Document:

Exhibit 10.1

 

October 22, 2004

 

Virginia A. Lavery

16 Harvard Drive

Bedford, MA 01750

 

Dear Ginger:

 

The purpose of this
letter agreement (the “Agreement”) is to confirm the terms regarding your
separation of employment with ImmunoGen, Inc. (the “Company”).  As more fully set forth below, the Company
desires to provide you with severance pay and benefits in exchange for certain
agreements by you.

 

1.             Separation
of Employment.  You acknowledge
that your employment with the Company terminated effective October 22, 2004
(the “Separation Date”).  You acknowledge
that from and after the Separation Date, you shall not have any authority and
shall not represent yourself as an employee or agent of the Company.

 

2.             Severance
Pay.  In exchange for the mutual
covenants set forth in this letter, as soon as practicable following the
Company’s receipt of a signed original counterpart to this Agreement (the “Effective
Date”), the Company agrees to provide you with the following severance pay and
benefits (the “Severance Pay and Benefits”):

 

(i)            Severance
pay in an amount equal to 6 months of your gross weekly base salary of $3,693.80,
less all applicable federal, state, local and other employment-related
deductions.  Such payments shall be made
in approximately equal installments on the Company’s regularly scheduled
paydays beginning on the first such payday which is at least one (1) day after
the Effective Date of this Agreement; and

 

(ii)           The
Company will also, should you properly elect coverage under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (COBRA), pay your COBRA premiums for
a period of 6 months commencing on the Effective Date of this Agreement.  For purposes of obtaining coverage, the COBRA
qualifying event shall be deemed to have occurred on the Separation Date.  Please note that your right to elect COBRA
coverage is not contingent on your acceptance of this Agreement.  If you do not accept this Agreement, however,
you will be solely responsible for all COBRA premiums.  Additionally, should you elect to convert
your life insurance to an individual policy, subject to the provisions of the
policy, the Company will pay any associated premium(s) for a period of 6 months
commencing on the Effective Date of this Agreement; and

 

 

(iii)          Under the terms of the Company’s Stock Option
Plan, any unvested portion of your stock option grants received during your
employment will be forfeited as of your Separation Date.  Stock options that are fully vested will be
available for exercise for 90 days following the completion of your severance
package (April 22, 2005).  If you do not
wish to exercise your options after 90 days, they will also be forfeited.

 

(iv)          In
addition, the Company has agreed to allow you to take ownership of a Company
laptop (serial #97H5955) and monitor (serial #A1G032102956) for your own
personal use.

 

You acknowledge and agree
that the Severance Pay and Benefits provided in this Agreement are not
otherwise due or owing to you under any Company employment agreement (oral or
written) or Company policy or practice, and that the Severance Pay and Benefits
to be provided to you are not intended to, and shall not constitute, a
severance plan, and shall confer no benefit on anyone other than the parties
hereto.  You further acknowledge that
except for the specific financial consideration set forth in this Agreement,
you are not and shall not in the future be entitled to any other compensation
including, without limitation, other wages, commissions, bonuses, vacation pay,
holiday pay or any other form of compensation or benefit.

 

3.             Covenants by You.  You expressly acknowledge and agree to the
following:

 

(i)            that
you have returned to the Company all Company documents (and any copies thereof,
whether in paper, electronic or other form) and property, and that you shall
abide by any and all common law and/or statutory obligations relating to
protection and non-disclosure of the Company’s trade secrets and/or
confidential and proprietary documents and information; and

 

(ii)           that
all information relating in any way to the negotiation of this Agreement,
including the terms and amount of financial consideration provided for in this
Agreement, shall be held confidential by you and shall not be publicized or
disclosed to any person (other than an immediate family member, legal counsel
or financial advisor, provided that any such individual to whom disclosure is
made agrees to be bound by these confidentiality obligations), business entity
or government agency (except as mandated by state or federal law); and

 

(iii)          that
you shall abide by the provisions of the Proprietary Information and Inventions
Agreement previously signed by you, dated December 18, 2000, and that you shall
abide by all common law and/or statutory obligations relating to protection and
non-disclosure of the Company’s trade secrets and confidential and proprietary
information; and

 

2

 

(iv)          that
the breach of any of the foregoing covenants by you shall constitute a material
breach of this Agreement and shall relieve the Company of any further
obligations hereunder and, in addition to any other legal or equitable remedy
available to the Company, shall entitle the Company to recover any Severance
Pay and Benefits already paid to you pursuant to Section 2 of this letter.

 

4.             Unemployment Benefits.  The
Company will not contest any claim made by you or on your behalf with the
Massachusetts Division of Employment and Training or like agency regarding
unemployment benefits, provided, however, that the Company shall not be
required to falsify information.

 

5.             Non-Disparagement.  You
expressly acknowledge and agree that you will not make any statements that are
professionally or personally disparaging about, or adverse to, the interests of
the Company (including its officers, directors and employees) including, but
not limited to, any statements that disparage any person, product, service,
finances, financial condition, capability or any other aspect of the business
of the Company, and that you will not engage in any conduct which is intended
to harm professionally or personally the reputation of the Company (including
its officers, directors and employees). 
The Company expressly agrees that the Company’s Officers, Directors and
Human Resources personnel, unless required by law or legal process, to enforce
the terms of this Agreement, or to defend against or assert rights against you
or others with respect to claims asserted by any person or entity not a party
to this Agreement and except for disclosures to your attorneys, will not make
any statements that are professionally or personally disparaging about, or
adverse to, your interests, nor will they engage in any conduct that is
intended to or has the result of inflicting harm upon your professional or
personal reputation.

 

6.             References.  If any employer or prospective employer makes
an inquiry or seeks a reference with respect to you, all such requests directed
to management of the Company will be referred to Linda Buono who will inform
the employer or prospective employer that it is the Company’s policy to provide
only dates of employment and position held for former employees, and who will
provide only such information in regard to you.

 

7.             Release
of Claims.  You hereby agree and
acknowledge that by signing this letter and accepting the Severance Pay and
Benefits to be provided to you, and other good and valuable consideration
provided for in this Agreement, you are waiving and releasing your right to
assert any form of legal claim against the Company(1) whatsoever for any
alleged action, inaction or circumstance existing or arising from the beginning
of time through the Separation Date. 
Your waiver and release herein is intended to bar any form of legal
claim, charge, complaint or any

 

(1) For the purposes of this
section, the parties agree that the term “Company” shall include ImmunoGen,
Inc., its divisions, affiliates, parents and subsidiaries, and its and their
respective officers, directors, employees, agents and assigns.

 

3

 

other form of action
(jointly referred to as “Claims”) against the Company seeking any form of
relief including, without limitation, equitable relief (whether declaratory,
injunctive or otherwise), the recovery of any damages or any other form of
monetary recovery whatsoever (including, without limitation, back pay, front
pay, compensatory damages, emotional distress damages, punitive damages,
attorneys fees and any other costs) against the Company, for any alleged
action, inaction or circumstance existing or arising through the Separation
Date.

 

Without limiting the
foregoing general waiver and release, you specifically waive and release the
Company from any Claim arising from or related to your employment relationship
with the Company or the termination thereof, including, without limitation:

 

•              Claims
under any state or federal discrimination, fair employment practices or other
employment related statute, regulation or executive order (as they may have
been amended through the Separation Date) prohibiting discrimination or
harassment based upon any protected status including, without limitation, race,
national origin, age, gender, marital status, disability, veteran status or
sexual orientation.  Without limitation,
specifically included in this paragraph are any Claims arising under the
federal Age Discrimination in Employment Act, the Older Workers Benefit
Protection Act, the Civil Rights Acts of 1866 and 1871, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the
Americans With Disabilities Act and any similar Massachusetts or other state
statute.

 

•              Claims
under any other state or federal employment related statute, regulation or
executive order (as they may have been amended through the Separation Date)
relating to wages, hours or any other terms and conditions of employment.  Without limitation, specifically included in
this paragraph are any Claims arising under the Fair Labor Standards Act, the
Family and Medical Leave Act of 1993, the National Labor Relations Act, the
Employee Retirement Income Security Act of 1974, the Consolidated Omnibus
Budget Reconciliation Act of 1985 (COBRA) and any similar Massachusetts, New
York or other state statute.

 

•              Claims
under any state or federal common law theory including, without limitation,
wrongful discharge, breach of express or implied contract, promissory estoppel,
unjust enrichment, breach of a covenant of good faith and fair dealing,
violation of public policy, defamation, interference with contractual
relations, intentional or negligent infliction of emotional distress, invasion
of privacy, misrepresentation, deceit, fraud or negligence.

 

•              Any
other Claim arising under local, state or federal law.

 

4

 

Notwithstanding the
foregoing, this section does not release the Company from any obligation
expressly set forth in this Agreement. 
You acknowledge and agree that, but for providing this waiver and
release, you would not be receiving the Severance Pay being provided to you
under the terms of this Agreement.

 

8.             Entire Agreement/Choice of Law/Enforceability.  You acknowledge and agree that, with the
exception of your Proprietary Information and Inventions Agreement referenced
in Section 3 and your agreement to adhere to the Company’s Insider Trading
policy both of which shall survive indefinitely the execution of this
Agreement, this Agreement supersedes any and all prior and contemporaneous oral
and/or written agreements between you and the Company, and sets forth the
entire agreement between you and the Company. 
No variations or modifications hereof shall be deemed valid unless
reduced to writing and signed by the parties hereto.  This Agreement shall be deemed to have been
made in the Commonwealth of Massachusetts, shall take effect as a document
under seal in Massachusetts, and shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, without giving
effect to conflict of law principles. 
You agree that any action, demand, claim or counterclaim relating to the
terms and provisions of this Agreement, or to its breach, shall be commenced in
Massachusetts in a court of competent jurisdiction, and you further acknowledge
that venue for such actions shall lie exclusively in Massachusetts and that
material witnesses and documents would be located in Massachusetts.  The provisions of this letter are severable,
and if for any reason any part hereof shall be found to be unenforceable, the
remaining provisions shall be enforced in full.

 

9.             Notice. 
All notices under this
Agreement shall be in writing and be delivered by hand, sent via reputable
nationwide overnight courier service, transmitted via facsimile with original
copy via U.S. mail or mailed by first class certified or registered mail,
return receipt requested, postage prepaid:

 

i.              If to Virginia A. Lavery, 16 Harvard Drive,
Bedford, MA 01730; or

 

ii.             If
to the Company, ImmunoGen, Inc, Attention Linda Buono, 128 Sidney Street,
Cambridge, MA 02139.

 

Notices under this Agreement
shall be deemed delivered upon personal delivery, one day after being sent via
a reputable nationwide overnight courier service or two days after deposit in
the mail and on the next business day following transmittal via facsimile.

 

By executing this
Agreement, you are acknowledging that you have been afforded sufficient time to
understand the terms and effects of this letter, that your agreements and
obligations hereunder are made voluntarily, knowingly and without duress, and
that neither the Company nor its agents

 

5

 

or representatives have
made any representations inconsistent with the provisions of this letter.  If the foregoing correctly sets forth our
understanding, please sign, date and return the enclosed copy of this letter to
Linda Buono at ImmunoGen, Inc. within seven (7) calendar days.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  IMMUNOGEN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Mitchel Sayare

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Chairman of the Board
  and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Dated:

  	
  October 22, 2004

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Confirmed and Agreed:

  	
   

  
	
   

  	
   

  
	
  /s/ Virginia A. Lavery

  	
   

  	
   

  
	
  Virginia A. Lavery

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  October 22, 2004

  	
   

  	
   

  
							

 

6Exhibit 10.2

 

September 27, 2004

 

Christopher U. Missling, Ph.D.

125 Beacon Street

Boston, MA 02116

 

Dear Christopher:

 

I
am delighted to offer you the full-time position of Chief Financial Officer and
Vice President, Finance at ImmunoGen, Inc.  Your employment will commence October 25, 2004
and you shall have a bi-weekly salary of $9,230.77, which is at a rate of $240,000
per year.

 

Also
in consideration of your employment by the Company, we will recommend to the
Board of Directors, for their approval, a grant of 100,000 stock options under
the Company’s Stock Option Plan.  Your
options will vest at a rate of 25 percent per year for four years beginning on
the first anniversary of your effective date of employment with ImmunoGen.  The exercise price for these options will be
the closing sale price of the Company’s Common Stock as listed on the NASDAQ on
your effective date of employment.

 

You will also be entitled to participate in
the Company’s benefit plans.  This
currently includes paid vacation time, life, health, dental and disability
insurance, all of which are currently paid 100% by the Company.

 

Your duties as an employee of the Company
shall be as determined by me in consultation with you, and you agree to devote
your best efforts and full business time to the performance of such
responsibilities.  In addition, you will
be eligible for an annual cash bonus of up to 30% of your annual salary.  Bonuses are at the discretion of the Board of
Directors, and are based on Company and individual performance.

 

In addition, ImmunoGen is required by the
Immigration and Naturalization Service to verify that each employee is eligible
to work in the United States.  To that
end, a list of acceptable forms of identification is attached.  Please bring with you one item on List A,  or a combination of one item on List B and
List C.

 

 

While we anticipate that our relationship
will be a long and mutually rewarding one, your employment, of course, will be
at will, terminable by either you or the Company at any time.  On your first day of employment, you will be
required to sign both our Proprietary Information and Inventions Agreement and
the Company’s Insider Trading Policy, acknowledging that you understand and
agree to be bound by these agreements. 
Copies of each are enclosed.  You
are also asked to acknowledge and agree that your employment by the Company
will not violate any agreement, which you may have with any third party.  Please acknowledge your understanding and
agreement with the terms of your employment as set forth in this letter by
signing below.

 

I look forward to a long and productive
relationship with you.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Mitchel Sayare

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged
  and Agreed to:

  	
   

  
	
   

  	
   

  
	
  /s/ Christopher U. Missling ,

  	
  October 25, 2004

  	
   

  
	
  Christopher
  U. Missling, Ph.D.

  	
   

  	
    Date

  	
   

  
					

 

 

MS/lb

Enclosure

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