Document:

Exhibit 10.1 ImmunoGen, Inc. Restated Stock Option Plan

    

      Exhibit
        10.1

      IMMUNOGEN,
        INC.

      RESTATED
        STOCK OPTION PLAN

      (as
        amended through February 1, 2006)

      

       

      1. DEFINITIONS
        AND PURPOSES.

       

      

      A. Definitions

      

      Unless
        otherwise specified or unless the context otherwise requires, the following
        terms, as used in this Restated Stock Option Plan, have the following
        meanings:

      

      
        	 	
                1.

              	
                Administrator
                  means the Board of Directors, unless it has delegated power to
                  act on its
                  behalf to a committee. (See Article
                  3)

              

      

      

      
        	 	
                2.

              	
                Affiliate
                  means a corporation which, for purposes of Section 424 of the Code,
                  is a
                  parent or subsidiary of the Company, direct or
                  indirect.

              

      

      

      
        	 	
                3.

              	
                Board
                  of Directors means the Board of Directors of the
                  Company.

              

      

      

      
        	 	
                4.

              	
                Code
                  means the United States Internal Revenue Code of 1986, as
                  amended.

              

      

      

      
        	 	
                5.

              	
                Committee
                  means the Committee to which the Board of Directors has delegated
                  power to
                  act under or pursuant to the provisions of the
                  Plan.

              

      

      

      
        	 	
                6.

              	
                Company
                  means ImmunoGen, Inc., a Massachusetts
                  corporation.

              

      

      

      
        	 	
                7.

              	
                Disability
                  or Disabled means permanent and total disability as defined in
                  Section
                  22(e)(3) of the Code.

              

      

      

      
        	 	
                8.

              	
                Fair
                  Market Value of a Share of Common Stock
                  means:

              

      

      

      a. If
        such
        Shares are then listed on any national securities exchange, the fair market
        value shall be the mean between the high and low sales prices, if any, on
        the
        largest exchange on the date of the grant of the Option, or, if none, on
        the
        most recent trade date thirty (30) days or less prior to the date of the
        grant
        of the Option;

      

      b. If
        the
        Shares are not then listed on any such exchange, the fair market value of
        such
        Shares shall be the last sale price, if any, as reported in the National
        Association of Securities Dealers Automated Quotation System (NASDAQ) for
        the
        date of the grant of the Options, or if none, for the most recent trade date
        thirty (30) days or less prior to the date of the grant of the Option for
        which
        such last sale price is reported;

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      c. If
        the
        Shares are not then either listed on any such exchange or quoted in NASDAQ,
        the
        fair market value shall be the mean between the average of the "Bid" and
        the
        average of the "Ask" prices, if any, as reported in the National Daily Quotation
        Service for the date of the grant of the option, or, if none, for the most
        recent trade date thirty (30) days or less prior to the date of the grant
        of the
        Option for which such quotations are reported; and

      

      d. If
        the
        market value cannot be determined under the preceding three paragraphs, it
        shall
        be determined in good faith by the Board of Directors.

      

      
        	 	
                9.

              	
                ISO
                  means an option meant to qualify as an incentive stock option under
                  Code
                  Section 422.

              

      

      

      
        	 	
                10.

              	
                Key
                  Employee means an employee of the Company or of an Affiliate (including,
                  without limitation, an employee who is also serving as an officer
                  or
                  director of the Company or of an Affiliate), designated by the
                  Administrator to be eligible to be granted one or more Options
                  under the
                  Plan.

              

      

      

      11. Non-Qualified
        Option means an option which is not intended to qualify as an ISO.

      

      12. Option
        means an ISO or Non-Qualified Option granted under the Plan.

      

      13. Option
        Agreement means an agreement between the Company and a Participant executed
        and
        delivered pursuant to the Plan, in such form as the Administrator shall
        approve.

      

      14. Participant
        means a Key Employee, director or consultant to whom one or more Options
        are
        granted under the Plan.

      

      15. Participant's
        Survivors means a deceased Participant's legal representatives and/or any
        person
        or persons who acquired the Participant's rights to an Option by will or
        by the
        laws of descent and distribution.

      

      16. Plan
        means this Restated Stock Option Plan.

      

      17. Shares
        means shares of the common stock, $.01 par value, of the Company ("Common
        Stock") as to which Options have been or may be granted under the Plan or
        any
        shares of capital stock into which the Shares are changed or for which they
        are
        exchanged within the provisions of Article 2 of the Plan. The shares issued
        upon
        exercise of Options granted under the Plan may be authorized and unissued
        shares
        or shares held by the Company in its treasury, or both.

      

          B. Purposes
        of the Plan

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      The
        Plan
        is intended to encourage ownership of Shares by Key Employees, non-employee
        directors and certain consultants of the Company in order to attract such
        people, to induce them to work for the benefit of the Company or of an Affiliate
        and to provide additional incentive for them to promote the success of the
        Company or of an Affiliate. The Plan provides for the issuance of ISOs and
        Non-Qualified Options. The Plan shall be treated as an amendment to and
        restatement of the Company's 1986 Incentive Stock Option Plan. As amended
        and
        restated the Plan shall apply to ISOs issued by the Company on or after the
        date
        of such amendment of the Plan, but the Plan as so amended shall apply to
        any ISO
        issued prior to such amendment if and only to the extent that the Incentive
        Stock Option Agreement pursuant to which such ISO was granted is amended
        in
        writing to adopt the amended terms of the Plan.

      

       

      2. SHARES
        SUBJECT TO THE PLAN.

       

      

      The
        number of Shares subject to this Plan as to which Options may be granted
        from
        time to time shall be 8,550,000, or the equivalent of such number of Shares
        after the Administrator, in its sole discretion, has interpreted the effect
        of
        any stock split, stock dividend, combination, recapitalization or similar
        transaction effected after such date.

      

      If
        an
        Option ceases to be "outstanding," in whole or in part, the Shares which
        were
        subject to such Option shall be available for the granting of other Options
        under the Plan. Any Option shall be treated as "outstanding" until such Option
        is exercised in full, or terminates or expires under the provisions of the
        Plan,
        or by agreement of the parties to the pertinent Option Agreement.

      

       

      3. ADMINISTRATION
        OF THE PLAN.

       

      

      The
        Administrator of the Plan will be the Board of Directors, except to the extent
        the Board of Directors delegates its authority to a Committee of the Board
        of
        Directors. The Plan is intended to comply with Rule 16b-3 or its successors,
        promulgated pursuant to Section 16 of the Securities Exchange Act of 1934,
        as
        amended (the "1934 Act"), with respect to Participants who are subject to
        Section 16 of the 1934 Act, and any provision in this Plan with respect to
        such
        persons contrary to Rule 16b-3 shall be deemed null and void to the extent
        permissible by law and deemed appropriate by the Administrator. Subject to
        the
        provisions of the Plan, the Administrator is authorized to:

      

      a interpret
        the provisions of the Plan or of any Option or Option Agreement and to make
        all
        rules and determinations which it deems necessary or advisable for the
        administration of the Plan;

      

      b. determine
        which employees of the Company or of an Affiliate shall be designated as
        Key
        Employees and which of the Key Employees, directors and consultants shall
        be
        granted Options;

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      c. determine
        the number of Shares for which an Option or Options shall be granted;
        and

      

      

      d. specify
        the terms and conditions upon which an Option or Options may be granted;
        provided, however, that all such interpretations, rules, determinations,
        terms
        and conditions shall be made and prescribed in the context of preserving
        the tax
        status under Code Section 422 of those Options which are designated as ISOs.
        Subject to the foregoing, the interpretation and construction by the
        Administrator of any provisions of the Plan or of any Option granted under
        it
        shall be final, unless otherwise determined by the Board of Directors, if
        the
        Administrator is other than the Board of Directors.

      

       

      4. ELIGIBILITY
        FOR PARTICIPATION.

       

      

      The
        Administrator will, in its sole discretion, name the Participants in the
        Plan,
        provided, however, that each Participant must be a Key Employee, director
        or
        consultant of the Company or of an Affiliate at the time an Option is granted.
        Notwithstanding any of the foregoing provisions, the Administrator may authorize
        the grant of an Option to a person not then an employee, director or consultant
        of the Company or of an Affiliate. The actual grant of such Option, however,
        shall be conditioned upon such person becoming eligible to become a Participant
        at or prior to the time of the execution of the Option Agreement evidencing
        such
        Option. ISOs may be granted only to Key Employees. Non-Qualified Options
        may be
        granted to any Key Employee, director or consultant of the Company or an
        Affiliate. Granting of any Option to any individual shall neither entitle
        that
        individual to, nor disqualify him or her from, participation in any other
        grant
        of Options.

      

       

      5. TERMS
        AND CONDITIONS OF OPTIONS.

       

      

      Each
        Option shall be set forth in an Option Agreement, duly executed by the Company
        and by the Participant. The Option Agreements, which may be changed in the
        Administrator's discretion for any particular Participant (provided that
        any
        change in the Incentive Stock Option Agreement is not inconsistent with Code
        Section 422), shall be subject to the following terms and
        conditions.

      

      5.1
        Non-Qualified Options: Each Option intended to be a Non-Qualified Option
        shall
        be subject to the terms and conditions which the Administrator determines
        to be
        appropriate and in the best interest of the Company, subject to the following
        minimum standards for any such Non-Qualified Option:

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      a. The
        Option Agreement shall be in writing in the form approved by the Administrator,
        with such modifications to such form as the Administrator shall
        approve;

      

      b. Option
        Price: The option price (per share) of the Shares covered by each Option
        shall
        be determined by the Administrator but shall not be less than one hundred
        percent (100%) of the Fair Market Value per share of the Shares on the date
        of
        the grant of the Option.

      

      c. Each
        Option Agreement shall state the number of Shares to which it pertains;
        and

      

      d. Each
        Option Agreement shall state the date on which it first is exercisable and
        the
        date after which it may no longer be exercised. Except as otherwise determined
        by the Administrator, each Option granted hereunder shall become cumulatively
        exercisable in four (4) equal annual installments of twenty-five percent
        (25%)
        each, commencing on the first anniversary date of the Option Agreement executed
        by the Company and the Participant with respect to such Option, and continuing
        on each of the next three (3) anniversary dates.

      

      e. Each
        Option shall terminate not more than 10 (ten) years from the date of grant
        thereof or at such earlier time as the Option Agreement may
        provide.

      

      5.2
        ISOs:
        Each Option intended to be an ISO shall be issued only to a Key Employee
        and be
        subject to at least the following terms and conditions, with such additional
        restrictions or changes as the Administrator determines are appropriate but
        not
        in conflict with Code Section 422 and relevant regulations and rulings of
        the
        Internal Revenue Service:

      

      a. Minimum
        standards: The ISO shall meet the minimum standards for Non-Qualified Options,
        as described in subparagraph 5.1 above, except clauses (a), (b) and (e) there
        under.

      

      b. Option
        Agreement: The Option Agreement for an ISO shall be in writing in substantially
        the form as approved by the Administrator, with such changes to such form
        as the
        Administrator shall approve, provided any changes are not inconsistent with
        Code
        Section 422.

      

      c. Option
        Price: Immediately before the Option is granted, if the Participant owns,
        directly or by reason of the applicable attribution rules in Code Section
        424(d):

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      
        	 	 	
                i.

              	
                Ten
                  percent (10%) or less of the total combined voting power of all
                  classes of
                  share capital of the Company or an Affiliate, the Option price
                  per share
                  of the Shares covered by each Option shall not be less than one
                  hundred
                  percent (100%) of the Fair Market Value per share of the Shares
                  on the
                  date of the grant of the Option;

              

      

      

      
        	 	 	
                ii.

              	
                More
                  than ten percent (10%) of the total combined voting power of all
                  classes
                  of share capital of the Company or an Affiliate, the Option price
                  per
                  share of the Shares covered by each Option shall be not less than
                  one
                  hundred ten percent (110%) of the said Fair Market Value on the
                  date of
                  grant.

              

      

      

      d. Term
        of
        Option: For Participants who own:

      

      
        	 	 	
                i.

              	
                Ten
                  percent (10%) or less of the total combined voting power of all
                  classes of
                  share capital of the Company or an Affiliate, each Option shall
                  terminate
                  not more than ten (10) years from the date of the grant or at such
                  earlier
                  time as the Option Agreement may
                  provide;

              

      

      

      
        	 	 	
                ii.

              	
                More
                  than ten percent (10%) of the total combined voting power of all
                  classes
                  of share capital of the Company or an Affiliate, each Option shall
                  terminate not more than five (5) years from the date of the grant
                  or at
                  such earlier time as the Option Agreement may
                  provide.

              

      

      

      e. Limitation
        on Yearly Exercise: The Option Agreements shall restrict the amount of Options
        which may be exercisable in any calendar year (under this or any other ISO
        plan
        of the Company or an Affiliate) so that the aggregate Fair Market Value
        (determined at the time each ISO is granted) of the stock with respect to
        which
        ISOs are exercisable for the first time by the Participant in any calendar
        year
        does not exceed one hundred thousand dollars ($100,000), provided that this
        subparagraph (e) shall have no force or effect if its inclusion in the Plan
        is
        not necessary for Options issued as ISOs to qualify as ISOs pursuant to Section
        422(d) of the Code.

      

      f. Limitation
        on Grant of ISOs: No ISOs shall be granted after the expiration of the earlier
        of ten (10) years from the date of the adoption of the Plan by the Company
        or
        the approval of the Plan by the shareholders of the Company.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

       

      6. EXERCISE
        OF OPTION AND ISSUANCE OF SHARES.

       

      

      An
        Option
        (or any part or installment thereof) shall be exercised by giving written
        notice
        to the Company at its principal office address, together with provision for
        payment of the full purchase price in accordance with this paragraph for
        the
        shares as to which such Option is being exercised, and upon compliance with
        any
        other condition(s) set forth in the Option Agreement. Such written notice
        shall
        be signed by the person exercising the Option, shall state the number of
        Shares
        with respect to which the Option is being exercised and shall contain any
        representation required by the Plan or the Option Agreement. Payment of the
        purchase price for the shares as to which such Option is being exercised
        shall
        be made (a) in United States dollars in cash or by check, or (b) at the
        discretion of the Administrator, through delivery of shares of Common Stock
        having a fair market value equal as of the date of the exercise to the cash
        exercise price of the Option, determined in good faith by the Board of Directors
        of the Company, (c) at the discretion of the Administrator, by delivery of
        the
        grantee's personal recourse note bearing interest payable not less than annually
        at no less than 100% of the applicable Federal rate, as defined in Section
        1274(d) of the Code, (d) at the discretion of the Administrator, in accordance
        with a cashless exercise program established with a securities brokerage
        firm,
        and approved by the Administrator, or (e) at the discretion of the
        Administrator, by any combination of (a), (b), (c) and (d) above.
        Notwithstanding the foregoing, the Administrator shall accept only such payment
        on exercise of an ISO as is permitted by Section 422 of the Code.

      

      The
        Company shall then reasonably promptly deliver the Shares as to which such
        Option was exercised to the Participant (or to the Participant's Survivors,
        as
        the case may be). In determining what constitutes "reasonably promptly,"
        it is
        expressly understood that the delivery of the Shares may be delayed by the
        Company in order to comply with any law or regulation which requires the
        Company
        to take any action with respect to the Shares prior to their issuance. The
        Shares shall, upon delivery, be evidenced by an appropriate certificate or
        certificates for paid-up, non-assessable Shares.

      

      The
        Administrator shall have the right to accelerate the date of exercise of
        any
        installment of any Option, provided that the Administrator shall not accelerate
        the exercise date of any installment of any Option granted to any Key Employee
        as an ISO, (and not previously converted into a Non-Qualified Option pursuant
        to
        Article 18) without the prior approval of the Participant, if such acceleration
        would violate the annual vesting limitation contained in Section 422(d) of
        the
        Code, as described in paragraph 5(e).

      

       

      7. RIGHTS
        AS A SHAREHOLDER.

       

      

      No
        Participant to whom an Option has been granted shall have rights as a
        shareholder with respect to any Shares covered by such Option, except after
        due
        exercise 

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      of
        the
        Option and provision for payment of the full purchase price for the Shares
        being
        purchased pursuant to such exercise.

      

       

      8. ASSIGNABILITY
        AND TRANSFERABILITY OF OPTIONS.

       

      

      By
        its
        terms, an Option granted to a Participant shall not be transferable by the
        Participant other than by will or by the laws of descent and distribution
        or
        pursuant to a qualified domestic relations order as defined by the Code or
        Title
        I of the Employee Retirement Income Security Act or the rules thereunder,
        and
        shall be exercisable, during the Participant's lifetime, only by such
        Participant (or by his or her legal representative). Such Option shall not
        be
        assigned, pledged or hypothecated in any way (whether by operation of law
        or
        otherwise) and shall not be subject to execution, attachment or similar process.
        Any attempted transfer, assignment, pledge, hypothecation or other disposition
        of any Option or of any rights granted thereunder contrary to the provisions
        of
        this Plan, or the levy of any attachment or similar process upon an Option,
        shall be null and void.

      

       

      
        	
                9.

              	
                EFFECT
                  OF TERMINATION OF SERVICE OTHER THAN "FOR
                  CAUSE".

              

      

       

      

      Except
        as
        otherwise provided in the pertinent Option Agreement, in the event of a
        termination of service (whether as an employee or consultant) before the
        Participant has exercised all Options, the following rules apply:

      

      a. A
        Participant who ceases to be an employee or consultant of the Company or
        of an
        Affiliate (for any reason other than termination "for cause," Disability,
        or
        death for which events there are special rules in Articles 10, 11, and 12,
        respectively), may exercise any Option granted to him or her to the extent
        that
        the right to purchase Shares has accrued on the date of such termination
        of
        service, but only within such term as the Administrator has designated in
        the
        pertinent Option Agreement.

      

      b. In
        no
        event may an Option Agreement provide, if the Option is intended to be an
        ISO,
        that the time for exercise be later than three (3) months after the
        Participant's termination of employment.

      

      c. The
        provisions of this paragraph, and not the provisions of Article 11 or 12,
        shall
        apply to a Participant who subsequently becomes disabled or dies after the
        termination of employment or consultancy, provided, however, in the case
        of a
        Participant's death, the Participant's survivors may exercise the Option
        within
        six (6) months after the date of the Participant's death, but in no event
        after
        the date of expiration of the term of the Option.

      

      d. Notwithstanding
        anything herein to the contrary, if subsequent to a Participant's termination
        of
        employment or consultancy, but prior to the  

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      exercise
        of an Option, the Board of Directors determines that, either prior or subsequent
        to the Participant's termination, the Participant engaged in conduct which
        would
        constitute "cause," then such Participant shall forthwith cease to have any
        right to exercise any Option.

      

      e. A
        Participant to whom an Option has been granted under the Plan who is absent
        from
        work with the Company or with an Affiliate because of temporary disability
        (any
        disability other than a permanent and total Disability as defined in Article
        1
        hereof), or who is on leave of absence for any purpose, shall not, during
        the
        period of any such absence, be deemed, by virtue of such absence alone, to
        have
        terminated such Participant's employment or consultancy with the Company
        or with
        an Affiliate, except as the Administrator may otherwise expressly
        provide.

      

      f. Options
        granted under the Plan shall not be affected by any change of employment
        or
        other service within or among the Company and any Affiliates so long as the
        Participant continues to be an employee or consultant of the Company or any
        Affiliate, provided, however, if a Participant's employment by either the
        Company or an Affiliate should cease (other than to become an employee of
        an
        Affiliate or the Company), such termination shall affect the Participant's
        rights under any Option granted to such Participant in accordance with the
        terms
        of the Plan and the pertinent Option Agreement.

      

       

      10. EFFECT
        OF TERMINATION OF SERVICE "FOR CAUSE".

       

      

      Except
        as
        otherwise provided in the pertinent Option Agreement, the following rules
        apply
        if the Participant's service (whether as an employee or consultant) is
        terminated "for cause" prior to the time that all of his or her outstanding
        Options have been exercised:

      

      a. All
        outstanding and unexercised Options as of the date the Participant is notified
        his or her service is terminated "for cause" will immediately be forfeited,
        unless the Option Agreement provides otherwise.

      

      b. For
        purposes of this Article, "cause" shall include (and is not limited to)
        dishonesty with respect to the employer, insubordination, substantial
        malfeasance or nonfeasance of duty, unauthorized disclosure of confidential
        information, and conduct substantially prejudicial to the business of the
        Company or any Affiliate. The determination of the Administrator as to the
        existence of cause will be conclusive on the Participant and the
        Company.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

      c. "Cause"
        is not limited to events which have occurred prior to a Participant's
        termination of service, nor is it necessary that the Administrator's finding
        of
        "cause" occur prior to termination. If the Administrator determines, subsequent
        to a Participant's termination of service but prior to the exercise of an
        Option, that either prior or subsequent to the Participant's termination
        the
        Participant engaged in conduct which would constitute "cause," then the right
        to
        exercise any Option is forfeited.

      

      d. Any
        definition in an agreement between the Participant and the Company or an
        Affiliate which contains a conflicting definition of "cause" for termination
        and
        which is in effect at the time of such termination shall supersede the
        definition in this Plan with respect to such Participant.

      

       

      11. EFFECT
        OF TERMINATION OF SERVICE FOR DISABILITY.

       

      

      Except
        as
        otherwise provided in the pertinent Option Agreement, a Participant who ceases
        to be an employee of or consultant to the Company or of an Affiliate by reason
        of Disability may exercise any Option granted to such Participant:

      

      a. to
        the
        extent that the right to purchase Shares has accrued on the date of his
        Disability; and

      

      b. in
        the
        event rights to exercise the Option accrue periodically, to the extent of
        a pro
        rata portion of any additional rights as would have accrued had the Participant
        not become Disabled prior to the end of the accrual period which next ends
        following the date of Disability. The proration shall be based upon the number
        of days of such accrual period prior to the date of Disability.

      

      A
        Disabled Participant may exercise such rights only within a period of not
        more
        than one (1) year after the date that the Participant became Disabled or,
        if
        earlier, within the originally prescribed term of the Option.

      

      The
        Administrator shall make the determination both of whether Disability has
        occurred and the date of its occurrence (unless a procedure for such
        determination is set forth in another agreement between the Company and such
        Participant, in which case such procedure shall be used for such determination).
        If requested, the Participant shall be examined by a physician selected or
        approved by the Administrator, the cost of which examination shall be paid
        for
        by the Company.

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

       

      12. EFFECT
        OF DEATH WHILE AN EMPLOYEE OR CONSULTANT.

       

      

      Except
        as
        otherwise provided in the pertinent Option Agreement, in the event of the
        death
        of a Participant to whom an Option has been granted while the Participant
        is an
        employee or consultant of the Company or of an Affiliate, such Option may
        be
        exercised by the Participant's Survivors:

      

      a. to
        the
        extent exercisable but not exercised on the date of death; and

      

      b. in
        the
        case of an Option, in the event rights to exercise the Option accrue
        periodically, to the extent of a pro rata portion of such rights based upon
        the
        number of days prior to the Participant's death and during the accrual period
        which next ends following the date of death.

      

      If
        the
        Participant's Survivors wish to exercise the Option, they must take all
        necessary steps to exercise the Option within one (1) year after the date
        of
        death of such Participant, notwithstanding that the decedent might have been
        able to exercise the Option as to some or all of the Shares on a later date
        if
        he or she had not died and had continued to be an employee or consultant
        or, if
        earlier, within the originally prescribed term of the Option.

      

       

      13. TERMINATION
        OF NON-EMPLOYEE DIRECTORS' OPTION RIGHTS.

       

      

      Except
        as
        otherwise provided in the pertinent Option Agreement, if a non-employee director
        who receives Options:

      

      a.
         ceases
        to
        be a member of the Board of Directors of the Company for any reason other
        than
        death or Disability, any then unexercised Options granted to such non-employee
        director may be exercised by the director within a period of ninety (90)
        days
        after the date the director ceases to be a member of the Board of Directors,
        but
        only to the extent of the number of shares with respect to which the Options
        are
        exercisable on the date the director ceases to be a member of the Board of
        Directors, and in no event later than the expiration date of the Option;
        or

      

      b. ceases
        to
        be a member of the Board of Directors of the Company by reason of his or
        her
        death or Disability, any then unexercised Options granted to such non-employee
        director may be exercised by the director (or by the director's personal
        representative, heir or legatee, in the event of death) within a period of
        one
        hundred eighty (180) days after the date the director ceases to be a member
        of
        the Board of Directors, but only to the extent of the number of Shares with
        respect to which the Options are exercisable on 

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      the
        date
        the director ceases to be a member of the Board of Directors, and in no event
        later than the expiration date of the Option.

       

      14. PURCHASE
        FOR INVESTMENT.

       

      

      Unless
        the offering and sale of the Shares to be issued upon the particular exercise
        of
        an Option shall have been effectively registered under the Securities Act
        of
        1933, as now in force or hereafter amended (the "Act"), the Company shall
        be
        under no obligation to issue the Shares covered by such exercise unless and
        until the following conditions have been fulfilled:

      

      a. The
        person(s) who exercise such Option shall warrant to the Company, prior to
        receipt of the Shares, that such person(s) are acquiring such Shares for
        their
        own respective accounts, for investment, and not with a view to, or for sale
        in
        connection with, the distribution of any such Shares, in which event the
        person(s) acquiring such Shares shall be bound by the provisions of the
        following legend which shall be endorsed upon the certificate(s) evidencing
        their Shares issued pursuant to such exercise or such grant:

      

      "The
        shares represented by this certificate have been taken for investment and
        they
        may not be sold or otherwise transferred by any person, including a pledgee,
        in
        the absence of an effective registration statement of the shares under the
        Securities Act of 1933 or an opinion of counsel satisfactory to the Company
        that
        an exemption from registration is then available."

      

      b. The
        Company shall have received an opinion of its counsel that the Shares may
        be
        issued upon such particular exercise in compliance with the Act without
        registration thereunder.

      

      The
        Company may delay issuance of the Shares until completion of any action or
        obtaining of any consent which the Company deems necessary under any applicable
        law (including, without limitation, state securities or "blue
        sky"laws).

      

       

      15. DISSOLUTION
        OR LIQUIDATION OF THE COMPANY.

       

      

      Upon
        the
        dissolution or liquidation of the Company, all Options granted under this
        Plan
        which as of such date shall not have been exercised will terminate and become
        null and void; provided, however, that if the rights of a Participant or
        a
        Participant's Survivors have not otherwise terminated and expired, the
        Participant or the Participant's Survivors will have the right immediately
        prior
        to such dissolution or liquidation to exercise any Option to the extent that
        the
        right to purchase Shares has accrued under the Plan as of the date immediately
        prior to such dissolution or liquidation.

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      

       

      16. ADJUSTMENTS.

       

      

      Upon
        the
        occurrence of any of the following events, a Participant's rights with respect
        to any Option granted to him or her hereunder which have not previously been
        exercised in full shall be adjusted as hereinafter provided, unless otherwise
        specifically provided in the written agreement between the optionee and the
        Company relating to such Option:

      

      a. Stock
        Dividends and Stock Splits. If the shares of Common Stock shall be subdivided
        or
        combined into a greater or smaller number of shares or if the Company shall
        issue any shares of Common Stock as a stock dividend on its outstanding Common
        Stock, the number of shares of Common Stock deliverable upon the exercise
        of
        such Option shall be appropriately increased or decreased proportionately,
        and
        appropriate adjustments shall be made in the purchase price per share to
        reflect
        such subdivision, combination or stock dividend.

      

      b. Consolidations
        or Mergers. If the Company is to be consolidated with or acquired by another
        entity in a merger, sale of all or substantially all of the Company's assets
        or
        any similar transaction or transaction having the same effect (an
        "Acquisition"), the Compensation Committee of the Board of Directors of the
        Company, prior to consummation of such Acquisition shall, as to outstanding
        Options, either (i) make appropriate provisions, if necessary, for the
        continuation of such Options by substituting on an equitable basis for the
        shares then subject to such Options (A) the securities of any successor or
        acquiring entity, or (B) other consideration payable with respect to the
        outstanding shares of Common Stock in connection with the Acquisition; or
        (ii)
        upon written notice to the optionees, provide that all Options must be exercised
        (all Options being made fully exercisable for purposes of this subsection)
        within one year of the date of such notice, at the end of which period the
        Options shall terminate; or (iii) terminate all Options in exchange for a
        cash
        payment equal to the excess of the fair market value of the shares subject
        to
        such Options (all Options being made fully exercisable for purposes of this
        subsection) over the exercise price thereof.

      

      c. Recapitalization
        or Reorganization. In the event of a recapitalization or reorganization of
        the
        Company (other than a transaction described in subparagraph B above) pursuant
        to
        which securities of the Company or of another corporation are issued with
        respect to the outstanding shares of Common Stock, an optionee upon exercising
        an Option shall be entitled to receive for the purchase price paid upon such
        exercise the securities he or she would have received if he or she had exercised
        such Option prior to such recapitalization or reorganization.

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      

      

      d. Modification
        of ISOs. Notwithstanding the foregoing, any adjustments made pursuant to
        subparagraphs A, B or C with respect to ISOs shall be made only after the
        Administrator, after consulting with counsel for the Company, determines
        whether
        such adjustment would constitute a "modification" of such ISOs (as that term
        is
        defined in Section 424(h) of the Code) or would cause any adverse tax
        consequences for the holders of such ISOs. If the Administrator determines
        that
        such adjustments made with respect to ISOs would constitute a modification
        of
        such ISOs, it may refrain from making such adjustments, unless the holder
        of an
        ISO specifically requests in writing that such adjustment be made and such
        writing indicates that the holder has full knowledge of the consequences
        of such
        "modification" on his or her income tax treatment with respect to the ISO.
        This
        paragraph shall not apply to the acceleration of the vesting of any option
        which
        would cause any portion of the option to violate the annual vesting limitation
        contained in Section 422(d) of the Code, as described in Article 5 subparagraph
        5.2(e).

      

      e. Change
        of
        Control. In the event of either (A) an Acquisition that also constitutes
        a
        Change of Control, where outstanding options are assumed or substituted in
        accordance with subparagraph b clause (i) above; or (B) a Change of Control
        that
        does not also constitute an Acquisition, then
        all
        Options outstanding under the Plan shall become
        fully
        vested and immediately exercisable as of the date of the Change of Control.
        The
        provisions of this subparagraph e shall be retroactive and shall apply to
        all
        Options granted under the Plan, regardless of the date of grant. 

      

      Change
        of
        Control means the occurrence of any of the following events:

      

      (i) Change
        in
        Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the
        1934 Act) becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the
        1934 Act), directly or indirectly, of securities of the Company representing
        50%
        or more of the total voting power represented by the Company’s then outstanding
        voting securities (excluding for this purpose any such voting securities
        held by
        the Company or its Affiliates or by any employee benefit plan of the Company)
        pursuant to a transaction or a series of related transactions which the Board
        of
        Directors does not approve; or

      

      (ii) Merger/Sale
        of Assets. (A) A merger or consolidation of the Company whether or not approved
        by the Board of Directors, other than a merger or consolidation which would
        result in the voting securities of the Company outstanding immediately prior
        thereto continuing to represent (either by remaining outstanding or

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      by
        being
        converted into voting securities of the surviving entity or the parent of
        such
        corporation) at least 50% of the total voting power represented by the voting
        securities of the Company or such surviving entity or parent of such
        corporation, as the case may be, outstanding immediately after such merger
        or
        consolidation; (B) or the stockholders of the Company approve an agreement
        for
        the sale or disposition by the Company of all or substantially all of the
        Company’s assets; or

      

      
        	 	
                (iii)

              	
                Change
                  in Board Composition. A change in the composition of the Board
                  of
                  Directors, as a result of which fewer than a majority of the directors
                  are
                  Incumbent Directors. “Incumbent Directors” shall mean directors who either
                  (A) are directors of the Company as of February 1, 2006, or (B)
                  are elected, or nominated for election, to the Board of Directors
                  with the affirmative votes of at least a majority of the Incumbent
                  Directors at the time of such election or nomination (but shall
                  not
                  include an individual whose election or nomination is in connection
                  with
                  an actual or threatened proxy contest relating to the election
                  of
                  directors to the Company). 

              

      

       

      17. ISSUANCES
        OF SECURITIES.

       

      

      Except
        as
        expressly provided herein, no issuance by the Company of shares of stock
        of any
        class, or securities convertible into shares of stock of any class, shall
        affect, and no adjustment by reason thereof shall be made with respect to,
        the
        number or price of shares subject to Options. Except as expressly provided
        herein, no adjustments shall be made for dividends paid in cash or in property
        (including without limitation, securities) of the Company.

      

       

      18. FRACTIONAL
        SHARES.

       

      

      No
        fractional share shall be issued under the Plan and the person exercising
        such
        right shall receive from the Company cash in lieu of such fractional share
        equal
        to the Fair Market Value thereof.

      

       

      
        	
                19.

              	
                CONVERSION
                  OF ISOS INTO NON-QUALIFIED OPTIONS: TERMINATION OF
                  ISOS.

              

      

       

      

      The
        Administrator, at the written request of any optionee, may in its discretion
        take such actions as may be necessary to convert such optionee's ISOs (or
        any
        installments or portions of installments thereof) that have not been exercised
        on the date of conversion into Non-Qualified Options at any time prior to
        the
        expiration of such ISOs, regardless of whether the optionee is an employee
        of
        the Company or an Affiliate at the time of such conversion. Such actions
        may
        include, but not be limited to, extending the exercise 

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      period
        or
        reducing the exercise price of the appropriate installments of such Options.
        At
        the time of such conversion, the Administrator (with the consent of the
        optionee) may impose such conditions on the exercise of the resulting
        Non-Qualified Options as the Administrator in its discretion may determine,
        provided that such conditions shall not be inconsistent with this Plan. Nothing
        in the Plan shall be deemed to give any optionee the right to have such
        optionee's ISO's converted into Non-Qualified Options, and no such conversion
        shall occur until and unless the Administrator takes appropriate action.
        The
        Administrator, with the consent of the optionee, may also terminate any portion
        of any ISO that has not been exercised at the time of such
        termination.

       

      20. WITHHOLDING.

       

      Upon
        the
        exercise of a Non-Qualified Option, the making of a Disqualifying Disposition
        (as defined in paragraph 21) or the vesting of restricted Common Stock acquired
        on the exercise of an Option hereunder, the Company may withhold from the
        optionee's wages, if any, or other remuneration, or may require the optionee
        to
        pay additional federal, state, and local income tax withholding and employee
        contributions to employment taxes in respect of the amount that is considered
        compensation includible in such person's gross income. The Administrator
        in its
        discretion may condition the exercise of an Option or the vesting of restricted
        Common Stock acquired by exercising an Option on the grantee's payment of
        such
        additional income tax withholding and employee contributions to employment
        taxes.

       

      21. NOTICE
        TO COMPANY OF DISQUALIFYING DISPOSITION.

       

      

      Each
        Key
        Employee who receives an ISO must agree to notify the Company in writing
        immediately after the Key Employee makes a Disqualifying Disposition of any
        shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition
        is any disposition (including any sale) of such shares before the later of
        (a)
        two years after the date the Key Employee was granted the ISO, or (b) one
        year
        after the date the Key Employee acquired shares by exercising the ISO. If
        the
        Key Employee has died before such stock is sold, these holding period
        requirements do not apply and no Disqualifying Disposition can occur
        thereafter.

       

      22. TERMINATION
        OF THE PLAN.

       

      

      Except
        as
        provided in the following sentence, the Plan will terminate on November 12,
        2007. The Plan may be terminated at an earlier date by vote of the stockholders
        of the Company provided, however, that any such earlier termination will
        not
        affect any Options granted or Option Agreements executed prior to the effective
        date of such termination.

       

      23. AMENDMENT
        OF THE PLAN.

       

      

      The
        Plan
        may be amended by the stockholders of the Company. The Plan may also be amended
        by the Administrator, including, without limitation, to the extent necessary
        to
        qualify any or all outstanding ISOs granted under the Plan or ISOs to be
        granted
        under 

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      the
        Plan
        for favorable federal income tax treatment (including deferral of taxation
        upon
        exercise) as may be afforded incentive stock options under Section 422 of
        the
        Code, to the extent necessary to ensure the compliance of the Plan with Rule
        16b-3 under the 1934 Act, and to the extent necessary to qualify the shares
        issuable upon exercise of any outstanding options granted, or options to
        be
        granted, under the Plan for listing on any national securities exchange or
        quotation in any national automated quotation system of securities dealers.
        Any
        amendment approved by the Administrator which is of a scope that requires
        stockholder approval including, without limitation, in order to ensure favorable
        federal income tax treatment for any incentive stock options or to ensure
        the
        qualification of the Plan under Rule 16b-3 shall be subject to obtaining
        such
        stockholder approval. In addition, if Nasdaq amends its corporate governance
        rules so that such rules no longer require stockholder approval of “material
        amendments” of equity compensation plans, then, from and after the effective
        date of such an amendment to the Nasdaq rules, no amendment of the Plan which
        (i) materially increases the number of shares to be issued under the Plan
        (other
        than to reflect a reorganization, stock split, merger, spinoff or similar
        transaction); (ii) materially increases the benefits to Participants, including
        any material change to: (a) permit a repricing (or decrease in exercise price)
        of outstanding Options, (b) reduce the price at which Shares or Options may
        be
        offered, or (c) extend the duration of the Plan; (iii) materially expands
        the
        class of Participants eligible to participate in the Plan; or (iv) expands
        the
        types of awards provided under the Plan shall become effective unless
        stockholder approval is obtained. Any modification or amendment of the Plan
        shall not, without the consent of an optionee, adversely affect his or her
        rights under an option previously granted to him or her. With the consent
        of the
        optionee affected, the Administrator may amend outstanding option agreements
        in
        a manner not inconsistent with the Plan. 

       

      24. EMPLOYMENT
        OR OTHER RELATIONSHIP.

       

      

      Nothing
        in this plan or any Option Agreement shall be deemed to prevent the Company
        or
        an Affiliate from terminating the employment, consultancy or director status
        of
        a Participant, nor to prevent a Participant from terminating his or her own
        employment, consultancy or director status or to give any Participant a right
        to
        be retained in employment or other service by the Company or any Affiliate
        for
        any period of time.

      

       

      25. GOVERNING
        LAW.

       

      

      
        

This
        Agreement shall be construed and enforced in accordance with the laws of
        The
        Commonwealth of Massachusetts.

      
        
          
          

        

        
          17Exhibit 10.2 Form of Incentive Stock Option Agreement

    Exhibit
      10.2

     

    INCENTIVE
      STOCK OPTION AGREEMENT

    IMMUNOGEN,
      INC.

    

    AGREEMENT
      made this «Grantdate»,
      between
      ImmunoGen, Inc. (the "Company"), a Massachusetts corporation having a principal
      place of business in Cambridge, Massachusetts and «FirstName» «LastName»,
      «Address»,
      «City»,
      «State» «Zip» (the
      "Employee"). 

    

    WHEREAS,
      the Company desires to grant to the Employee an option to purchase shares of
      its
      Common Stock, $.01 par
      value
      ("Common Stock"), under and for the purposes of the Company's Restated Stock
      Option Plan, as amended (the "Plan"); 

    

    WHEREAS,
      the Company and the Employee understand and agree that any terms used herein
      and
      not otherwise defined herein have the same meanings as in the Plan (the Employee
      being referred to in the Plan as a "Participant"); 

    

    WHEREAS,
      the Company and the Employee each intend that the Option granted herein shall
      be
      an Incentive Stock Option. 

    

    NOW,
      THEREFORE, in consideration of the mutual covenants hereinafter set forth and
      for other good and valuable consideration, the parties hereto agree as follows:
      

    

    1. GRANT
      OF OPTION 

    

    The
      Company hereby grants to the Employee the right and Option to purchase all
      or
      any part of an aggregate of «ISO_Shares»
      shares
      (the "Shares") of Common Stock on the terms and conditions and subject to and
      with the benefit of all limitations set forth herein and in the Plan, which
      is
      incorporated herein by reference. The Employee acknowledges receipt of a copy
      of
      the Plan. 

    

    2. PURCHASE
      PRICE 

    

    The
      purchase price of the Shares covered by the Option shall be «Price» per
      Share, subject to adjustment, as provided in the Plan, in the event of a stock
      split, reverse stock split or other events affecting the holders of Common
      Stock. Payment shall be made in accordance with Article 6 of the Plan.

    

    3. EXERCISE
      OF OPTION 

    

    Subject
      to the terms and conditions set forth in this Agreement and the Plan, the Option
      granted hereby shall become exercisable cumulatively as follows: 

    

    

    provided,
      however, that no part of the Option shall be exercisable after the termination
      or expiration of the option as hereinafter provided; and provided, further,
      that
      the Option may be exercised as to not more than «ISO_Shares»
      Shares
      in the aggregate from and after the date of this Agreement. 

    

    
      
         

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. TERM
      OF OPTION 

    

    The
      Option shall terminate ten (10) years from the date of this Agreement but shall
      be subject to earlier termination as provided herein or in the Plan. If the
      Employee ceases to be an employee of the Company or of an Affiliate (for any
      reason other than the death or Disability of the Employee or termination for
      "cause" as defined in the Plan), the Option may be exercised, if it has not
      previously terminated, within three (3) months after the date the Employee
      ceases to be an employee, but may not be exercised thereafter. In such event,
      the Option shall be exercisable only to the extent that the right to purchase
      Shares under this Agreement has accrued and is in effect as of the date of
      such
      cessation of employment. 

    

    In
      the
      event that the Employee's employment is terminated for "cause" (as defined
      in
      the Plan), or, if subsequent to the termination of the Employee's employment
      but
      prior to the exercise of the Option it is determined that either prior or
      subsequent to such termination the Employee engaged in conduct which would
      constitute "cause" for the termination of the Employee's employment (such
      determination to be made in accordance with Article 10 of the Plan), the
      Employee's right to exercise any unexercised portion of this Option shall cease
      forthwith, and this Option shall thereupon terminate. 

    

    In
      the
      event that the Employee's employment is terminated for any reason other than
      death or Disability or for "cause", and the Employee subsequently becomes
      Disabled or dies, the first paragraph of this Section 4 shall control and fix
      the rights of the Employee, and nothing hereinafter set forth in this Section
      4
      (except the following provision) shall extend the period of exercisability
      of
      the Option; provided, however, in the case of the Employee's death within the
      period allowed for exercise, the Employee's Survivors may exercise the Option
      to
      the extent permitted by the first paragraph of this Section 4 within, but only
      within, six (6) months after the date of Employee's death. 

    

    In
      the
      event of the Disability of the Employee (as defined in the Plan and as
      determined by the Board of Directors, and as to the fact and date of which
      the
      Employee is notified by the Board of Directors in writing), the Option shall
      be
      exercisable within one (1) year after the date of such Disability or, if
      earlier, the term originally prescribed by this Agreement. In such event, the
      Option shall be exercisable (1) to the extent that the right to purchase Shares
      hereunder has accrued and is in effect as of such determination date and (2)
      if
      rights to exercise the Option accrue periodically under Section 3 hereof, to
      the
      extent of a pro rata portion of any additional rights which would have accrued
      had the Employee not become so Disabled prior to the end of the accrual period
      which next ends following the date of Disability. (The proration shall be made
      on the basis of the number of days of the accrual period prior to the date
      of
      Disability.) 

    

    In
      the
      event of the death of the Employee while in the employ of the Company or of
      an
      Affiliate, the Option (1) to the extent exercisable but not exercised as of
      the
      date of death, and (2) if rights to exercise the Option accrue periodically
      under Section 3 hereof, to the extent of a pro rata portion of any additional
      rights based upon the number of days prior to the Employee's death and during
      the accrual period which next ends following the date of death, may be exercised
      by the Employee's Survivors as provided in the Plan. (The proration shall be
      made on the basis of the number of days of the accrual period prior to the
      Employee's death.) In such event, the Option must be exercised, if at all,
      within one (1) year after the date of death of the Employee or, if earlier,
      within the time originally prescribed by this Agreement. 

    

    5. EXERCISE
      OF OPTION AND ISSUE OF SHARES 

    

    Subject
      to the terms and conditions of this Agreement, the Option may be exercised
      by
      written notice to the Company, at the principal office address of the Company.
      Such notice shall state the election to exercise the Option and the number
      of
      Shares in respect of which it is being exercised, shall be signed
      by

    
      
         

        

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    the
      person or persons so exercising the Option, shall contain the warranty, if
      any,
      required by Section 6 of this Agreement and shall otherwise comply with the
      terms and conditions of this Agreement and the Plan. Payment of the full
      purchase price for such Shares shall be made in accordance with Article 6 of
      the
      Plan, and the Company shall deliver a certificate or certificates representing
      such Shares as soon as practicable after the notice shall be received, provided,
      however, that the Company may delay issuance of such Shares until completion
      of
      any action or obtaining of any consent, which the Company deems necessary under
      any applicable law (including without limitation, state securities or "blue
      sky"
      laws). 

    

    The
      certificate or certificates for the Shares as to which the Option shall have
      been so exercised shall be registered in the name of the person or persons
      so
      exercising the Option (or, if the Option shall be exercised by the Employee
      and
      if the Employee shall so request in the notice exercising the Option, shall
      be
      registered in the name of the Employee and another person jointly, with right
      of
      survivorship) and shall be delivered as provided above to or upon the written
      order of the person or persons exercising the Option. In the event the Option
      shall be exercised, pursuant to Section 4 hereof, by any person or persons
      other
      than the Employee, such notice shall be accompanied by appropriate proof of
      the
      right of such person or persons to exercise the Option. All Shares that shall
      be
      purchased upon the exercise of the Option as provided herein shall be fully
      paid
      and nonassessable. 

    

    6. PURCHASE
      FOR INVESTMENT 

    

    Unless
      the offering and sale of the Shares to be issued upon the particular exercise
      of
      the Option shall have been effectively registered under the Securities Act
      of
      1933 as now in force or hereafter amended (the "Act"), the Company shall be
      under no obligation to issue the Shares covered by such exercise unless and
      until the following conditions have been fulfilled: 

    

    
      	 	
              (a)

            	
              The
                person(s) who exercise such Option shall warrant to the Company,
                prior to
                receipt of the Shares, that such person(s) are acquiring such Shares
                for
                their own respective accounts, for investment and not with a view
                to, or
                for sale in connection with, the distribution of any such Shares;
                and in
                such event the person(s) acquiring such Shares shall be bound by
                the
                provisions of the following legend which shall be endorsed upon the
                certificate or certificates evidencing the Shares issued by the Company
                pursuant to such exercise: 

            

    

    

    "The
      shares represented by this certificate have been taken for investment and they
      may not be sold or otherwise transferred by any person, including a pledgee,
      in
      the absence of an effective registration statement for the shares under the
      Securities Act of 1933 or an opinion of counsel satisfactory to the Company
      that
      an exemption from registration is
      then
      available." 

    

    
      	 	
              (b)

            	
              The
                Company shall have received an opinion of its counsel that the Shares
                may
                be issued upon such particular exercise in
                compliance
                with the Act without registration thereunder.

            

    

    

    7. RIGHTS
      AS A SHAREHOLDER 

    

    The
      Employee shall have no rights as a shareholder with respect to any Shares
      covered by the Option, except after due exercise of the Option and provision
      for
      payment of the full purchase price for the Shares being purchased pursuant
      to
      such exercise. 

    
      
         

        

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    8. ASSIGNABILITY
      AND TRANSFERABILITY OF OPTIONS 

     

    By
      its
      terms, the Option shall not be transferable by the Employee other than by will
      or by the laws of descent and distribution or pursuant to a qualified domestic
      relations order as defined by the Code or Title I of the Employee Retirement
      Income Security Act or the rules thereunder, and shall be exercisable, during
      the Employee's lifetime, only by such Employee (or by his or her legal
      representative). The Option shall not be assigned, pledged or hypothecated
      in
      any
      way
      (whether by operation of law or otherwise) and shall not be subject to
      execution, attachment or similar process. Any attempted transfer, assignment,
      pledge, hypothecation or other disposition of the Option or of any rights
      granted thereunder contrary to the provisions of this Section 8, or the levy
      of
      any attachment or similar process upon the Option, shall be null and void.
      

    

    9. OPTION
      IS AN ISO 

    

    The
      parties each intend that the Option be an ISO so that the Employee (or
      Employee's Survivors) may qualify for the favorable tax treatment provided
      to
      holders of Options that meet the standards of Code Section 422. Any provision
      of
      this Agreement or the Plan which conflicts with the Code so that this Option
      would not be deemed an ISO is
      null
      and
      void and any ambiguities shall be resolved so that the Option qualifies as
      an
      ISO. Nonetheless, if the Option is
      determined
      not to be an ISO, the Employee understands that the Company and any Affiliates
      are not responsible to compensate him or her or otherwise make up for the
      treatment of the Option as a Non-qualified Option and not as an ISO. The
      Employee should consult with the Employee's own tax advisors regarding the
      tax
      effects of the Option and the requirements necessary to obtain favorable tax
      treatment under Section 422 of the Code, including, but not limited to, holding
      period requirements. 

    

    10.
       NOTICE
      TO COMPANY OF DISQUALIFYING DISPOSITION 

    

    The
      Employee agrees to notify the Company in writing immediately after the Employee
      makes a Disqualifying Disposition of any shares acquired pursuant to the
      exercise of an Option. A Disqualifying Disposition is any disposition (including
      any sale) of such shares before the later of (a) two years after the date the
      Employee was granted the ISO, or (b) one year after the date the Employee
      acquired shares by exercising the option. If the Employee has died before such
      stock is sold, these holding period requirements do not apply and no
      Disqualifying Disposition can occur thereafter. 

    

    11. NOTICES
      

    

    Any
      notices required or permitted by the terms of this Agreement or the Plan shall
      be given by registered or certified mail, return receipt requested, addressed
      as
      follows: 

    

    To
      the
      Company: 

    

    ImmunoGen,
      Inc. 

    Attn:
      Finance

    128
      Sidney Street 

    Cambridge,
      MA 02139 

     

    
 

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    To
      the
      Employee: 

    

    «FirstName» «LastName»

    «Address»

    «City»,
      «State» «Zip»

    

    or
      to
      such other addresses of which notice in the same manner has previously been
      given. Any such notice shall be deemed to have been given when mailed in
      accordance with the foregoing provisions.

     

    12. PLAN
      PROVISIONS 

    

    Without
      limiting the generality of Section 1 of this Agreement, the following provisions
      of the plan are hereby incorporated herein: 

    

    
      	 	
              1.

            	
              Paragraph
                A of Article 1 (Definitions). 

            

    

    

    
      	 	
              2.
                

            	
              Article
                15 (Dissolution or Liquidation of the Company).

            

    

    

    
      	 	
              3.
                

            	
              Article
                16 (Adjustments). 

            

    

    

    
      	 	
              4.
                

            	
              Article
                19 (Conversion of ISOs into Non-Qualified Options: Termination of
                ISOs).
                

            

    

    

    
      	 	
              5.
                

            	
              Article
                20 (Withholding). 

            

    

    

    
      	 	
              6.
                

            	
              Article
                23 (Amendment of the Plan). 

            

    

    

    
      	 	
              7.
                

            	
              Article
                24 (Employment or Other Relationship).

            

    

    

    13. GOVERNING
      LAW 

    

    This
      Agreement shall be construed and enforced in accordance with the laws of the
      Commonwealth of Massachusetts. 

    

    14. BENEFIT
      OF AGREEMENT 

    

    This
      Agreement shall (subject to the provisions of Section 8 hereof) inure to the
      benefit of and be binding upon the heirs, executors, administrators, successors
      and assigns of the parties hereto. 

    

    15. ENTIRE
      AGREEMENT 

    

    This
      Agreement, together with the Plan, embodies the entire agreement and
      understanding between the parties hereto with respect to the subject matter
      hereof and supersedes all prior oral or written agreements and understandings
      relating to the subject matter hereof. No statement, representation, warranty,
      covenant or agreement not expressly set forth in this Agreement shall affect
      or
      be used to interpret, change or restrict, the express terms and provisions
      of
      this Agreement, provided, however, in any event, this Agreement shall be subject
      to and governed by the Plan. 

    

    16. MODIFICATIONS
      AND AMENDMENTS 

    

    The
      terms
      and provisions of this Agreement may be modified or amended only by
      written

    
      
         

        

        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    agreement
      executed by all parties hereto. 

    

    17. WAIVERS
      AND CONSENTS 

    

    The
      terms
      and provisions of this Agreement may be waived, or consent for the departure
      there from granted, only by written document executed by the party entitled
      to
      the benefits of such
      terms or provisions. No such waiver or consent shall be deemed to be or shall
      constitute a waiver or consent with respect to any other terms or provisions
      of
      this
      Agreement, whether or not similar. Each such waiver or consent shall be
      effective only in the specific instance and for the purpose for which it was
      given, and shall not constitute a continuing waiver or consent. 

    

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be executed by its
      duly authorized representative, and the Employee has hereunto set his or her
      hand, all as of
      the
      day
      and year first above written. 

    

    ImmunoGen,
      Inc. 

    

    

    
      	
               

               

              By:

            	 	 	
               

               

              Date:

            	 	 
	 
	 	
               

            	 	 	 

    

     

     

     

    
      	
              By:

            	 	 	
              Date:

            	 	 
	 	
              «FirstName» «LastName»    

            	 	 	 

    

    

    

    

    Option
      No. «Grant_No»

     

    
      
        
        

      

      
        6

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