for Good Reason, then, contingent upon the Executive’s execution of a release
of claims against the Company in a form reasonably acceptable to the Company
(the “Release”)  the
Executive shall be entitled to, in addition to any amounts due to the Executive
for services rendered prior to the termination date:

 

3

 

(i)  the Executive’s target annual
bonus for the fiscal year in which such termination occurs at 100% of such
target annual bonus, pro-rated by the number of calendar days in which the
Executive is employed by the Company during the applicable year, including any
applicable Notice Period which shall be paid no later than the tenth business
day following the effective date of the Release; and

 

(ii)  a lump sum payment from the
Company in an amount equal to one and half (1.5) times the Executive’s highest
Annual Salary, which shall be paid no later than the tenth business day following
the effective date of the Release;

 

(iii)  all outstanding options,
restricted stock and other similar rights held by the Executive, which shall
become one hundred percent (100%) vested; and

 

(iv)  continuation of medical
insurance coverage for Executive and Executive’s family, subject to COBRA and
subject to Executive’s payment of a premium co-pay related to the coverage that
is no less favorable than the premium co-pay charged to active employees of the
Company electing the same coverage, for eighteen (18) months from the
Separation Date; provided, that the Company shall have no obligation to
provide such coverage if Executive fails to elect COBRA benefits in a timely
fashion or if Executive becomes eligible for medical coverage with another
employer.

 

For purposes of this Agreement, “Annual Salary” shall mean the Executive’s
annual base salary then in effect or, if higher, in effect at the time of the
Change in Control, excluding reimbursements and amounts attributable to stock
options and other non-cash compensation; and the “Severance Compensation”  shall mean the compensation set forth in
(ii), (iii), and (iv) above.

 

(d)                                 Notwithstanding any
other provision with respect to the timing of payments, if, at the time of
Executive’s termination, Executive is deemed to be a “specified employee”
(within the meaning of Code Section 409A, and any successor statute,
regulation and guidance thereto) of the Company, then limited only to the
extent necessary to comply with the requirements of Code Section 409A, any
payments to which Executive may become entitled under this Agreement which are
subject to Code Section 409A (and not otherwise exempt from its
application) will be withheld until the first (1st) business day of the seventh
(7th) month following the termination of Executive’s employment, at which time
Executive shall be paid an aggregate amount equal to the accumulated, but
unpaid, payments otherwise due to Executive under the terms of this Agreement.

 

(e)                                  If any payment or
benefit Executive would receive under this Agreement, when combined with any
other payment or benefit Executive receives pursuant to a Change in Control (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Code Section 280G,
and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999
of the Code (the “Excise Tax”), then such Payment shall be either (x) the
full amount of such Payment or (y) such less amount as would result in no
portion of the Payment being subject to the Excise Tax, whichever of the
foregoing amounts, taking into account the applicable federal, state, and local
employments taxes, income taxes, and the Excise Tax results in Executive’s
receipt, on an after-tax basis, of the greater amount of the Payment,
notwithstanding that all or some portion of the Payment may be subject to the

 

4

 

Excise Tax. The Executive shall be allowed to specify which payment(s) or
benefit(s) shall be reduced if necessary to implement this section and avoid
the excise tax application. The Company shall provide the Executive with
sufficient information to make such determination and to file and pay any
required taxes.

 

4.                                       No
Duplication of Compensation. The Severance Compensation shall replace, and
be provided in lieu of, any severance or similar compensation that may be
provided to the Executive under any other agreement or arrangement in relation
to termination of employment; provided, however, that this prohibition
against duplication shall not be construed to otherwise limit the Executive’s
rights to payments or benefits provided under any pension plan (as defined in Section 3(2) of
the Employee Retirement Income Security Act of 1974, as amended), deferred
compensation, stock, stock option or similar plan sponsored by the Company.

 

5.                                       No Mitigation.
If the Executive’s employment with the Company terminates following a Change in
Control, the Executive is not required to seek other employment or to attempt
in any way to reduce any amounts payable to the Executive by the Company
pursuant to Section 3 or Section 15. Except as set forth in Section 4,
the amount of any payment or benefit provided for in this Agreement shall not
be reduced by any compensation earned by the Executive as the result of
employment by another employer, by retirement benefits, by offset against any
amount claimed to be owed by the Executive to the Company, or otherwise.

 

6.                                       Confidentiality,
Non-Competition, and Assignment of Inventions. The Company’s obligations
under this Agreement are contingent upon the Executive’s execution of the
Company’s Proprietary Information, Inventions, and Competition Agreement (the “Proprietary
Information Agreement”). The parties agree that the obligations set forth in
the Proprietary Information Agreement shall survive termination of this
Agreement and termination of the Executive’s employment, regardless of the
reason for such termination.

 

7.                                       Enforceability.
If any provision of this Agreement shall be deemed invalid or unenforceable as
written, this Agreement shall be construed, to the greatest extent possible, or
modified, to the extent allowable by law, in a manner which shall render it
valid and enforceable. No invalidity or unenforceability of any provision
contained herein shall affect any other portion of this Agreement.

 

8.                                       Notices.
Except as otherwise specifically provided herein, any notice required or
permitted by this Agreement shall be in writing and shall be delivered as
follows with notice deemed given as indicated: (i) by personal delivery when
delivered personally; (ii) by overnight courier upon written verification
of receipt; (iii) by telecopy or facsimile transmission upon
acknowledgment of receipt of electronic transmission; or (iv) by certified
or registered mail, return receipt requested, upon verification of receipt.
Notices to Executive shall be sent to the last known address in the Company’s
records or such other address as Executive may specify in writing. Notices to
the Company shall be sent to the Company’s Chairman and Lead Director or to
such other Company representative as the Company may specify in writing.

 

9.                                       Claims for
Benefits. All claims by the Executive for benefits under this Agreement
shall be directed to and determined by the Board and shall be in writing. Any
denial by the Board of a claim for benefits under this Agreement shall be
delivered to the Executive in writing and shall set forth

 

5

 

the specific reasons for the denial and the specific provisions of this
Agreement relied upon. The Board shall afford a reasonable opportunity to the
Executive for a review of the decision denying a claim and shall further allow
the Executive to appeal to the Board a decision of the Board within sixty (60)
days after notification by the Board that the Executive’s claim has been
denied.

 

10.                                 Modifications and
Amendments. The terms and provisions of this Agreement may be modified or
amended only by written agreement executed by the Company and the Executive.
The Company and the Executive agree that they will jointly execute an amendment
to modify this Agreement to the extent necessary to comply with the
requirements of Code Section 409A, or any successor statute, regulation
and guidance thereto; provided that no such amendment shall increase the
total financial obligation of the Company under this Agreement.

 

11.                                 Waivers and
Consents. The terms and provisions of this Agreement may be waived, or
consent for the departure therefrom granted, only by a written document
executed by the party entitled to the benefits of such terms or provisions. No
such waiver or consent shall be deemed to be or shall constitute a waiver or
consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in
the specific instance and for the purpose for which it was given, and shall not
constitute a continuing waiver or consent.

 

12.                                 Binding Effect;
Assignment. The Agreement will be binding upon and inure to the benefit of (a) the
heirs, executors and legal representatives of the Executive upon the Executive’s
death and (b) any successor of the Company. Any such successor of the
Company will be deemed substituted for the Company under the terms of the
Agreement for all purposes. For this purpose, “successor” means any person,
firm, corporation or other business entity which at any time, whether by
purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. None of the rights
of the Executive to receive any form of compensation payable pursuant to the
Agreement may be assigned or transferred except by will or the laws of descent
and distribution. Any other attempted assignment, transfer, conveyance or other
disposition of the Executive’s right to compensation or other benefits will be
null and void.

 

13.                                 Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be
construed in accordance with and governed by the law of the Commonwealth of
Massachusetts, without giving effect to the conflict of law principles thereof.

 

14.                                 Jurisdiction and
Service of Process. Any legal action or proceeding with respect to this
Agreement shall be brought in the courts of the Commonwealth of Massachusetts or
of the United States of America for the District of Massachusetts. By execution
and delivery of this Agreement, each of the parties hereto accepts for itself
and in respect of its property, generally and unconditionally, the jurisdiction
of the aforesaid courts.

 

15.                                 Attorneys’ Fees.
The Company shall pay to the Executive all legal fees and expenses incurred by
the Executive in disputing in good faith any issue hereunder relating to the
termination of the Executive’s employment, in seeking in good faith to obtain
or enforce any benefit or right provided by this Agreement.   Such payments shall be made within five (5) business
days after

 

6

 

delivery
of the Executive’s written requests for payment accompanied with such evidence
of fees and expenses incurred as the Company reasonably may require.

 

16.                                 Withholding. The Company is authorized to withhold, or to cause to be withheld,
from any payment or benefit under the Agreement the full amount of any
applicable withholding taxes.

 

17.                                Tax Consequences. The Company does not guarantee the tax
treatment or tax consequences associated with any payment or benefit arising
under this Agreement.

 

18.                                Acknowledgment. The Executive acknowledges that he has had
the opportunity to discuss this matter with and obtain advice from his private
attorney, has had sufficient time to, and has carefully read and fully
understands all the provisions of the Agreement, and is knowingly and
voluntarily entering into the Agreement.

 

19.                                Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the parties have executed and
delivered this Severance Agreement as of the day and year first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  IMMUNOGEN,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/Mitchel
  Sayare

  	
   

  
	
   

  	
  Mitchel
  Sayare

  
	
   

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/John
  A.Tagliamonte

  	
   

  
	
   

  	
  John
  A.Tagliamonte

  

 

7Exhibit 10.3

 

PROPRIETARY
INFORMATION, INVENTIONS, AND COMPETITION AGREEMENT

 

AGREEMENT, dated this 27th day of November 2007,
by and between ImmunoGen, Inc., a Massachusetts corporation having its
principal place of business at 128 Sidney Street, Cambridge, Massachusetts
02139 (the “Company”), and John A. Tagliamonte, an individual residing at 17
Coolidge Ave, Lexington, MA 02421 (“Employee”).

 

WITNESSETH:

 

WHEREAS, the Employee has been hired by the Company
to perform certain services; and

 

WHEREAS, the Employee may be exposed, have
access to, create or make contributions to the Proprietary Information as
defined below and/or inventions of the Company;

 

NOW, THEREFORE, in
consideration for the Company’s employment of the Employee, and for other good
and valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the parties covenant and agree as follows:

 

1.                                     Acknowledgements. The Employee
understands and acknowledges that:

 

(a)                                As part of
his/her services as an employee of the Company, he/she may be
exposed or have access to, or make new contributions and inventions of value
to, the past, present and future business, products, operations and policies of
the Company.

 

(b)                               His/Her
position as an employee creates a relationship of confidence and trust between
the Employee and the Company with respect to (i) information which is
related or applicable to the Company’s Field of Interest (as defined in 1(c) below)
and the manner in which the Company engages in business in such Field of Interest,
and (ii) information which is related or applicable to the business of the
Company or any client, customer, joint venture or other person with which the
Company has a business relationship, (a “Business Associate”), any of which
information has been or may be made known to the Employee by the Company
(including, without limitation, any member of the Company’s Scientific Advisory
Board) or by any Business Associate of the Company, or any of which has been
otherwise learned by the Employee as a result of or in connection with his/her
service as an employee of the Company.

 

(c)                                The Company
possesses and will continue to possess information that has been created by,
discovered by, developed by or otherwise become known to the Company
(including, without limitation, information created, discovered, developed or
made known by the Employee related to or arising out of his/her service as an
employee of the Company) and/or in which property rights have been assigned or
otherwise conveyed to the Company, which information has commercial value to
its business interests and/or in the Field of Interest in which the Company is
presently engaged or will be engaged. The term “Field of Interest” shall mean
the development of products based on monoclonal antibodies or other biological
molecules capable of binding to specific tissue, or the conjugation of
monoclonal antibodies or other biological molecules capable of binding to
specific tissue with other substances, for use in the treatment, diagnosis or
prevention of cancer and/or other diseases. During an individual’s employment,
the term “Field of Interest” may be expanded from time to time to include such
other areas of therapy,

 

 

diagnosis or prevention as
may be designated by the Company. All of the aforementioned information is
hereinafter called “Proprietary Information.” By way of illustration, but not
limitation, formulas, data, know-how, improvements, inventions, techniques,
marketing plans, strategies, forecasts, and customer lists are Proprietary
Information.

 

2.                                       Proprietary
Information.

 

(a)                                All Proprietary
Information shall be the sole property of the Company and its successors and
assigns, and the Company and its successors and assigns shall be the sole owner
of all patents and other rights in connection therewith. The Employee hereby
assigns to the Company any rights he/she may have or acquire in such
Proprietary Information, and agrees to take such action and sign such documents
from time to time as the Company reasonably requires to effect or confirm such
assignment.

 

(b)                               At all times,
both during the term of this Agreement and thereafter until such information
becomes known to the public, the Employee will, subject to the provisions of Section 3
hereof regarding publication, keep in confidence and trust all Proprietary
Information and any other confidential information of the Company, and he/she
will not use or disclose any Proprietary Information or anything relating to it
without the prior written consent of the Company, except as may be necessary in
the ordinary course of performing his/her duties as an employee of the Company
or as required by law; provided that if disclosure is required by law,
the Employee agrees to provide the Company with written notice of such
disclosure obligation prior to making such disclosure and no more than two (2) days
after the Employee learns of such disclosure requirement.

 

(c)                                All documents,
records, apparatus, equipment and other physical property, whether or not
pertaining to Proprietary Information, furnished to the Employee by the Company
or produced by the Employee or others in connection with the Employee’s
services hereunder shall be and remain the sole property of the Company. The
Employee will return and deliver such property to the Company as and when
requested by the Company. Should the Company not so request at an earlier time,
the Employee shall return and deliver all such property upon termination of
his/her service as an employee to the Company for any reason, and the Employee
will not take with him/her any such property or any reproduction of such
property upon such termination.

 

3.                                       Inventions.

 

(a)                                 The Employee
will promptly disclose to the Company, or any persons designated by it, all
improvements, inventions, formulas, processes, techniques, know-how and data,
whether or not patentable, made or conceived or reduced to practice or learned
by him/her, either alone or jointly with others, related to or arising out of
his/her position as an employee or which are related to or useful in the
business of the Company, or result from tasks which have been or may be
assigned to the Employee by the Company or result from use of premises owned,
leased or contracted for by the Company (all said improvements, inventions,
formulas, processes, techniques, know-how and data being hereinafter
collectively called “Inventions”).

 

(b)                                The Employee
agrees that all Inventions shall be the sole property of the Company and its
assigns, and the Company and its assigns shall be the sole owner of all patents
and other rights in connection therewith. The Employee hereby assigns to the
Company any rights he/she may have or acquire in such Inventions. The Employee
further agrees as to

 

2

 

all such Inventions to assist the Company in every
reasonable manner (but at the Company’s expense) to obtain, and from time to
time enforce, patents on said Inventions in any and all countries, and to that
end the Employee will execute all documents for use in applying for and
obtaining such patents thereon and enforcing the same, as the Company may
desire, together with any assignments thereof to the Company or persons
designated by it. The Employee’s obligation to assist the Company in obtaining
and enforcing patents for such Inventions in any and all countries shall
continue beyond the termination of his/her employment by the Company, but the
Company shall compensate the Employee at a reasonable rate after such
termination for time actually spent by him/her at the Company’s request on such
assistance. In the event that the Company is unable for any reason whatsoever
to secure the Employee’s signature to any lawful and necessary documents
required to apply for or execute any patent application with respect to such an
Invention (including renewals, extensions, continuations, divisions or
continuations in part thereof), the Employee hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents, as his/her
agents and attorneys-in-fact to act for and on his/her behalf and instead of
him/her, to execute and file any such application and to do all other lawfully
permitted acts to further the prosecution and issuance of patents thereon with
the same legal force and effect as if executed by the Employee, and such power
of attorney created hereby is coupled with an interest.

 

4.                                       Competition. While the
Employee is employed by the Company and for a period of twelve (12) months
following the termination of the Employee’s employment (the “Noncompetition
Period”), regardless of the reason for such termination, the Employee shall
not, for himself/herself or on behalf of any other person or entity, directly
or indirectly, whether as principal, partner, agent, independent contractor,
stockholder, employee, consultant, representative or in any other capacity,
own, manage, operate or control, be concerned or connected with, or employed
by, or otherwise associate in any manner with, engage in or have a financial
interest in any business that is engaged in the Field of Interest, anywhere in
the world, except that nothing in this Agreement shall preclude the Employee
from (a) purchasing or owning securities of any such business if such
securities are publicly traded, and provided that the Employee’s holdings do
not exceed three (3%) percent of the issued and outstanding securities of any
class of securities of such business; or (b) working for any academic or
government institutions. For the purposes of this paragraph only, following
termination of the Executive’s employment, the term “Field of Interest” shall
be limited to mean the development of products based on the conjugation of
monoclonal antibodies or other biological molecules capable of binding to
specific tissue with other substances, for use in the treatment, diagnosis or
prevention of cancer and/or other diseases.

 

5.                                       Solicitation of
Employees. During the Noncompetition Period the Employee shall
not, either individually or on behalf of or through any third party, directly
or indirectly (a) entice, solicit or encourage any director, employee or
consultant to leave the Company, or (b) be involved for any entity other
than the Company in the recruitment, engagement, or hiring of any Company
director or employee. This section shall prohibit the aforesaid activities by
the Employee with respect to any person both while such person is a director,
employee or consultant of the Company and for thirty (30) days thereafter.

 

6.                                       Publications. The Employee
agrees to consult with the Company prior to publishing (in writing or by
seminar, lecture or other oral presentation) any material relating to his/her
activities that relate to the Company’s Field of Interest, and to furnish
copies of any such publication (written or oral) to the Company for prior
clearance at least sixty (60) days prior to the proposed publication. The
Company agrees to review such submissions and to apply for patents as promptly
as practicable so as to avoid or keep to a minimum any delay in publishing
material of scientific importance.

 

3

 

7.                                      Prior Work and
Legal Obligations

 

(a)                                  By signing this
Agreement, the Employee represents that she/he has no agreement with or other
legal obligation to any prior employer or any other person or entity that
restricts his/her ability to engage in employment discussions, to accept
employment with, or to perform any function for the Company.

 

(b)                                 The Employee
also acknowledges that the Company has advised the Employee that at no time,
either during any pre-employment discussions or at any time thereafter, should
the Employee divulge to or use for the benefit of the Company any trade secret
or confidential or proprietary information of any previous employer. By signing
this Agreement, the Employee affirms that she/he has not divulged or used any
such information for the benefit of the Company, and that she/he has not and
will not misappropriate any proprietary information of a former employer that
the Employee played any part in creating while working for such former
employer.

 

8.                                      Provisions
Necessary and Reasonable/Injunctive Relief The Employee specifically
agrees that the provisions of Sections 1-5 of this Agreement are necessary and
reasonable to protect the Company’s Proprietary Information, goodwill and
business interests. The Employee acknowledges that given his/her skills and
work experience, such restrictions will not prevent the Employee from earning a
living in his/her general field of occupation during the term of such
restrictions. The Employee further agrees that a breach or threatened breach by
the Employee of Sections 1-5 of this Agreement would pose the risk of
irreparable harm to the Company, and that in the event of a breach or
threatened breach of any of such covenants, without posting any bond or
security, the Company shall be entitled to seek and obtain equitable relief, in
the form of specific performance, or temporary, preliminary or permanent
injunctive relief, or any other equitable remedy which then may be available.
The seeking of such injunction or order shall not affect the Company’s right to
seek and obtain damages or other equitable relief on account of any such actual
or threatened breach.

 

9.                                      Disclosure to
Future and Prospective Employers. The Employee agrees that so
long as this Agreement is effective the Employee will notify his/her employers
of this Agreement and that the Company may notify any of the Employee’s future
or prospective employers or other third parties of this Agreement and may
provide a copy of this Agreement to such parties without the Employee’s further
consent.

 

10.                                Transfer, Promotion or
Reassignment. The Employee acknowledges and agrees that if
she/he should transfer between or among any affiliates of the Company or be
promoted or reassigned to functions other than the Employee’s present
functions, all terms of this Agreement shall continue to apply with full force.

 

11.                                Severability. The parties
intend this Agreement to be enforced as written. However, if any portion or
provision of this Agreement shall to any extent be declared illegal or
unenforceable by a duly authorized court having jurisdiction, both parties
desire that such portion or provision be modified by such a court so as to make
it enforceable (“blue-penciled”), and that the remainder of this Agreement be
enforced to the fullest extent permitted by law. In the event that such court
deems any provision of this Agreement wholly unenforceable, then all remaining
provisions shall nevertheless remain in full force and effect.

 

12.                                Notices. Except as
otherwise specifically provided herein, any notice required or permitted by
this Agreement shall be in writing and shall be delivered as follows with
notice deemed given as indicated: (i) by personal delivery when delivered
personally; (ii) by overnight courier upon written

 

4

 

verification of receipt; (iii) by telecopy or facsimile
transmission upon acknowledgment of receipt of electronic transmission; or (iv) by
certified or registered mail, return receipt requested, upon verification of
receipt. Notices to Employee shall be sent to the last known address in the
Company’s records or such other address as Employee may specify in writing.
Notices to the Company shall be sent to the Company’s Chairman or to such other
Company representative as the Company may specify in writing.

 

13.                                 Binding Effect. The Agreement
will be binding upon and inure to the benefit of (a) the heirs, executors
and legal representatives of the Employee upon the Employee’s death and (b) any
successor of the Company. Any such successor of the Company will be deemed
substituted for the Company under the terms of the Agreement for all purposes.
For this purpose, “successor” means any person, firm, corporation or other
business entity which at any time, whether by purchase, merger or otherwise,
directly or indirectly acquires all or substantially all of the assets or
business of the Company. The Employee’s obligations hereunder shall survive the
termination of the Employee’s employment by the Company, regardless of the
reason for such termination.

 

14.                                 Waivers. No waivers,
express or implied, of any breach of this agreement shall be held or construed
as a waiver of any other breach of the same or any other covenant, agreement or
duty hereunder.

 

15.                                 Governing Law. This agreement
shall be construed and enforced in accordance with the law of the Commonwealth
of Massachusetts, without giving effect to conflict of law principles. This
agreement represents the entire agreement of the parties with respect to the
subject matter hereof, and may only be amended or modified by a written
instrument signed by the parties.

 

16.                                 Meaning of Headings. The headings
in this Agreement are for convenience only, and both parties agree that they
shall not be construed or interpreted to modify or affect the construction or
interpretation of any provision of this Agreement.

 

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first above written.

 

	
   

  	
  IMMUNOGEN,
  INC.

  
	
   

  	
   

  
	
   

  	
  /s/
  Mitchel Sayare

  	
   

  
	
   

  	
  Mitchel
  Sayare

  
	
   

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  /s/
  John A. Tagliamonte

  	
   

  
	
   

  	
  Employee
  Signature

  
	
   

  	
   

  
	
   

  	
  Date:

  	
  11/27/07

  	
   

  
						

 

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]