Document:

Exhibit 10.6 Indemnification agreement

    Exhibit
      10.6

    

    PROGENICS
      PHARMACEUTICALS, INC.

    INDEMNIFICATION
      AGREEMENT

    

    This
      Indemnification Agreement ("Agreement") is made and entered into as of this
      1st
      day of January, 2007, by and between Progenics Pharmaceuticals, Inc., a Delaware
      corporation (the "Corporation"), and ______________ (the
      "Indemnitee").

     

    WHEREAS,
      the Corporation recognizes that competent and experienced persons are
      increasingly reluctant to serve as directors or officers of publicly-held
      corporations, unless they are protected by comprehensive liability insurance
      or
      indemnification, or both, due to increased exposure to litigation costs and
      risks arising out of their service to and activities on behalf of such
      corporation;

     

    WHEREAS,
      the Corporation, after reasonable investigation, has determined that the
      liability insurance coverage presently available to the Corporation may be
      inadequate in certain circumstances to cover all possible exposure for which
      the
      Indemnitee should be protected;

     

    WHEREAS,
      the Board of Directors of the Corporation (the "Board") has determined that
      the
      inability to attract and retain such persons is detrimental to the best
      interests of the Corporation and its stockholders. The Corporation believes
      that
      these interests would be best served by a combination of such insurance and
      the
      indemnification by the Corporation of the directors and officers of the
      Corporation;

     

    WHEREAS,
      the Corporation’s By-laws require the Corporation to indemnify its directors and
      officers to the fullest extent permitted by the Delaware General Corporation
      Law
      (the “DGCL”), under which the Corporation is organized. The By-laws further
      expressly provide that the indemnification provisions set forth therein are
      not
      exclusive and that contracts with regard to indemnification may be entered
      into
      between the Corporation and its directors and officers;

     

    WHEREAS,
      Section 145 of the DGCL (“Section 145”) allows the Corporation to indemnify its
      officers, directors, employees and agents by agreement and to indemnify persons
      who serve, at the request of the Corporation, as directors, officers, employees,
      agents or fiduciaries of other corporations or enterprises, and expressly
      provides that the indemnification provided by Section 145 is not
      exclusive;

     

    WHEREAS,
      the Board has determined that it is reasonable and prudent for the Corporation
      to obligate itself contractually to indemnify such persons as set forth herein
      and that such contractual indemnification promotes the best interests of the
      Corporation and its stockholders;

     

    WHEREAS,
      the Corporation desires and has requested Indemnitee to serve or continue to
      serve as a director or officer (or both) of the Corporation, and has requested
      or may in the future request Indemnitee to serve as a director, officer,
      employee, agent or fiduciary of another corporation or other enterprise, in
      any
      event free from undue concern that he will not be adequately indemnified against
      unwarranted claims for damages arising out of or related to such services to
      the
      Corporation;

     

    WHEREAS,
      Indemnitee is willing to serve, continue to serve and to take on additional
      service for or on behalf of the Corporation on the condition that he be
      indemnified according to the terms of this Agreement; and

     

    WHEREAS,
      this Agreement is a supplement to and in furtherance of Article XII of the
      By-laws of the Corporation, any rights granted under the Certificate of
      Incorporation of the Corporation and any resolutions adopted pursuant thereto
      and shall neither be deemed to be a substitute therefor nor to diminish or
      abrogate any rights of Indemnitee thereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    NOW,
      THEREFORE, in consideration of the premises and the covenants contained herein,
      the Corporation and Indemnitee do hereby covenant and agree as
      follows:

     

    Section
      1.   Definitions.
      For
      purposes of this Agreement:

     

    (a)  "Corporate
      Status" means the status of a person attained by virtue of being a
      director,
      officer,
      employee, agent or fiduciary of the Corporation or of any other corporation,
      partnership, joint venture, trust, employee benefit plan or other enterprise
      which such person is or was serving at the request of the
      Corporation.

     

    (b)  "Disinterested
      Director" means a director of the Corporation who is not at the time a party
      to
      the Proceeding in respect of which indemnification is being sought by
      Indemnitee.

     

    (c)  "Expenses"
      means all reasonable attorneys' fees and related disbursements, appeal bonds,
      court costs, transcript costs, fees of experts, witness fees, travel expenses,
      duplicating costs, printing and binding costs, telephone charges, postage,
      delivery service fees, retainers, other out-of pocket costs and reasonable
      compensation for time spent by Indemnitee for which Indemnitee is not otherwise
      compensated by the Corporation or any third party and all other disbursements
      or
      expenses of the types customarily incurred in connection with prosecuting,
      defending, preparing to prosecute or defending, investigating, or being or
      preparing to be a witness in a Proceeding.

     

    (d)  "Independent
      Legal Counsel" means a law firm or a member of a law firm that is experienced
      in
      matters of corporation law and who has not represented the Corporation or
      related organization, or a director, officer, member of a committee of the
      board
      or employee, whose indemnification is in issue. Notwithstanding the foregoing,
      the term “Independent Legal Counsel” shall not include any person who, under the
      applicable standards of professional conduct then prevailing, would have a
      conflict of interest in representing either the Corporation or Indemnitee in
      an
      action to determine Indemnitee’s right to indemnification under this
      Agreement.

     

    
      
         

      

      
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    (e)  "Proceeding"
      means the investigation, preparation, prosecution, defense, settlement,
      arbitration and appeal of, and the giving of testimony in, any threatened,
      pending or completed claim, action, suit or proceeding, whether civil, criminal,
      administrative or investigative.

     

    Section
      2.   Services
      by Indemnitee.
      Indemnitee agrees to serve, or continue to serve, as a director or officer
      (or
      both) of the Corporation, and, at the Corporation’s request, to serve, or
      continue to serve, as a director, officer, employee, agent or fiduciary of
      other
      corporations and enterprises. Indemnitee may at any time and for any reason
      resign from any such position (subject to any other contractual obligation
      or
      any obligation imposed by operation of law).

     

    Section
      3.   General
      Indemnification.
      The
      Corporation hereby agrees to indemnify and hold harmless (including, without
      limitation, by advancement of Expenses) Indemnitee to the fullest extent
      permitted by, and in the manner permissible under applicable law as it presently
      exists or may hereafter be amended. In addition to (but not in duplication
      of)
      the foregoing right to indemnification, the general right to indemnification
      set
      forth in Article XII of the Corporation’s By-laws and any other rights of
      indemnification to which Indemnitee is entitled under applicable law or
      otherwise, the Corporation hereby agrees to provide Indemnitee the specific
      rights to indemnification set forth in Section 4 through Section 10 of this
      Agreement.

     

    Section
      4.   Indemnification
      for a Proceeding, etc.

     

    (a)  Proceedings
      Other Than Proceedings by or in the Right of the Corporation.
      Indemnitee shall be entitled to the rights of indemnification provided in this
      Section 4(a) if, by reason of his Corporate Status, he is, or is threatened
      to
      be made, a party to or participant in any threatened, pending or completed
      Proceeding, other than a Proceeding by or in the right of the Corporation.
      Pursuant to this Section 4(a), Indemnitee shall be indemnified against Expenses,
      judgments, penalties, fines and amounts paid in settlement actually and
      reasonably incurred by him or on his behalf in connection with any such
      Proceeding or any claim, issue or matter therein, if he acted in good faith
      and
      in a manner he reasonably believed to be in or not opposed to the best interests
      of the Corporation, and, with respect to any criminal Proceeding, had no
      reasonable cause to believe his conduct was unlawful. For purposes of this
      Agreement, “fines” shall include, without limitation, excise taxes assessed
      against Indemnitee with respect to an employee benefit plan.

     

    (b)  Proceedings
      by or in the Right of the Corporation.
      Indemnitee shall be entitled to the rights of indemnification provided in this
      Section 4(b) if, by reason of his Corporate Status, he is, or is threatened
      to
      be made, a party to or participant in any threatened, pending or completed
      Proceeding brought by or in the right of the Corporation to procure a judgment
      in its favor. Pursuant to this Section 4(b), Indemnitee shall be indemnified
      against Expenses actually and reasonably incurred by him or on his behalf in
      connection with any such Proceeding if he acted in good faith and in a manner
      he
      reasonably believed to be in or not opposed to the best interests of the
      Corporation. Notwithstanding the foregoing, if applicable law so provides,
      no
      indemnification against such Expenses shall be made in respect of any claim,
      issue or matter in any such Proceeding as to which Indemnitee shall have been
      finally adjudged to be liable to the Corporation unless and to the extent that
      the Court of Chancery of the State of Delaware, or the court in which such
      Proceeding shall have been brought or is pending, shall determine that such
      indemnification may nevertheless be made by the Corporation.

     

    
      
         

      

      
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    (c)  Indemnification
      for Expenses of a Party Who is Wholly or Partly Successful.
      Notwithstanding any other provision of this Agreement, to the extent that
      Indemnitee is, by reason of his Corporate Status, a party to and is successful,
      on the merits or otherwise, in any Proceeding, he shall be indemnified to the
      maximum extent permitted by law against all Expenses actually and reasonably
      incurred by him or on his behalf in connection therewith. For purposes of this
      Agreement and without limiting the foregoing, if any action, suit or proceeding
      is disposed of, on the merits or otherwise (including a disposition without
      prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an
      adjudication that Indemnitee was liable to the Corporation, (iii) a plea of
      guilty or nolo contendere
      by
      Indemnitee, (iv) an adjudication that Indemnitee did not act in good faith
      and
      in a manner Indemnitee reasonably believed to be in or not opposed to the best
      interests of the Corporation, and (v) with respect to any criminal proceeding,
      an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s
      conduct was unlawful, Indemnitee shall be considered for the purposes hereof
      to
      have been wholly successful with respect thereto.

     

    If
      Indemnitee is not wholly successful in such Proceeding, but is successful,
      on
      the merits or otherwise, as to one or more, but less than all claims, issues
      or
      matters in such Proceeding, the Corporation shall indemnify Indemnitee against
      all Expenses actually and reasonably incurred by him or on his behalf in
      connection with each successfully resolved claim, issue or matter. 

     

    (d)  Additional
      Indemnity.
      In
      addition to, and without regard to any limitations on, the indemnification
      provided for in Sections 4(a) through 4(c), the Corporation shall and hereby
      does indemnify and hold harmless Indemnitee against all Expenses, judgments,
      penalties, fines and amounts paid in settlement actually and reasonably incurred
      by him or on his behalf if, by reason of his Corporate Status he is, or is
      threatened to be made, a party to or participant in any Proceeding (including,
      without limitation, a Proceeding by or in the right of the Corporation). The
      only limitation that shall exist upon the Corporation’s obligations pursuant to
      this Agreement shall be that the Corporation shall not be obligated to make
      any
      payment to Indemnitee that is finally determined (under the procedures, and
      subject to the presumptions, set forth in Sections 6, 7 and 8 hereof) to be
      unlawful under Delaware law.

     

    (e)  
      Contribution in the Event of Joint Liability.
      

     

    (i)  Whether
      or not the indemnification provided in Sections 4(a) through 4(d) hereof is
      available, in respect of any threatened, pending or completed action, suit
      or
      proceeding in which the Corporation is jointly liable with Indemnitee (or would
      be if joined in such action, suit or proceeding), the Corporation shall pay,
      in
      the first instance, the entire amount of any judgment or settlement of such
      action, suit or Proceeding without requiring Indemnitee to contribute to such
      payment, and the Corporation hereby waives and relinquishes any right of
      contribution it may have against Indemnitee. The Corporation shall not enter
      into any settlement of any action, suit or proceeding in which the Corporation
      is jointly liable with Indemnitee (or would be if joined in such action, suit
      or
      proceeding) unless such settlement provides for a full and final release of
      all
      claims asserted against Indemnitee.

     

    
      
         

      

      
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    (ii)  Without
      diminishing or impairing the obligations of the Corporation set forth in the
      preceding subparagraph, if, for any reason, Indemnitee shall elect or be
      required to pay all or any portion of any judgment or settlement in any
      threatened, pending or completed action, suit or proceeding in which Corporation
      is jointly liable with Indemnitee (or would be if joined in such action, suit
      or
      proceeding), the Corporation shall contribute to the amount of Expenses,
      judgments, fines and amounts paid in settlement actually and reasonably incurred
      and paid or payable by Indemnitee in proportion to the relative benefits
      received by the Corporation and all officers, directors or employees of the
      Corporation other than Indemnitee who are jointly liable with him (or would
      be
      if joined in such action, suit or proceeding), on the one hand, and Indemnitee,
      on the other hand, from the transaction from which such action, suit or
      proceeding arose; provided, however, that the proportion determined on the
      basis
      of relative benefit may, to the extent necessary to conform to law, be further
      adjusted by reference to the relative fault of the Corporation and all officers,
      directors or employees of the Corporation other than Indemnitee who are jointly
      liable with Indemnitee (or would be if joined in such action, suit or
      proceeding), on the one hand, and Indemnitee, on the other hand, in connection
      with the events that resulted in such Expenses, judgments, fines or settlement
      amounts, as well as any other equitable considerations which the law may require
      to be considered. The relative fault of the Corporation and all officers,
      directors or employees of the Corporation other than Indemnitee who are jointly
      liable with him (or would be if joined in such action, suit or proceeding),
      on
      the one hand, and Indemnitee, on the other hand, shall be determined by
      reference to, among other things, the degree to which their actions were
      motivated by intent to gain personal profit or advantage, the degree to which
      their liability is primary or secondary, and the degree to which their conduct
      is active or passive.

     

    (iii)  The
      Corporation hereby agrees to fully indemnify and hold Indemnitee harmless from
      any claims of contribution which may be brought by officers, directors or
      employees of the Corporation who may be jointly liable with
      Indemnitee.

     

    Section
      5.   Advancement
      of Expenses and Costs.
      If
      Indemnitee is made or threatened to be made a party to a Proceeding, Indemnitee
      is entitled, upon written request to the Corporation, to payment or
      reimbursement by the Corporation, within twenty (20) days of receipt of the
      request of all reasonable Expenses, including, without limitation, attorneys’
fees and disbursements, incurred by Indemnitee, whether prior to or after the
      final disposition of the Proceeding. Such request shall evidence in reasonable
      detail the Expenses incurred by Indemnitee and shall include or be preceded
      or
      accompanied by an undertaking by or on behalf of Indemnitee to repay any
      Expenses advanced if it shall ultimately be determined that Indemnitee is not
      entitled to be indemnified against such Expenses. Any advances and undertakings
      to repay pursuant to this Section 5 shall be unsecured and interest free and
      shall be accepted without reference to financial ability to make the repayment.
      Indemnitee’s entitlement to indemnification against such Expenses shall include
      those incurred in connection with any Proceeding by Indemnity seeking an
      adjudication pursuant to this Agreement.

     

    
      
         

      

      
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    Section
      6.   Determination
      of Entitlement to Indemnification.
      It is
      the intent of this Agreement to secure for Indemnitee rights of indemnity that
      are as favorable as may be permitted under the law and public policy of the
      state of Delaware. Accordingly, the parties agree that the following procedures
      and presumptions shall apply in the event of any question as to whether
      Indemnitee is entitled to indemnification under this Agreement.

     

    (a)  To
      obtain
      indemnification (including, without limitation, the advancement of expenses
      and
      contribution by the Corporation) under this Agreement, Indemnitee shall submit
      to the Corporation a written request, including therein or therewith such
      documentation and information as is reasonably available to Indemnitee and
      is
      reasonably necessary to determine whether and to what extent Indemnitee is
      entitled to indemnification. The Secretary of the Corporation shall, promptly
      upon receipt of such a request for indemnification, advise the Board in writing
      that Indemnitee has requested indemnification.

     

    (b)  Upon
      written request by Indemnitee for indemnification pursuant to the first sentence
      of Section 6(a) hereof, a determination, if required by applicable law, with
      respect to Indemnitee’s entitlement thereto shall be made by one of the
      following three methods, which shall be at the election of Indemnitee: (i)
      by a
      majority vote of the Disinterested Directors, even though less than a quorum,
      or
      (ii) by Independent Legal Counsel in a written opinion to the Board or (iii)
      by
      the stockholders of the Corporation.

     

    (c)  If
      the
      determination of entitlement to indemnification is to be made by Independent
      Legal Counsel pursuant to Section 6(b) hereof, the Independent Legal Counsel
      shall be selected as provided in this Section 6(c). The Independent Legal
      Counsel shall be selected by Indemnitee (unless Indemnitee shall request that
      such selection be made by the Board). Indemnitee or the Corporation, as the
      case
      may be, may, within ten (10) days after such written notice of selection shall
      have been given, deliver to the Corporation or to Indemnitee, as the case may
      be, a written objection to such selection; provided, however, that such
      objection may be asserted only on the ground that the Independent Legal Counsel
      so selected does not meet the requirements of “Independent Legal Counsel” as
      defined in Section 1(d) of this Agreement, and the objection shall set forth
      with particularity the factual basis of such assertion. Absent a proper and
      timely objection, the person so selected shall act as Independent Legal Counsel.
      If a written objection is made and substantiated, the Independent Legal Counsel
      selected may not serve as Independent Legal Counsel unless and until such
      objection is withdrawn or a court has determined that such objection is without
      merit. If, within thirty (30) days after submission by Indemnitee of a written
      request for indemnification pursuant to Section 6(a) hereof, no Independent
      Legal Counsel shall have been selected and not objected to, either the
      Corporation or Indemnitee may petition the Court of Chancery of the State of
      Delaware or other court of competent jurisdiction for resolution of any
      objection which shall have been made by the Corporation or Indemnitee to the
      other’s selection of Independent Legal Counsel and/or for the appointment as
      Independent Legal Counsel of a person selected by the court or by such other
      person as the court shall designate, and the person with respect to whom all
      objections are so resolved or the person so appointed shall act as Independent
      Legal Counsel under Section 6(b) hereof. The Corporation shall pay any and
      all
      reasonable fees and expenses of Independent Legal Counsel incurred by such
      Independent Legal Counsel in connection with acting pursuant to Section 6(b)
      hereof, and the Corporation shall pay all reasonable fees and expenses incident
      to the procedures of this Section 6(c), regardless of the manner in which such
      Independent Legal Counsel was selected or appointed. The Corporation shall
      fully
      indemnify Independent Legal Counsel against any and all Expenses, claims,
      liabilities and damages arising out of or relating to this Agreement or its
      engagement pursuant hereto.

     

    
      
         

      

      
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    (d)  The
      Corporation acknowledges that a settlement or other disposition short of final
      judgment may be successful if it permits a party to avoid expense, delay,
      distraction, disruption and uncertainty. In the event that any action, claim
      or
      proceeding to which Indemnitee is a party is resolved in any manner other than
      by adverse judgment against Indemnitee (including, without limitation,
      settlement of such action, claim or proceeding with or without payment of money
      or other consideration) it shall be presumed (unless there is a preponderance
      of
      competent evidence to the contrary) that Indemnitee has been successful on
      the
      merits or otherwise in such action, suit or proceeding.

     

    (e)  Indemnitee
      shall reasonably cooperate with the person, persons or entity making such
      determination with respect to Indemnitee’s entitlement to indemnification,
      including providing to such person, persons or entity upon reasonable advance
      request any documentation or information which is not privileged or otherwise
      protected from disclosure and which is reasonably available to Indemnitee and
      reasonably necessary to such determination. Any Independent Legal Counsel,
      member of the Board, or stockholder of the Corporation shall act reasonably
      and
      in good faith in making a determination under the Agreement of Indemnitee’s
      entitlement to indemnification. Any costs or Expenses (including, without
      limitation, attorneys’ fees and disbursements) incurred by Indemnitee in so
      cooperating with the person, persons or entity making such determination shall
      be borne by the Corporation (irrespective of the determination as to
      Indemnitee’s entitlement to indemnification) and the Corporation hereby
      indemnifies and agrees to hold Indemnitee harmless therefrom.

     

    Section
      7.   Presumptions
      and Effect of Certain Proceedings.

     

    (a)  In
      making
      a determination with respect to entitlement for indemnification hereunder,
      the
      persons or entity making such determination shall presume (unless there is
      clear
      and convincing evidence to the contrary) that Indemnitee is entitled to
      indemnification under this Agreement if Indemnitee has submitted a request
      for
      indemnification in accordance with this Agreement. 

     

    
      
         

      

      
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    (b)  If
      the
      person(s) so empowered to make such determination shall have failed to make
      the
      requested determination within sixty (60) days after receipt by the Corporation
      of such request, the requisite determination of entitlement to indemnification
      shall be deemed to have been made and Indemnitee shall be absolutely entitled
      to
      such indemnification absent actual and material fraud; provided, however, that
      such sixty (60) day period may be extended for a reasonable time, not to exceed
      an additional thirty (30) days, if the person, persons or entity making the
      determination with respect to entitlement to indemnification in good faith
      require(s) such additional time for the obtaining or evaluating of documentation
      and/or information relating thereto; and provided, further, that the foregoing
      provisions of this Section 7(b) shall not apply (i) if the determination of
      entitlement to indemnification is to be made by the stockholders of the
      Corporation pursuant to Section 6(b)(iii) of this Agreement and if (A) within
      fifteen (15) days after receipt by the Corporation of the request for such
      determination the Board has resolved to submit such determination to the
      stockholders for their consideration at an annual meeting thereof to be held
      within 75 days after such receipt and such determination is made thereat, or
      (B)
      a special meeting of stockholders is called within fifteen (15) days after
      such
      receipt for the purpose of making such determination, such meeting is held
      for
      such purpose within sixty (60) days after having been so called and such
      determination is made thereat, or (ii) if the determination of entitlement
      to
      indemnification is to be made by Independent Legal Counsel pursuant to Section
      6(b)(ii) of this Agreement. 

     

    (c)  Indemnitee
      shall be deemed to have acted in good faith if Indemnitee’s action is based on
      the records or books of account of the Corporation, including, without
      limitation, financial statements, or on information supplied to Indemnitee
      by
      the officers of the Corporation in the course of their duties, or on the advice
      of legal counsel for the Corporation or on information or records given or
      reports made to the Corporation by an independent certified public accountant,
      by a financial advisor or by an appraiser or other expert selected with
      reasonable care by the Corporation. In addition, the knowledge and/or actions,
      or failure to act, of any director, officer, agent or employee of the
      Corporation shall not be imputed to Indemnitee for purposes of determining
      the
      right to indemnification under this Agreement. Whether or not the foregoing
      provisions of this Section 7 are satisfied, it shall in any event be presumed
      (unless there is clear and convincing evidence to the contrary) that Indemnitee
      has at all times acted in good faith and in a manner he reasonably believed
      to
      be in or not opposed to the best interests of the Corporation. Neither the
      failure of the Corporation (including by its directors or Independent Legal
      Counsel) to have made a determination prior to the commencement of any action
      pursuant to this Agreement that indemnification is proper in the circumstances
      because Indemnitee has met the applicable standard of conduct, nor an actual
      determination by the Corporation (including by its directors or Independent
      Legal Counsel) that Indemnitee has not met such applicable standard of conduct,
      shall be a defense to the action or create a presumption that Indemnitee has
      not
      met the applicable standard of conduct. 

     

    (d)  The
      termination of a Proceeding described in Section 4 hereof by judgment, order,
      settlement or conviction, or upon a plea of nolo contendere
      or its
      equivalent, shall not, of itself, (i) establish that Indemnitee does not meet
      the criteria for entitlement to indemnification set forth in Section 4 hereof
      or
      (ii) otherwise adversely affect the rights of Indemnitee to indemnification
      except as may be provided herein. The knowledge and/or actions, or failure
      to
      act, of any other director, officer, trustee, partner, managing member,
      fiduciary, agent or employee of the Corporation shall not be imputed to
      Indemnitee for purposes of determining the right to indemnification under this
      Agreement.

     

    
      
         

      

      
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    Section
      8.   Remedies
      of Indemnitee in Cases of Determination not to Indemnify or to Advance
      Expenses.

     

    (a)  In
      the
      event that (i) a determination is made that Indemnitee is not entitled to
      indemnification hereunder, (ii) advancement of expenses is not timely made
      pursuant to Section 5 hereof, (iii) no determination of entitlement to
      indemnification shall have been made pursuant to Section 6 hereof within ninety
      (90) days after receipt by the Corporation of the request for indemnification,
      (iv) payment of indemnification is not made pursuant to this Agreement within
      ten (10) days after receipt by the Corporation of a written request therefor
      or
      (v) payment of indemnification is not made within ten (10) days following a
      determination of entitlement to indemnification pursuant to Section 6 and
      Section 7 hereof, Indemnitee shall be entitled to adjudicate in an appropriate
      court of the State of Delaware or any other court of competent jurisdiction,
      his
      entitlement to such indemnification or advance. Alternatively, Indemnitee,
      at
      his option, may adjudicate any such entitlement in arbitration to be conducted
      by a single arbitrator pursuant to the rules of the American Arbitration
      Association. Indemnitee shall commence such proceeding seeking an adjudication
      or an award in arbitration within one hundred eighty (180) days following the
      date on which Indemnitee first has the right to commence such proceeding
      pursuant to this Section 8(a). In any such proceeding, the burden of proof
      shall
      be on the party opposing indemnification to prove that Indemnitee is not
      entitled to indemnification.

     

    (b)  In
      the
      event that a determination shall have been made pursuant to Section 6 of this
      Agreement that Indemnitee is not entitled to indemnification, any judicial
      proceeding or arbitration of the type contemplated by Section 8(a) hereof shall
      be made de novo,
      and
      Indemnitee shall not be prejudiced by reason of a determination (if so made)
      that he is not entitled to indemnification.

     

    (c)  If
      a
      determination is made or deemed to have been made pursuant to the terms of
      Section 6 or Section 7 hereof that Indemnitee is entitled to indemnification,
      the Corporation shall be bound by such determination and shall be precluded
      from
      asserting that such determination has not been made or that the procedure by
      which such determination was made is not valid, binding and enforceable. The
      Corporation further agrees to stipulate in any such court that the Corporation
      is bound by all the provisions of this Agreement and is precluded from making
      any assertion to the contrary. 

     

    (d)  If
      as a
      result of an adjudication of the type contemplated by Section 8(a) hereof the
      court or arbitrator shall determine that Indemnitee is entitled to any
      indemnification hereunder, the Corporation shall pay all reasonable Expenses
      (including attorneys’ fees) and costs actually incurred by Indemnitee in
      connection with such adjudication (including, without limitation, any appellate
      proceedings). If Indemnitee commences a judicial proceeding or arbitration
      pursuant to this Section 8, Indemnitee shall not be required to reimburse the
      Corporation for any advances pursuant to Section 5 hereof until a final
      determination is made with respect to Indemnitee’s entitlement to
      indemnification (as to which all rights of appeal have been exhausted or
      lapsed). 

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (e)  The
      Corporation shall indemnify and hold harmless Indemnitee to the fullest extent
      permitted by law against all expenses and, if requested by Indemnitee, shall
      (within ten (10) days after the Corporation’s receipt of such written request)
      advance such expenses to Indemnitee, which are incurred by Indemnitee in
      connection with any judicial proceeding or arbitration brought by Indemnitee
      (i)
      to enforce his rights under, or to recover damages for breach of, this Agreement
      or any other indemnification, advancement or contribution agreement or provision
      of the Corporation’s Certificate of Incorporation or By-laws now or hereafter in
      effect or (ii) for recovery or advances under any insurance policy maintained
      by
      any person for the benefit of Indemnitee, regardless of whether Indemnitee
      ultimately is determined to be entitled to such indemnification, advance,
      contribution or insurance recovery, as the case may be. Interest shall be paid
      by the Corporation to Indemnitee at the legal rate under Delaware law for
      amounts which the Corporation indemnifies or is obliged to indemnify for the
      period commencing with the date on which Indemnitee requests indemnification
      (or
      reimbursement or advancement of any expenses) and ending with the date on which
      such payment is made to Indemnitee by the Corporation.

     

    Section
      9.   Reimbursement
      for Expenses of a Witness.
      Notwithstanding any other provision of this Agreement, to the extent that
      Indemnitee has served, by reason of his Corporate Status, as a witness in any
      Proceeding, at a time when such Indemnitee has not been made a party to the
      Proceeding, the Corporation shall reimburse such Indemnitee for all Expenses
      actually and reasonably incurred by him or on his behalf in connection
      therewith.

     

    Section
      10.   Other
      Rights of Indemnification and Insurance.

     

    (a)  The
      indemnification and advancement of expenses (including, without limitation,
      attorneys’ fees) and costs provided by this Agreement shall not be deemed
      exclusive of any other rights to which Indemnitee may now or in the future
      be
      entitled under any agreement, provision of the By-laws, or provision of the
      Certificate of Incorporation, vote of stockholders or Disinterested Directors
      of
      the Corporation, provision of law or otherwise. No amendment, alteration or
      repeal of this Agreement or any provision hereof shall be effective as to any
      Indemnitee with respect to any action taken or omitted by such Indemnitee in
      his
      Corporate Status prior to such amendment, alteration or repeal.

     

    (b)  To
      the
      extent that the Corporation maintains an insurance policy or policies providing
      liability insurance for directors, officers, employees or agents or fiduciaries
      of the Corporation or of any other corporation, partnership, joint venture,
      trust, employee benefit plan or other enterprise which such person serves at
      the
      request of the Corporation, Indemnitee shall be covered by such policy or
      policies in accordance with its or their terms to the maximum extent of the
      coverage available for any such director, officer, employee or agent or
      fiduciary under such policy or policies. The Corporation hereby covenants and
      agrees to maintain the directors and officers insurance policy in effect on
      the
      date of this Agreement (the “Current D&O Policy”) on terms and subject to
      conditions at least as favorable to Indemnitee as the terms and conditions
      that
      exist as of the date of this Agreement. In the event that, notwithstanding
      the
      foregoing, the Current D&O Policy is no longer in full force and effect or
      is otherwise unavailable, the Corporation shall obtain and maintain a policy
      or
      policies of insurance providing liability insurance for Indemnitee on terms
      and
      subject to conditions not materially different from, and in no way less
      favorable to Indemnitee than, the Current D&O Policy; provided that the
      Corporation shall not be required to pay an aggregate premium for such insurance
      coverage in excess of 200% of the amount of the premium for the Current D&O
      Policy on the date of this Agreement, but shall, in such case, purchase as
      much
      coverage as possible for such amount.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Section
      11.   Duration
      of Agreement.
      This
      Agreement shall continue until and terminate upon the later of: (a) ten (10)
      years after the date that Indemnitee shall have ceased to serve as a director,
      officer, employee, agent or fiduciary of the Corporation or of any other
      corporation, partnership, joint venture, trust, employee benefit plan or other
      enterprise which Indemnitee served at the request of the Corporation; or (b)
      the
      final termination of all pending Proceedings in respect of which Indemnitee
      is
      granted rights of indemnification or advancement of Expenses hereunder and
      or
      any proceeding commenced by Indemnitee pursuant to Section 8 of this Agreement.
      This Agreement shall be binding upon the Corporation and its successors and
      assigns and shall inure to the benefit of Indemnitee and his heirs, executors
      and administrators.

     

    Section
      12.   Severability.
      If any
      provision or provisions of this Agreement shall be held to be invalid, illegal
      or unenforceable for any reason whatsoever: (a) the validity, legality and
      enforceability of the remaining provisions of this Agreement (including, without
      limitation, all portions of any paragraphs of this Agreement containing any
      such
      provision held to be invalid, illegal or unenforceable, that are not themselves
      invalid, illegal or unenforceable) shall not in any way be affected or impaired
      thereby and (b) to the fullest extent possible, the provisions of this Agreement
      (including, without limitation, all portions of any paragraph of this Agreement
      containing any such provision held to be invalid, illegal or unenforceable,
      that
      are not themselves invalid, illegal or unenforceable) shall be construed so
      as
      to give effect to the intent manifested by the provision held invalid, illegal
      or unenforceable.

     

    Section
      13.   Identical
      Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      for
      all purposes be deemed to be an original but all of which together shall
      constitute one and the same Agreement. Only one such counterpart signed by
      the
      party against whom enforceability is sought needs to be produced to evidence
      the
      existence of this Agreement.

     

    Section
      14.   Headings.
      The
      headings of the paragraphs of this Agreement are inserted for convenience only
      and shall not be deemed to constitute part of this Agreement or to affect the
      construction thereof.

     

    Section
      15.   Modification
      and Waiver.
      No
      supplement, modification or amendment of this Agreement shall be binding unless
      executed in writing by all of the parties hereto. No waiver of any of the
      provisions of this Agreement shall be deemed or shall constitute a waiver of
      any
      other provisions hereof (whether or not similar) nor shall such waiver
      constitute a continuing waiver.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    Section
      16.   Notice
      by Indemnitee.
      Indemnitee agrees promptly to notify the Corporation in writing upon being
      served with any summons, citation, subpoena, complaint, indictment, information
      or other document relating to any Proceeding or matter which may be subject
      to
      indemnification or advancement of Expenses covered hereunder.

     

    Section
      17.   Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be deemed to have been duly given if (a) delivered by hand
      and
      receipted for by the party to whom said notice or other communication shall
      have
      been directed or (b) mailed by certified or registered mail with postage
      prepaid, on the third business day after the date on which it is so
      mailed:

     

    (a) If
      to the
      Corporation, to:

     

    Progenics
      Pharmaceuticals, Inc.

    777
      Old
      Saw Mill River Road

    Tarrytown,
      NY 10591

    Attention:
      General Counsel

    

     

    (b) If
      to
      Indemnitee, to the address shown on the signature page of this Agreement or
      to
      such other address as may have been furnished to Indemnitee by the Corporation
      or to the Corporation by Indemnitee, as the case may be.

     

    Section
      18.   Successor
      and Assigns.
      All of
      the terms and provisions of this Agreement shall be binding upon, shall inure
      to
      the benefit of and shall be enforceable by the parties hereto and their
      respective successors, assigns, heirs, executors, administrators and legal
      representatives. The Corporation shall require and cause any direct or indirect
      successor (whether by purchase, merger, consolidation or otherwise) to all
      or
      substantially all of the business or assets of the Corporation, by written
      agreement to assume and agree to perform this Agreement in the same manner
      and
      to the same extent that the Corporation would be required to perform if no
      such
      succession had taken place.

     

    Section
      19.   Employment
      Rights.
      Nothing
      in this Agreement is intended to create in Indemnitee any right to employment
      or
      continued employment.

     

    Section
      20.   Service
      of Process and Venue.
      For
      purposes of any claims or proceedings to enforce this Agreement, the Corporation
      consents to the jurisdiction and venue of any federal or state court of
      competent jurisdiction in the states of Delaware and New York, and waives an
      agrees not to raise any defense that any such court is an inconvenient forum
      or
      any similar claim.

     

    Section
      21.   Gender.
      Use of
      the masculine pronoun in this Agreement shall be deemed to include use of the
      feminine pronoun where appropriate.

     

    Section
      22.   Supercedes
      Prior Agreement.
      This
      Agreement supercedes any prior indemnification agreement between Indemnitee
      and
      the Corporation or its predecessors.

     

    Section
      23.   Governing
      Law.
      The
      parties agree that this Agreement shall be governed by, and construed and
      enforced in accordance with, the laws of the State of Delaware.

     

    

    By:  _________________________________      

    [Name]

    [Title]

    

    

    I,
      Mark
      R. Baker, Secretary, certify that the Board of Directors has authorized the
      Corporation to enter into this Agreement by a resolution unanimously passed
      at
      its November 27, 2006 meeting.

     

    

    

                                                                            _________________________________

    Mark
      R.
      Baker

    Secretary

    

    Date:
      ________________________________exv10w1

 

EXHIBIT
10.1

Summary
of  2007 Cash Bonus Plan

     All eligible employees, including
executive officers, of the Company may receive performance-based compensation based upon the Company's achievement of
certain goals, including achievement of specified adjusted non-GAAP operating income targets and net software license
orders targets and/or based upon the achievement of specified
individual objectives. The executive officers’ target bonuses
range from 50% to 100% of their salary with a potential maximum
bonus of up to two times their target bonus upon achievement of
extremely aggressive results. The amount of the bonus pool that
an individual employee is targeted to receive is based upon a percentage of the individual's base salary and varies by
position. Awards under the 2007 Cash Bonus Plan will be accrued quarterly and paid semiannually.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]