Document:

Exhibit 10.21

PROPRIETARY INFORMATION, INVENTIONS, AND COMPETITION AGREEMENT

AGREEMENT, dated this 30th day of November 2006, 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 M. Lambert, Ph.D., an individual residing at 19 Chalk Street,
Cambridge, MA 02139 (“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 

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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.

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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 

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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.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Daniel M. Junius

  
	
   

  	
  Chief Financial
  Officer and

  
	
   

  	
  Executive Vice
  President, Finance

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Employee
  Signature

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
				

 

 5Exhibit 10.22

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”), dated
as of November 30, 2006 (the “Effective
Date”), is made by and between ImmunoGen, Inc., a
Massachusetts corporation (the “Company”),
and Daniel M. Junius (“Executive”).  This Agreement is intended to confirm the
understanding and set forth the agreement between the Company and Executive
with respect to Executive’s employment by the Company.  In consideration of the mutual promises and
covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, the Company and the Executive hereby agree as follows:

1.             Employment.

(a)           Title and Duties. 
Subject to the terms and conditions of this Agreement, the Company will
employ Executive, and Executive will be employed by the Company, as Chief
Financial Officer and Executive Vice President, Finance, reporting to the Chief
Executive Officer.  Executive will have
the responsibilities, duties and authority commensurate with said
position.  Executive will also perform
such other services of an executive nature for the Company as may be reasonably
assigned to Executive from time to time by the Chief Executive Officer or the Board
of Directors of the Company (the “Board”).

(b)           Devotion to Duties.  For
so long as Executive is employed hereunder, Executive will devote substantially
all of Executive’s business time and energies to the business and affairs of
the Company; provided that nothing contained in this Section 1(b) will
be deemed to prevent or limit Executive’s right to manage Executive’s personal
investments on Executive’s own personal time, including, without limitation,
the right to make passive investments in the securities of (i) any entity which
Executive does not control, directly or indirectly, and which does not compete
with the Company, or (ii) any publicly held entity (other than the Company or
its related entities) so long as Executive’s aggregate direct and indirect
interest does not exceed three percent (3%) of the issued and outstanding
securities of any class of securities of such publicly held entity.  Except as set forth on Exhibit A
hereto, Executive represents that Executive is not currently a director (or
similar position) of any other entity and is not employed by or providing
consulting services to any other person or entity, and Executive agrees to
refrain from undertaking any such position or engagement without the prior
approval of the Board.  Executive may
continue to serve as a director and/or volunteer for the entities listed on Exhibit
A provided that such service does not create any conflicts, ethical or
otherwise, with Executive’s responsibilities to the Company and further
provided that Executive’s time commitments do not unreasonably interfere with
his fulfillment of his responsibilities hereunder, as determined by the Board
or its designated committee thereof.

2.             Term of Agreement; Termination of Employment.

(a)           Term of Agreement.  The
term of this Agreement shall commence on the Effective Date and shall continue
in effect for two (2) years; provided, however, that commencing on the 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.  Such notice or such termination of this
Agreement shall not on its own have the effect of terminating Executive’s
employment, nor shall it constitute Cause (as defined below).  The duration of this Agreement is hereafter
referred to as the “Term.”

(b)           Termination of Employment.  The
Executive is employed on an at-will basis and, subject to the provisions of
Section 4, either the Executive or the Company may terminate the employment
relationship at any time for any reason. 
Notwithstanding anything else contained in this Agreement, Executive’s
employment during the Term will terminate upon the earliest to occur of the
following:

(i)            Death.  Immediately upon Executive’s
death;

(ii)           Termination by the Company.

(A)          If because of Disability (as defined below), then upon written notice
by the Company to Executive that Executive’s employment is being terminated as
a result of Executive’s Disability, which termination shall be effective on the
date of such notice;

(B)           If for Cause, then upon written notice by the Company to Executive that
states that Executive’s employment is being terminated for Cause (as defined
below) and sets forth the specific alleged Cause for termination and the
factual basis supporting the alleged Cause, which termination shall be
effective on the date of such notice or such later date as specified in writing
by the Company; or

(C)           If without Cause (i.e., for reasons other than Sections
2(b)(ii)(A) or (B)), then upon written notice by the Company to Executive that
Executive’s employment is being terminated without Cause, which termination
shall be effective on the date of such notice or such later date as specified
in writing by the Company; or

(iii)          Termination by Executive.  Upon
written notice by Executive to the Company that Executive is terminating
Executive’s employment, which termination shall be effective at Executive’s
election, not less than thirty (30) days and not more than sixty (60) days after
the date of such notice; provided that the Executive may request at such
time to leave with a shorter notice period, and the Company shall not
unreasonably withhold its consent to such shorter period; and further provided
that the Company may choose to accept Executive’s resignation effective as of
an earlier date.

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Notwithstanding
anything in this Section 2(b), the Company may at any point terminate Executive’s
employment for Cause prior to the effective date of any other termination
contemplated hereunder if such Cause exists.

(c)           Definition of “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)           Definition of “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 CEO or the Board;
(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 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 (including the Proprietary Information, Inventions, and Competition
Agreement attached here as Exhibit B), 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.

3.             Compensation.

(a)           Base Salary.  While Executive is employed
hereunder, the Company will pay Executive a base salary at the gross annualized
rate of $330,000.00 (the “Base Salary”),
paid in accordance with the Company’s usual payroll practices.  The Base Salary will be subject to review
annually or on such periodic basis (not to exceed annually) as the Company
reviews the compensation of the Company’s other senior executives and may be
adjusted upwards in the sole discretion of the Board or its designee.  The Company will deduct from each such
installment any amounts required to be deducted or withheld under applicable
law or under any employee benefit plan in which Executive participates.

(b)           Annual Bonus. 
Executive may be eligible to earn an Annual Bonus relating to each
fiscal year, based on the achievement of individual and Company written goals
established on an annual basis by the Board within thirty (30) days of the
beginning of the fiscal year.  If the
Executive meets the applicable goals, is employed by the Company at the

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end of the year to which the
Annual Bonus relates, and is not terminated for Cause prior to the payment of
the Annual Bonus, then the Executive shall be entitled to an Annual Bonus for
that year equal to 35% of his then-current Base Salary (the “Target Annual Bonus”).  Any awarded Annual Bonus shall be paid within
2 1⁄2 months of the year to which it relates.

(c)           Fringe Benefits.  In addition to any benefits provided by this
Agreement, Executive shall be entitled to participate generally in all employee
benefit, welfare and other plans, practices, policies and programs and fringe
benefits maintained by the Company from time to time on a basis no less
favorable than those provided to other similarly-situated executives of the
Company.  Executive understands that,
except when prohibited by applicable law, the Company’s benefit plans and
fringe benefits may be amended, enlarged, diminished or terminated
prospectively by the Company from time to time, in its sole discretion, and
that such shall not be deemed to be a breach of this Agreement.

(d)           Vacation.  Executive will be entitled to
accrue up to twenty-five (25) vacation days per year that Executive remains
employed by the Company, administered in accordance with and subject to the
terms of the Company’s vacation policy, as it may be amended prospectively from
time to time.

(e)           Reimbursement of Expenses.  The
Company will promptly reimburse Executive for all ordinary and reasonable
out-of-pocket business expenses that are incurred by Executive in furtherance
of the Company’s business in accordance with the Company’s policies with
respect thereto as in effect from time to time.

4.             Compensation Upon Termination.

(a)           Definition of Accrued Obligations.  For
purposes of this Agreement, “Accrued Obligations”
means (i) the portion of Executive’s Base Salary that has accrued prior to any
termination of Executive’s employment with the Company and has not yet been
paid; (ii) to the extent required by law and the Company’s policy, an amount
equal to the value of Executive’s accrued but unused vacation days; (iii) the
amount of any expenses properly incurred by Executive on behalf of the Company
prior to any such termination and not yet reimbursed; and (iv) the Annual Bonus
related to the most recently completed fiscal year, if not already paid and if
the termination is not for Cause (the amount of which shall be determined in
accordance with Section 3(b) above).  Executive’s entitlement to any
other compensation or benefit under any plan or policy of the Company,
including but not limited to applicable option plans, shall be governed by and
determined in accordance with the terms of such plans or policies, except as
otherwise specified in this Agreement.

(b)           Termination for Cause, By the Executive, or
as a Result of Executive’s Disability or Death.

(i)            If Executive’s employment is terminated during
the Term either by the Company for Cause or by Executive, or if Executive’s
employment terminates as a result of the Executive’s death, the Company will
pay the Accrued Obligations to Executive promptly following the effective date
of such termination.

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(ii)           In case of termination during the Term by the Company as a result of
the Executive’s Disability, the Company will pay Executive the Accrued
Obligations plus an amount equal to four (4) months of Executive’s then-current
Base Salary.

(c)           Termination by the Company without Cause.  If
Executive’s employment hereunder is terminated by the Company without Cause
during the Term, then:

(i)            The Company will pay the Accrued Obligations
to Executive promptly following the effective date of such termination;

(ii)           The Company will pay Executive a total amount equal to twelve (12) months
of Executive’s then current Base Salary, less applicable taxes and deductions;
to be made in approximately equal biweekly installments in accordance with the
Company’s usual payroll practices over a period of twelve (12) months beginning
after the effective date of the separation agreement described in Section 4(d);

(iii)          The Company will continue to provide medical insurance coverage for
Executive and Executive’s family, subject to the requirements of 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; and

(iv)          That portion of unvested options then held by Executive, if any, that
would have vested during the twelve (12) month period following the effective
date of employment termination but for such termination shall vest and be
immediately exercisable as of the date of the employment termination.  That portion of the shares of restricted
stock then held by Executive, if any, that are subject to a lapsing forfeiture
right that would have terminated during the twelve (12) month period
following the effective date of employment termination but for such
termination will terminate as of the date of the employment termination.  All options and shares of restricted stock
shall otherwise be subject to the terms and conditions of their respective
agreements and with the applicable plan.

(d)           Release of Claims.  The
Company shall not be obligated to pay Executive any of the compensation or
provide Executive any of the benefits set forth in Section 4(b) or 4(c) (other
than the Accrued Obligations) unless and until Executive has executed a timely
separation agreement in a form acceptable to the Company, which shall include a
release of claims between the Company and the Executive, and may include
provisions regarding mutual non-disparagement and confidentiality.

(e)           No Other Payments or Benefits Owing.  The
payments and benefits set forth in this Section 4 shall be the sole amounts
owing to Executive as separation pay upon termination of Executive’s
employment.  Executive shall not be
eligible for any other

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payments, including but not
limited to additional Base Salary payments, bonuses, commissions, or other
forms of compensation or benefits, except as may otherwise be set forth in this
Agreement or other Company plan documents with respect to plans in which
Executive is a participant.

(f)            Notwithstanding any other provision with
respect to the timing of payments under Section 4, 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 Section 4 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 Section 4.

5.             Competition.  Executive
agrees to sign and return to the Company the Proprietary Information,
Inventions, and Competition Agreement (the “Proprietary Information Agreement”)
attached hereto as Exhibit B concurrently with the execution of this
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.

6.             Property and Records.  Upon
termination of Executive’s employment hereunder for any reason or for no
reason, Executive will deliver to the Company any property of the Company which
may be in Executive’s possession, including blackberry-type devices, laptops,
cell phones, products, materials, memoranda, notes, records, reports or other
documents or photocopies of the same.

7.             General.

(a)           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 CEO and Lead Director, or to such other Company
representative as the Company may specify in writing.

(b)           Entire Agreement/Modification.  This
Agreement, together with the Proprietary Information Agreement attached hereto,
and the other agreements specifically referred to herein, embodies the entire
agreement and understanding between the parties hereto and supersedes all prior
oral or written agreements and understandings relating to the

 6
 

subject matter hereof.  No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement (or
in a subsequent written modification or amendment executed by the parties
hereto) will affect, or be used to interpret, change or restrict, the express
terms and provisions of this Agreement.

(c)           Waivers and Consents.  The
terms and provisions of this Agreement may be waived, or consent for the
departure therefrom granted, only by written document executed by the party
entitled to the benefits of such terms or provisions. No such waiver or consent
will be deemed to be or will 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 will be effective
only in the specific instance and for the purpose for which it was given, and
will not constitute a continuing waiver or consent.

(d)           Assignment and Binding Effect.  The
Company may assign its rights and obligations hereunder to any person or entity
that succeeds to all or substantially all of the Company’s business or that
aspect of the Company’s business in which Executive is principally
involved.  Executive may not assign
Executive’s rights and obligations under this Agreement without the prior
written consent of the Company.  This
Agreement shall be binding upon Executive, Executive’s heirs, executors and
administrators and the Company, and its successors and assigns, and shall inure
to the benefit of Executive, Executive’s heirs, executors and administrators
and the Company, and its successors and assigns.

(e)           Insurance.  Executive shall be entitled to
the same rights, if any, to indemnification and coverage under the Company’s
Directors and Officers Liability Insurance policies as they may exist from time
to time to the same extent as other similarly-situated executive employees of
the Company.

(f)            Governing Law.  This
Agreement and the rights and obligations of the parties hereunder will be
construed in accordance with and governed by the law oftheCommonwealth of Massachusetts, without giving effect to
conflict of law principles.

(g)           Severability.  The
parties intend this Agreement to be enforced as written. However, should any
provisions of this Agreement be held by a court of law to be illegal, invalid
or unenforceable, the legality, validity and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired thereby.

(h)           Headings and Captions.  The
headings and captions of the various subdivisions of this Agreement are for
convenience of reference only and will in no way modify or affect the meaning
or construction of any of the terms or provisions hereof.

8.             Taxation.

(a)           The parties intend this Agreement to be in compliance with Code Section
409A.  The Executive acknowledges and
agrees that the Company does not guarantee the tax treatment or tax
consequences associated with any payment or benefit arising under this
Agreement, including but not limited to consequences related to Code Section
409A.  The Company and Executive agree
that both will negotiate in good faith and jointly execute an amendment to
modify this Agreement to the extent necessary to comply with the requirements
of Code Section 409A.

 7
 

(b)           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
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.

9.             Counterparts.  This
Agreement may be executed in two or more counterparts, and by different parties
hereto on separate counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument.  For all purposes a signature by fax shall be
treated as an original.

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

	
  EXECUTIVE

  	
   

  	
  IMMUNOGEN, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
  Mitchel Sayare

  
	
  Print Name:
  Daniel M. Junius

  	
   

  	
  Chairman and Chief Executive Officer

  

 

 8
 

Exhibit A

 9

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