Document:

Form of Deposit Agreement (including form of Depositary Receipt)

  
 Exhibit 4.11 
  
 FORM OF
DEPOSIT AGREEMENT 
  
 IMMUNOMEDICS, INC. 
  
 and 
  
 [                                      
  ], 
  
 as Depositary 
  
 and 
  
 HOLDERS OF DEPOSITARY RECEIPTS 
  

  
 DEPOSIT AGREEMENT 

 

  
 Dated as of                          ,
         
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I
	
	DEFINITIONS
			
	 Section 1.1
	  	 Definitions
	  	1
	
	ARTICLE II
	
	 FORM OF RECEIPTS, DEPOSIT OF
 STOCK, EXECUTION AND DELIVERY, TRANSFER,
 SURRENDER, REDEMPTION AND CONVERSION OF
RECEIPTS

			
	 Section 2.1
	  	 Form and Transfer of Receipts
	  	3
	 Section 2.2
	  	 Temporary Receipts
	  	3
	 Section 2.3
	  	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	  	3
	 Section 2.4
	  	 Redemption and Conversion of Stock
	  	4
	 Section 2.5
	  	 Register of Transfer of Receipts
	  	6
	 Section 2.6
	  	 Combination and Split-ups of Receipts
	  	7
	 Section 2.7
	  	 Surrender of Receipts and Withdrawal of Stock
	  	7
	 Section 2.8
	  	 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts and Withdrawal or Deposit of
Stock
	  	8
	 Section 2.9
	  	 Lost Receipts, etc
	  	8
	 Section 2.10
	  	 Cancellation and Destruction of Surrendered Receipts
	  	9
	
	ARTICLE III
	
	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
			
	 Section 3.1
	  	 Filing Proofs, Certificates and Other Information
	  	9
	 Section 3.2
	  	 Payment of Taxes or Other Governmental Charges
	  	9
	 Section 3.3
	  	 Withholding
	  	9
	 Section 3.4
	  	 Representations and Warranties as to Stock
	  	10
	
	ARTICLE IV
	
	THE STOCK, NOTICES
			
	 Section 4.1
	  	 Cash Distributions
	  	10
	 Section 4.2
	  	 Distributions Other Than Cash
	  	10

  
  

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	 Section 4.3
	  	 Subscription Rights, Preferences or Privileges
	  	10
	 Section 4.4
	  	 Notice of Dividends, Fixing of Record Date for Holders of Receipts
	  	11
	 Section 4.5
	  	 Voting Rights
	  	12
	 Section 4.6
	  	 Changes Affecting Stock and Reclassifications, Recapitalizations, etc
	  	12
	 Section 4.7
	  	 Reports
	  	12
	 Section 4.8
	  	 Lists of Receipt Holders
	  	12
	
	ARTICLE V
	
	 THE DEPOSITARY, THE DEPOSITARY’S
 AGENTS, THE REGISTRAR AND THE COMPANY

			
	 Section 5.1
	  	 Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar
	  	13
	 Section 5.2
	  	 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company
	  	13
	 Section 5.3
	  	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company
	  	14
	 Section 5.4
	  	 Resignation and Removal of the Depositary, Appointment of Successor Depositary
	  	15
	 Section 5.5
	  	 Corporate Notices and Reports
	  	16
	 Section 5.6
	  	 Deposit of Stock by the Company
	  	16
	 Section 5.7
	  	 Indemnification by the Company
	  	16
	 Section 5.8
	  	 Fees, Charges and Expenses
	  	16
	
	ARTICLE VI
	
	AMENDMENT AND TERMINATION
			
	 Section 6.1
	  	 Amendment
	  	17
	 Section 6.2
	  	 Termination
	  	17
	
	ARTICLE VII
	
	MISCELLANEOUS
			
	 Section 7.1
	  	 Counterparts
	  	18
	 Section 7.2
	  	 Exclusive Benefits of Parties
	  	18
	 Section 7.3
	  	 Invalidity of Provisions
	  	18
	 Section 7.4
	  	 Notices
	  	18
	 Section 7.5
	  	 Depositary’s Agents
	  	19
	 Section 7.6
	  	 Holders of Receipts Are Parties
	  	19
	 Section 7.7
	  	 Governing Law
	  	19
	 Section 7.8
	  	 Headings
	  	19
			
	 EXHIBIT A
	  	 Depositary Receipt for Depositary Shares
	  	 

  
  

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 DEPOSIT AGREEMENT 
  
 DEPOSIT AGREEMENT, dated as of
                         ,         , by and among Immunomedics,
Inc., a Delaware corporation (the “Company”), [                    ], a
[                    ], as depositary (the “Depositary”), and all holders from time to time of Receipts issued hereunder.

  
 W I T N E S S
E T H: 
  
 WHEREAS, the Company desires to
provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Stock with the Depositary, as agent for the beneficial owners of the Stock, for the purposes set forth in this Deposit Agreement and for the issuance hereunder
of the Receipts evidencing Depositary Shares representing an interest in the Stock so deposited; and 
  
 WHEREAS, the Receipts are to be substantially in the form annexed as Exhibit A to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
  
 NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1 Definitions. The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the Receipts: 
  
 “Certificate of Incorporation” shall mean the Certificate of
Incorporation, as amended and restated from time to time, of the Company. 
  
 “Certificate of Designation” shall mean the Certificate of Designation establishing and setting forth the rights, preferences, privileges and limitations of the Stock. 
  
 “Common Stock” shall mean the Company’s common stock,
par value $0.01 per share. 
  
 “Company” shall
mean Immunomedics, Inc., a Delaware corporation, and its successors. 
  
 “Corporate Office” shall mean the office of the Depositary in [                    ,
                    ], at which at any particular time its business in respect of matters governed by this Deposit Agreement shall be
administered, which at the date of this Deposit Agreement is located at [                    ]. 

 “Deposit Agreement” shall mean this agreement, as the same may be amended, modified or
supplemented from time to time. 
  
 “Depositary”
shall mean [                    ], as Depositary hereunder, and any successor as Depositary hereunder. 
  
 “Depositary Share” shall mean the rights evidenced by the
Receipts executed and delivered hereunder, including the interests in Stock granted to holders of Receipts pursuant to the terms and conditions of this Deposit Agreement. Each Depositary Share shall represent an interest in
[                    ] of a share of Stock deposited with the Depositary hereunder and the same proportionate interest in any and all other
property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement. Subject to the terms of this Deposit Agreement, each record holder of a Receipt evidencing a Depositary Share or Shares is entitled,
proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share or Shares, including the dividend, voting and liquidation rights contained in the Certificate of Designation, and to the benefits of all
obligations and duties of the Company in respect of the Stock under the Certificate of Designation and the Certificate of Incorporation. 
  
 “Depositary’s Agent” shall mean an agent appointed by the Depositary as provided, and for the purposes specified, in Section 7.5.

  
 “New York Office” shall mean the facility
maintained by the Depositary in the Borough of Manhattan, The City of New York, for accepting, executing and delivering Receipts and other instruments prior to processing such instruments at the Corporate Office, which facility at the date of this
Deposit Agreement is located at [                    ]. 
  
 “Receipt” shall mean a Depositary Receipt executed and delivered hereunder, in substantially the form of
Exhibit A hereto, evidencing a Depositary Share or Depositary Shares, as the same may be amended from time to time in accordance with the provisions hereof. 
  
 “record holder” or “holder” as applied to a Receipt shall mean the person in whose name a
Receipt is registered on the books maintained by or on behalf of the Depositary for such purpose. 
  
 “Registrar” shall mean any bank or trust company appointed to register ownership and transfers of Receipts as herein provided.

  
 “Securities Act” shall mean the Securities
Act of 1933, as amended. 
  
 “Stock” shall mean
shares of the Company’s Series [            ] Preferred Stock, par value $0.01 per share. 
  

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 ARTICLE II 
  

FORM OF RECEIPTS, DEPOSIT OF 
 STOCK, EXECUTION AND DELIVERY, TRANSFER, 
 SURRENDER, REDEMPTION AND CONVERSION OF RECEIPTS 
  
 Section 2.1 Form and Transfer of Receipts. Receipts shall be engraved,
typewritten, printed or lithographed and shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts shall be
executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, however, that such signature may be a facsimile if a Registrar (other than the Depositary) shall have countersigned the
Receipts by manual signature of a duly authorized signatory of the Registrar. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the
preceding sentence. The Depositary shall record on its books each Receipt executed as provided above and delivered as hereinafter provided. Receipts bearing the facsimile signature of anyone who was at any time a duly authorized officer of the
Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such Receipts. 
  
 Receipts may be issued in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their execution. Receipts may be
endorsed with, or have incorporated in the text thereof, such legends or recitals or changes not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or
regulation or with the rules and regulations of any securities exchange or market upon which the Stock, the Depositary Shares or the Receipts may be listed or quoted or to conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the Stock or otherwise. Title to any Receipt (and to the Depositary Shares evidenced by such Receipt) that is properly endorsed or
accompanied by a properly executed instrument of transfer shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the
books of the Depositary as provided in Section 2.5, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
  
 Section 2.2 Temporary Receipts. Pending the preparation of definitive Receipts, the Depositary may, upon written order of the Company, issue
temporary Receipts substantially identical to (and entitling the holders thereof to all the rights pertaining to) the definitive Receipts but not in definitive form. Definitive Receipts will be prepared thereafter without unreasonable delay, and
such temporary Receipts will be exchangeable for definitive Receipts at the Company’s expense. 
  
 Section 2.3 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit Agreement,
the Company or any holder of Stock may deposit such Stock under this Deposit Agreement by delivery to the 
  

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 Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required
by the Depositary, by a properly executed instrument of transfer in form satisfactory to the Depositary, together with (a) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and
(b) a written order of the Company or such holder, as the case may be, directing the Depositary to execute and deliver to or upon the written order of the person or persons stated in such order a Receipt or Receipts for the number of Depositary
Shares representing such deposited Stock. 
  
 Upon receipt by the
Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other documents specified above, the Depositary shall, as soon as transfer and registration can be accomplished, present such certificate or
certificates to the registrar and transfer agent of the Stock for transfer and registration in the name of the Depositary or its nominee of the Stock being deposited. Deposited Stock shall be held by the Depositary in an account to be established by
the Depositary at the Corporate Office. Upon receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other documents specified above, the Depositary, subject to the terms and conditions of
this Deposit Agreement, shall execute and deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section 2.3, a Receipt or Receipts for the number of
whole Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the New York Office, except that, at
the request, risk and expense of any person requesting such delivery and for the account of such person, such delivery may be made at such other place as may be designated by such person. In each case, delivery will be made only upon payment by such
person to the Depositary of all taxes and other governmental charges and any fees payable in connection with such deposit and the transfer of the deposited Stock. 
  
 The Company shall deliver to the Depositary from time to time such quantities of Receipts as the Depositary may request to
enable the Depositary to perform its obligations under this Deposit Agreement. 
  
 Section 2.4 Redemption and Conversion of Stock. Whenever the Company shall elect to redeem or be required to convert shares of Stock into shares of Common Stock in accordance with the Certificate of
Designation, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than five business days’ prior notice of the proposed date of the mailing of a notice of redemption or
conversion of Stock and the simultaneous redemption or conversion of the Depositary Shares representing the Stock to be redeemed or converted and of the number of such shares of Stock held by the Depositary to be redeemed or converted. The
Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption or conversion of Stock and the proposed simultaneous redemption or conversion of the Depositary Shares representing the Stock to be
redeemed or converted, not less than 35 and not more than 60 days prior to the date fixed for redemption or conversion of such Stock and Depositary Shares, to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed or
converted, at the addresses of such holders as the same appear on the records of the Depositary; provided, however, that if the effectiveness of a Merger or Consolidation (as defined in the Certificate of Designation) makes it
impracticable to provide at least 35 days’ notice, the Depositary shall provide such notice as soon 
  

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 as practicable prior to such effectiveness. Any such notice shall also be published in the same manner as notices of
redemption or conversion of Stock are required to be published pursuant to the Certificate of Designation. Notwithstanding the foregoing, neither failure to mail or publish any such notice to one or more such holders nor any defect in any notice
shall affect the sufficiency of the proceedings for redemption or conversion. The Company shall provide the Depositary with such notice, and each such notice shall state: (i) the redemption or conversion date; (ii) the number of Depositary Shares to
be redeemed or converted; (iii) if fewer than all the Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iv) in the case of a call for redemption, the call price
payable upon redemption and the Current Market Price (as defined in the Certificate of Designation) to be used to calculate the number of shares of Common Stock deliverable upon redemption; (v) whether the Company is exercising any option to deliver
shares of Common Stock in lieu of any cash consideration pursuant to the Certificate of Designation and the Current Market Price to be used to calculate the number of such shares; (vi) the place or places where Receipts evidencing Depositary Shares
to be redeemed or converted are to be surrendered for redemption or conversion; (vii) whether the Company is depositing with a bank or trust company on or before the redemption or conversion date, the shares of Common Stock and cash, if any, payable
by the Company and the proposed date of such deposit; (viii) the amount of accrued and unpaid dividends payable per share of Stock to be redeemed or converted to and including such redemption or conversion date, as the case may be; and (ix) that
dividends in respect of the Stock represented by the Depositary Shares to be redeemed or converted will cease to accrue on such redemption or conversion date (unless the Company shall default in delivering shares of Common Stock and cash, if any, at
the time and place specified in such notice). On the date of any such redemption or conversion, the Depositary shall surrender the certificate or certificates held by the Depositary evidencing the number of shares of Stock to be redeemed or
converted in the manner specified in the notice of redemption or conversion of Stock provided by the Company pursuant to the Certificate of Designation. The Depositary shall, thereafter, redeem or convert the number of Depositary Shares representing
such redeemed or converted Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in the notice sent to record holders of Receipts; provided, that the Depositary shall have received, upon surrendering
such certificate or certificates as aforesaid, a sufficient number of shares of Common Stock to convert or redeem such number of Depositary Shares (including, in the event that the Company elects pursuant to the Certificate of Designation to
exercise any option to deliver shares of Common Stock in lieu of any cash consideration payable on the Effective Date (as defined in the Certificate of Designation) of any Merger or Consolidation, a number of shares of Common Stock equal to such
cash consideration (as determined in the manner set forth in the Certificate of Designation)), plus any accrued and unpaid dividends payable with respect thereto, to and including the date of any such redemption or conversion and any other cash
consideration payable on the Effective Date of a Merger or Consolidation (other than any dividends or other cash consideration payable on the Effective Date of a Merger or Consolidation that the Company has elected to pay in shares of Common Stock
pursuant to the Certificate of Designation) as instructed and calculated by the Company. In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be selected by the Depositary by lot or
on a pro rata basis. 
  
 Notice having been mailed by the
Depositary as aforesaid, from and after the redemption or conversion date (unless the Company shall have failed to redeem or convert the 
  

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 shares of Stock to be redeemed or converted by it upon the surrender of the certificate or certificates therefor by the
Depositary as described in the preceding paragraph), the Depositary Shares called for redemption or subject to conversion shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except
the right to receive the shares of Common Stock and cash, if any, payable upon redemption or conversion upon surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said
notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be converted into or redeemed for shares of Common Stock at a rate equal to
[                    ] of the number of shares of Common Stock delivered, and the holders thereof shall be entitled to
[                    ] of the cash, if any, payable, in respect of the shares of Stock pursuant to the Certificate of Designation. The
foregoing shall be subject further to the terms and conditions of the Certificate of Designation. 
  
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the shares of Common Stock and all accrued and unpaid dividends to and including the date fixed for redemption payable in respect of the Depositary Shares called for redemption, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
  
 To the extent that Depositary Shares are converted into or redeemed for shares of Common Stock and all of such shares of Common Stock cannot be
distributed to the record holders of Receipts converted or called for redemption without creating fractional interests in such shares, the Depositary may, with the consent of the Company, adopt such method as it deems equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or private sale) of such shares of Common Stock at such place or places and upon such terms as it may deem proper, and the net proceeds of any such sale shall, subject to
Sections 3.1 and 3.2, be distributed or made available for distribution to such record holders that would otherwise receive fractional interests in such shares of Common Stock. 
  
 The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening
of business 15 days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption of Depositary Shares or (b) to transfer or exchange for another
Receipt any Receipt evidencing Depositary Shares called or being called for redemption, in whole or in part, or subject to conversion except as provided in the second preceding paragraph of this Section 2.4. 
  
 Any funds deposited by the Company with the Depositary for any Depositary
Shares that are not claimed after a period of two years from the date such funds are so deposited will be returned to the Company. 
  
 Section 2.5 Register of Transfer of Receipts. Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its
books from time to time transfers of Receipts upon any surrender thereof at the Corporate Office, the New York Office or such other office as the Depositary may designate for such purpose, by the record 
  

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 holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of
transfer, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the person entitled thereto
evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 
  
 Section 2.6 Combination and Split-ups of Receipts. Upon surrender of a Receipt or Receipts at the Corporate Office, the New York Office or such
other office as the Depositary may designate for the purpose of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the
authorized denominations requested evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional
Depositary Share. 
  
 Section 2.7 Surrender of Receipts and
Withdrawal of Stock. Any holder of a Receipt or Receipts may withdraw any or all of the Stock (but only in whole shares of Stock) represented by the Depositary Shares evidenced by such Receipts (unless the related Depositary Shares have
previously been called for redemption) and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate Office, the New York Office or at such other office as the Depositary
may designate for such withdrawals. After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such holder as hereinafter provided, the whole number of shares of Stock and
all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal. If the Receipt or Receipts delivered by the holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number of whole Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall at the same time, in addition to such whole number of
shares of Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.5) upon his order, a new Receipt or Receipts evidencing such excess number of whole Depositary Shares; provided,
however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. Delivery of the Stock and such money and other property being withdrawn may be made by the delivery of such certificates, documents of title
and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of transfer. 
  
 If the Stock and the money and other property being withdrawn are to be delivered to a person or persons other than the
record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary may require that the Receipt or Receipts
surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank and that the signature on such instrument of transfer be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended.

  

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 The Depositary shall deliver the Stock and the money and other property, if any, represented by the
Depositary Shares evidenced by Receipts surrendered for withdrawal, without unreasonable delay, at the office at which such Receipts were surrendered, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts
and for the account of the holder thereof, such delivery may be made, without unreasonable delay, at such other place as may be designated by such holder. 
  
 Section 2.8 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts and Withdrawal or Deposit of
Stock. As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the delivery of any distribution thereon or the withdrawal or deposit of Stock, the Depositary,
any of the Depositary’s Agents or the Company may require any or all of the following: (a) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to
it) of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to the Stock being deposited or withdrawn or with respect to the Common Stock or other securities or property of the Company being issued
upon conversion or redemption); (b) production of proof satisfactory to it as to the identity and genuineness of any signature; and (c) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not
inconsistent with the provisions of this Deposit Agreement. 
  
 The deposit of Stock may be refused, the delivery of Receipts against Stock or the registration of transfer, split-up, combination, surrender or exchange of outstanding Receipts and the withdrawal of deposited Stock may be suspended (a)
during any period when the register of shareholders of the Company is closed, (b) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of
any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or (c) with the approval of the Company, for any other reason. Without limitation of the foregoing, the Depositary
shall not knowingly accept for deposit under this Deposit Agreement any shares of Stock that are required to be registered under the Securities Act unless a registration statement under the Securities Act is in effect as to such shares of Stock.

  
 Section 2.9 Lost Receipts, etc. In case any Receipt
shall be mutilated, destroyed, lost or stolen, the Depositary shall execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated, destroyed, lost or stolen Receipt or in lieu of and in substitution for such
destroyed, lost or stolen Receipt unless the Depositary has notice that such Receipt has been acquired by a bona fide purchaser; provided, however, that the holder thereof provides the Depositary with (a) evidence satisfactory to the
Depositary of such destruction, loss or theft of such Receipt, of the authenticity thereof and of his ownership thereof, (b) reasonable indemnification satisfactory to the Depositary or the payment of any charges incurred by the Depositary in
obtaining insurance in lieu of such indemnification and (c) payment of any expense (including fees, charges and expenses of the Depositary) in connection with such execution and delivery. 
  

 -8- 

 Section 2.10 Cancellation and Destruction of Surrendered Receipts. All Receipts surrendered to the
Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled. 
  
 ARTICLE III 
  
 CERTAIN OBLIGATIONS OF 
 HOLDERS OF RECEIPTS AND THE COMPANY 
  
 Section 3.1 Filing Proofs, Certificates and Other Information. Any person presenting Stock for deposit or any holder of a Receipt may be required
from time to time to file such proof of residence or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper or otherwise reasonably
request. The Depositary or the Company may withhold or delay the delivery of any Receipt, the registration of transfer, redemption, conversion or exchange of any Receipt, the withdrawal of the Stock represented by the Depositary Shares evidenced by
any Receipt or the distribution of any dividend or other distribution or the sale of any rights or the proceeds thereof until such proof or other information is filed, such certificates are executed or such representations and warranties are made.

  
 Section 3.2 Payment of Taxes or Other Governmental
Charges. If any tax or other governmental charge shall become payable by or on behalf of the Depositary with respect to (a) any Receipt, (b) the Depositary Shares evidenced by such Receipt, (c) the Stock (or fractional interest therein) or other
property represented by such Depositary Shares, or (d) any transaction referred to in Section 4.6, such tax (including transfer, issuance or acquisition taxes, if any) or governmental charge shall be payable by the holder of such Receipt, who shall
pay the amount thereof to the Depositary. Until such payment is made, registration of transfer of any Receipt or any split-up or combination thereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary
Shares evidenced by such Receipt may be refused, any dividend or other distribution may be withheld and any part or all of the Stock or other property (including Common Stock received in connection with a conversion or redemption of Stock)
represented by the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the
proceeds of any such sale may be applied to any payment of such tax or other governmental charge, the holder of such Receipt remaining liable for any deficiency. 
  
 Section 3.3 Withholding. The Depositary shall act as the tax withholding agent for any payments, distributions and
exchanges made with respect to the Depositary Shares and Receipts, and the Stock, Common Stock or other securities or assets represented thereby (collectively, the “Securities”). The Depositary shall be responsible with respect to
the Securities for the timely (a) collection and deposit of any required withholding or backup withholding tax, and (b) filing of any information returns or other documents with federal (and other applicable) taxing authorities. 
  

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 Section 3.4 Representations and Warranties as to Stock. In the case of the initial deposit of the
Stock, the Company and, in the case of subsequent deposits thereof, each person so depositing Stock under this Deposit Agreement shall be deemed thereby to represent and warrant that such Stock and each certificate therefor are valid and that the
person making such deposit is duly authorized to do so. Such representations and warranties shall survive the deposit of the Stock and the issuance of Receipts therefor. 
  
 ARTICLE IV 
  
 THE STOCK, NOTICES 
  
 Section 4.1 Cash Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary
shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash distribution in respect of the
Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute
or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any owner of Depositary Shares a fraction of one cent and any balance not so distributable shall be held by the
Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. 
  
 Section 4.2 Distributions Other Than Cash. Whenever the Depositary
shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such
amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that the Depositary and the Company may
deem equitable and practicable for accomplishing such distribution. If, in the opinion of the Depositary after consultation with the Company, such distribution cannot be made proportionately among such record holders, or if for any other reason
(including any tax withholding or securities law requirement), the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company, adopt such method as it deems
equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon such terms as it may deem
proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section 4.1 in the case of a
distribution received in cash. 
  
 Section 4.3 Subscription
Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose names Stock is registered 
  

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 on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any
rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including
by the issue to such record holders of warrants representing such rights, preferences or privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines and
instructs the Depositary that it is not lawful or feasible to make such rights, preferences or privileges available to some or all holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of
Receipts who do not desire to exercise such rights, preferences or privileges, the Depositary shall then, in each case, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or
privileges of such holders at public or private sale, at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall be distributed by the Depositary to the record holders of Receipts entitled thereto as
provided by Section 4.1 in the case of a distribution received in cash. 
  
 If registration under the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold such securities, the Company shall promptly file a
registration statement pursuant to the Securities Act with respect to such securities and use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the
expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to
subscribe for or to purchase any securities unless and until such registration statement shall have become effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of the
Securities Act. 
  
 If any other action under the law of any
jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to holders of Receipts, the Company agrees with the Depositary that the Company
will use its reasonable best efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences
or privileges. 
  
 Section 4.4 Notice of Dividends, Fixing of
Record Date for Holders of Receipts. Whenever (a) any cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with
respect to the Stock, or (b) the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or of the mandatory conversion of, or any election on the part of the
Company to call for the redemption of, any shares of Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the
holders of Receipts (i) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (ii) who shall be entitled to give instructions for the exercise of voting rights at
any such meeting or to receive notice of such meeting or of such conversion or redemption. 
  

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 Section 4.5 Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (a) such information as is contained in such notice of
meeting, (b) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.4 will be entitled, subject to any applicable provision of law, the Certificate of Incorporation or the Certificate
of Designation, to instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares and (c) a brief statement as to the manner in which such instructions may be given. Upon the
written request of a holder of a Receipt on such record date, the Depositary shall use its reasonable best efforts to vote or cause to be voted the Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of
specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 
  
 Section 4.6 Changes Affecting Stock and Reclassifications, Recapitalizations, etc. Upon any split-up, consolidation
or any other reclassification of Stock, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or to which it is a party (other than a Merger or Consolidation) or sale of all or substantially all of
the Company’s assets, the Depositary shall treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited
property under this Deposit Agreement, and Receipts then outstanding shall thenceforth represent the proportionate interests of holders thereof in the new deposited property so received in exchange for or upon conversion or in respect of such Stock.
In any such case the Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing
such new deposited property. 
  
 Section 4.7 Reports. The
Depositary shall make available for inspection by holders of Receipts at the Corporate Office, the New York Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications
received from the Company that are received by the Depositary as the holder of Stock. 
  
 Section 4.8 Lists of Receipt Holders. Promptly upon request from time to time by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of Depositary
Shares of all persons in whose names Receipts are registered on the books of the Depositary. At the expense of the Company, the Company shall have the right to inspect transfer and registration records of the Depositary, any Depositary’s Agent
or the Registrar, take copies thereof and require the Depositary, any Depositary’s Agent or the Registrar to supply copies of such portions of such records as the Company may request. 
  

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 ARTICLE V 
  

THE DEPOSITARY, THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE COMPANY 
  
 Section
5.1 Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar. Upon execution of this Deposit Agreement in accordance with its terms, the Depositary shall maintain (a) at the New York Office facilities for the
execution and delivery, registration, registration of transfer, surrender and exchange, split-up, combination, redemption and conversion of Receipts and deposit and withdrawal of Stock and (b) at the Corporate Office and at the offices of the
Depositary’s Agents, if any, facilities for the delivery, registration, registration of transfer, surrender and exchange, split-up, combination, conversion and redemption of Receipts and deposit and withdrawal of Stock, all in accordance with
the provisions of this Deposit Agreement. 
  
 The Depositary shall
keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such
right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. The Depositary shall consult with the Company upon receipt of any request
for inspection. The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 
  
 If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be
listed or quoted on one or more stock exchanges or markets, the Depositary shall, with the approval of the Company, appoint a Registrar for registry of such Receipts or Depositary Shares in accordance with the requirements of such exchange or
exchanges. Such Registrar (which may be the Depositary if so permitted by the requirements of such exchange or exchanges) may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. In
addition, if the Receipts, such Depositary Shares or such Stock are listed or quoted on one or more stock exchanges or markets, the Depositary will, at the request of the Company, arrange such facilities for the delivery, registration, registration
of transfer, surrender and exchange, split-up, combination, redemption or conversion of such Receipts, such Depositary Shares or such Stock as may be required by law or applicable stock exchange regulations. 
  
 Section 5.2 Prevention or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of any Receipt, if by reason of any provision of any present
or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Registrar or any Depositary’s Agent, by reason of any provision, present or future, of the
Certificate of Incorporation or the Certificate of Designation or, in the case of the Company, the Depositary, the Registrar or any Depositary’s Agent, by reason of any act of God or war or other circumstances beyond the control of the relevant
party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, 
  

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 or subjected to any penalty on account of, doing or performing any act or thing that the terms of this Deposit Agreement
provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any holder of a Receipt (a) by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or (b) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement except, in the
case of the Depositary, any Depositary’s Agent or the Registrar, if any such exercise or failure to exercise discretion is caused by its negligence, bad faith or willful misconduct. 
  
 Section 5.3 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company. The Company
assumes no obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform in good faith such obligations as are specifically set forth and undertaken by it to perform in
this Deposit Agreement. Each of the Depositary, the Depositary’s Agents and the Registrar assumes no obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform
such obligations as are specifically set forth and undertaken by it to perform in this Deposit Agreement without negligence or bad faith. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding with respect to Stock, Depositary Shares, Receipts or Common Stock that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as
often as may be required. 
  
 Neither the Depositary nor any
Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or any failure to act by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder
of a Receipt or any other person believed by it in good faith to be competent to give such advice or information. The Depositary, any Depositary’s Agent, the Registrar and the Company may each rely and shall each be protected in acting upon any
written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
  
 The Depositary, the Registrar and any Depositary’s Agent may own and deal in any class of securities of the Company and its affiliates and in
Receipts or Depositary Shares. The Depositary may also act as transfer agent or registrar of any of the securities of the Company and its affiliates. 
  
 It is intended that neither the Depositary nor any Depositary’s Agent nor any Registrar shall be deemed to be an “issuer” of the Stock, the
Depositary Shares, the Receipts or the Common Stock issued upon conversion or redemption of the Stock under the federal securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any
Depositary’s Agent are acting only in a ministerial capacity as Depositary for the Stock; provided, however, that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under
law or this Deposit Agreement in its capacity as Depositary. 
  

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 Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent
nor any Registrar makes any representation or has any responsibility as to the validity of the Registration Statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or any
instruments referred to therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement and its
countersignatures on any Receipts. 
  
 The Depositary assumes no
responsibility for the correctness of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing certain provisions of this Deposit Agreement. Notwithstanding any other provision herein or in the
Receipts, the Depositary makes no warranties or representations as to the validity, genuineness or sufficiency of any Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this
Deposit Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders of Receipts in and to the Depositary Shares except that the Depositary hereby represents and warrants as follows: (a) the
Depositary has been duly organized and is validly existing and in good standing under the laws of the State of [            ], with full power, authority and legal right under such
law to execute, deliver and carry out the terms of this Deposit Agreement; (b) this Deposit Agreement has been duly authorized, executed and delivered by the Depositary; and (c) this Deposit Agreement constitutes a valid and binding obligation of
the Depositary, enforceable against the Depositary in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights generally
and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). The Depositary shall not be accountable for the use or application by the Company of
the Depositary Shares or the Receipts or the proceeds thereof. 
  
 Section 5.4 Resignation and Removal of the Depositary, Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice via registered mail of its election to do so delivered to the
Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 The Depositary may at any time be removed by the Company by written notice of such removal delivered to the Depositary, such removal to take effect upon
the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company, or an affiliate of a bank or trust company, having its principal office in the United States of America and having a combined capital
and surplus of at least $50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning or removed Depositary may petition a 
  

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 court of competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver
to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an
instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all rights, title and interest in the Stock and any moneys or property held hereunder to such successor and shall
deliver to such successor a list of the record holders of all outstanding Receipts. Any successor depositary shall promptly mail notice of its appointment to the record holders of Receipts. 
  
 Any corporation into or with which the Depositary may be merged, consolidated
or converted shall be the successor of such Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the
successor depositary. 
  
 Section 5.5 Corporate Notices and
Reports. The Company agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies
of all notices and reports (including financial statements) required by law, by the rules of any national securities exchange or market upon which the Stock, the Depositary Shares or the Receipts are listed or quoted or by the Certificate of
Incorporation and the Certificate of Designation to be furnished by the Company to holders of Stock. Such transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as
the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders of Receipts at the Company’s expense such other documents as may be requested by the Company. 
  
 Section 5.6 Deposit of Stock by the Company. The Company agrees with
the Depositary that neither the Company nor any company controlled by the Company will at any time deposit any Stock if such Stock is required to be registered under the provisions of the Securities Act and no registration statement is at such time
in effect as to such Stock. 
  
 Section 5.7 Indemnification by
the Company. The Company agrees to indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any liability, costs and expenses (including reasonable fees and expenses of counsel) that
may arise out of or in connection with its acting as Depositary, Depositary’s Agent or Registrar, respectively, under this Deposit Agreement and the Receipts, except for any liability arising out of negligence, bad faith or willful misconduct
on the part of any such person or persons. 
  
 Section 5.8
Fees, Charges and Expenses. No fees, charges and expenses of the Depositary or any Depositary’s Agent hereunder or of any Registrar shall be payable by any person other than the Company, except for any taxes and other governmental
charges which do not arise solely from the existence of the depositary arrangement, and except as otherwise provided in this Deposit Agreement. If, at the request of a holder of a Receipt, the Depositary 
  

 -16- 

 incurs fees, charges or expenses for which it is not otherwise liable hereunder, such holder or other person will be
liable for such fees, charges and expenses. All other fees, charges and expenses of the Depositary and any Depositary’s Agent hereunder and of any Registrar (including, in each case, reasonable fees and expenses of counsel) incident to the
performance of their respective obligations hereunder will be paid from time to time upon consultation and agreement between the Depositary and the Company as to the amount and nature of such fees, charges and expenses. 
  
 ARTICLE VI 
  
 AMENDMENT AND TERMINATION 
  
 Section 6.1 Amendment. The form of the Receipts and any provision of
this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no amendment (other than any change in the
fees of any Depositary or Registrar, which will go into effect not sooner than three months after notice thereof to the holders of the Receipts) which may materially and adversely alter the rights of the holders of Receipts will be effective unless
such amendment has been approved by the holders of at least a majority of the Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective will be deemed, by continuing to hold such
Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.4, 2.7 and 2.8 and Article III, of any owner of
any Depositary Shares to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with
mandatory provisions of applicable law. 
  
 Section 6.2
Termination. This Deposit Agreement may be terminated by the Corporation or the Depositary only after (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.4 or (ii) a final distribution has been made in respect of
the Stock in connection with any liquidation, dissolution or winding-up of the Corporation and such distribution has been distributed to the holders of Depositary Receipts pursuant to Sections 4.1 or 4.2, as applicable. In either case, on a date not
less than 90 days after such notice, the Depositary shall deliver or make available for delivery to holders of Receipts, upon surrender of such Receipts evidencing Depositary Shares, such number of whole or fractional shares of the Stock as are
represented by the Depositary Shares. 
  
 If any Receipts shall
remain outstanding after the date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further
notices (other than notice of such termination) or perform any further acts under this Deposit Agreement, except as provided below and that the Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell
rights, preferences or privileges as provided in this Deposit Agreement and shall continue to deliver the Stock and any money and other property represented by Receipts, without liability for interest thereon, upon surrender thereof by the holders
thereof. At any time after the expiration of two years from the date of termination, the 
  

 -17- 

 Depositary may sell Stock then held hereunder at public or private sale, at such places and upon such terms as it deems
proper and may thereafter hold in a segregated account the net proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata in accordance with their
holdings, of the holders of Receipts that have not heretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other
property. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections
5.7 and 5.8. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 Section 7.1 Counterparts. This Deposit Agreement may be executed by
the Company and the Depositary in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. Delivery of an
executed counterpart of a signature page to this Deposit Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. Copies of this Deposit Agreement shall be filed with the Depositary and the
Depositary’s Agents and shall be open to inspection during business hours at the Corporate Office and the New York Office and the respective offices of the Depositary’s Agents, if any, by any holder of a Receipt. 
  
 Section 7.2 Exclusive Benefits of Parties. This Deposit Agreement is
for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
  
 Section 7.3 Invalidity of Provisions. In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby. 
  
 Section 7.4
Notices. Any notices to be given to the Company hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile confirmed by letter,
addressed to the Company at 300 American Road, Morris Plains, New Jersey 07950 Attention: Ms. Cynthia L. Sullivan, President and Chief Executive Officer, or at any other place to which the Company may have transferred its principal executive office.

  
 Any notices to be given to the Depositary hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile confirmed by letter, addressed to the Depositary at the Corporate Office. 
  
 Any notices given to any record holder of a Receipt hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if personally delivered 
  

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 or sent by mail, or by telegram or facsimile confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary or, if such holder shall have filed with the Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request.

  
 Delivery of a notice sent by mail, or by telegram or facsimile
shall be deemed to be effective at the time when a duly addressed letter containing the same (or a duly addressed letter confirming an earlier notice in the case of a telegram or facsimile message) is deposited for mailing by first class mail,
postage prepaid, in a post office letter box. The Depositary or the Company may, however, act upon any telegram or facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or facsimile
message shall not subsequently be confirmed by letter as aforesaid. 
  
 Section 7.5 Depositary’s Agents. The Depositary may, with the approval of the Company, which approval shall not be unreasonably withheld, from time to time appoint one or more Depositary’s Agents to act in any respect for
the Depositary for the purposes of this Deposit Agreement and may vary or terminate the appointment of such Depositary’s Agents. 
  
 Section 7.6 Holders of Receipts Are Parties. Notwithstanding that holders of Receipts have not executed and delivered this Deposit Agreement or any
counterpart thereof, the holders of Receipts from time to time shall be deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions, and be entitled to all of the benefits, hereof and of the Receipts by
acceptance of delivery of Receipts. 
  
 Section 7.7 Governing
Law. This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to the
principles of conflicts of laws thereof. 
  
 Section 7.8
Headings. The headings of articles and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or
to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 
  

 -19- 

 IN WITNESS WHEREOF, Immunomedics, Inc. and
[                    ] have duly executed this Deposit Agreement as of the day and year first above set forth and all holders of Receipts
shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 
  

			
	 IMMUNOMEDICS, INC.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 [DEPOSITARY]

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT A 
  

DEPOSITARY RECEIPT 
  
 FOR 
  
 DEPOSITARY SHARES 
  
 EACH REPRESENTING
                     OF A SHARE OF 
  
 SERIES [        ] PREFERRED STOCK 
  
 OF 
  
 IMMUNOMEDICS, INC. 
  
 (Incorporated under the Laws of the State of Delaware) 
  
 No.                      
  
 [                    ] (the “Depositary”) hereby certifies that
[                    ] is the registered owner of
[                    ] Depositary Shares (the “Depositary Shares”), each Depositary Share representing
[                    ] of a share of Series [    ] Preferred Stock, par value $0.01 per share (the
“Stock”), of Immunomedics, Inc., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), and the same proportionate interest in any and all other property received by the
Depositary in respect of such shares of Stock and held by the Depositary under the Deposit Agreement (as defined below). Subject to the terms of the Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights,
preferences and privileges of the Stock represented thereby, including the dividend, voting, liquidation and other rights contained in the Certificate of Designation establishing the rights, preferences, privileges and limitations of the Stock (the
“Certificate of Designation”), copies of which are on file at the office of the Depositary at which at any particular time its business in respect of matters governed by the Deposit Agreement shall be administered, which at the time
of the execution of the Deposit Agreement is located at [                    ,
                    ,
                    ] (the “Corporate Office”). 
  
 This Depositary Receipt (“Receipt”) shall not be entitled to any benefits under the Deposit Agreement or be
valid or obligatory for any purpose unless this Receipt shall have been executed manually or, if a Registrar for the Receipts (other than the Depositary) shall have been appointed, by facsimile by the Depositary by the signature of a duly authorized
signatory and, if executed by facsimile signature of the Depositary, shall have been countersigned manually by such Registrar by the signature of a duly authorized signatory. 
  
 THE DEPOSITARY IS NOT RESPONSIBLE FOR THE VALIDITY OF ANY DEPOSITED STOCK. THE DEPOSITARY ASSUMES NO RESPONSIBILITY FOR THE
CORRECTNESS OF THE DESCRIPTION SET FORTH IN THIS RECEIPT, WHICH CAN BE TAKEN AS A STATEMENT OF THE COMPANY SUMMARIZING CERTAIN 
  

 A-1 

 PROVISIONS OF THE DEPOSIT AGREEMENT. UNLESS EXPRESSLY SET FORTH IN THE DEPOSIT AGREEMENT, THE DEPOSITARY MAKES NO
WARRANTIES OR REPRESENTATIONS AS TO THE VALIDITY, GENUINENESS OR SUFFICIENCY OF ANY STOCK AT ANY TIME DEPOSITED WITH THE DEPOSITARY UNDER THE DEPOSIT AGREEMENT OR OF THE DEPOSITARY SHARES, AS TO THE VALIDITY OR SUFFICIENCY OF THE DEPOSIT AGREEMENT,
AS TO THE VALUE OF THE DEPOSITARY SHARES OR AS TO ANY RIGHT, TITLE OR INTEREST OF THE RECORD HOLDERS OF THE DEPOSITARY RECEIPTS IN AND TO THE DEPOSITARY SHARES. 
  

The Company will furnish to any holder of this Receipt without charge, upon request addressed to its executive office, a full statement of the
designation, relative rights, preferences and limitations of the shares of each authorized class, and of each class of preferred stock authorized to be issued, so far as the same may have been fixed, and a statement of the authority of the Board of
Directors of the Company to designate and fix the relative rights, preferences and limitations of other classes. 
  
 This Receipt is continued on the reverse hereof and the additional provisions therein set forth for all purposes have the same effect as if set forth at
this place. 
  

			
	 Dated:

	
	  

 as Depositary and Registrar

		
	 By:
	 	  

	 	 	 Authorized Signatory

  

 A-2 

 [FORM OF REVERSE 
  

OF DEPOSITARY RECEIPT] 
  
 1. The Deposit Agreement. Depositary Receipts (the “Receipts”), of which this Receipt is one, are made available upon the terms
and conditions set forth in the Deposit Agreement, dated as of                     ,
            , (the “Deposit Agreement”), by and among the Company, the Depositary and all holders from time to time of Receipts. The Deposit Agreement (copies of
which are on file at the Corporate Office, the office maintained by the Depositary in the Borough of Manhattan, The City of New York, which at the time of the execution of the Deposit Agreement is located at
[                    ] (the “New York Office”) and at the office of any agent of the Depositary) sets forth the rights of
holders of Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are subject to the detailed provisions thereof, to
which reference is hereby made. In the event of any conflict between the provisions of this Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement shall govern. 
  
 2. Definitions. Unless otherwise expressly herein provided, all
defined terms used herein shall have the meanings ascribed thereto in the Deposit Agreement. 
  
 3. Redemption and Conversion of Stock. Whenever the Company shall elect to redeem or be required to convert shares of Stock into shares of Common Stock in accordance with the Certificate of Designation, it
shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than five business days’ prior notice of the proposed date of the mailing of a notice of redemption or conversion of Stock
and the simultaneous redemption or conversion of the Depositary Shares representing the Stock to be redeemed or converted and of the number of such shares of Stock held by the Depositary to be redeemed or converted. The Depositary shall, as directed
by the Company in writing, mail, first class postage prepaid, notice of the redemption or conversion of Stock and the proposed simultaneous redemption or conversion of Depositary Shares representing the Stock to be redeemed or converted, not less
than 35 and not more than 60 days prior to the date fixed for redemption or conversion of such Stock and Depositary Shares, to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed or converted, at the addresses of
such holders as the same appear on the records of the Depositary; provided, that if the effectiveness of a Merger or Consolidation (as defined in the Certificate of Designation) makes it impracticable to provide at least 35 days’ notice, the
Depositary shall provide such notice as soon as practicable prior to such effectiveness. Any such notice shall also be published in the same manner as notices of redemption or conversion of the Stock are required to be published pursuant to the
Certificate of Designation. On the date of any such redemption or conversion, the Depositary shall surrender the certificate or certificates held by the Depositary evidencing the number of shares of Stock to be redeemed or converted in the manner
specified in the notice of redemption or conversion of Stock provided by the Company pursuant to the Certificate of Designation. The Depositary shall, thereafter, redeem or convert the number of Depositary Shares representing such redeemed or
converted Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in the notice sent to record holders of 
  

 A-3 

 Receipts; provided, that the Depositary shall have received, upon surrendering such certificate or certificates as
aforesaid, a sufficient number of shares of Common Stock to convert or redeem such number of Depositary Shares (including, in the event that the Company elects pursuant to the Certificate of Designation to exercise any option to deliver shares of
Common Stock in lieu of any cash consideration payable on the Effective Date (as defined in the Certificate of Designation) of any Merger or Consolidation, a number of shares of Common Stock equal to such cash consideration (as determined in the
manner set forth in the Certificate of Designation)), plus any accrued and unpaid dividends payable with respect thereto, to and including the date of any such redemption or conversion and any other cash consideration payable on the Effective Date
of a Merger or Consolidation (other than any dividends or other cash consideration payable on the Effective Date of a Merger or Consolidation that the Company has elected to pay in shares of Common Stock pursuant to the Certificate of Designation).
In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be selected by the Depositary by lot or on a pro rata basis. 
  
 Notice having been mailed and published as aforesaid, from and after the redemption or conversion date (unless the Company
shall have failed to redeem or convert the shares of Stock to be redeemed or converted by it upon the surrender of the certificate or certificates therefor by the Depositary as described above), the Depositary Shares called for redemption or subject
to conversion shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing such Depositary Shares (except the right to receive the shares of Common Stock and cash, if any, payable upon redemption or conversion
upon surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the
Depositary shall so require), such Depositary Shares shall be converted into or redeemed for shares of Common Stock at a rate equal to
[                    ] of the number of shares of Common Stock delivered, and the holders thereof shall be entitled to
[                    ] of the cash, if any, payable, in respect of the shares of Stock pursuant to the Certificate of Designation. The
foregoing is subject further to the terms and conditions of the Certificate of Designation. If fewer than all of the Depositary Shares evidenced by this Receipt are called for redemption, the Depositary will deliver to the holder of this Receipt
upon its surrender to the Depositary, together with shares of Common Stock and all accrued and unpaid dividends to and including the date fixed for redemption payable in respect of the Depositary Shares called for redemption, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
  
 4. Surrender of Receipts and Withdrawal of Stock. Upon surrender of this Receipt to the Depositary at the Corporate Office, the New York Office or
at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery, without unreasonable delay, to or upon the order of such holder, any or
all of the Stock (but only in whole shares of Stock) and all money and other property, if any, at the time represented by the Depositary Shares evidenced by this Receipt; provided, however, that, in the event this Receipt shall
evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the whole number of shares of Stock to be withdrawn, the Depositary shall, in addition to such whole number of shares of Stock and such money and other
property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Receipt or Receipts evidencing such excess number of whole Depositary Shares; provided, however, that the Depositary shall not issue any Receipt
evidencing a fractional Depositary Share. 
  

 A-4 

 5. Transfers, Split-ups, Combinations. Subject to Paragraphs 6, 7 and 8 below, this Receipt is
transferable on the books of the Depositary upon surrender of this Receipt to the Depositary at the Corporate Office or the New York Office, or at such other offices as the Depositary may designate, properly endorsed or accompanied by a properly
executed instrument of transfer, and upon such transfer the Depositary shall sign and deliver a Receipt or Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit Agreement. This Receipt may be
split into other Receipts or combined with other Receipts into one Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not
issue any Receipt evidencing a fractional Depositary Share. 
  
 6.
Conditions to Signing and Delivery, Transfer, etc., of Receipts. Prior to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of this Receipt, the delivery of any distribution hereon or the
withdrawal or deposit of Stock, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (a) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company
shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to Stock being deposited or withdrawn or with respect to Common Stock or other
securities or property of the Company being issued upon conversion or redemption); (b) production of proof satisfactory to it as to the identity and genuineness of any signature; and (c) compliance with such reasonable regulations, if any, as the
Depositary or the Company may establish not inconsistent with the Deposit Agreement. Any person presenting Stock for deposit, or any holder of this Receipt, may be required to file such proof of information, to execute such certificates and to make
such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of this Receipt, the registration of transfer, redemption, conversion or
exchange of this Receipt, the withdrawal of the Stock represented by the Depositary Shares evidenced by this Receipt or the distribution of any dividend or other distribution until such proof or other information is filed, such certificates are
executed or such representations and warranties are made. 
  
 7.
Suspension of Delivery, Transfer, etc. The deposit of Stock may be refused and the delivery of this Receipt against Stock or the registration of transfer, split-up, combination, surrender or exchange of this Receipt and the withdrawal of
deposited Stock may be suspended (a) during any period when the register of shareholders of the Company is closed, (b) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any
time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or (c) with the approval of the Company, for any other reason. The Depositary shall
not be required (x) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of
the mailing of notice of redemption of Depositary Shares or (y) to transfer or exchange for another Receipt any Receipt evidencing Depositary Shares called or being called for redemption, in whole or in part, or subject to conversion except as
provided in the last sentence of Paragraph 3. 
  

 A-5 

 8. Payment of Taxes or Other Governmental Charges. If any tax or other governmental charge shall
become payable by or on behalf of the Depositary with respect to (a) this Receipt, (b) the Depositary Shares evidenced by this Receipt, (c) the Stock (or fractional interest therein) or other property represented by such Depositary Shares, or (d)
any transaction referred to in Section 4.6 of the Deposit Agreement, such tax (including transfer, issuance or acquisition taxes, if any) or governmental charge shall be payable by the holder of this Receipt, who shall pay the amount thereof to the
Depositary. Until such payment is made, registration of transfer of this Receipt or any split-up or combination hereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares evidenced by this Receipt
may be refused, any dividend or other distribution may be withheld and any part or all of the Stock or other property (including Common Stock received in connection with a conversion or redemption of Stock) represented by the Depositary Shares
evidenced by this Receipt may be sold for the account of the holder hereof (after attempting by reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be
applied to any payment of such tax or other governmental charge, the holder of this Receipt remaining liable for any deficiency. 
  
 9. Amendment. The form of the Receipts and any provision of the Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary in any respect that they may deem necessary or desirable; provided, however, that no amendment (other than any change in the fees of any Depositary or Registrar, which will go into effect not sooner than three
months after notice thereof to the holders of the Receipts) which may materially and adversely alter the rights of the holders of Receipts will be effective unless such amendment has been approved by the holders of at least a majority of the
Depositary Shares then outstanding. Every holder of an outstanding Receipt at the time any such amendment becomes effective will be deemed, by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit
Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Paragraphs 3, 4, 6, 7 and 8 hereof and of Sections 2.4, 2.7 and 2.8 and Article III of the Deposit Agreement, of the owner of the Depositary
Shares evidenced by this Receipt to surrender this Receipt with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of
applicable law. 
  
 10. Fees, Charges and Expenses. The
Company will pay all fees, charges and expenses of the Depositary except for any taxes and other governmental charges which do not arise solely from the existence of the depositary arrangement, and except for taxes (including transfer taxes, if any)
and other governmental charges and such charges as are expressly provided in the Deposit Agreement to be at the expense of persons depositing Stock, holders of Receipts or other persons. 
  
 11. Title to Receipts. It is a condition of this Receipt, and every successive holder hereof by accepting or holding
the same consents and agrees, that title to this Receipt (and to the Depositary Shares evidenced hereby), when properly endorsed or accompanied by a 
  

 A-6 

 properly executed instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in Section 2.5 of the Deposit Agreement, the Depositary may, notwithstanding any notice to the contrary,
treat the record holder hereof at such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other
purposes. 
  
 12. Dividends and Distributions. Whenever the
Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Receipts such amounts of such sums as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does
withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of
Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any owner of Depositary Shares a fraction
of one cent and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of
Receipts then outstanding. 
  
 13. Subscription Rights,
Preferences or Privileges. If the Company shall at any time offer or cause to be offered to the persons in whose name Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any
securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record
holders of Receipts in such manner as the Company shall instruct. 
  
 14. Notice of Dividends, Fixing of Record Date. Whenever (a) any cash dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any
time be offered, with respect to the Stock, or (b) the Depositary shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or of the mandatory conversion of, or any
election on the part of the Company to call for redemption of, any shares of Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the
determination of the holders of Receipts (i) who shall be entitled to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (ii) who shall be entitled to give instructions for the exercise
of voting rights at any such meeting or of such meeting or to receive notice of such conversion or redemption. 
  
 15. Voting Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice, which shall contain (a) such information as is contained in 
  

 A-7 

 such notice of meeting, (b) a statement that the holders of Receipts at the close of business on a specified record date
determined as provided in Paragraph 14 will be entitled, subject to any applicable provision of law, the Certificate of Incorporation or the Certificate of Designation, to instruct the Depositary as to the exercise of the voting rights pertaining to
the Stock represented by their respective Depositary Shares, and (c) a brief statement as to the manner in which such instructions may be given. Upon the written request of a holder of this Receipt on such record date the Depositary shall use its
reasonable best efforts to vote or cause to be voted the Stock represented by the Depositary Shares evidenced by this Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all reasonable action that
may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of specific instructions from the holder of this Receipt, the Depositary will abstain from voting to the
extent of the Stock represented by the Depositary Shares evidenced by this Receipt. 
  
 16. Reports, Inspection of Transfer Books. The Depositary shall make available for inspection by holders of Receipts at the Corporate Office, the New York Office and at such other places as it may from time to
time deem advisable during normal business hours any reports and communications received from the Company that are received by the Depositary as the holder of Stock. The Depositary shall keep books at the Corporate Office for the registration and
transfer of Receipts, which books at all reasonable times will be open for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection
shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares. 
  
 17. Liability of the Depositary, the Depositary’s Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s
Agent nor the Registrar nor the Company shall incur any liability to any holder of this Receipt, if by reason of any provision of any present or future law or regulation thereunder of any governmental authority or, in the case of the Depositary, the
Registrar or any Depositary’s Agent, by reason of any provision present or future, of the Certificate of Incorporation or the Certificate of Designation or, in the case of the Company, the Depositary, the Registrar or any Depositary’s
Agent, by reason of any act of God or war or other circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected to any
penalty on account of, doing or performing any act or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any
holder of this Receipt (a) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or performed, or (b) by reason of any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement except, in the case of the Depositary, any Depositary’s Agent or the Registrar, if such exercise or failure to exercise discretion is caused by its negligence, bad
faith or willful misconduct. 
  
 18. Obligations of the
Depositary, the Depositary’s Agents, the Registrar and the Company. The Company assumes no obligation and shall be subject to no liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to perform
in good faith such obligations as are specifically set forth and undertaken by it to perform in the 
  

 A-8 

 Deposit Agreement. Each of the Depositary, the Depositary’s Agents and the Registrar assumes no obligation and shall
be subject to no liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in the Deposit Agreement without
negligence or bad faith. 
  
 Neither the Depositary nor any
Depositary’s Agent nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to Stock, Depositary Shares or Receipts or Common Stock that in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company will be liable for any action or failure to act by it in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of this Receipt or any other person believed by it in good faith to be competent to give such advice or information. 

 
 19. Termination of Deposit Agreement. This Deposit Agreement may be
terminated by the Corporation or the Depositary only after (i) all outstanding Depositary Shares have been redeemed pursuant to Section 2.4 or (ii) a final distribution has been made in respect of the Stock in connection with any liquidation,
dissolution or winding-up of the Corporation and such distribution has been distributed to the holders of Depositary Receipts pursuant to Sections 4.1 or 4.2, as applicable. In either case, on a date not less than 90 days after such notice, the
Depositary shall deliver or make available for delivery to holders of Receipts, upon surrender of such Receipts evidencing Depositary Shares, such number of whole or fractional shares of the Stock as are represented by the Depositary Shares.

  
 Upon the termination of the Deposit Agreement, the Company
shall be discharged from all obligations thereunder except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.7 and 5.8 of the Deposit Agreement. 
  
 If any Receipts remain outstanding after the date of termination of the
Deposit Agreement, the Depositary thereafter shall discontinue all functions and be discharged from all obligations as provided in the Deposit Agreement, except as specifically provided therein. 
  
 20. Governing Law. The Deposit Agreement and this Receipt and all
rights thereunder and hereunder and provisions thereof and hereof shall be governed by, and construed in accordance with, the law of the State of Delaware, without giving effect to the principles of conflicts of laws thereof. 
  
 FORM OF ASSIGNMENT 
  
 For value received
                     hereby sell(s), assign(s) and transfer(s) unto
                                        
                    
                                        
                                        
                                        
                                        
                                
                                        
                                        
                                        
                                        
                                 
  

 A-9 

 (Please insert social security or other taxpayer identification number of assignee.) 
  
 the within Receipt and all rights and interests represented by the Depositary Shares
evidenced thereby, and hereby irrevocably constitutes and appoints attorney to transfer the same on the books of the within-named Depositary, with full power of substitution in the premises. 
  

	
	 Dated:

	
	  

	 Signature(s)

  
 Signature Guarantee* 

 
 NOTICE: The above signatures of the holder(s) hereof must correspond with
the name as written upon the face of this Security in every particular without alteration or enlargement or any change whatever. 

	*	Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements of
the Conversion Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Conversion
Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  

 A-10Form of Warrant Agreement (including form of Warrant Certificate)

 EXHIBIT 4.12 
  
 IMMUNOMEDICS, INC. 
  
 FORM OF WARRANT AGREEMENT 
  
 [COMMON/PREFERRED] STOCK 
  
  
 Dated as of                      
  

 FORM OF WARRANT AGREEMENT FOR [COMMON/PREFERRED] STOCK 
  
 This Agreement is made as of
[            ], by and between Immunomedics, Inc., a Delaware corporation (the “Company”), and [            ]
(the “Holder”). 
  
 W  I  T  N  E  S  S  E  T  H: 
  
 WHEREAS, the Company deems it advisable to issue the Holder warrants (the
“Warrants”) entitling the Holder to purchase an aggregate of [            ] shares of [common stock of the Company, par value $0.01 per share (“Common
Stock”)/preferred stock of the Company, par value $0.01 per share (“Preferred Stock”)]. The shares of [Common/Preferred] Stock issued upon exercise of the Warrants are referred to as the “Warrant Shares;”
and 
  
 WHEREAS, the Company desires to enter into this Agreement
to set forth the terms and conditions of the Warrants and the rights of the holders thereof; 
  
 NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 ISSUANCE, EXECUTION, EXPIRATION AND TRANSFER OF WARRANT 
 CERTIFICATES 
  
 Section
1.01 Form of Warrant Certificates. The Warrants shall be evidenced by certificates in temporary or definitive fully registered form (the “Warrant Certificates”) substantially in the form of Exhibit A hereto and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any
securities exchange, or to conform to usage, as consistent herewith as may be determined by the officers executing such Warrant Certificates as evidenced by their execution of the Warrant Certificates. Each Warrant Certificate shall evidence the
right, subject to the provisions of this Agreement and of the Warrant Certificate, to purchase the number of Warrant Shares stated therein, adjusted as provided for in Article III hereof, upon payment of the Exercise Price (as defined in
Section 2.01). 
  
 Section 1.02 Execution of Warrant
Certificates. Each Warrant Certificate, whenever issued, shall be dated as of the date of signature thereof by the Company either upon initial issuance or upon exchange, substitution or transfer, shall be signed manually by, or bear the
facsimile signature of, the Chairman of the Board, the Chief Executive Officer, the President, the Treasurer or a Vice President of the Company, shall have the Company’s seal or a facsimile thereof affixed or imprinted thereon and shall be
attested by the manual or facsimile signature of the Secretary or an Assistant Secretary of the Company. In case any officer of the Company whose manual or facsimile signature has been placed upon any Warrant Certificate shall have 

 ceased to be such before such Warrant Certificate is issued, it may be issued with the same effect as if such officer had
not ceased to be such at the date of issuance. Any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign such
Warrant Certificate, although at the date of the execution of this Agreement any such person was not such an officer. 
  
 Section 1.03 Issuance, Delivery and Registration of Warrant Certificates. The Company shall issue and deliver to the Holder or its designee(s) a
Warrant Certificate representing the Warrants, in substantially the form of Exhibit A hereto. Additionally, the Company shall sign and deliver Warrant Certificates upon exchange, transfer or substitution for one or more previously signed
Warrant Certificates as hereinafter provided. The Company shall maintain books for the registration of transfer and registration of Warrant Certificates (the “Warrant Register”). 
  
 Section 1.04 Transfer and Exchange of Warrant Certificates. The
Company, from time to time, shall register the transfer of any outstanding Warrant Certificates in the Warrant Register upon surrender at the principal office of the Company of Warrant Certificates accompanied by a written instrument or instruments
of transfer, in form satisfactory to the Company, duly executed by the Warrantholder or the Warrantholder’s attorney duly authorized in writing, and evidence, satisfactory to the Company, of compliance with the provisions of this Section
1.04. Upon any such registration of transfer, a new Warrant Certificate shall be signed by the Company and issued to the transferee and the surrendered Warrant Certificate shall be canceled by the Company. Warrant Certificates may be exchanged
at the option of the holder thereof, upon surrender, properly endorsed, at the principal office of the Company, with written instructions, for other Warrant Certificates signed by the Company entitling the registered holder thereof, subject to the
provisions thereof and of this Agreement, to purchase in the aggregate a like number of shares of [Common/Preferred] Stock as the Warrant Certificate so surrendered. The Company may require the payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any such exchange or transfer. 
  
 ARTICLE II 
  
 SHARES OF
[COMMON/PREFERRED] STOCK ISSUABLE, EXERCISE PRICE, 
 EXPIRATION DATE AND EXERCISE OF WARRANTS 
  
 Section 2.01 Warrant Shares Issuable; Exercise Price; Expiration Date.
Each Warrant Certificate shall entitle the registered holder thereof, subject to the provisions thereof and of this Agreement, to purchase from the Company at any time from [            ]
(the “Effective Date”) to the close of business on the [            ] anniversary of such date (or, if such date is not a Business Day (as defined below), the first
following Business Day) the number of Warrant Shares stated therein, adjusted as provided in Article III, upon payment of $[            ] per share, adjusted as provided in
Article III. Such price, as in effect from time to time as provided in Article III, is referred to as the “Exercise Price.” Each Warrant not exercised during the period set forth above shall become void, and all rights
thereunder and all rights in respect thereof under this Agreement shall cease, at the end of such period. For purposes of this Agreement, the term 
  

 -2- 

 “Business Day” means any day of the week other than a Saturday, Sunday or a day which in the City of New
York or in the city in which the principal office of the Company is located shall be a legal holiday or a day on which banking institutions are authorized or required by law to close. 
  
 Section 2.02 Exercise of Warrants. (a) Warrants may be exercised by surrendering the Warrant Certificate evidencing
such Warrants at the principal office of the Company, with the Election to Exercise form set forth on the reverse of the Warrant Certificate duly completed and signed, and by paying in full to the Company (i) in cash, or (ii) by certified or
official bank check, or (iii) by any combination of the foregoing, the Exercise Price for each Warrant Share as to which Warrants are then being exercised and any applicable taxes, other than taxes that the Company is required to pay hereunder. A
Warrantholder may exercise such holder’s Warrant for the full number of Warrant Shares issuable upon exercise thereof or any lesser number of whole Warrant Shares. 
  
 (b) As soon as practicable after the exercise of any Warrants and payment by the Warrantholder of the full Exercise Price
for the Warrant Shares as to which such Warrants are then being exercised, the Company shall requisition from the transfer agent of the shares of [Common/Preferred] Stock and deliver to or upon the order of such Warrantholder a certificate or
certificates for the number of full Warrant Shares to which such Warrantholder is entitled, registered in the name of such Warrantholder or as such Warrantholder shall direct. Fractional Warrant Shares that otherwise would be issuable in respect of
such exercise shall be paid in cash as provided in Section 2.04, and the number of Warrant Shares issuable to such Warrantholder shall be rounded down to the next nearest whole number. If such Warrant Certificate shall not have been exercised
in full, the Company will issue to such Warrantholder a new Warrant Certificate exercisable for the number of Warrant Shares as to which such Warrant shall not have been exercised. The Company will cancel all Warrants so surrendered. 
  
 (c) Each person in whose name any such certificate for Warrant Shares is
issued shall for all purposes be deemed to have become the holder of record of such Warrant Shares on the date on which the Warrant Certificate was surrendered to the Company and payment of the Exercise Price and any applicable taxes was made to the
Company, irrespective of the date of delivery of such certificate for Warrant Shares. 
  
 (d) All Warrant Shares will be duly authorized, validly issued, fully paid and nonassessable. The Company will pay all documentary stamp taxes attributable to the initial issuance of Warrant Shares. The Company will
not be required, however, to pay any tax imposed in connection with any transfer involved in the issue of the Warrant Shares in a name other than that of the Warrantholder. In such case, the Company will not be required to issue any certificate for
Warrant Shares until the person or persons requesting the same shall have paid to the Company the amount of any such tax or shall have established to the Company’s satisfaction that the tax has been paid or that no tax is due. 
  
 Section 2.03 Conversion of Warrants. (a) In lieu of the payment of the
Exercise Price in the manner set forth in Section 2.02, the Holder shall have the right (but not the obligation), to require the Company to convert this Warrant, in whole or in part, into Warrant Shares (the “Conversion
Right”) as provided for in this Section 2.03. If so elected by the Holder by compliance with the provisions of Section 2.03(b) below, upon exercise of the 
  

 -3- 

 Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price)
that number of Warrant Shares equal to the number obtained by (i) subtracting the Exercise Price for one Warrant Share under the terms of this Warrant from the Current Market Price (as defined in Section 2.03(c) below) of one Warrant Share at
the time the Conversion Right is exercised; (ii) multiplying the difference obtained in (i) by the number of Warrant Shares as to which this Warrant is exercisable or, if only a portion of this Warrant is being exercised, the portion of this Warrant
being exercised; and (iii) dividing the product obtained in (ii) by the Current Market Price of one Warrant Share at the time the Conversion Right is exercised. 
  

(b) The Conversion Right provided under this Section 2.03 may be exercised, in whole or in part, at any time and from time to time, while any
Warrants remain outstanding. In order to exercise the Conversion Right, the Holder shall surrender to the Company, at its offices, this Warrant with the Cashless Exercise Form, a copy of which is attached hereto, duly executed. The presentation and
surrender shall be deemed a waiver of the Holder’s obligation to pay all or any portion of the aggregate purchase price payable for the shares of [Common/Preferred] Stock as to which such Conversion Right is being exercised. This Warrant (or so
much thereof as shall have been surrendered for conversion) shall be deemed to have been converted immediately prior to the close of business on the day of surrender of such Warrant for conversion in accordance with the foregoing provisions.

  
 (c) For purposes of this Agreement, “Current Market
Price” shall mean the Market Price (as defined below) on the relevant date, as long as the national securities exchanges or the Nasdaq National Market or other nationally recognized trading system, as applicable, were open for trading on
such date; provided, however, that if the national securities exchanges or the Nasdaq National Market or other nationally recognized trading system were not open for trading on such date, it shall mean the Market Price on the most
recent date for which such exchanges or markets were open for trading; and further provided, that if no [Common/Preferred] Stock is then listed or admitted to trading on any national securities exchange or the Nasdaq National Market or
other nationally recognized trading system, or quoted in the over-the-counter market, the Current Market Price shall be the Market Price on such date. The “Market Price” shall mean the amount per share of [Common/Preferred] Stock
equal to (a) the average of the high and low sales prices of such [Common/Preferred] Stock on such date or, if no such sale takes place on such date, the average of the closing bid and asked prices thereof on such date, in each case as officially
reported on the principal national securities exchanges on which such shares of [Common/Preferred] Stock are then listed or admitted to trading; or (b) if such shares of [Common/Preferred] Stock are not then listed or admitted to trading on any
national securities exchange, but are designated as a national market system security by the NASD, the average of the high and low trading prices of the shares of [Common/Preferred] Stock on such date; or (c) if there shall have been no trading on
such date or if the shares of [Common/Preferred] Stock are not so designated, the average of the closing bid and asked prices of the shares of [Common/Preferred] Stock on such date as shown by the NASD automated quotation system; or (d) if such
shares of [Common/Preferred] Stock are not then listed or admitted to trading on any national exchange or the Nasdaq National Market or other nationally recognized trading system, or quoted in the over-the-counter market, the amount most recently
determined by the Company’s Board of Directors to represent the fair market value per share of the [Common/Preferred] Stock (including, without limitation, a determination for purposes of 
  

 -4- 

 granting [Common/Preferred] Stock options or issuing [Common/Preferred] Stock under an employee benefit plan of the
Company), and, upon request of the Holder, the Board of Directors (or a duly authorized representative thereof) shall promptly notify the Holder of the Market Value per share of [Common/Preferred] Stock; notwithstanding the foregoing, if the Board
of Directors has not made such a determination within the three-month period prior to the date of exercise, then (A) the Board of Directors shall make a determination of the Market Value per share of [Common/Preferred] Stock within 15 days of a
request by the Holder that it do so, and (B) the conversion of this Warrant pursuant to this Section 2.03 shall be delayed until such determination is made. 
  
 Section 2.04 No Fractional Shares to Be Issued. If more than one Warrant Certificate shall be surrendered for
exercise at one time by the same holder, the number of full Warrant Shares which shall be issuable upon exercise thereof shall be computed on the basis of the aggregate number of Warrants so surrendered. The Warrantholders, by their acceptance of
the Warrant Certificates, expressly waive their right to receive any fraction of a Warrant Share or a share certificate representing a fraction of a Warrant Share. In lieu thereof, the Company will purchase such fractional interest for an amount in
cash equal to the current market value of such fractional interest, as reasonably determined by the Board of Directors of the Company. 
  
 Section 2.05 Cancellation of Warrants. The Company shall cancel any Warrant Certificate delivered to it for exercise, in whole or in part, or
delivered to it for transfer, exchange or substitution, and no Warrant Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall destroy canceled Warrant Certificates. If
the Company shall acquire any of the Warrants, such acquisition shall not operate as a redemption or termination of the right represented by such Warrants unless and until the Warrant Certificates evidencing such Warrants are surrendered to the
Company for cancellation. 
  
 ARTICLE III 
  
 ADJUSTMENT OF EXERCISE PRICE; MERGER, ACQUISITION, ETC.; 
 RESERVATION OF SHARES OF [COMMON/PREFERRED] STOCK; PAYMENT OF 
 TAXES 
  
 Section 3.01
Adjustment of Exercise Price and Number of Warrant Shares. The Exercise Price shall be subject to adjustment from time to time as provided in this Article III. After each adjustment of the Exercise Price, each Warrantholder shall at
any time thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of Warrant Shares obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares
purchasable pursuant to the provisions of such Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting from such adjustment. 
  
 Section 3.02 Stock Dividends. If the Company shall declare a dividend or any other distribution upon any capital
stock which is payable in shares of [Common/Preferred] Stock [of the same class] or securities convertible into shares of [Common/Preferred] Stock [of the same class], the Exercise Price shall be reduced to the quotient obtained by dividing (i) the

  

 -5- 

 number of shares of [Common/Preferred] Stock [of the same class] outstanding immediately prior to such declaration
multiplied by the then effective Exercise Price by (ii) the total number of shares of [Common/Preferred] Stock [of the same class] outstanding immediately after such declaration. All shares of [Common/Preferred] Stock [of the same class] and all
convertible securities issuable in payment of any dividend or other distribution upon the capital stock of the Company shall be deemed to have been issued or sold without consideration. 
  
 Section 3.03 Stock Splits and Reverse Stock Splits. If the Company shall subdivide its outstanding shares of
[Common/Preferred] Stock [of the same class] into a greater number of shares, the Exercise Price shall be proportionately reduced and the number of Warrant Shares issuable upon exercise of each Warrant shall be proportionately increased. If the
Company shall combine the outstanding shares of [Common/Preferred] Stock [of the same class] into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares issuable upon exercise of each
Warrant shall be proportionately decreased. 
  
 Section 3.04
Reorganizations and Asset Sales. If any capital reorganization or reclassification of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of the assets of the Company
shall be effected in such a way that the holders of the shares of [Common/Preferred] Stock [of the same class] shall be entitled to receive securities or assets with respect to or in exchange for shares of [Common/Preferred] Stock [of the same
class], adequate provision shall be made, prior to and as a condition of such reorganization, reclassification, consolidation, merger or sale, whereby each Warrantholder shall have the right to receive, upon the terms and conditions specified herein
and in lieu of the Warrant Shares otherwise receivable upon the exercise of such Warrants, such securities or assets as may be issued or payable with respect to or in exchange for the number of outstanding shares of [Common/Preferred] Stock [of the
same class] equal to the number of Warrant Shares otherwise receivable had such reorganization, reclassification, consolidation, merger or sale not taken place. In any such case appropriate provision shall be made with respect to the rights and
interests of such Warrantholder so that the provisions of this Agreement shall be applicable with respect to any securities or assets thereafter deliverable upon exercise of the Warrants. The Company shall not effect any such consolidation, merger
or sale unless prior to or simultaneously with the consummation thereof the survivor or successor corporation resulting from such consolidation or merger or the purchaser of such assets shall assume by written instrument delivered to each holder of
Warrants the obligation to deliver to such holder such securities or assets as such holder may be entitled to receive, subject to payment of the Exercise Price. Notwithstanding any other provision contained herein, the Company may, upon notice and
subject to the provisions of Section 4.03 hereof, terminate the Warrants in the event of a consolidation or merger described in this Section 3.04. 
  

Section 3.05 Covenant to Reserve Shares for Issuance on Exercise. (a) The Company will cause an appropriate number of shares of
[Common/Preferred] Stock to be duly and validly authorized and reserved and will keep available out of its authorized shares of [Common/Preferred] Stock, solely for the purpose of issue upon exercise of Warrants as herein provided, the full number
of shares of [Common/Preferred] Stock, if any, then issuable if all outstanding Warrants then exercisable were to be exercised. The Company covenants that all shares of [Common/Preferred] Stock that shall be so issuable shall be duly and validly
issued 
  

 -6- 

 and, upon payment of the Exercise Price, fully paid and non-assessable. If at any time the number of authorized but
unissued shares of [Common/Preferred] Stock shall not be sufficient for such purpose, the Company will take such action as, in the opinion of its counsel, may be necessary to increase its authorized but unissued [Common/Preferred] Stock to such
number of shares as shall be sufficient for such purpose. Prior to the issuance of any Warrant Shares, the Company shall secure the listing of such Warrant Shares upon any securities exchange upon which shares of [Common/Preferred] Stock are then
listed, if any. 
  
 (b) The Company hereby authorizes and directs
its current and future transfer agents for the shares of [Common/Preferred] Stock at all times to reserve such number of authorized shares as shall be requisite for such purpose. The Company will supply such transfer agents with duly executed stock
certificates for such purposes. Promptly after the date of expiration of the Warrants, no shares shall be reserved in respect of such Warrants. 
  
 Section 3.06 Statements on Warrants. The form of Warrant Certificate need not be changed because of any adjustment made pursuant to this Article
III, and Warrant Certificates issued after such adjustment may state the same Exercise Price and the same number of shares of [Common/Preferred] Stock as are stated in the Warrant Certificates initially issued pursuant to this Agreement. The
Company, however, may at any time in its sole discretion (which shall be conclusive) make any change in the form of Warrant Certificate that it may deem appropriate and that does not affect the substance thereof; and any Warrant Certificates
thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 
  

Section 3.07 Notice of Change in Securities Issuable, etc. Whenever the securities issuable or deliverable in exchange for Warrants are changed
pursuant to this Article III, the Company promptly shall mail to each Warrantholder a notice, executed by its chief financial officer, setting forth in reasonable detail the facts requiring the change and specifying the effective date of such
change and the number or amount of, and describing the shares or other securities issuable or deliverable in exchange for, each Warrant as so changed. Failure to publish such notice, or any defect in such notice, shall not affect the legality or
validity of any such change. 
  
 Section 3.08 References to
[Common/Preferred] Stock. Unless the context otherwise indicates, all references to [Common/Preferred] Stock in this Agreement and in the Warrant Certificates, in the event of a change under this Article III, shall be deemed to refer also
to any other securities issuable or deliverable in exchange for Warrants pursuant to such change. 
  
 ARTICLE IV 
  
 OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS 
  
 Section 4.01 No Rights as Stockholders. Nothing contained in this Agreement or in any Warrant Certificate shall be construed as conferring on any Warrantholder any rights whatsoever as a stockholder of the
Company, including the right to vote at, or to receive notice of, any meeting of stockholders of the Company; nor shall the consent of any such holder be required with respect to any action or proceeding of the Company; nor shall any such holder, by

  

 -7- 

 reason of the ownership or possession of a Warrant or the Warrant Certificate representing the same, either at, before or
after exercising such Warrant, have any right to receive any cash dividends, stock dividends, allotments or rights, or other distributions (except as specifically provided herein), paid, allotted or distributed or distributable to the stockholders
of the Company prior to the date of the exercise of such Warrant, nor shall such holder have any right not expressly conferred by such holder’s Warrant or Warrant Certificate. 
  
 Section 4.02 Mutilated or Missing Warrant Certificates. If any Warrant Certificate is lost, stolen, mutilated or
destroyed, the Company in its discretion may issue, in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, upon receipt of a
proper affidavit or other evidence satisfactory to the Company (and surrender of any mutilated Warrant Certificate) and bond of indemnity in form and amount and with corporate surety satisfactory to the Company in each instance protecting the
Company, a new Warrant Certificate of like tenor and exercisable for an equivalent number of shares of [Common/Preferred] Stock as the Warrant Certificate so lost, stolen, mutilated or destroyed. Any such new Warrant Certificate shall constitute an
original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant Certificate at any time shall be enforceable by anyone. An applicant for such a substitute Warrant Certificate also shall
comply with such other reasonable regulations and pay such other reasonable charges as the Company may prescribe. All Warrant Certificates shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to
the replacement of lost, stolen, mutilated or destroyed Warrant Certificates, and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement of
negotiable instruments or other securities without their surrender. 
  
 Section 4.03 Liquidation, Merger, etc.; Notice to Warrantholders. If: (a) the Company shall authorize the issuance to all holders of [Common/Preferred] Stock [of the same class] of rights or warrants to subscribe for or purchase
capital stock of the Company or of any other subscription rights or warrants; or 
  
 (b) the Company shall authorize the distribution to all holders of [Common/Preferred] Stock [of the same class] of evidences of its indebtedness or assets (other than cash dividends or cash distributions payable out
of current earnings, retained earnings or earned surplus or dividends payable in [Common/Preferred] Stock [of the same class]); or 
  
 (c) there shall be proposed any consolidation or merger to which the Company is to be a party and for which approval of the holders of [Common/Preferred]
Stock is required, or the conveyance or transfer of the properties and assets of the Company substantially as an entirety, or such other merger or transaction described in Section 3.04 hereof; or 
  
 (d) there shall be proposed the voluntary or involuntary dissolution,
liquidation or winding up of the Company; 
  
 the Company shall cause to be given
to each Warrantholder, by first-class mail, postage prepaid, a written notice stating (i) the date as of which the holders of record of shares of [Common/Preferred] Stock to be entitled to receive any such rights, warrants or distribution are

  

 -8- 

 to be determined or (ii) the date on which any consolidation, merger, conveyance, transfer, reorganization,
reclassification, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of record of shares of [Common/Preferred] Stock shall be entitled to exchange the shares for securities or
other property, if any, deliverable upon the consolidation, merger, conveyance, transfer, reorganization, reclassification, dissolution, liquidation or winding up. Such notice shall be filed and mailed in the case of a notice pursuant to (i) above
at least ten calendar days before the record date specified and in the case of a notice pursuant to clause (ii) above at least 20 calendar days before the earlier of the dates specified. From the time notice is required to be given pursuant to this
Section 4.03, the holders of Warrants shall be entitled to exercise such Warrants regardless of the provisions of Section 2.01. Unless assumed by the survivor or successor corporation resulting from any transaction described in
Section 4.03(c) hereof, the Warrants shall expire and be of no further force or effect upon consummation of such transaction. 
  
 ARTICLE V 
  
 MISCELLANEOUS 
  

 -9- 

 Section 5.01 Enforcement of Warrant Rights. All rights of action are vested in the respective
Warrantholders. Any holder of any Warrant, in his own behalf and for his own benefit, may enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, his right to
exercise his Warrant for the purchase of the number of Warrant Shares issuable or deliverable in exchange therefor, in the manner provided in the Warrant and in this Agreement. 
  
 Section 5.02 Negotiability and Ownership. From the Effective Date until the expiration of the Warrants, the Warrants
issued hereunder shall not be sold, transferred, assigned or hypothecated by the holders thereof except (a) to [            ] and any of its affiliates, or any officers, directors,
employees or representatives of the foregoing, or (b) in the case of an individual, pursuant to such individual’s last will and testament or the laws of descent and distribution and, in any case, only in compliance with the Securities Act.

  
 Section 5.03 Warrant Legend. (a) Each Warrant shall
contain a legend in substantially the following form: 
  
 “THIS WARRANT AND
THE SHARES OF [COMMON/PREFERRED] STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE CONDITIONS SPECIFIED IN THE AGREEMENT, DATED [            ], BETWEEN IMMUNOMEDICS, INC. AND
[            ]. ANY ATTEMPT TO TRANSFER THIS WARRANT OR ANY SHARE OF [COMMON/PREFERRED] STOCK ISSUED UPON EXERCISE OF THIS WARRANT TO ANY UNAUTHORIZED TRANSFEREE, SHALL BE NULL AND VOID. NO
TRANSFER IN VIOLATION OF SAID AGREEMENT SHALL BE EFFECTIVE. THIS WARRANT MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF
1933 (THE “ACT”) OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. THE SHARES OF [COMMON/PREFERRED] STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD OR
TRANSFERRED WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE ACT OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER
THIS ACT.” 
  
 (b) Each certificate representing Warrant
Shares, unless registered under the Securities Act, shall contain a legend substantially in the following form: 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE AMENDMENT THERETO
FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL 
  

 -10- 

 IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THAT ACT. THE SHARES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO THE CONDITIONS SPECIFIED IN THE AGREEMENT, DATED [            ], BETWEEN IMMUNOMEDICS, INC. AND
[            ]. ANY ATTEMPT TO TRANSFER THE SHARES REPRESENTED BY THIS CERTIFICATE TO ANY UNAUTHORIZED TRANSFEREE SHALL BE NULL AND VOID. NO TRANSFER IN VIOLATION OF SAID AGREEMENT SHALL BE
EFFECTIVE.” 
  
 Section 5.04 Supplements, Amendments and
Waivers. Any term of this Agreement may be supplemented, modified, amended or waived only by an instrument in writing signed by the parties hereto. 
  
 Section 5.05 Successors and Assigns. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Holder shall
bind and inure to the benefit of their respective successors and assigns hereunder. 
  
 Section 5.06 Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party’s address set forth below or to such other address as
a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made by telex, telecopy or facsimile transmission, (iii) sent by recognized overnight courier, or (iv) sent by registered or certified mail, return receipt
requested, postage prepaid. 
  
 If to the Company, to: 

 
 Immunomedics, Inc. 
 300 American Road 
 Morris Plains, New Jersey

 Attention: Ms. Cynthia L. Sullivan, President and Chief Executive Officer 
 Facsimile: (973) 605-8282 
  
 With a copy to: 
  
 Cadwalader, Wickersham & Taft LLP 
 100
Maiden Lane 
 New York, New York 10038 
 Attention: Gerald A. Eppner, Esq. 
 Facsimile: (212) 504-6666 
  
 If to the Holder, to: 
  
 [Name] 
 [Address] 
 [Address] 
 Attention:  [            ] 
 Facsimile:   [            ] 
  

 -11- 

 Section 5.07 Applicable Law. The validity, interpretation and performance of this Agreement and of
the Warrant Certificate shall be governed by the law of the State of Delaware, without giving effect to the principles of conflicts of laws thereof. 
  
 Section 5.08 Benefits of this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the holders of the Warrants any right, remedy or claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Agreement contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the holders of
the Warrants. 
  
 Section 5.09 Registered Warrantholders.
Prior to due presentment for registration of transfer, the Company may deem and treat the person in whose name any Warrants are registered in the Warrant Register as the absolute owner thereof for all purposes whatever (notwithstanding any notation
of ownership or other writing thereon made by anyone other than the Company) and the Company shall not be affected by any notice to the contrary or be bound to recognize any equitable or other claim to or interest in any Warrants on the part of any
other person and shall not be liable for any registration of transfer of Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such registration of transfer or with such knowledge of such facts that its participation therein amounts to bad faith. The terms “Warrantholder” and “holder of any “Warrants” and
all other similar terms used herein shall mean such person in whose name Warrants are registered in the Warrant Register. 
  
 Section 5.10 Inspection of Agreement. A copy of this Agreement shall be available at all reasonable times for inspection by any Warrantholder at
the principal office of the Company. The Company may require any such Warrantholder to submit his Warrant Certificate for inspection by it before allowing such Warrantholder to inspect a copy of this Agreement. 
  
 Section 5.11 Headings. The Article and Section headings herein are for
convenience only and are not a part of this Agreement and shall not affect the interpretation thereof. 
  
 Section 5.12 Counterparts. The Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original. 
  
 Section 5.13 Severability. In the event that
any court of competent jurisdiction shall finally determine that any provision, or any portion thereof, contained in this Agreement shall be void or unenforceable in any respect, then such provision shall be deemed limited to the extent that such
court determines it enforceable, and as so limited shall remain in full force and effect. In the event that such court shall determine any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect. 
  

 -12- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year
first above written. 
  

					
	 IMMUNOMEDICS, INC.

		
	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 [CORPORATE SEAL]

		
	 Attest:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 HOLDER

		
	 By:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 [CORPORATE SEAL]

		
	 Attest:
	 	  

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

 Exhibit A 
  
 THIS WARRANT AND THE SHARES OF [COMMON/PREFERRED] STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SUBJECT TO THE CONDITIONS SPECIFIED IN
THE AGREEMENT, DATED [            ], BETWEEN IMMUNOMEDICS, INC. AND [            ]. ANY ATTEMPT TO TRANSFER THIS WARRANT OR ANY
SHARE OF [COMMON/PREFERRED] STOCK ISSUED UPON EXERCISE OF THIS WARRANT TO ANY UNAUTHORIZED TRANSFEREE, SHALL BE NULL AND VOID. NO TRANSFER IN VIOLATION OF SAID AGREEMENT SHALL BE EFFECTIVE. THIS WARRANT MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE AMENDMENT THERETO FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT
REGISTRATION IS NOT REQUIRED UNDER THE ACT. THE SHARES OF [COMMON/PREFERRED] STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD OR TRANSFERRED WITHOUT AN EFFECTIVE AND CURRENT REGISTRATION STATEMENT OR POSTEFFECTIVE AMENDMENT THERETO FOR
SUCH SHARES UNDER THE ACT OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THIS ACT. 
  
 FORM OF WARRANT CERTIFICATE 
  

			
	 No.                      
	 	                      Warrants

  
 WARRANTS TO PURCHASE
SHARES OF [COMMON/PREFERRED] STOCK 
 OF IMMUNOMEDICS, INC. 
  
 Immunomedics, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that
[            ] or its registered assigns is the owner of the number of Warrants, set forth above, each of which represents the right, subject to the terms and conditions hereof and of the
Warrant Agreement hereafter referred to (the “Warrant Agreement”), to purchase from the Company at any time, or from time to time, from the [            ] anniversary of
the date of original issuance of the Warrants to the close of business on the [            ] anniversary of such date (or, if such date is not a Business Day (as defined below), the first
following Business Day) (the “Exercise Period”), the number of shares of [common stock, par value $0.01 per share, of the Company (the “Common Stock”)/preferred stock, par value $0.01 per share, of the Company (the
“Preferred Stock”)] described in the Warrant Agreement (each share of Common Stock issuable upon exercise of a Warrant is referred to as a “Warrant Share”). Subject to the terms and conditions of the Warrant
Agreement, the exercise price per Warrant represented by this Warrant Certificate shall be $[            ] per share, adjusted as provided in Article III of the Warrant Agreement, payable
in full as to each Warrant exercised at the time of purchase. The term “Exercise Price” as used herein refers to the foregoing price per share in effect at any time. 
  

 A-1 

 This Warrant may be exercised in whole or in part at any time or from time to time during the Exercise
Period. The portion of any Warrant not exercised during the Exercise Period shall become void, and all rights hereunder and all rights in respect hereof and under the Warrant Agreement shall cease at the end of the Exercise Period. 
  
 Each such purchase of Warrant Shares shall be made, and shall be deemed
effective for the purpose of determining the date of exercise, only upon surrender hereof to the Company at the principal office of the Company, with the form of Election to Exercise on the reverse hereof duly filled in and signed, and upon (a)
payment in full to the Company of the Exercise Price (i) in cash or (ii) by certified or official bank check or (iii) by any combination of the foregoing, all as provided in the Warrant Agreement, or (b) by Conversion in the manner set forth in
Section 2.03 of the Warrant Agreement, and upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement. 
  
 This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of
[            ] (the “Warrant Agreement”), between the Company and [            ], and is subject to the terms
and provisions of the Warrant Agreement, which terms and provisions are hereby incorporated by reference herein and made a part hereof. Copies of the Warrant Agreement are available for inspection by the registered holder at the principal office of
the Company. 
  
 The Company shall not be required upon the
exercise of the Warrants represented hereby to issue fractions of Warrant Shares or to distribute share certificates that evidence fractional Warrant Shares. Every holder of this Warrant Certificate expressly waives its right to receive any fraction
of a Warrant Share or a share certificate representing a fraction of a Warrant Share. Fractional Warrant Shares that otherwise would be issuable in respect of such exercise shall be paid in cash as provided in the Warrant Agreement, and the number
of Warrant Shares issuable to such Warrantholder shall be rounded down to the next nearest whole number. If such Warrant Certificate shall not have been exercised in full, the Company will issue to such Warrantholder a new Warrant Certificate
exercisable for the number of shares of [Common/Preferred] Stock as to which such Warrant shall not have been exercised. 
  
 This Warrant Certificate may be exchanged either separately or in combination with other Warrant Certificates at the principal office of the Company for
new Warrant Certificates representing the same aggregate number of Warrants as were evidenced by the Warrant Certificate or Warrant Certificates exchanged, upon surrender of this Warrant Certificate and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement. 
  
 This
Warrant Certificate is transferable (subject to restrictions set forth in the Warrant Agreement) at the principal office of the Company by the registered holder hereof in person or by such holder’s attorney duly authorized in writing, upon (i)
surrender of this Warrant Certificate and (ii) upon compliance with and subject to the conditions set forth herein and in the Warrant Agreement. Upon any such transfer, a new Warrant Certificate or new Warrant Certificates of different
denominations, representing in the aggregate a like number of Warrants, will be issued to the transferee. Every holder of Warrants, by accepting this Warrant Certificate, consents and agrees with the Company and with every subsequent holder of this
Warrant 
  

 A-2 

 Certificate that until due presentation for the registration of transfer of this Warrant Certificate on the Warrant
Register maintained by the Company, the Company may deem and treat the person in whose name this Warrant Certificate is registered as the absolute and lawful owner for all purposes whatsoever and the Company shall not be affected by any notice to
the contrary. 
  
 Nothing contained in the Warrant Agreement or in
this Warrant Certificate shall be construed as conferring on the holder of any Warrants or his transferee any rights whatsoever as a stockholder of the Company. 
  

The Warrant Agreement and each Warrant Certificate, including this Warrant Certificate, shall be deemed a contract made under the laws of the State of
Delaware and for all purposes shall be construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof. 
  

 A-3 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed under its
corporate seal. 
  
 Dated: 
  

			
	 IMMUNOMEDICS, INC.

		
	 By:
	 	  

  

			
	 (CORPORATE SEAL)

		
	 Attest:
	 	  

  
  

 A-4 

 ELECTION TO EXERCISE 
  
 (To be executed upon exercise of Warrant) 
  
 TO IMMUNOMEDICS, INC.: 
  
 The undersigned hereby irrevocably elects to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder,
                     shares of [Common/Preferred] Stock, as provided for therein, and tenders herewith payment of the purchase price in full
in the form of cash or a certified or official bank check (or combination thereof) in the amount of
$                            . 
  
 Please issue a certificate or certificates for such shares of [Common/Preferred] Stock in the name of: 
  

	
	 PLEASE INSERT SOCIAL SECURITY
 OR OTHER IDENTIFYING
NUMBER
 OF ASSIGNEE:

	
	  

  

			
	Name	 	  

	Address	 	  

	Signature	 	  

	  

	
	Note: The above signature should correspond exactly with the name on the face of this Warrant Certificate or with the name of assignee appearing in the assignment form
below.

  

	
	Dated:                      ,
                

 ASSIGNMENT 
  
 (To be executed only upon assignment of Warrant Certificate) 
  
 For value received,
                                        
hereby sells, assigns and transfer unto
                                        
the within Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                                 attorney, to transfer said Warrant Certificate on
the books of the within-named Company, with full power of substitution in the premises. 
  

	
	Dated:                      ,
                

  

	
	  

	NOTE: The above signature should correspond exactly with the name on the face of this Warrant Certificate

	To:	Immunomedics, Inc. 

 300 American Road 
 Morris Plains, New Jersey 07950 
  
 CASHLESS EXERCISE FORM 
 (To be executed upon
conversion of the attached Warrant) 
  
 The undersigned hereby
irrevocably elects to surrender its Warrant for the number of shares of [Common/Preferred] Stock as shall be issuable pursuant to the cashless exercise provisions set forth in Section 2.03 of the Warrant Agreement setting forth the terms of the
within Warrant, in respect of [            ] shares of [Common/Preferred] Stock underlying the within Warrant, and requests that certificates for such securities be issued in the
name of and delivered to: 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
 (Print, Name, Address
and Social Security 
 or Tax Identification Number) 
  

and, if such number of shares shall not be all the shares exchangeable or purchasable under the within Warrant, that a new Warrant for the balance of the Warrant
Shares covered by the within Warrant be registered in the name of, and delivered to, the undersigned at the address stated below. 
  

					
	Dated:                                     
                      	 	 	 	Name                                      
                                        
                            
	 	 	 	 	(Print)

  
 Address:                                     
                                        
                                        
                                        
                                        
    
  

	
	                                      
                                        
                         
	(Signature)

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