Document:

Split-Dollar Insurance Agreement dated 4/2/1992

 Exhibit 10.37 
 SPLIT-DOLLAR INSURANCE AGREEMENT 
 This Agreement made this 2nd day of April, 1992, among IMMUNOMEDICS,
INC., a Delaware corporation, 150 Mt. Bethel Road, Warren, New Jersey 07060 (hereinafter called the “Corporation”), and Eva J. Goldenberg, Deborah S. Goldenberg, Denis C. Goldenberg and Neil A. Goldenberg, the Trustees of the David M. and
Hildegard Goldenberg Irrevocable Insurance Trust dated January 21, 1992 (hereinafter called the “Trustees”). 
 W I T N E S S E
T H : 
 WHEREAS, Dr. David M. Goldenberg (the “Employee”), is and has been employed by the Corporation for more than
nine (9) years and has performed valuable services for the Corporation; and 
 WHEREAS, in recognition of the valued services of the
Employee, the Corporation wishes to enter into this Split Dollar Agreement to provide insurance protection through the vehicle of a trust for the benefit of the family of the Employee. 
 NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 PURCHASE OF INSURANCE 
 Article I. 
 The Trustees, in their capacities as Trustees, shall enter into a contract of life insurance with Massachusetts Mutual Life Insurance Company
(hereinafter called the “Insurance Company”) insuring the joint lives of the Employee and his wife, Hildegard Goldenberg, with an initial face amount of $5,000,000 payable to the Trustees upon the second to die of the said insureds.

 Article II. 
 Premiums shall be paid and
allocated between the Corporation and the Trustees in the following manner: 
 The Corporation will pay $62,500 each year for eight years.
The Trustees will pay the balance, if any, of the net premiums due. 

 POLICY OWNERSHIP PROVISIONS 
 Article III. 
 1. The Trustees shall be the sole and exclusive owner of the insurance policy on the joint
lives of the Employee and the Employee’s wife (hereinafter the “Policy”) and, except as hereinafter limited in Article IV of this Agreement, shall have all the rights, title, and incidents of ownership therein. The Trustees shall
collaterally assign the Policy to the Corporation and the Corporation shall have the following specific rights in the Policy, except that the Corporation shall possess no incidents of ownership in the Policy: 
 a. The right to receive out of any amount payable on account of the death of the insureds an amount equal to its total premium payments.

 b. The right to obtain, upon surrender of the Policy by the Trustees, an amount of the cash surrender proceeds up to an
amount equal to its total premium payments, provided that the Corporation shall have no right to require the Trustees to surrender the Policy for cash except in accordance with the provisions of this Agreement. 
 2. The Corporation hereby covenants with the Trustees that it will not exercise any rights under this Agreement in any way that might impair or defeat
the rights and interest of the Employee, if any, the Trustees or the beneficiary under the Policy. 
 OTHER PROVISIONS 
 Article IV. 
 The Trustees hereby covenant with the
Corporation that they shall not (except as otherwise permitted under this Agreement) exercise any rights in the Policy, including but not limited to, the right to borrow from, hypothecate or otherwise create or permit any lien or encumbrance or
other security interest in the Policy, surrender the Policy or change dividend rights in the Policy, which would in any way reduce the rights or interest that the Corporation would at any time be entitled to hereunder. 
 ELECTION OF DIVIDEND OPTION 
 Article V. 
 All dividends declared by the Insurance Company on the Policy shall be applied to purchase paid up additions. 
  

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 WAIVER OF PREMIUM 
 Article VI. 
 The waiver of premium rider, if added to the Policy, will be paid for by the Trustees. In the event that the Employee
is disabled, all of the benefits resulting from the waiver of premium rider shall belong to the Trustees and the Corporation shall not benefit from this waiver of premium. 
 FIDUCIARY AND CLAIMS PROCEDURE 
 Article VII. 
 1. The Corporation is hereby designated the “Named Fiduciary” under this Agreement. 
 2. The Named
Fiduciary shall control and manage the operation of this Agreement. Such responsibilities may be allocated to any persons named in a written instrument specifying to whom and which responsibilities have been delegated. 
 3. The following claims procedure shall be available for this Agreement: 
 a. The Claims Manager shall be the VP Finance of Immunomedics. 
 b. Claims Procedure. The Trustees and the Corporation shall make claim and execute such forms as required under the Policy which shall be
sent to the Insurance Company as required under the Policy. Should the Insurance Company deny the claim, the Trustees and the Corporation may request the Insurance Company to review the decision under the Insurance Company’s standard review
procedures. 
 c. Notification and Content of Decision. Notice of the decision to deny the claim in whole or in part shall be
furnished to the claimant by the Claims Manager within a reasonable period of time after the claim has been denied. 
 The
notification shall set forth the reasons for the denial, make reference to the pertinent part of the Policy provisions on which the denial is based, describe the information necessary to obtain a review of the claim, and explain claim review
procedures. 
  

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 TERMINATION OF AGREEMENT 
 Article VIII. 
 This Agreement (1) may be terminated by the Trustees upon thirty (30) days written
notice to the Corporation or (2) shall automatically terminate on the termination of employment of the Employee for any reason (other than the death of the Employee) or bankruptcy of the Corporation. The term “bankruptcy” shall have
the meaning set forth in Article XI of this Agreement. Upon any such termination, the Corporation will have no further obligation to make premium payments. If at such termination additional premium payments are required to be made with respect to
the Policy, the Trustees shall make such payments. Should the Trustees not make such payments and the cash surrender value of the Policy is thus reduced below the cash surrender value of the Policy as of the date of termination of this Agreement,
the Trustees must either surrender the Policy, in which case the Corporation shall only be entitled to the then cash surrender value of the Policy, or at the sole option of the Trustees, otherwise repay to the Corporation the cumulative premiums
paid by the Corporation. So long as the cash surrender value of the Policy is not less than the cash surrender value of the Policy as of the date of termination of this Agreement, the cumulative amount of premiums paid by the Corporation will remain
subject to this Agreement and will not be returned to the Corporation until such time as the cash accumulated in the Policy is sufficient to return to the Corporation such premiums without reducing the remaining value in the Policy to the extent it
would then become necessary to pay additional premiums on the Policy. Upon the surrender of the Policy or the return to the Corporation by the Trustees of the cumulative premiums paid by the Corporation in accordance with the terms set forth in this
Article, the Corporation shall release to the Trustees the assignment of the Policy and this Agreement will terminate. 
 AMENDMENT

 Article IX. 
 This Agreement may be altered,
amended or modified only by a written agreement signed by the Corporation and the Trustees. In addition, any party may assign its rights, interest or obligations under this Agreement, except that the Corporation may assign only to a successor by
merger or purchaser of substantially all the assets of the Corporation. This Agreement and any amendments hereto, shall be binding upon the Corporation, the Employee, the Trustees, and their respective successors and assigns, as 

  

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the case may be. In the event the Corporation becomes a party to any merger, consolidation or reorganization, this Agreement shall remain in full force and
effect as an obligation of the Corporation or its successors in interest. 
 LAW GOVERNING 
 Article X. 
 The law of the State of New Jersey shall govern
this Agreement, without giving effect to the conflicts of law provisions thereof. 
 DEFINITION OF BANKRUPTCY 
 Article XI. 
 Bankruptcy of the Corporation shall occur if
the Corporation: 
 1. is generally not able to pay its debts as they become due or admits in writing its inability to pay its debts generally
as they become due; 
 2. files a petition in bankruptcy or for reorganization or for the adoption of an arrangement under the Federal
Bankruptcy Code, or any similar applicable bankruptcy or insolvency law, as now or in the future amended (herein collectively called “Bankruptcy Laws”), or an answer or other pleading admitting or failing to deny the material allegations
of such a petition or seeking, consenting to or acquiescing in relief provided for under the Bankruptcy Laws; 
 3. makes an assignment of
all or a substantial part of its property for the benefit of its creditors; 
 4. seeks or consents to or acquiesces in the appointment of a
receiver, liquidator, custodian or trustee of it or for all or a substantial part of its property; 
 5. is finally adjudicated a bankrupt or
insolvent; 
 6. is subject to the entry of a court order, which shall not be vacated, set aside or stayed within 30 days from the date of
entry, appointing a receiver, liquidator, custodian or trustee of it or for all or a substantial part of its property, or entering of an order for relief pursuant to an involuntary case, or effecting an arrangement in, bankruptcy or for a
reorganization pursuant to the Bankruptcy Laws or for any other judicial modification or alteration of the rights of creditors; or 
  

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 7. is subject to the assumption of custody or sequestration by a Court of competent jurisdiction of all
or a substantial part of its property, which custody or sequestration shall not be suspended or terminated within 30 days from its inception. 
 MISCELLANEOUS PROVISIONS 
 Article XII. 
 1. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and arrangements, oral or written, among the parties with respect to the
subject matter hereof. 
 2. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which
together shall be deemed one and the same instrument. 
 3. Each of the parties hereto consents and submits to the jurisdiction of the Courts
of the State of New Jersey and of the Courts of the United States for a judicial district within the territorial limits of the State of New Jersey for all purposes of this Agreement, including, without limitation, any action or proceeding instituted
for the enforcement of any right, remedy, obligation and liability arising under or by reason of this Agreement; and if either party to this Agreement seeks to enforce any of its rights or remedies hereunder, the prevailing party shall be entitled
to reasonable attorneys’ fees and costs incurred in connection therewith including, without limitation, fees and costs incurred prior to the formal commencement of any such litigation and any appeal therefrom. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement at Immunomedics in the county of Somerset,
State of New Jersey, on this 2nd day of April, 1992. 
  

									
		 		 	IMMUNOMEDICS, INC.
				
	/s/ Kathy ______________	 		 	By:	 	/s/ Amy __________, VP Finance
	Witness	 		 		 	Signature, Title
				
		 		 		 	Trustees of the David M. Goldenberg and Hildegard Goldenberg Irrevocable Insurance Trust
				
	/s/ Lee R. Goldenberg	 		 	By:	 	/s/ Eva J. Goldenberg
	Witness	 		 		 	Eva J. Goldenberg, Trustee
			
	/s/ Eva J. Goldenberg	 		 	/s/ Deborah S. Goldenberg
	Witness	 		 	Deborah S. Goldenberg, Trustee
			
	/s/ Eva J. Goldenberg	 		 	/s/ Denis C. Goldenberg
	Witness	 		 	Denis C. Goldenberg, Trustee
			
	/s/ Eva J. Goldenberg	 		 	/s/ Neil A. Goldenberg
	Witness	 		 	Neil A. Goldenberg, Trustee

  

 –7–Termination Agreement of Split-Dollar Insurance Agreement

 Exhibit 10.40 
 TERMINATION AGREEMENT 
 This Termination Agreement (this “Agreement”) is entered as
of September 7, 2007 between Immunomedics, Inc. (the “Company”) and Eva J. Goldenberg, Deborah S. Goldenberg, Denis C. Goldenberg and Neil A. Goldenberg, the Trustees of the David M. and Hildegard Goldenberg Irrevocable
Insurance Trust dated January 21, 1992 (“Trustees”, and together with the Company, the “Parties”). 
 W
I T N E S S E T H : 
 WHEREAS, the Parties have entered into that certain Split-Dollar Insurance Agreement dated as of April 2, 1992
(the “Insurance Agreement”), pursuant to which the Company agreed to provide insurance protection for members of David M. Goldenberg’s family under the terms, and subject to the conditions, of the Insurance Agreement;

 WHEREAS, the Trustees acknowledge that the insurance policy referenced in Article III of the Insurance Agreement has not been purchased;
and 
 WHEREAS, the Parties deem it advisable, and in their respective best interests, to terminate the Insurance Agreement in accordance
with the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements
contained in this Agreement and intending to be legally bound, the Parties agree as follows: 
 1. Termination of the Insurance
Agreement. The Parties hereby agree to terminate the Insurance Agreement in its entirety effective as of the date hereof. 
 2.
Release. The Trustees hereby release the Company, its subsidiaries, and affiliated, predecessor, and successor corporations and business entities, past, present and future, and their partners, agents, directors, officers, employees,
executives, shareholders, investors, representatives, and attorneys, past, present and future, and their heirs, executors, administrators, and assigns, and all persons acting by, through, under or in concert with any of them (collectively,
“Company Releasees”), and the Company, for itself and on behalf of its employees, officers, directors, shareholders, agents and affiliates, hereby releases the Trustees from all actions, causes of action, suits, debts, charges,
complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, expenses of any nature whatsoever, in law or equity, known or unknown, suspected or unsuspected, fixed or contingent, which any of the Trustees or the
Company ever had, now has, or hereafter may have against each or any of the Company Releasees or the Trustees, respectively, from the beginning of time to the date hereof arising from, or relating to, the Insurance Agreement or the termination of
the Insurance Agreement hereunder (collectively, the “Claims”). This release covers both Claims that the Trustees and the Company know about and those that the Trustees and the Company may not know about. 
 3. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without regard to the
conflicts of laws principles thereof. 
 4. Entire Agreement. This Agreement constitutes the entire agreement between the Parties with
regard to the subject matter hereof and supersedes all prior agreements or understandings whether written or oral, between the Parties with regard to the subject matter hereof. 
 [Remainder of page intentionally left blank.] 

 IN WITNESS WHEREOF, the Parties have signed this Agreement as of the date first written above.

  

			
	IMMUNOMEDICS, INC.
		
	By:	 	/s/ Gerard G. Gorman
	Name:	 	Gerard G. Gorman
	Title:	 	SVP Finance & Business Development, CFO

			
	
	TRUSTEES OF THE DAVID M. GOLDENBERG AND HILDEGARD GOLDENBERG IRREVOCABLE INSURANCE TRUST
		
	By:	 	/s/ Eva Goldenberg
		 	Eva Goldenberg, Trustee
		
	By:	 	/s/ Deborah S. Goldenberg
		 	Deborah S. Goldenberg, Trustee
		
	By:	 	/s/ Denis C. Goldenberg
		 	Denis C. Goldenberg, Trustee
		
	By:	 	/s/ Neil A. Goldenberg
		 	Neil A. Goldenberg, Trustee

  

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