Document:

Form of Stock Option Agreement

 Exhibit 10.24 
 IMMUNOMEDICS, INC. 
 STOCK OPTION AGREEMENT 
 RECITALS 
 A. The Board has
adopted the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board (or the board of directors of any Parent or Subsidiary) and consultants and other independent advisors who provide services to the
Corporation (or any Parent or Subsidiary). 
 B. Optionee is to render valuable services to the Corporation (or a Parent or Subsidiary), and
this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Corporation’s grant of an option to Optionee. 
 C. All capitalized terms in this Agreement shall have the meaning assigned to them in the attached Appendix. 
 NOW, THEREFORE, it is hereby agreed as follows: 
 1. Grant of Option. The Corporation hereby grants to
Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

 2. Option Term. This option shall have a maximum term of seven (7) years measured from the Grant Date and shall
accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6. 
 3.
Limited Transferability. 
 (a) This option shall be neither transferable nor assignable by Optionee other than by will or the
laws of inheritance following Optionee’s death and may be exercised, during Optionee’s lifetime, only by Optionee. However, Optionee may designate one or more persons as the beneficiary or beneficiaries of this option, and this option
shall, in accordance with such designation, automatically be transferred to such beneficiary or beneficiaries upon the Optionee’s death while holding this option. Such beneficiary or beneficiaries shall take the transferred option subject to
all the terms and conditions of this Agreement, including (without limitation) the limited time period during which this option may, pursuant to Paragraph 5, be exercised following Optionee’s death. 
 (b) If this option is designated a Non-Statutory Option in the Grant Notice, then this option may be assigned in whole or in part during Optionee’s
lifetime to one or more of the Optionee’s Family Members or to a trust established for the exclusive benefit of Optionee and/or one or more such Family Members, to the extent such assignment is in 

 
connection with the Optionee’s estate plan or pursuant to a domestic relations order. The assigned portion shall be exercisable only by the person or
persons who acquire a proprietary interest in the option pursuant to such assignment. The terms applicable to the assigned portion shall be the same as those in effect for this option immediately prior to such assignment. 
 4. Dates of Exercise. This option shall become exercisable for the Option Shares in one or more installments in accordance with the
Exercise Schedule set forth in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate, and the option shall remain exercisable for the accumulated installments until the Expiration Date or
sooner termination of the option term under Paragraph 5 or 6. 
 5. Cessation of Service. The option term specified in
Paragraph 2 shall terminate (and this option shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable: 
 (a) Should Optionee cease to remain in Service for any reason (other than death, Permanent Disability or Misconduct) while this option is outstanding, then Optionee (or any person or persons to whom this option is
transferred pursuant to a permitted transfer under Paragraph 3) shall have a three (3)-month period measured from the date of such cessation of Service during which to exercise this option, but in no event shall this option be exercisable at any
time after the Expiration Date. 
 (b) Should Optionee die while this option is outstanding, then this option may be exercised by
(i) the personal representative of Optionee’s estate or (ii) the person or persons to whom the option is transferred pursuant to Optionee’s will or the laws of inheritance following Optionee’s death or to whom the option is
transferred during Optionee’s lifetime pursuant to a permitted transfer under Paragraph 3, as the case may be. However, if Optionee dies while holding this option and has an effective beneficiary designation in effect for this option at the
time of his or her death, then the designated beneficiary or beneficiaries shall have the exclusive right to exercise this option following Optionee’s death. Any such right to exercise this option shall lapse, and this option shall cease to be
outstanding, upon the earlier of (i) the expiration of the twelve (12)-month period measured from the date of Optionee’s death or (ii) the Expiration Date. 
 (c) Should Optionee cease Service by reason of Permanent Disability while this option is outstanding, then Optionee (or any person or persons to whom
this option is transferred pursuant to a permitted transfer under Paragraph 3) shall have a twelve (12)-month period measured from the date of such cessation of Service during which to exercise this option. In no event shall this option be
exercisable at any time after the Expiration Date. 
 (d) During the limited period of post-Service exercisability, this option may not be
exercised in the aggregate for more than the number of Option Shares for which this option is, at the time of Optionee’s cessation of Service, vested and exercisable pursuant to the Exercise Schedule specified in the Grant Notice or the special
vesting acceleration provisions of Paragraph 6. This option shall not vest or become exercisable for any additional Option Shares, 

  

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whether pursuant to the normal Exercise Schedule specified in the Grant Notice or the special vesting acceleration provisions of Paragraph 6, following the
Optionee’s cessation of Service, except to the extent (if any) specifically authorized by the Plan Administrator pursuant to an express written agreement with the Optionee. Upon the expiration of such limited exercise period or (if earlier)
upon the Expiration Date, this option shall terminate and cease to be outstanding for any exercisable Option Shares for which the option has not otherwise been exercised. 
 (e) Should Optionee’s Service be terminated for Misconduct or should Optionee otherwise engage in any Misconduct while this option is outstanding,
then this option shall terminate immediately and cease to remain outstanding. 
 6. Special Acceleration of Option. 

(a) This option, to the extent outstanding at the time of a Change in Control but not otherwise fully exercisable, shall automatically accelerate so
that this option shall, immediately prior to the effective date of such Change in Control, become exercisable for all of the Option Shares at the time subject to this option and may be exercised for any or all of those Option Shares as fully vested
shares of Common Stock. However, this option shall not become exercisable on such an accelerated basis, if and to the extent: (i) this option is to be assumed by the successor corporation (or parent thereof) or is otherwise to be
continued in full force and effect pursuant to the terms of the Change in Control transaction or (ii) this option is to be replaced with a cash retention program of the successor corporation which preserves the spread existing at the time of
the Change in Control on any Option Shares for which this option is not otherwise at that time exercisable (the excess of the Fair Market Value of those Option Shares over the aggregate Exercise Price payable for such shares) and provides for
subsequent payout of that spread in accordance with the same Exercise Schedule for those Option Shares as set forth in the Grant Notice. 
 (b) Immediately following the Change in Control, this option shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in effect pursuant to the terms
of the Change in Control transaction. 
 (c) If this option is assumed in connection with a Change in Control or otherwise continued in
effect, then this option shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change in Control had the option
been exercised immediately prior to such Change in Control, and appropriate adjustments shall also be made to the Exercise Price, provided the aggregate Exercise Price shall remain the same. To the extent the actual holders of the Corporation’s
outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation may, in connection with the assumption or continuation of this option, substitute one or more shares of
its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control, provided such common stock is readily tradable on an established U.S. securities exchange or market.

  

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 (d) This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify,
reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 
 7. Adjustment in Option Shares. Should any change be made to the Common Stock by reason of any stock split, stock dividend,
recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration or any spin-off of one or more Subsidiaries result in a substantial
reduction in the Fair Market Value per share of the outstanding Common Stock, appropriate adjustments shall be made to (i) the total number and/or class of securities subject to this option and (ii) the Exercise Price in order to reflect
such change and thereby preclude a dilution or enlargement of benefits hereunder. 
 8. Stockholder Rights. The holder of this
option shall not have any stockholder rights with respect to the Option Shares until such person shall have exercised the option, paid the Exercise Price and become a holder of record of the purchased shares. 
 9. Manner of Exercising Option. 
 (a) In order to exercise this option with respect to all or any part of the Option Shares for which this option is at the time exercisable, Optionee (or any other person or persons exercising the option) must take the following actions:

 (i) Execute and deliver to the Corporation a Notice of Exercise for the Option Shares for which the option is exercised or
comply with such other procedures as the Corporation may establish for notifying the Corporation of the exercise of this option for one or more Option Shares. 
 (ii) Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms: 
 (A) cash or check made payable to the Corporation; 
 (B) shares of Common Stock valued at Fair Market Value on the Exercise Date and held by Optionee (or any other person or persons
exercising the option) for any required period necessary to avoid a charge to the Corporation’s earnings for financial reporting purposes; or 
 (C) through a special sale and remittance procedure pursuant to which Optionee (or any other person or persons exercising the option) shall concurrently provide irrevocable instructions (i) to a brokerage firm
(reasonably satisfactory to the Corporation for purposes of administering such procedure in accordance with the 

  

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Corporation’s pre-clearance/pre-notification policies) to effect the immediate sale of the purchased shares and remit to the Corporation, out of the
sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable income and employment taxes required to be withheld by the Corporation by reason of such
exercise and (ii) to the Corporation to deliver the certificates for the purchased shares directly to such brokerage firm on such settlement date in order to complete the sale. 
 Except to the extent the sale and remittance procedure is utilized in connection with the option exercise, payment of the Exercise Price
must accompany the Notice of Exercise (or other notification procedure) delivered to the Corporation in connection with the option exercise. 
 (iii) Furnish to the Corporation appropriate documentation that the person or persons exercising the option (if other than Optionee) have the right to exercise this option. 
 (iv) Make appropriate arrangements with the Corporation (or Parent or Subsidiary employing or retaining Optionee) for the satisfaction of
all applicable income and employment tax withholding requirements applicable to the option exercise. 
 (b) As soon as practical after the
Exercise Date, the Corporation shall issue to or on behalf of Optionee (or any other person or persons exercising this option) a certificate for the purchased Option Shares, with the appropriate legends affixed thereto. 
 (c) In no event may this option be exercised for any fractional shares. 
 10. Compliance with Laws and Regulations. 
 (a) The exercise of this option and the issuance
of the Option Shares upon such exercise shall be subject to compliance by the Corporation and Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any stock exchange (or the Nasdaq National Market,
if applicable) on which the Common Stock may be listed for trading at the time of such exercise and issuance. 
 (b) The inability of the
Corporation to obtain approval from any regulatory body having authority deemed by the Corporation to be necessary to the lawful issuance and sale of any Common Stock pursuant to this option shall relieve the Corporation of any liability with
respect to the non-issuance or sale of the Common Stock as to which such approval shall not have been obtained. The Corporation, however, shall use its best efforts to obtain all such approvals. 
  

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 11. Successors and Assigns. Except to the extent otherwise provided in Paragraphs 3 and 6,
the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation and its successors and assigns and Optionee, Optionee’s assigns, the legal representatives, heirs and legatees of Optionee’s estate and
any beneficiaries of this option designated by Optionee. 
 12. Notices. Any notice required to be given or delivered to the
Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing and addressed to Optionee at the
address indicated below Optionee’s signature line on the Grant Notice. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

 13. Construction. This Agreement and the option evidenced hereby are made and granted pursuant to the Plan and are in all
respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an interest in
this option. 
 14. Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed by the
laws of the State of Delaware without resort to that State’s conflict-of-laws rules. 
 15. Jurisdiction. Each of the
parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New Jersey State court or federal court of the United States of America sitting in the State of New Jersey, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any related agreement or for recognition or enforcement of any judgment. Each of the parties hereto hereby irrevocably and unconditionally
agrees that jurisdiction and venue in such courts would be proper, and hereby waive any objection that such courts are an improper or inconvenient forum. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any related agreement in any New Jersey State or federal court. Each of the parties hereto
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 16. Excess Shares. If the Option Shares covered by this Agreement exceed, as of the Grant Date, the number of shares of Common Stock which may without stockholder approval be issued under the Plan, then
this option shall be void with respect to those excess shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the
Plan. In no event shall the Option be exercisable with respect to any of the excess Option Shares unless and until such stockholder approval is obtained. 
  

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 17. Additional Terms Applicable to an Incentive Option. In the event this option is
designated an Incentive Option in the Grant Notice, the following terms and conditions shall also apply to the grant: 
 (a) This option
shall cease to qualify for favorable tax treatment as an Incentive Option if (and to the extent) this option is exercised for one or more Option Shares: (A) more than three (3) months after the date Optionee ceases to be an Employee for
any reason other than death or Permanent Disability or (B) more than twelve (12) months after the date Optionee ceases to be an Employee by reason of Permanent Disability. 
 (b) No installment under this option shall qualify for favorable tax treatment as an Incentive Option if (and to the extent) the aggregate Fair Market
Value (determined at the Grant Date) of the Common Stock for which such installment first becomes exercisable hereunder would, when added to the aggregate value (determined as of the respective date or dates of grant) of the Common Stock or other
securities for which this option or any other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the Corporation or any Parent or Subsidiary) first become exercisable during the same
calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should such One Hundred Thousand Dollar ($100,000) limitation be exceeded in any calendar year, this option shall nevertheless become exercisable for the excess shares
in such calendar year as a Non-Statutory Option. 
 (c) Should the exercisability of this option be accelerated upon a Change in Control,
then this option shall qualify for favorable tax treatment as an Incentive Option only to the extent the aggregate Fair Market Value (determined at the Grant Date) of the Common Stock for which this option first becomes exercisable in the calendar
year in which the Change in Control transaction occurs does not, when added to the aggregate value (determined as of the respective date or dates of grant) of the Common Stock or other securities for which this option or one or more other Incentive
Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the Corporation or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars
($100,000) in the aggregate. Should the applicable One Hundred Thousand Dollar ($100,000) limitation be exceeded in the calendar year of such Change in Control, the option may nevertheless be exercised for the excess shares in such calendar year as
a Non-Statutory Option. 
 (d) Should Optionee hold, in addition to this option, one or more other options to purchase Common Stock which
become exercisable for the first time in the same calendar year as this option, then for purposes of the foregoing limitations on the exercisability of such options as Incentive Options, this option and each of those other options shall be deemed to
become first exercisable in that calendar year, on the basis of the chronological order in which such options were granted, except to the extent otherwise provided under applicable law or regulation. 
  

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 (e) Optionee agrees that Optionee shall immediately notify the Corporation in writing if Optionee sells
or otherwise disposes of any shares of Common Stock acquired upon the exercise of this option and such sale or other disposition occurs on or before the later of (i) two years after the Grant Date or (ii) one year after the exercise of the
option. Optionee also agrees to provide the Corporation with any information requested by the Corporation with respect to such sale or other disposition. 
  

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 APPENDIX 
 The following definitions shall be in effect under the Agreement: 
 A. Agreement shall mean
this Stock Option Agreement. 
 B. Board shall mean the Corporation’s Board of Directors. 
 C. Change in Control shall mean a change in ownership or control of the Corporation effected through any of the following transactions:

 (i) a merger, consolidation or other reorganization approved by the Corporation’s stockholders, unless securities
representing more than fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion,
by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such transaction, or 
 (ii) a stockholder-approved sale, transfer or other disposition (including in whole or in part through one or more licensing arrangements) of all or substantially all of the Corporation’s assets, or 

(iii) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising
a “group” within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Corporation or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under
common control with, the Corporation) becomes directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) more than fifty
percent (50%) of the total combined voting power of the Corporation’s securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction
or series of related transactions, whether such transaction involves a direct issuance from the Corporation or the acquisition of outstanding securities held by one or more of the Corporation’s existing shareholders. 
 D. Code shall mean the Internal Revenue Code of 1986, as amended. 
 E. Common Stock shall mean shares of the Corporation’s common stock. 
 F. Corporation shall mean Immunomedics, Inc., a Delaware corporation, and any successor corporation to all or substantially all of the
assets or voting stock of Immunomedics, Inc. which has by appropriate action assumed the Plan. 
  

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 G. Employee shall mean an individual who is in the employ of the Corporation (or any Parent
or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 
 H. Exercise Date shall mean the date on which the option shall have been exercised in accordance with Paragraph 9 of the Agreement. 
 I. Exercise Price shall mean the exercise price per Option Share as specified in the Grant Notice. 
 J. Exercise Schedule shall mean the schedule set forth in the Grant Notice pursuant to which the option is to become exercisable for the
Option Shares in one or more installments over the Optionee’s period of Service. 
 K. Expiration Date shall mean the date
on which the option expires as specified in the Grant Notice. 
 L. Fair Market Value per share of Common Stock on any relevant
date shall be determined in accordance with the following provisions: 
 (i) If the Common Stock is at the time traded on the
Nasdaq National Market, then the Fair Market Value shall be the closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the Nasdaq National Market on the date in question, as
such price is reported by the National Association of Securities Dealers on the Nasdaq National Market. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price
on the last preceding date for which such quotation exists. 
 (ii) If the Common Stock is at the time listed on any Stock
Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the date in question on the Stock Exchange determined by the Plan
Administrator to be the primary market for the Common Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price for the Common Stock on the date in question, then the Fair
Market Value shall be the closing selling price on the last preceding date for which such quotation exists. 
 M. Family Member
shall mean any of the following members of the Optionee’s family: any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law. 
 N. Grant Date shall mean the date of grant of the option as specified in the Grant Notice.

  

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 O. Grant Notice shall mean the Notice of Grant of Stock Option accompanying the Agreement,
pursuant to which Optionee has been informed of the basic terms of the option evidenced hereby. 
 P. Incentive Option shall
mean an option which satisfies the requirements of Code Section 422. 
 Q. Misconduct shall mean the commission of any act
of fraud, embezzlement or dishonesty by Optionee, any unauthorized use or disclosure by Optionee of confidential information or trade secrets of the Corporation (or any Parent or Subsidiary), or any other intentional misconduct by Optionee adversely
affecting the business or affairs of the Corporation (or any Parent or Subsidiary) in a material manner. The foregoing definition shall not in any way preclude or restrict the right of the Corporation (or any Parent or Subsidiary) to discharge or
dismiss Optionee or any other person in the Service of the Corporation (or any Parent or Subsidiary) for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of the Plan or this Agreement, to constitute
grounds for termination for Misconduct. 
 R. Non-Statutory Option shall mean an option not intended to satisfy the
requirements of Code Section 422. 
 S. Notice of Exercise shall mean the notice of option exercise in the form prescribed
by the Corporation. 
 T. Option Shares shall mean the number of shares of Common Stock subject to the option as specified in
the Grant Notice. 
 U. Optionee shall mean the person to whom the option is granted as specified in the Grant Notice.

 V. Parent shall mean any corporation (other than the Corporation) in an unbroken chain of corporations ending with the
Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of
the other corporations in such chain. 
 W. Permanent Disability shall mean the inability of Optionee to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which is expected to result in death or to be of continuous duration of twelve (12) months or more. 
 X. Plan shall mean the Corporation’s 2006 Stock Incentive Plan. 
 Y. Plan Administrator shall mean either the Board or a committee of the Board acting in its capacity as administrator of the Plan.

  

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 Z. Service shall mean the Optionee’s performance of services for the Corporation (or
any Parent or Subsidiary, whether now existing or subsequently established) by a person in the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor. However, the Optionee shall be deemed to
cease Service immediately upon the occurrence of the either of the following events: (i) the Optionee no longer performs services in any of the foregoing capacities for the Corporation or any Parent or Subsidiary or (ii) the entity for
which the Optionee is performing such services ceases to remain a Parent or Subsidiary of the Corporation, even though the Optionee may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period
of military leave, sick leave or other personal leave approved by the Corporation; provided, however, that should such leave of absence exceed three (3) months, then for purposes of determining the period within which the option
may be exercised as an Incentive Stock Option under the federal tax laws (if the option is designated as such in the Grant Notice), the Optionee’s Service shall be deemed to cease on the first day immediately following the expiration of such
three (3)-month period, unless Optionee is provided, either by statute or by written contract, with the right to return to Service following such leave. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator
or by the Corporation’s written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period the Optionee is on a leave of absence. 
 AA. Stock Exchange shall mean the American Stock Exchange or the New York Stock Exchange. 
 BB. Subsidiary shall mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation,
provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. 
  

 A-4Form of Change of Control Addendum to the Stock Option Agreement

 Exhibit 10.25 
 ADDENDUM 
 TO 
 STOCK OPTION AGREEMENT 
 The following provisions are hereby incorporated into, and are hereby made a
part of, that certain Stock Option Agreement (the “Option Agreement”) by and between Immunomedics, Inc. (the “Corporation”) and
                                        
(“Optionee”) evidencing the stock option (the “Option”) granted this day to Optionee under the terms of the Corporation’s 2006 Stock Incentive Plan, and such provisions are effective immediately. All capitalized terms in
this Addendum, to the extent not otherwise defined herein, shall have the meanings assigned to them in the Option Agreement. 
 INVOLUNTARY
TERMINATION FOLLOWING 
 CHANGE IN CONTROL/HOSTILE TAKE-OVER 
 1. To the extent the Option is to be assumed in connection with a Change in Control or otherwise continued in effect, the Option shall not, pursuant to
the provisions of Paragraph 6 of the Option Agreement, accelerate upon the occurrence of that Change in Control, and the Option (as so assumed or continued) shall accordingly continue, over Optionee’s period of Service after the Change in
Control, to become exercisable for the Option Shares in one or more installments in accordance with the provisions of the Option Agreement. However, immediately upon an Involuntary Termination of Optionee’s Service within twelve
(12) months following such Change in Control, the Option (as so assumed or continued) shall, to the extent outstanding at the time but not otherwise fully exercisable, automatically accelerate so that such Option shall become immediately
exercisable for all the Option Shares at the time subject to the Option and may be exercised for any or all of those Option Shares as fully vested shares. 
 2. The Option shall not accelerate upon the occurrence of a Hostile Take-Over, and any successor entity in the Hostile Take-Over shall assume or otherwise continue in effect such Option. The Option (as so assumed or
continued) shall, over Optionee’s period of Service following such Hostile Take-Over, continue to become exercisable for the Option Shares in one or more installments in accordance with the provisions of the Option Agreement. However,
immediately upon an Involuntary Termination of Optionee’s Service within twelve (12) months following the Hostile Take-Over, the Option (as so assumed or continued) shall, to the extent outstanding at the time but not otherwise fully
exercisable, automatically accelerate so that the Option shall become immediately exercisable for all the Option Shares at the time subject to the Option and may be exercised for any or all of those Option Shares as fully vested shares. 

3. The Option as accelerated pursuant to this Addendum shall remain so exercisable until the earlier of (i) the Expiration Date or
(ii) the expiration of the one (1)-year period measured from the date of the Optionee’s Involuntary Termination. 

 4. Should the Option be replaced with a cash retention plan in accordance with Paragraph 6(a) of the
Option Agreement, then the balance credited to the Optionee under that plan at the time of his or her Involuntary Termination shall immediately be paid to the Optionee in a lump sum upon such Involuntary Termination, subject to the
Corporation’s collection of all applicable withholding taxes; provided, however, that Optionee shall be entitled to such payment only if the Optionee’s Involuntary Termination occurs within twelve (12) months following
the Change in Control or Hostile Take-Over to which the cash retention plan pertains. 
 5. For purposes of this Addendum the following
definitions shall be in effect: 
 (i) An Involuntary Termination shall mean the termination of Optionee’s Service
by reason of: 
 (A) Optionee’s involuntary dismissal or discharge by the Corporation (or any Parent or Subsidiary) for
reasons other than Misconduct, or 
 (B) Optionee’s voluntary resignation following (A) a change in Optionee’s
position with the Corporation (or Parent or Subsidiary employing Optionee) which materially reduces Optionee’s duties and responsibilities or the level of management to which Optionee reports, (B) a reduction in Optionee’s level of
compensation (including base salary, fringe benefits and target bonus under any corporate performance based bonus or incentive programs) by more than fifteen percent (15%) or (C) a relocation of Optionee’s place of employment by more
than fifty (50) miles, provided and only if such change, reduction or relocation is effected by the Corporation without Optionee’s consent. 
 (ii) A Hostile Take-Over shall be deemed to occur in the event of a change in ownership or control of the Corporation effected through either of the following transactions: 
 (A) a change in the composition of the Board over a period of thirty-six (36) consecutive months or less such that a majority of the
Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (i) have been Board members continuously since the beginning of such period or (ii) have been elected or
nominated for election as Board members during such period by at least a majority of the Board members described in clause (i) who were still in office at the time the Board approved such election or nomination, or 
 (B) the acquisition, directly or indirectly, by any person or related group of persons (other than the Corporation or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Corporation) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than

  

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fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made
directly to the Corporation’s shareholders which the Board does not recommend such shareholders to accept. 
 6. The provisions of
Paragraph 3 of this Addendum shall govern the period for which the Option is to remain exercisable following the Involuntary Termination of Optionee’s Service within twelve (12) months after the Change in Control or Hostile Take-Over and
shall supersede any provisions to the contrary in Paragraph 5 of the Option Agreement. 
 IN WITNESS WHEREOF, Immunomedics, Inc. has
caused this Addendum to be executed by its duly authorized officer as of the Effective Date specified below. 
  

			
	IMMUNOMEDICS, INC.
		
	By:	 	  

		
	Title:	 	  

  

					
	EFFECTIVE DATE:	 	  

  

 3

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