Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
 Amended and
Restated Employment Agreement 
 by and between Immunomedics, Inc. and 

Dr. David M. Goldenberg 

Effective as of July 1, 2015 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
			
	 1.
	    	 Employment
	  	 	1	  
			
	 2.
	    	 Term
	  	 	1	  
			
	 3.
	    	 Duties
	  	 	2	  
			
	 4.1
	    	 Compensation
	  	 	2	  
			
	 4.2
	    	 Additional Incentive Compensation
	  	 	4	  
			
	 5.
	    	 Vacation and Fringe Benefits
	  	 	8	  
			
	 6.
	    	 Research Contracts or Grants
	  	 	9	  
			
	 7.
	    	 Prior Inventions and Discoveries
	  	 	9	  
			
	 8.
	    	 Arbitration
	  	 	10	  
			
	 9.
	    	 Restrictive Covenants
	  	 	11	  
			
	 10.
	    	 Termination
	  	 	14	  
			
	 11.
	    	 Decisions and Determinations of the Board
	  	 	17	  
			
	 12.
	    	 Cooperation with Immunomedics After Expiration or Termination
	  	 	17	  
			
	 13.
	    	 Payment and Benefits on Termination or Expiration
	  	 	17	  
			
	 14.
	    	 [INTENTIONALLY OMITTED]
	  	 	22	  
			
	 15.
	    	 Parties in Interest
	  	 	22	  
			
	 16.
	    	 Notices
	  	 	22	  
			
	 17.
	    	 Governing Law7
	  	 	23	  
			
	 18.
	    	 Captions; Word Meanings
	  	 	24	  
			
	 19.
	    	 Miscellaneous
	  	 	24	  
			
	 20.
	    	 Binding Effect
	  	 	24	  
			
	 21.
	    	 Entire Agreement
	  	 	24	  
			
	 22.
	    	 Severability
	  	 	25	  
			
	 23.
	    	 Survival of Provisions
	  	 	25	  
			
	 24.
	    	 Counterparts
	  	 	25	  

  
 i 

 AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“this Agreement”) is entered into by and between IMMUNOMEDICS, INC., a Delaware
corporation with its principal office and place of business in Morris Plains, New Jersey (“Immunomedics” or the “Company”) and DR. DAVID M. GOLDENBERG, an individual presently residing in Mendham, New Jersey (“Dr.
Goldenberg”), effective as of July 1, 2015 (the “Effective Date”). 
 PREMISES 

WHEREAS, Dr. Goldenberg founded Immunomedics in 1982 and continuously since that time, has served as the Chair of its Board of Directors,
as an executive of the Company, and as a significant shareholder of the Company; and 
 WHEREAS, Dr. Goldenberg invented and developed
substantially all of the technology, and obtained the patents, on which Immunomedics’ business is based; and 
 WHEREAS, the parties
entered into the Third Amended and Restated Employment Agreement, dated July 1, 2011 (the “Third Amended and Restated Agreement”); and 

WHEREAS, the parties desire to amend and restate the terms and conditions of the Third Amended and Restated Agreement in its entirety in order
to reflect certain desired changes and clarifications in the terms and continue Dr. Goldenberg’s employment with the Company upon the amended and restated terms and conditions of this Agreement; and 

WHEREAS, Dr. Goldenberg acknowledges that he has had an opportunity to consider this Agreement and consult with an independent advisor(s)
of his choosing with regard to the terms of this Agreement, and enters into this Agreement voluntarily and with a full understanding of its terms; and 

WHEREAS, the Company and Dr. Goldenberg have agreed that this Agreement will supersede and replace the Third Amended and Restated
Agreement as of the Effective Date. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Employment. Immunomedics agrees to continue the employment of Dr. Goldenberg, and Dr. Goldenberg accepts such continued
employment, upon the terms and conditions set forth in this Agreement. 
 2. Term. Unless earlier terminated by either party pursuant
to Section 10, this Agreement will continue for a five (5) year period (through July 1, 2020) (the “Term”). The Term will renew or extend only by mutual consent of the Company and Dr. Goldenberg in writing. For purposes
of this Agreement, “Term of Employment” shall mean the length of Dr. Goldenberg’s total employment from original hire through the end of the Term or through the date of termination if this Agreement is terminated during the Term
pursuant to Section 10. 

 3. Duties. 

(a) Description. Throughout the Term of this Agreement, Dr. Goldenberg shall serve as Chief Scientific Officer and
Chief Patent Officer of Immunomedics and shall perform such duties in these roles, which are commensurate with Dr. Goldenberg’s expertise, experience, roles fulfilled within the Company, and professional standing and the needs of the
Company from time to time, as the Board of Directors of Immunomedics (the “Board”), in consultation with Dr. Goldenberg, may determine from time to time. The Board may assign specific duties to Dr. Goldenberg after a review of
Immunomedics’ needs. Dr. Goldenberg will report directly to the Board throughout the Term of this Agreement. Immunomedics reserves the right, subject to Section 10(f) below, to modify, but not diminish, the nature and scope of
Dr. Goldenberg’s duties to meet the Company’s changing needs, provided that such duties and level of authority shall remain commensurate with Dr. Goldenberg’s expertise, experience and professional standing. If elected to
such positions, Dr. Goldenberg may serve as a member of the Board, and as an executive officer and director of any subsidiary or affiliate of or successor to Immunomedics and, in the Board’s discretion, may be paid additional, reasonable
compensation for such services. 
 (b) Best Efforts. Throughout the Term of this Agreement, Dr. Goldenberg shall
faithfully, industriously and to the best of his ability, experience and talents, perform all of the duties contemplated by this Agreement and in accordance with his fiduciary duties as an officer and director of the Company. In the course of
performing such duties, Dr. Goldenberg shall cooperate fully, to the best of his ability, with the Board and all officers, agents and employees of Immunomedics in all matters connected with the business of Immunomedics. 

(c) Extent of Duties. Dr. Goldenberg shall devote such time to Immunomedics as is reasonably necessary to fulfill
the duties contemplated by this Agreement. Notwithstanding any language to the contrary, Immunomedics acknowledges and authorizes Dr. Goldenberg to serve as a member of the Board of Directors of and to be employed (including without limitation
as an executive officer) by the Company’s majority-owned subsidiary, IBC Pharmaceuticals, Inc. (“IBC”). 
 Immunomedics
acknowledges that Dr. Goldenberg shall be entitled to spend such time as is necessary to fulfill his duties for IBC, provided that such duties do not materially interfere with his ability to perform any of his obligations under this Agreement.
Such activity on behalf of IBC to the extent consistent with the provisions hereof, shall not be deemed a breach of this Agreement. Any salary, fees or other income paid by IBC to Dr. Goldenberg in his respective capacity in each such entity
shall be the property of Dr. Goldenberg and shall not diminish the compensation due him hereunder. 
 4.1 Compensation. 

(a) Base Salary. In consideration for services rendered by Dr. Goldenberg pursuant to this Agreement, Immunomedics
will pay Dr. Goldenberg a base salary at the rate of Six Hundred Twenty-Six Thousand One Hundred Twenty Five Dollars and Eighty 

  
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Five Cents ($626,125.85) per Contract Year, payable in accordance with the Company’s regular payroll procedures (the “Base Salary”). The Board or the Compensation Committee of the
Board (the “Compensation Committee”) will review Dr. Goldenberg’s Base Salary annually for appropriate increases, pursuant to the Company’s standard performance review policies for senior level executives. 

(b) Annual Bonus. Throughout the Term of this Agreement, Dr. Goldenberg will be eligible to participate in the
Company’s incentive compensation plan for senior level executives (the “Incentive Plan”) in accordance with the terms of the Incentive Plan. The Company reserves the right to amend or rescind its Incentive Plan at any time in its
discretion, but will provide Dr. Goldenberg written notice of any changes at the same time and in the same manner as other Incentive Plan participants as may be required by law or regulation. In connection with his participation in the
Incentive Plan, Dr. Goldenberg will be eligible to receive an annual discretionary bonus, as determined by the Compensation Committee, based on its assessment of Dr. Goldenberg’s individual performance and the Company’s overall
performance. Dr. Goldenberg’s Annual Bonus Target is 50% of Base Salary, with a potential Bonus ranging from 0 to 150% of the Annual Bonus Target, conditional upon his achievement of performance goals as the Compensation Committee may
establish and determine. The Compensation Committee will determine the amount of Dr. Goldenberg’s discretionary annual bonus, if any, as of the end of each fiscal year during the Term of this Agreement, and shall pay such Bonus as soon as
practicable after such determination, but in no event later than 2.5 months after the end of each fiscal year, subject to the termination provisions contained in Section 10 of this Agreement. 

(c) Equity Compensation. In consideration of Dr. Goldenberg entering into this Agreement, upon due approval by the
Compensation Committee, the Company will grant the following equity award to Dr. Goldenberg pursuant to the Company’s 2014 Long-Term Incentive Plan (the “2014 Incentive Plan”) as soon as practicable on or after the Effective
Date: 1,500,000 Performance Units (as such term is defined in the 2014 Incentive Plan) (the “Performance Unit Grant”) which shall vest, if at all, after the three (3) year period commencing on the grant date provided that the
applicable performance conditions are met and conditioned upon the Executive’s continued employment through the vesting period subject to the terms and conditions of the form of restricted stock unit agreement (attached hereto as Exhibit A) and
such other terms and conditions as set forth in the grant agreement at the time of the grant. All other terms and conditions of such award shall be governed by the terms and conditions of the 2014 Incentive Plan and the applicable restricted stock
unit grant agreement. Throughout the Term of this Agreement, Dr. Goldenberg will be eligible to receive awards pursuant to the Company’s 2014 Incentive Plan or any successor equity compensation plan of the Company; provided, however, the
Performance Unit Grant shall be in lieu of any annual performance equity or equity-based grants throughout the Term of this Agreement. For the avoidance of doubt, nothing in this section shall impact or affect any equity compensation awards
Dr. Goldenberg may have received at any earlier time during his Term of Employment or his eligibility to participate in the Incentive Plan described in Section 4.1(b) of this Agreement during the Term of this Agreement. 

  
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 4.2 Additional Incentive Compensation. In recognition of Dr. Goldenberg’s past
and future integral involvement in and contribution to all aspects of Immunomedics’ scientific and creative activities, the Company shall make the following payments to Dr. Goldenberg as additional incentive compensation (“Additional
Incentive Compensation”). 
 (a) The Additional Incentive Compensation payments to which Dr. Goldenberg is entitled
include: 
 (i) Transactional Payments: Net Revenue Payments. With respect to any fiscal year during the Term of the
Agreement in which Immunomedics records an annual net loss (determined by Immunomedics in a manner consistent with generally accepted accounting principles (“GAAP”) for the entire fiscal year as audited by Immunomedics’ independent
registered public accounting firm), Immunomedics will pay to Dr. Goldenberg a sum equal to three quarters of one percent (.75%) of the total Consideration the Company receives from any third party transaction, excluding third party financing
transactions and any Disposition of Undeveloped Assets. With respect to any fiscal year during the Term of the Agreement in which Immunomedics records positive net income (determined by Immunomedics in a manner consistent with GAAP) for the entire
fiscal year as audited by Immunomedics’ independent registered public accounting firm, Immunomedics will pay to Dr. Goldenberg a sum equal to one and one-half percent (1.5%) of Immunomedics’ Annual Net Revenue (as defined in
Section 4.2(d)) for each such fiscal year (unless Dr. Goldenberg’s employment terminates pursuant to Sections 10(a) or 10(e)), and thereafter throughout the noncompetition period (as defined in Section 9(b)); and 

(ii) Patent Lifetime Royalty Payments. Immunomedics will pay to Dr. Goldenberg for each full fiscal year of the
Company, a sum equal to a percentage of the annual Product Royalties the Company receives each such fiscal year on each of the products for which Dr. Goldenberg is an Inventor, and all products using, related to or derived from products for
which Dr. Goldenberg is an Inventor (“Patented Products”), which payments shall continue for each Patented Product for the remaining Life of the Patent covering each Patented Product (collectively “Patent Lifetime Royalty
Payments”). The percentage of Product Royalties that Immunomedics will pay to Dr. Goldenberg on each Patented Product will be determined based on the percentage of Product Royalties that Immunomedics must pay to external third parties (any
party other than a wholly owned subsidiary of Immunomedics) on each Patented Product, as follows: 
 (A) One percent
(1%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of more than 9.0 % to external third parties; 

(B) One and one-half percent (1.5%) of annual Product Royalties on Patented Products for which the Company pays a Royalty
of more than 6.0 % through 9.0 % to external third parties; 

  
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 (C) Two percent (2%) of annual Product Royalties on Patented Products for
which the Company pays a Royalty of more than 3.0% through 6.0 % to external third parties; or 
 (D) Three percent
(3%) of annual Product Royalties on Patented Products for which the Company pays a Royalty of 3.0% or less to external third parties. 

Patent Lifetime Royalty Payments under Section 4.2(a)(ii) shall be due and owing from Immunomedics to Dr. Goldenberg
(or his estate or designated beneficiaries) throughout the Life of each Patent both during his employment with the Company and after his employment terminates, except that Patent Lifetime Royalty Payments shall not be payable in the event an
arbitrator or court finds that Dr. Goldenberg committed a material breach of his covenants contained in Section 9. During the Term of Dr. Goldenberg’s employment with Immunomedics only, any quarterly payment of Patent Lifetime
Royalty Payments calculated under this Section 4.2(a)(ii) will be paid to Dr. Goldenberg (or his estate or designated beneficiaries) only to the extent that such Patent Lifetime Royalty Payments exceed the quarterly Minimum Payment paid to
him pursuant to Section 4.2(c). 
 (b) Payments Upon Disposition of Undeveloped Assets. In the event the Company,
with its Board’s approval, completes a Disposition during the Term of Employment, or within three (3) years thereafter, of any one or more of Immunomedics’ Undeveloped Assets for which Dr. Goldenberg was an Inventor, Immunomedics
will pay Dr. Goldenberg (or his estate or designated beneficiaries) a sum equal to at least twenty percent (20%), or more (as determined by the Board), of the Consideration Immunomedics receives from each Disposition, upon receipt; provided,
however that no such payment shall be due in the event an arbitrator or court finds that Dr. Goldenberg committed a material breach of his covenants contained in Section 9. Subject to the preceding conditions, the Company’s obligation
to compensate Dr. Goldenberg (or his estate or designated beneficiaries) under this provision, if any, applies to all Dispositions completed within the Term of Employment or within three (3) years thereafter, even if the Company actually
receives the Consideration at some time after the three (3) year period elapses. 
 (c) Minimum Payment.
Immunomedics agrees to make a minimum payment of One Hundred Fifty Thousand Dollars ($150,000) to Dr. Goldenberg during each of Immunomedics’ fiscal years during the Term of this Agreement, payable in equal quarterly payments, as an
advance against the amounts due to Dr. Goldenberg pursuant to Section 4.2(a) and (b) above. This minimum payment shall be prorated for any partial fiscal year of Immunomedics or partial year of service of Dr. Goldenberg covered
by this Section 4.2. 
 (d) Definitions. As used in this Agreement, the following terms shall have the following
meanings: 
 (i) “Annual Net Revenue” means Immunomedics’ total revenue determined for the fiscal year
as determined by GAAP less (i) Consideration received upon Disposition of Undeveloped Assets, (ii) Product Royalties on Patented Products (as defined in Section 4.2(a)(ii)) and (iii) amounts recorded as revenue by Immunomedics
during such fiscal year that are related to payments previously paid to Dr. Goldenberg under Section 4.2(a)(i) in any prior period. Further, Annual Net Revenue shall not include (A) net sales of any Acquired Asset, (B) any
amounts received as cost reimbursement payments, and (C) any revenue generated from interest or investment income of the Company. 

  
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 (ii) “Acquired Asset” means any product, technology or business
to which Immunomedics acquired the rights from any third party (other than a wholly-owned subsidiary of Immunomedics), or affiliated group of such third parties, for an aggregate consideration in excess of Five Million Dollars ($5,000,000), provided
that Immunomedics did not materially contribute to the invention or development of such asset prior to such acquisition. For purposes of this definition, Immunomedics will be deemed to have materially contributed to any product, technology or
business which is covered by any Immunomedics’ patent. 
 (iii) “Consideration” means cash, asset(s) or
property, tangible or intangible, which Immunomedics receives directly or indirectly, for a Disposition (the transfer of relevant assets), including but not limited to sales proceeds, license fees and licensing milestones, other milestone payments,
up-front fees and sales bonuses. Consideration shall not include: (A) any consideration for or with respect to any Acquired Asset, (B) amounts paid to Immunomedics which clearly are intended to constitute reimbursement of direct
out-of-pocket costs incurred by Immunomedics for research, development or preclinical or clinical trials of the product or products which are the subject of the Disposition, regardless of whether paid directly or indirectly, and however labeled,
provided such amounts are paid pursuant to an agreement in effect at the time of such payment(s) and (C) any Patent Lifetime Royalty Payments (as defined in Section 4.2(a)(ii)). In calculating the value of Consideration received in a
Disposition, Immunomedics will offset the value of anything of value that it had to grant or provide to the other party in exchange for the Disposition as an express element of the transaction. The parties agree that any dispute with respect to the
value of Consideration received in connection with any Disposition or any other dispute arising under this definition shall be submitted to arbitration pursuant to Section 8. 

(iv) “Disposition” means any transfer, by way of sale, license or otherwise, to an unaffiliated third party,
of any of Immunomedics’ right, title or interest in or to any one or more of its products, technologies, intellectual property, businesses or other assets. Disposition includes any arrangements, whereby, Immunomedics combines with another
entity and forms a new entity in which Immunomedics holds any ownership interest and to which Immunomedics transfers, by way of sale, license or otherwise, any of Immunomedics’ right, title 

  
 6 

 
or interest in or to any one or more of its products, technologies, intellectual property, or businesses. “Disposition” shall not include a transfer of all or substantially all of the
assets or stock of Immunomedics pursuant to a Change in Control (as defined in Section 10(f)) or similar corporate transaction of Immunomedics or to which it is a party. 

(v) “Inventor” means a person(s) identified as an inventor of a patented product, formula or idea on the
disclosures initially filed in the relevant patent office(s) for such patent. 
 (vi) “Life of a Patent”
means the period beginning the first date on which a patent application is filed in any patent office covering any territory in the world and continuing as long as at least one (1) valid claim of the patent exists in any territory in the world.
It is understood that for purposes of this definition, the patent office in which the patent initially is filed is not likely to be located in or covering the same territory in which the last valid patent claim remains, and that the Life of the
Patent will cover all time periods between these two events. 
 (vii) “Product Royalties” means all
Consideration designated as a royalty, which Immunomedics receives for the license or use of its technology(ies), products, inventions, patents, or other intellectual property. For purposes of this Agreement, a patent or copyright will be deemed
valid in any territory in the world if at least one (1) valid claim of the patent or copyright exists in any territory in the world. 

(viii) “Immunomedics” means Immunomedics and all of its direct and indirect subsidiaries or affiliates,
including but not limited to IBC. 
 (ix) “Undeveloped Assets” means any technology, product, agent,
intellectual property, business or other asset(s) or product(s) for which, at the time of Disposition, the Board of Directors of Immunomedics and Dr. Goldenberg have mutually determined that Immunomedics (A) is not currently budgeting for
development, (B) has not set a time table for development, at a level consistent with the financial support or timetable given to any other major project or technology for which the Company currently is budgeting for either preclinical or
clinical development, (C) has not funded with substantial research and development resources, or (D) has not entered Immunomedics’ sponsored Phase I or Phase II clinical trials. 

(x) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) In Lieu of Other Payments. The Additional Incentive Compensation discussed in Sections 4.2(a)(i) and 4.2(a)(ii) of
this Agreement shall be in lieu of all other royalties and percentage payments to which Dr. Goldenberg otherwise previously might have been entitled to relative to Undeveloped Assets as set forth in Section 4.2(b) under prior agreements or
otherwise, including but not limited to payments pursuant to the License Agreement or any other prior agreement between the parties. 

  
 7 

 (f) Reports and Payments. Within forty-five (45) days after the last
day of each of its fiscal quarters (other than the final quarter of each fiscal year), Immunomedics will provide Dr. Goldenberg with a written report that includes a preliminary computation (based upon unaudited financials) of Net Revenue, of
Product Royalties, and of royalties on Patented Products (computed for such quarter in the same manner as Annual Net Revenue or annual Product Royalties is to be computed for a fiscal year) and Disposition Payments (if any), and all amounts due to
Dr. Goldenberg pursuant to Sections 4.2(a)(i), 4.2(a)(ii), and 4.2(b) with respect to such fiscal quarter. Within two and one half (2 1/2) months after the last day of each of its fiscal years, Immunomedics will provide Dr. Goldenberg with
a report that includes computation of Annual Net Revenue, of annual Product Royalties, of annual royalties on Patented Products, and Disposition Payments (if any) for the entire year and all amounts due with respect to that year (based on audited
financials), as adjusted for the minimum payment provided to Dr. Goldenberg pursuant to Section 4.2(b) above. Immunomedics will pay or transfer to Dr. Goldenberg, within two and one half (2 1/2) months after the last day of each of
its fiscal years, all amounts due pursuant to Sections 4.2(a)(i) and 4.2 (a)(ii) with respect to that year. Immunomedics will pay or transfer to Dr. Goldenberg any participation in Consideration to which he is entitled pursuant to
Section 4.2(b) above within fifteen (15) calendar days following receipt of such Consideration by Immunomedics, regardless of how the Company may record the receipt of such Consideration for other accounting purposes. Immunomedics will
provide such documentation as Dr. Goldenberg deems reasonably necessary to verify the Company’s calculations of the payments due to Dr. Goldenberg pursuant to Sections 4.2(a)(i), 4.2(a)(ii), and 4.2(b). At least once during each
fiscal year, Dr. Goldenberg shall have the right to obtain access to Immunomedics sales and accounting books and records, and other documents Dr. Goldenberg deems reasonably necessary to confirm Immunomedics’ compliance with its
obligations under this Agreement. 
 5. Vacation and Fringe Benefits. 

(a) Vacation. Dr. Goldenberg shall be entitled to a total of six (6) weeks paid vacation during each Contract
Year throughout the Term of this Agreement. Vacation benefits are subject to all other terms and conditions of Immunomedics’ standard vacation policies including but not limited to those relating to accrual of vacation time. 

(b) Expenses. It is understood that Dr. Goldenberg will incur reasonable and necessary expenses in connection with
his employment and Immunomedics will reimburse Dr. Goldenberg for any such expenses in accordance with policies and limits as adopted by the Board. 

(c) Employee Benefit Plans. In addition to the benefits expressly mentioned in this Agreement, Dr. Goldenberg shall
receive all of the employment-related benefits established by the Board for executive officers and such additional benefits as the Board may award to him from time to time. For purposes of this Agreement, employment- related benefits shall include,
without limitation, participation in all employee welfare benefit plans and employee pension benefit plans (as those terms are defined in the Employee Retirement Income Security Act of 1974, as amended), which Immunomedics may maintain from time to
time during the Term of Employment. 

  
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 6. Research Contracts or Grants. During the Term of this Agreement, Dr. Goldenberg
occasionally may apply for research contracts for which he would be named as principal research scientist or investigator. In such event, Dr. Goldenberg shall: 

(a) Deliver copies of such applications to Immunomedics prior to submission to the grantor or other contract entity. 

(b) Make such changes to application as Immunomedics may reasonably request. 

(c) Submit such application naming Immunomedics as grantee or contract beneficiary. 

(d) Allow a mutually acceptable representative of Immunomedics to be present and participate in all negotiations related to the
proposed contract. All such contracts shall be subject to any internal approval process the Board may establish. 
 7. Prior Inventions
and Discoveries. 
 (a) Discoveries. In exchange for Immunomedics’ agreement to provide the Additional
Incentive Compensation detailed in Sections 4.2(a)(i), 4.2(a)(ii) and 4.2(b) of this Agreement, Dr. Goldenberg agrees to forego any right to any additional compensation or consideration he otherwise would have the right to receive based on any
ownership or interest he has in any and all ideas, inventions, improvements, discoveries, developments, products, compounds, compositions, apparatus, methods, formulae, processes, applications or uses that he made or conceived (solely or jointly
with another or others or by material contribution thereto in the course of his significant involvement in the direction of Immunomedics’ research and technology programs) during the Term of Employment (collectively “Discoveries”).
Dr. Goldenberg acknowledges that any interest he has or had in such Discoveries shall be the sole and exclusive property of Immunomedics, subject to any other applicable provisions of this Agreement or any other agreements between the parties.

 (i) Notwithstanding this provision, Immunomedics acknowledges that it does not have any interest in any Discoveries that
Dr. Goldenberg made or conceived (solely or jointly with another or others or by material contribution thereto in the course of any significant involvement in the direction of the Garden State Cancer Center’s research and technology
programs) related to research performed by or for the Garden State Cancer Center (the “Center”) in the course of his duties for the Center (“Center Discoveries”), and with respect to which Dr. Goldenberg has no individual
retained interest other than a royalty interest, and regardless of whether Immunomedics also may have an interest in the subject of such research. Dr. Goldenberg shall retain any royalty interest he may have in any Center Discoveries.
Immunomedics’ ownership rights in and to any Discovery made or conceived by Dr. Goldenberg (solely or jointly with another or others or 

  
 9 

 
by material contribution thereto) in the course of any significant involvement by Dr. Goldenberg in the research or other activities of IBC, shall be only as may be expressly provided in any
license, proprietary rights or other equivalent existing or future agreement that may exist between Immunomedics and IBC. 

(ii) Notwithstanding this provision (Section 7(a)), Immunomedics further acknowledges that it does not have any interest in any
Discoveries (patented or unpatented) that Dr. Goldenberg made/makes or conceived/conceives (solely or jointly with another or others or by material contribution thereto), which are related to research performed by Dr. Goldenberg
independent of his duties and responsibilities for Immunomedics or the Center, provided that such Discoveries do not involve or relate to any technologies, research, or products being produced or developed by Immunomedics or by the Center, and
provided that neither Immunomedics nor the Center made any material contribution to such Discoveries. 
 (b)
Disclosures. Dr. Goldenberg acknowledges and agrees that he has provided Immunomedics with relevant information regarding all Discoveries covered under this Agreement. Dr. Goldenberg further agrees to provide Immunomedics with
relevant information regarding any new Discoveries he might make at any time during the Term of this Agreement and to comply with his fiduciary duties to Immunomedics. 

(c) Cooperation of Dr. Goldenberg. Both during and following the Term of Employment, upon the request of
Immunomedics, Dr. Goldenberg shall execute and deliver any documents and give all reasonable assistance which may be essential or desirable to secure to, assign and vest in Immunomedics the sole and exclusive right, title and interest in and to
all Discoveries and other intellectual property. Such reasonable assistance may include but not be limited to the execution and delivery of patent applications, assignments, affidavits, priority claims and other documents that Immunomedics, in its
sole discretion, may determine are essential or desirable to obtain, maintain and/or defend such patents and to secure to and vest all appropriate rights in Immunomedics. In addition, Dr. Goldenberg agrees that during and following the Term of
Employment, at the request of Immunomedics, he generally will cooperate, appear and give evidence in any meetings or proceedings which may arise in connection with Immunomedics’ efforts to secure, assign and vest for the Company the sole and
exclusive right, title and interest in and to all Discoveries and other intellectual property. Immunomedics agrees to reimburse Dr. Goldenberg for all reasonable expenses he incurs in providing such cooperation to Immunomedics. For purposes of
this section, reasonable expenses may include but not be limited to travel costs, out of pocket expenses, and any loss of salary or wages from another employer (if Dr. Goldenberg no longer is employed by Immunomedics). Any legal proceedings in
connection with such matter shall be conducted by attorneys chosen and paid by Immunomedics. Correspondingly, Immunomedics will provide all reciprocal support and reasonable assistance to Dr. Goldenberg that he may require to perfect his
interest in any patent or Discovery, consistent with the terms of this Agreement. 
 8. Reserved. 

  
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 9. Restrictive Covenants. 

(a) Confidentiality. Dr. Goldenberg agrees that his services to Immunomedics were and are of a special, unique and
extraordinary character, and that his position places him in a position of confidence and trust with Immunomedics’ customers and employees. Dr. Goldenberg also recognizes that his position with Immunomedics gives him substantial access to
Confidential Information (as defined below), the disclosure of which to competitors of Immunomedics would cause Immunomedics to suffer substantial and irreparable damage. Therefore, Dr. Goldenberg recognizes that it is in Immunomedics’
legitimate business interest to restrict Dr. Goldenberg’s use of Confidential Information for any purposes other than the discharge of his employment duties at Immunomedics, and to limit any potential appropriation of Confidential
Information by Dr. Goldenberg for the benefit of Immunomedics’ competitors and to the detriment of Immunomedics. Accordingly, Dr. Goldenberg agrees as follows: 

(i) Throughout the Term of this Agreement and at all times thereafter, Dr. Goldenberg will not at any time reveal to any
person or entity any of the trade secrets or confidential information of Immunomedics, or of any third party, which Immunomedics is under an obligation to keep confidential (including but not limited to trade secrets and non-public information
regarding inventions, products, designs, methods, know-how, techniques, systems, processes, software programs, works of authorship, customer lists, projects, intellectual property, plans and proposals) (“Confidential Information”), except
as may be required in the ordinary course of performing Dr. Goldenberg’s duties as an employee of Immunomedics or for the benefit of Immunomedics, with the Company’s knowledge and consent. Dr. Goldenberg will keep secret all
matters entrusted to him and not use or attempt to use any Confidential Information in any manner which may injure or cause direct or indirect loss to Immunomedics. 

(ii) Confidential Information shall not include (and the above restrictions shall not apply to): (A) information that at
the time of disclosure is in the public domain through no fault of Dr. Goldenberg; (B) information Dr. Goldenberg receives from a third party outside of Immunomedics that was disclosed without a breach of any confidentiality
obligation; (C) information approved for release by written authorization of Immunomedics; or (D) information that may be required by law or an order of any court, agency or proceeding to be disclosed. In the event that Dr. Goldenberg
is requested or required by law or an order of any court, agency or proceeding to disclose Confidential Information, Dr. Goldenberg will provide Immunomedics with prompt notice of such request so that Immunomedics may timely seek an appropriate
protective order or waive Dr. Goldenberg’s confidentiality obligations under this Agreement. Dr. Goldenberg will provide reasonable assistance to Immunomedics in the event the Company notifies him that it intends to seek to obtain an
appropriate protective order. If Dr. Goldenberg gives such notice to Immunomedics, but does not receive timely notice of either a protective order or a waiver from the Company and, in the written or oral opinion of his legal counsel (the
reasonable fee for which opinion shall be paid or reimbursed by 

  
 11 

 
Immunomedics), Dr. Goldenberg is compelled to disclose Confidential Information or face liability for contempt or other censure or penalty, then Dr. Goldenberg may disclose such
Confidential Information to the extent so required, without violating this provision or incurring any liability under the Agreement. 

(iii) Return of Company Property. Dr. Goldenberg agrees that upon the termination of his employment with
Immunomedics, regardless of the timing or reason for termination, he will not take or retain, without written authorization, any documents, files or other property of Immunomedics. Except as provided in this Agreement, Dr. Goldenberg will
return promptly to Immunomedics any such documents, files or property in his possession or custody, including any copies thereof maintained in any medium or format. Dr. Goldenberg recognizes that all documents, files and property containing
Confidential Information which he has received and will receive from Immunomedics, including but not limited to scientific research, customer lists, handbooks, memoranda, product specifications, and other materials are for the exclusive use of
Immunomedics and its employees while working on behalf of Immunomedics, and that Dr. Goldenberg has no claim or right to the continued use, possession or custody of such documents, files or property following the termination of his employment.

 Notwithstanding this provision, Immunomedics acknowledges and agrees that Dr. Goldenberg may retain all working
documents that he determines he may need with regard to any patent(s) he is preparing for filing, pursuing, or prosecuting on behalf of Immunomedics. Immunomedics further acknowledges and agrees that any materials created prior to
Dr. Goldenberg’s employment by Immunomedics, and any materials created in connection with his employment with the Center or IBC (“Non-proprietary Materials”) are not the property of Immunomedics, and all materials that are
generally available to the public and/or in the public domain (“Public Materials”), are not the exclusive property of Immunomedics. Immunomedics further agrees that Dr. Goldenberg may retain possession of all Non-Proprietary Materials
and may retain copies of all Public Materials, at all times following the end of his employment. 
 (b)
Non-Competition. Throughout the Term of Employment and for a period of three (3) years thereafter, Dr. Goldenberg will not, without the prior written approval of the Board, whether alone or as a partner, officer, director,
consultant, agent, employee or stockholder of any company or other commercial enterprise, directly or indirectly engage in any business or other activity in the United States or Canada which competes with Immunomedics. The foregoing prohibition
shall not prevent Dr. Goldenberg’s employment or engagement following his Term of Employment, with any company or business organization, as long as the activities of any such employment or engagement, in any capacity, do not involve work
on matters related to the products being researched, developed, manufactured, or marketed by Immunomedics during the Term of Employment. Dr. Goldenberg shall be permitted to own securities of a public company not in excess of five percent
(5%) of any class of such securities and to own stock, partnership interests or other securities of any entity not in excess of five percent (5%) of 

  
 12 

 
any class of such securities, and to own any amount of interest in Immunomedics, and/or in IBC (or a subsidiary or affiliate of same), and such ownership taken alone shall not be considered to be
in competition with Immunomedics or a violation of this Agreement. 
 (c) Non-Solicitation. Throughout the Term of
Employment and for a period of three (3) years thereafter, Dr. Goldenberg agrees that he will not: 
 (i) directly
or indirectly solicit, entice or induce any Immunomedics’ customer to become a customer of any other person, firm or corporation with respect to products then sold or under development by Immunomedics, or to cease doing business with
Immunomedics, and Dr. Goldenberg shall not approach any such person, firm or corporation for such purpose or authorize or knowingly approve the taking of such actions by any other person; or 

(ii) directly or indirectly solicit or recruit any employee of Immunomedics to work for a third party other than Immunomedics
(excluding newspaper or similar print or electronic solicitations of general circulation); provided, however, that the otherwise applicable non-solicitation period shall not be reduced in the event of Dr. Goldenberg’s termination for Cause
or the cessation of Severance Payments as a result of Dr. Goldenberg’s violation of his obligations under this Section 9. 

(d) Enforcement. 

(i) Dr. Goldenberg acknowledges and agrees that the type and periods of restrictions imposed in this Section 9 of
this Agreement are fair and reasonable, and that such restrictions are intended solely to protect the legitimate interests of Immunomedics, rather than to prevent Dr. Goldenberg from earning a livelihood. Dr. Goldenberg recognizes that
Immunomedics competes worldwide, and that his access to Confidential Information makes it necessary for Immunomedics to restrict his post-employment activities in any market in which Immunomedics competes, and in which his access to Confidential
Information and other proprietary information could be used to the detriment of Immunomedics. 
 (ii) Injunctive
Relief. Dr. Goldenberg acknowledges and agrees that if he breaches any of the covenants, restrictions and agreements contained in this Section 9, Immunomedics will suffer irreparable loss and injury, and that damages arising out of
such a breach may be difficult to ascertain. Therefore, Dr. Goldenberg agrees that, in addition to all other remedies provided at law or at equity, Immunomedics shall be entitled to have the covenants, restrictions and agreements contained in
this Section 9 specifically enforced (including, without limitation, by temporary, preliminary, and permanent injunctions and restraining orders) by any state or federal court in the State of New Jersey having equity jurisdiction and
Dr. Goldenberg agrees to be subject to the jurisdiction of such court. 

  
 13 

 (iii) Monetary Relief. In addition to its right to seek an injunction, in the
event Dr. Goldenberg breaches any provision of this Section 9, Immunomedics also shall have the right to pursue monetary damages against Dr. Goldenberg for such breach. 

(iv) If either party fails to take action to remedy any breach of this Agreement or any portion of this Agreement by the other
party, such inaction shall not operate or be construed as a waiver of any subsequent breach by either party of the same or any other provision, agreement or covenant. 

(v) Dr. Goldenberg acknowledges and agrees that the payments and benefits to be provided to him under this Agreement are
provided, in part, as consideration for the covenants in this Section 9. 
 (vi) In the event that any court of
competent jurisdiction or any arbitration determines that any restriction contained in this Agreement is overly broad with respect to scope, time or geographical coverage, the parties agree that such restriction(s) may be modified and narrowed,
either by a court, arbitrator, or by Immunomedics only to the extent necessary to make this provision enforceable, and that such determination will not affect the enforceability of any other provision of this Agreement. 

(e) Exclusions Relating to the Center. Immunomedics and Dr. Goldenberg agree that any work that Dr. Goldenberg
performed on behalf of the Center and/or any of its affiliates, and any documents or other confidential information or materials developed, assembled, or received while performing such work, are not subject to the provisions of this Section 8,
and that any such work did not constitute a violation of the terms of this Agreement. Dr. Goldenberg agrees and represents that his work through the Effective Date of this Agreement does not and has not violated the terms of this Agreement.

 10. Termination. Notwithstanding the provisions of Section 2 above, the employment of Dr. Goldenberg shall terminate
upon the happening of any of the following events: 
 (a) The death of Dr. Goldenberg. 

(b) Immunomedics and Dr. Goldenberg mutually agree to terminate this Agreement. 

(c) At Immunomedics’ option, if Dr. Goldenberg suffers a Permanent Disability. For purposes of this Agreement,
Dr. Goldenberg shall be deemed to have incurred a “Permanent Disability” if, by reason of his physical or mental medical condition, as determined by a physician jointly designated by Immunomedics and Dr. Goldenberg, he is unable
to perform his duties under this Agreement for a period of (i) 180 consecutive days, or (ii) 245 days in any 365 consecutive days period. Dr. Goldenberg will not be deemed Permanently Disabled if he submits a written opinion by a physician
designated by or reasonably satisfactory to Immunomedics stating that Dr. Goldenberg will be able to resume continuous full-time performance of his obligations under this Agreement within 365 days following the commencement of such

  
 14 

 
disability and Dr. Goldenberg actually returns to full-time work within the same 365 day period. In the event Dr. Goldenberg and Immunomedics cannot agree upon a physician to determine
whether Dr. Goldenberg is suffering a Permanent Disability, they each may select a physician and the two physicians so selected will jointly select a third physician, who will examine Dr. Goldenberg to determine whether he is suffering a
Permanent Disability, and will provide a written report of his/her conclusions all parties. 
 (d) By Dr. Goldenberg,
for Good Reason. For purposes of this Agreement, Good Reason is defined as occurrence of any of the following events or conditions, unless Dr. Goldenberg has expressly consented in writing thereto, or except as a result of
Dr. Goldenberg’s physical or mental incapacity or as described in the last sentence of this subsection (d): 
 (i)
A material reduction in Dr. Goldenberg’s Base Salary; 
 (ii) The material diminution of the
Dr. Goldenberg’s duties, responsibilities, powers or authorities, including the assignment of any duties and responsibilities inconsistent with his position as Chief Scientific Officer and Chief Patent Officer of Immunomedics; or 

(iii) Immunomedics requires that Dr. Goldenberg’s principal office location be moved to a location more than 50 miles
from his principal office location immediately before the change. 
 Notwithstanding the foregoing, Dr. Goldenberg shall not have Good Reason for
termination unless he gives written notice of termination for Good Reason within 15 days after the event giving rise to Good Reason occurs and Immunomedics does not correct the action or failure to act that constitutes the grounds for Good Reason,
as set forth in Dr. Goldenberg’s notice of termination, within 30 days after the date on which he gives written notice of termination and Dr. Goldenberg actually resigns from employment upon the expiration of the foregoing cure
period. In the event of a cure of such event or condition constituting Good Reason by the Company, such event or condition shall no longer constitute Good Reason. 

(e) By the Company for “Good Cause” which means: 

(i) Dr. Goldenberg commits continued, knowing and intentional neglect, substantial nonperformance or a demonstrated
continuing inability to perform his obligations under this Agreement (other than due to physical or mental disability) and Immunomedics provides him with written notice of such deficiencies and ninety (90) days to correct such deficiencies; or

 (ii) A court finds that Dr. Goldenberg committed an act of fraud or dishonesty related to the performance of duties
under this Agreement; or 
 (iii) Dr. Goldenberg commits any material breach of any of the provisions of this Agreement
other than those covered under Sections 10(e)(i) or 10(e)(ii), and fails to cure such breach within ninety (90) days after receiving written notice from Immunomedics of such breach. 

  
 15 

 (f) By Dr. Goldenberg upon ninety (90) days prior written notice to
Immunomedics or its successor, to be effective not later than the second anniversary of a Change in Control of Immunomedics. For purposes of this Agreement, a Change of Control of Immunomedics is defined as: 

(i) A merger, consolidation or reorganization approved by the Company’s stockholders, unless securities representing more
than fifty percent (50%) of the total and combined voting power of the outstanding voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly, by the persons who beneficially owned the
Company’s outstanding voting securities immediately prior to such transaction; or 
 (ii) The sale, transfer or other
disposition of all or substantially all of the Company’s assets as an entirety or substantially as an entirety, occurring within a 12-month period, and representing, at a minimum, not less than 40 percent of the total gross fair market value of
all assets of the Company, to any person, entity, or group of persons acting in consort, other than a sale, transfer or disposition to: (A) a shareholder of the Company in exchange for or with respect to its stock; (B) an entity, 50
percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company; (C) a person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value or
voting power of the outstanding stock of the Company; or (D) an entity, at least 50 percent of the total value or voting power of which is owned by a person described in (C); or 

(iii) Any transaction or series of related transactions pursuant to which any person or any group of persons comprising a
“group” within the meaning of Rule 13d-5(b)(l) under the Securities Exchange Act of 1934, as amended (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is
controlled by or is under common control with, the Company) becomes directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing (or convertible into or
exercisable for securities possessing) more than fifty percent (50%) of the total combined voting power of the Company’s securities outstanding immediately after the consummation of such transaction or series of related transactions,
whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company’s stockholders; or 

(iv) A change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of
the Board members ceases by reason of one or more contested elections for Board membership to be comprised of individuals whose election is endorsed by a majority of the members of the Board immediately before the date of election. 

A transaction shall not constitute a Change of Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding
company that will be owned in the same proportions by the persons who held the Company’s securities immediately before such transaction. 

  
 16 

 (g) Except as provided in Sections 10(a), 10(c) or 10(e)(ii), with respect to
death, Permanent Disability and fraud/dishonesty, respectively, termination by either party hereunder shall be effective upon the effective date of notice of such termination by the terminating party to the other party specifying the reasons, if
any, for such termination. 
 (h) The foregoing provisions of this Section 10 notwithstanding, Dr. Goldenberg will
not be deemed to have had a termination of employment prior to the date as of which Immunomedics and Dr. Goldenberg reasonably anticipate that the level of future services to be provided by Dr. Goldenberg to Immunomedics, whether as an
employee or an independent contractor, will permanently decrease to a level which is less than fifty (50) percent of the average level of services provided over the immediately preceding thirty-six (36) months. 

11. Decisions and Determinations of the Board. Neither Dr. Goldenberg nor any of his affiliates shall participate in any decision
by the Board, or any Board committee, which affects any of his rights or obligations under this Agreement. Except as otherwise expressly provided in this Agreement, all actions of the Board provided for in this Agreement, including but not limited
to determinations, consents and approvals, shall be in the Board’s sole and uncontrolled discretion. 
 12. Cooperation with
Immunomedics After Expiration or Termination. Following the end of the Term of Employment, regardless of timing or cause, Dr. Goldenberg will cooperate fully with Immunomedics in all matters relating to the winding up of work on behalf of
Immunomedics and the orderly transfer of any pending work to other employees of Immunomedics. Dr. Goldenberg agrees to be available and to provide services on a full-time or part-time basis, as Immunomedics may request, during the first thirty
(30) calendar days following the end of his employment. In consideration for the Patent Lifetime Royalty Payments set out in Section 4.2(a)(ii) of this Agreement, Dr. Goldenberg specifically agrees to provide to Immunomedics all
assistance reasonably necessary to assist Immunomedics in defending and prosecuting any patents in force. This obligation will continue for the life of the patent, provided Dr. Goldenberg is medically able to provide such assistance. Nothing
herein shall limit Immunomedics’ obligation to pay, and Dr. Goldenberg’s or his estate’s right to receive, the Additional Incentive Compensation, Patent Lifetime Royalty Payments and Disposition Payments under Sections 4.2(a)(ii)
and 4.2(b) of this Agreement, for the specified periods or throughout the Life of the Patents, as the case may be. 
 13. Payment and
Benefits on Termination or Expiration. 
 (a) [INTENTIONALLY OMITTED] 

(b) Guaranteed Payments. Not later than sixty (60) days following the termination of Dr. Goldenberg’s
employment, regardless of the reason or timing of the termination, Immunomedics will make payment to Dr. Goldenberg for all annual Base 

  
 17 

 
Salary, Bonus, Minimum Payments, and Additional Incentive Compensation earned through the date of termination, any benefits accrued in accordance with the terms of any applicable benefit plans
and programs of the Company (including but not limited to earned but unused vacation), and will continue all payments pursuant to Section 4.2(a)(ii) and 4.2(b) for the time periods provided in those sections of this Agreement (collectively,
“Guaranteed Payments”). There are no preconditions to Immunomedics’ obligation to pay, and to Dr. Goldenberg’s right to receive, Guaranteed Payments under this Section 13(b) of this Agreement. 

(c) Severance 

(i) If Dr. Goldenberg’s employment terminates pursuant to Section 10(a) (death), in addition to receiving the
Guaranteed Payments, his estate will receive a Severance Payment equal to the amount of the Annual Target Bonus, if any, (pursuant to Section 4.1(b)) payable for the fiscal year in which the termination occurs (prorated to reflect
Dr. Goldenberg’s actual period of service during such fiscal year), such amount to be paid within sixty (60) days following the date of Dr. Goldenberg’s death. 

(ii) If Dr. Goldenberg’s employment terminates by mutual agreement of the parties pursuant to Section 10(b)
(mutual agreement), 10(c) (permanent disability) or pursuant to expiration of the Term as set forth in Section 2, in addition to receiving the Guaranteed Payments, Dr. Goldenberg will receive payment for the Annual Target Bonus, if any,
(pursuant to Section 4.1(b)) payable for the fiscal year in which the termination occurs (prorated to reflect Dr. Goldenberg’s actual period of service during such fiscal year), such amount to be paid within sixty (60) days
following the date of termination of employment, and any other benefits or payments to which the parties may agree. 
 (iii)
If Dr. Goldenberg’s employment terminates for Good Cause pursuant to Section 10(e), the only post-termination payment or benefit he will receive is the Guaranteed Payments. 

(iv) If Immunomedics terminates Dr. Goldenberg’s employment without Good Cause (as defined in Section 10(e)), or
if Dr. Goldenberg terminates his employment for Good Reason pursuant to Section 10(d), in addition to the Guaranteed Payments, Immunomedics will pay Dr. Goldenberg a Severance payment, paid in a lump sum, in an amount equal to three
times (3x) his Total Annual Compensation (as such exists as of the date of termination), such lump sum to be paid within sixty (60) days following the date of termination of Dr. Goldenberg’s employment. “Total Annual
Compensation” shall include all cash payments due to Dr. Goldenberg for the applicable Contract Year as set out in Sections 4.1(a) and (b), 4.2(a)(i), and 4.2(c), but shall not include payments provided pursuant to Sections 4.2(a)(ii) and
4.2(b) (which shall continue pursuant to the terms of those Sections). 

  
 18 

 (A) In the event Dr. Goldenberg’s employment terminates as provided in
Section 13(c)(iv), for a period of two (2) years following the date of termination of employment (the “Severance Period”), the Company will, to the extent permitted under the Code, continue to provide to Dr. Goldenberg all
of the benefits of his employment, as if he remained employed, as set out in Section 5(c), except that Immunomedics shall, during the Severance Period, pay Dr. Goldenberg each month an amount equal to the monthly COBRA medical insurance
cost under Immunomedics’ medical plan for Dr. Goldenberg and any eligible dependent(s) (less any required employee payments calculated as if Dr. Goldenberg had continued to be an employee), and all other employee benefits pursuant to
Section 5(c) which are subject to COBRA. Throughout the Severance Period, in the event Immunomedics requests that Dr. Goldenberg provide services to Immunomedics, then Immunomedics will pay for the reasonable cost of an office and
administrative assistant support for Dr. Goldenberg, and all reasonable expenses to set up and maintain such office (including telephone, fax and Internet access, office supplies and equipment, furniture, etc.), at a reasonable location of
Dr. Goldenberg’s choice, but only to the extent such office, administrative assistant support and related expenses are necessary for Dr. Goldenberg to adequately provide such services. 

(v) If Dr. Goldenberg terminates his employment following a Change in Control pursuant to Section 10(f), in addition
to the Guaranteed Payments, Immunomedics will pay Dr. Goldenberg, in a lump sum within sixty (60) days following the date of his termination of employment, a Severance payment in an amount equal to three times (3x) his Total Annual
Compensation, as previously defined above, (as such exists as of the date of termination). 
 (A) In the event
Dr. Goldenberg’s employment terminates as provided in Section 13(c)(v), for or a period of three (3) years following the date of termination of employment (the “Enhanced Severance Period”), the Company or its successor,
as the case may be, will, to the extent permitted under the Code, continue to provide to Dr. Goldenberg all of the benefits of his employment, as if he remained employed, as set out in Section 5(c), except that Immunomedics shall, during
the Enhanced Severance Period, pay Dr. Goldenberg each month an amount equal to the monthly COBRA medical insurance cost under Immunomedics’ medical plan for Dr. Goldenberg and any eligible dependent(s) (less any required employee
payments calculated as if Dr. Goldenberg had continued to be an employee), and all other employee benefits pursuant to Section 5(c) which are subject to COBRA. Throughout the Enhanced Severance Period, in the event Immunomedics requests
that Dr. Goldenberg provide services to Immunomedics, then Immunomedics will pay for the reasonable cost of an office and administrative assistant support for Dr. Goldenberg, and all reasonable expenses to set up and maintain such office
(including telephone, fax and Internet access, office supplies and 

  
 19 

 
equipment, furniture, etc.), at a reasonable location of Dr. Goldenberg’s choice, but only to the extent such office, administrative assistant support and related expenses are necessary
for Dr. Goldenberg to adequately provide such services. 
 (d) In the event Dr. Goldenberg should expire during
either Severance Period, Immunomedics will continue to make all Severance Cash Payments to his estate through the end of the Severance Period, continue to pay his estate a monthly amount for the cost of medical coverage for
Dr. Goldenberg’s eligible dependents in accordance with Sections 13(c)(iv)(A) or 13(c)(v)(A), as applicable, and will continue to pay all Patent Lifetime Royalty Payments under Section 4.2(a)(ii) for the Life of each Patent. 

(e) Specific Issues in the Event of a Change in Control (regardless of whether Dr. Goldenberg terminates his employment):

 (i) Notwithstanding any provision to the contrary in the Company’s 2006 Stock Incentive Plan (the “2006
Incentive Plan”) or any applicable agreement under the 2006 Incentive Plan, upon the occurrence of a Change of Control, all stock options, restricted stock and other equity rights granted pursuant to the 2006 Incentive Plan held by
Dr. Goldenberg will become fully vested and/or exercisable, as the case may be, on the date on which the Change in Control occurs, and all stock options held by Dr. Goldenberg shall remain exercisable, notwithstanding anything in any other
agreement governing such options, for a period of twenty-four (24) months following the end of the remaining balance of the Term of the Agreement; provided, however, that in no event will the option be exercisable (a) beyond its original
term; or (b) beyond the extension period permitted under Section 409A of the Code. With respect to the equity grant made pursuant to the 2014 Incentive Plan as provided for in Section 4.1(c), upon the occurrence of a Change of
Control, the unvested portion of the Performance Unit Grant will vest, if at all, based on actual performance as of the date of the Change of Control as set forth in the restricted stock unit agreement attached hereto as Exhibit A. 

(ii) Notwithstanding any vesting provision to the contrary in any applicable plan, program or agreement providing for
supplemental retirement benefits or deferred compensation, upon the occurrence of a Change of Control, Dr. Goldenberg’s accrued benefit under such plans, programs or agreements shall become fully vested on the date on which the Change in
Control occurs, and Dr. Goldenberg’s accrued benefit shall be immediately payable on Dr. Goldenberg’s date of termination, unless Dr. Goldenberg has made a valid election under such plan, program or agreement to defer
payment of such accrued benefits or Dr. Goldenberg’s accrued benefit constitutes “deferred compensation” within the meaning of section 409A of the Code and the terms of the applicable plan, program or agreement provides otherwise
with respect to the timing of payment of the accrued benefit. 

  
 20 

 (f) Required Postponement for Specified Executives. 

(i) If Dr. Goldenberg is considered a Specified Executive (as defined below) and payment of any amounts under this
Agreement is required to be delayed for a period of six months after separation from service pursuant to Section 409A of the Code, payment of such amounts shall be delayed as required by Section 409A, and the accumulated postponed amounts,
with accrued interest as described below, shall be paid in a lump sum payment within five days after the end of the six month period. If Dr. Goldenberg dies during the postponement period prior to the payment of benefits, the amounts postponed
on account of Section 409A, with accrued interest as described in subsection (b) below, shall be paid to the personal representative of Dr. Goldenberg’s estate within 60 days after the date of Dr. Goldenberg’s death.

 (ii) If payment of any amounts under this Agreement is required to be delayed pursuant to Section 13(f)(i), the
Company shall pay interest on the postponed payments from the date on which the amounts otherwise would have been paid to the date on which such amounts are paid at an annual rate equal to the rate published in the Wall Street Journal as the
“prime rate” as of Dr. Goldenberg’s date of termination. 
 (iii) The term “Specified
Executive” means an employee who, at any time during the 12-month period ending on the identification date (defined below), is (i) an officer of the Company or a member of its controlled group (as determined for purposes of section 416(i)
of the Code) who has annual compensation greater than $135,000 (or such other amount as may be in effect under Section 416(i)(l) of the Code), (ii) a 5% owner of the Company or (iii) a 1% owner of the Company who has annual
compensation greater than $150,000. The identification date shall be each December 31, and the determination of Specified Executives as of such identification date shall apply for the 12-month period following April 1 after the
identification date. The determination of Specified Executives, including the number and identity of persons considered officers, shall be made by the Company in accordance with the provisions of Sections 416(i) and 409A of the Code and the
regulations issued thereunder. 
 (g) Required Release. As a condition to receiving any Severance Payments under this
Section (other than Guaranteed Payments, which are not subject to this condition), Immunomedics may require Dr. Goldenberg to execute a written release of any and all claims against the Company and all related parties with respect to all
matters arising out of Dr. Goldenberg’s employment by the Company, or the termination thereof (the “Release”) in a form provided by the Company but acceptable to Dr. Goldenberg. The Company hereby agrees that it will provide
Dr. Goldenberg with the form of release agreement on or within seven days after Dr. Goldenberg’s separation from service and, to be entitled to any Severance Payments under this Section 13 (other than Guaranteed Payments, which
are not subject to this condition), Dr. Goldenberg must execute, and not revoke, it during the minimum time period permitted by applicable law. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of
Dr. Goldenberg’s execution of the Release, directly or indirectly, result in Dr. Goldenberg designating the calendar year of payment, and if a payment that is subject to execution of the Release could be made in more than one taxable
year, payment shall be made in the later taxable year. 

  
 21 

 Subject to Dr. Goldenberg’s execution and non-revocation of the
Release, the Severance Payments (other than Guaranteed Payments, which are not subject to this condition) shall be paid or commence being paid within 60 days after Dr. Goldenberg’s separation from service but not earlier than the date on
which the Release becomes effective and not in contravention of any delay required by Section 13(f). If, however, the period during which Dr. Goldenberg has discretion to execute and/or revoke the Release straddles two calendar years, the
Severance Payments (other than Guaranteed Payments, which are not subject to this condition) shall not be paid or commence being paid, as applicable, before the beginning of the second of the two calendar years, regardless of within which calendar
year Dr. Goldenberg actually delivers the executed Release to the Company. Consistent with Section 409A, Dr. Goldenberg may not, directly or indirectly, designate the calendar year of payment. 

14. [INTENTIONALLY OMITTED] 

15. Parties in Interest. This Agreement is personal in nature and no party to this Agreement may assign or transfer this Agreement or
any rights or obligations hereunder, without the first obtaining the express written consent of the other party. 
 16. Notices. All
notices, proposals, submissions, offers, approvals, agreements, elections, consents, acceptances, waivers, reports, plans, requests, instructions, options or other exercise of rights, and other communications required or permitted to be made or
given hereunder (all of the foregoing hereinafter collectively referred to as “communications”) shall be in writing, signed by or on behalf of the notifying party, and shall be deemed to have been duly made or given when (i) delivered
personally with receipt acknowledged, (ii) sent by registered or certified mail or equivalent, return receipt requested, (iii) sent by facsimile or (iv) sent by recognized overnight courier for delivery within 48 hours, in each case
addressed or sent to the parties at the following addresses or facsimile numbers or to such other or additional address or facsimile number as any party shall hereafter specify by Communication to the other parties: 

 

			
	To:		Immunomedics, Inc.
			300 American Road
			Morris Plains, New Jersey 07950
			Attn: Chief Executive Officer
			and Corporate Secretary
			Fax #: (973) 605-8282
		
	with a copy to		Andrew P. Gilbert, Esq.
	(which shall not		DLA Piper LLP (US)
	constitute notice):		51 JFK Parkway
			Short Hills, New Jersey 07078
			Fax #: (973) 520-2573

  
 22 

			
	To:		Dr. David M. Goldenberg at the address provided to the Company
		
	with a copy to		Jonathan A. Clark, Esq.
	(which shall not		Pepper Hamilton LLP
	constitute notice):		400 Berwyn Park, 899 Cassatt Road
			Berwyn, Pennsylvania 19312
			Fax #: (267) 200-0751

 or to the appropriate attorney of record for Immunomedics or Dr. Goldenberg, respectively. Notice of change of address
shall be deemed given when actually received or upon refusal to accept delivery thereof; all other communications shall be deemed to have been given, received and dated on the earliest of: (1) when actually received or upon refusal to accept
delivery thereof, (ii) on the date when delivered personally, (iii) one (1) day after being sent by facsimile or telex, (iv) 48 hours after being sent by overnight courier and (v) three (3) business days after mailing.

 17. Governing Law. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with
the laws of the state of New Jersey, without giving effect to the principles of conflict of laws. 
 (a) Section 409A
of the Code. This Agreement is intended to comply with Section 409A of the Code and its corresponding regulations, to the extent applicable, and shall be so construed. Notwithstanding anything in this Agreement to the contrary, payments may
only be made under this Agreement upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable. For purposes of Section 409A of the Code, each payment under this Agreement shall be treated as a separate
payment and the right to a series of installment payments shall be treated as the right to a series of separate payments. All reimbursements or in-kind benefits provided under this Agreement shall be made or provided in accordance with
Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Dr. Goldenberg’s lifetime (or during a shorter time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement or the amount of in-kind benefits provided during a calendar year may not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other calendar year, except for
any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Code, (iii) the reimbursement of an eligible expense will be made on or before the last day of the taxable year
following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. Nothing herein shall be construed as having modified the time and form
of payment of any amounts or payments of “deferred compensation” within the meaning section 409A of the Code that were otherwise payable pursuant to the terms of any agreement between Company and Dr. Goldenberg in effect on or after
January 1, 2005 and prior to the date of this Agreement. If Dr. Goldenberg is considered a specified employee (as defined under Section 409A of the Code) and payment of any amounts under this Agreement is required to be delayed for a
period of six months after separation from service pursuant to section 

  
 23 

 
409A of the Code, payment of such amounts shall be delayed as required by section 409A of the Code, and the accumulated postponed amounts, with accrued interest as described below, shall be paid
in a lump sum payment within five days after the end of the six month period. If Dr. Goldenberg dies during the postponement period prior to the payment of benefits, the amounts postponed on account of section 409A of the Code, with accrued
interest as described below, shall be paid to the personal representative of Dr. Goldenberg’s estate within 60 days after the date of Dr. Goldenberg’s death. If payment of any amounts under this Agreement is required to be
delayed pursuant to the preceding sentence, the Company shall pay interest on the postponed payments from the date on which the amounts otherwise would have been paid to the date on which such amounts are paid at an annual rate equal to the rate
published in the Wall Street Journal as the “prime rate” as of Dr. Goldenberg’s date of termination. 
 18.
Captions: Word Meanings. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit or extend the scope of this Agreement or any provision hereof. The words “hereby”,
“herein”, “hereinabove”, “hereinafter”, “hereof’ and “hereunder”, when used anywhere in this Agreement, refer to this Agreement as a whole and not merely to a subdivision in which such words appear,
unless the context otherwise requires. The singular shall include the plural, the conjunctive shall include the disjunctive and the masculine gender shall include the feminine and neuter, and vice versa, unless the context otherwise requires. 

19. Miscellaneous. 

(a) Proration. Wherever in this Agreement there is provision for proration of Annual Net Sales or any other calculation
for any partial fiscal year, such proration shall be effected by multiplying the total Annual Net Sales or other annualized figure as the case may be, by a fraction, the numerator of which shall be the actual number of days included in such partial
fiscal year and the denominator of which shall be 365. 
 (b) Offsets. Wherever provision is made in this Agreement
for the payment of any amounts by one party hereto to another, such amounts either may be paid directly by the party obligated to make the payments to the other party or, at the option of the party obligated to make such payments and with the
consent of the other party, the obligated party may offset the amounts it is obligated to pay against all or part of any amounts owed that the other party is obligated to pay the first party, pursuant to or in connection with this Agreement, but not
in contravention of any deferred compensation offset prohibition under section 409A of the Code. 
 20. Binding Effect. This
Agreement and all the terms and provisions hereof shall be binding upon and shall inure to the benefit of the parties, their respective legal representatives, heirs, successors and permitted assigns. 

21. Entire Agreement. This Agreement, together with the documents specifically referenced herein, each of which is incorporated by
reference and be governed by the provisions of this Agreement constitutes the entire agreement between the parties. This Agreement supersedes and replaces any other prior agreement or understandings between Dr. Goldenberg

  
 24 

 
and Immunomedics on any subject covered by this Agreement. This Agreement may not be modified or amended in any manner other than in writing executed by or on behalf of both parties on a date
subsequent to the date of this Agreement. 
 22. Severability. If an arbitrator or court of competent jurisdiction should determine
that any provision of this Agreement is overly broad in scope or duration, prohibited or unenforceable, the parties may meet and attempt to reach agreement on a mutually acceptable modification that would be enforceable. If the parties cannot reach
agreement on a modification within a reasonable time period, the arbitrator or court shall have the authority to modify that portion of the Agreement only to the minimal extent possible to make it legally enforceable, and the balance of the
Agreement shall remain in force without regard for the prohibited portion. 
 23. Survival of Provisions. The provisions of Sections
4.1, 4.2, 5, 7, 8 through 13,15, 16,17,19, 22 and 23 of this Agreement, and the provisions of any agreement incorporated by reference herein, shall survive expiration of the term or termination of employment for any reason. 

24. Counterparts. This Agreement is written in the English language and may be executed in any number of English language counterparts
and each such duplicate counterpart shall constitute an original, any one of which may be introduced in evidence or used for any other purpose without the production of its duplicate counterpart. Moreover, notwithstanding that any of the parties did
not execute the same counterpart, each counterpart shall be deemed for all purposes to be an original, and all such counterparts shall constitute one and the same instrument, binding on all of the parties hereto. 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day, month and year written below. 

 

			
	IMMUNOMEDICS, INC.
	(“Immunomedics”)
		
	By:		 /s/ Peter Pfreundschuh

			Peter Pfreundschuh
			Vice President, Finance and
			Chief Financial Officer
		
	Dated:		 July 14, 2015

		
			 /s/ Dr. David M. Goldenberg

			Dr. David M. Goldenberg
			(“Dr. Goldenberg”)
		
	Dated:		 July 14, 2015

  
 25EX-10.2

 Exhibit 10.2 

EXECUTION COPY 

IMMUNOMEDICS, INC. 

RESTRICTED STOCK UNITS NOTICE 

UNDER THE 

IMMUNOMEDICS, INC. 

2014 LONG-TERM INCENTIVE PLAN 

 

			
	Name of Grantee:		 David M. Goldenberg

 This Notice evidences the award of restricted stock units (each, an “RSU,” and collectively, the
“RSUs”) of Immunomedics, Inc., a Delaware corporation (the “Company”), that have been granted to you pursuant to the Immunomedics, Inc. 2014 Long-Term Incentive Plan (the
“Plan”) and conditioned upon your agreement to the terms of the attached Restricted Stock Units Agreement (the “Agreement”). This Notice constitutes part of and is subject to the terms and provisions
of the Agreement and the Plan, which are incorporated by reference herein. Each RSU is equivalent in value to one share of the Company’s Common Stock and represents the Company’s commitment to issue one share of the Company’s Common
Stock at a future date, subject to the terms of the Agreement and the Plan. The RSUs are credited to a separate account maintained for you on the books and records of the Company (the “Account’). All amounts credited to the
Account will continue for all purposes to be part of the general assets of the Company. 
 Grant Date: July 14, 2015 

Number of RSUs: 1,500,000 
 Vesting
Schedule: All of the RSUs are nonvested and forfeitable as of the Grant Date. So long as your Service (as defined in the Agreement) is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur (except as
set forth below), the RSUs shall vest as follows: 
  

	 	•	 	The table below sets forth the performance milestones (each, a “Performance Milestone”) that apply to the RSUs. The number of RSUs set forth opposite each Performance Milestone in the table shall
ONLY become vested on or after the third anniversary of the Grant Date and upon the successful achievement of that Performance Milestone provided that (i) such achievement occurs on or before the fifth anniversary of the Grant
Date (the “Expiration Date”) and (ii) either your Service with the Company is continuous from the Grant Date through the third anniversary of the Grant Date or your Service with the Company terminates prior to
the achievement of the Performance Milestone but after the third anniversary of the Grant Date as a result of (a) your termination of employment for Good Reason, (b) your employment terminates and you become entitled to payment pursuant to
Section 13(c)(iv) of the Employment Agreement, (c) your termination of employment because of Permanent Disability, or (d) your death, in which case, notwithstanding such termination, the RSUs will vest if the Performance Milestones below
are achieved by the Expiration Date. 

					
	 Performance Milestones
	  	Number of
RSUs Eligible to
Vest	 
	 Fair Market Value of one share of Immunomedics, Inc. Common Stock, on the Nasdaq Stock Market or other US established securities
exchange or market on which the average closing price is US $7.35 or higher for the prior 30 consecutive trading days
	  	 	500,000 RSUs	  
	 Fair Market Value of one share of Immunomedics, Inc. Common Stock, on the Nasdaq Stock Market or other US established securities
exchange or market on which the average closing price is US $11 or higher for the prior 30 consecutive trading days
	  	 	500,000 RSUs	  
	 Fair Market Value of one share of Immunomedics, Inc. Common Stock, on the Nasdaq Stock Market or other US established securities
exchange or market on which the average closing price is US $15 or higher for the prior 30 consecutive trading days
	  	 	500,000 RSUs	  
		  	  
	  
	 
	 Total
		 	1,500,000 RSUs	  
		  	  
	  
	 

 For avoidance of doubt, if the Fair Market Value of one share of Common Stock is $15 or more based on the average closing
price for 30 consecutive trading days at a time when no other Performance Milestones have previously been satisfied, then the Performance Milestones will be deemed satisfied with respect to all RSUs. 

Subject to the Service conditions set forth above, in the event of a Change of Control prior to the Expiration Date, all unvested RSUs will vest, if at all,
based on the actual price per Common Share as of the date of the Change of Control. For purposes of determining whether the Performance Milestones are satisfied in such case, the relevant measure will be the Fair Market Value of a Common Share based
on the consideration payable in connection with and as of the date of the Change of Control without regard to the prior 30 consecutive trading days. 
  

					
	 /s/ Peter Pfreundschuh
				  

	Immunomedics, Inc.				Date July 14, 2015

  
  

I acknowledge that I have carefully read the Agreement and the prospectus for the Plan. I agree to be bound by all of the provisions set forth in those
documents. I also consent to electronic delivery of all notices or other information with respect to the RSUs or the Company. 
  

					
	 /s/ Dr. David M. Goldenberg
				  

	Signature of Grantee				Date July 14, 2015

  
 2

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