Document:

Registration Rights Agreement Dated January 20, 2004

 EXHIBIT 4.9 
  
 Immunomedics, Inc. 
 3.25% Convertible Senior Notes due 2006 
 Registration Rights Agreement 
  
 January 20, 2004 
  
 BEAR, STEARNS & CO. INC. 
 383 Madison
Avenue 
 New York, New York 10179 
  
 Ladies and Gentlemen: 
  
 Immunomedics, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the purchaser named in the purchase agreement
(the “Initial Purchaser”), upon the terms set forth in such purchase agreement dated January 12, 2004 (the “Purchase Agreement”), its 3.25% Convertible Senior Notes due 2006 (the “Securities”). As
an inducement to the Initial Purchaser to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Initial Purchaser thereunder, the Company agrees with the Initial Purchaser for the benefit of Holders (as
defined herein) from time to time of the Registrable Securities (as defined herein) as follows: 
  
 Section 1. Definitions. (a) Capitalized terms used herein without definition shall have the meanings ascribed to them in the Purchase Agreement. As
used in this Agreement, the following defined terms shall have the following meanings: 
  
 “Additional Interest” has the meaning assigned thereto in Section 7(a) hereof. 
  
 “Additional Shares” has the meaning assigned thereto in Section 7(a) hereof. 
  
 “Affiliate” of any specified person means any other person
which, directly or indirectly, is in control of, is controlled by, or is under common control with such specified person. For purposes of this definition, control of a person means the power, direct or indirect, to direct or cause the direction of
the management and policies of such person whether by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Applicable Amount” means, (i) with respect to the Securities, the principal amount of the Securities and
(ii) with respect to shares of Common Stock issued upon conversion of the Securities pursuant to the Indenture, the principal amount of Securities that would then be convertible into such number of shares. 
  
 “Business Day” means each Monday, Tuesday, Wednesday,
Thursday and Friday that is not a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to close. 

 “Commission” means the United States Securities and Exchange Commission, or any other
federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
  
 “Common Stock” means the Company’s common stock, par value $0.01 per share. 
  
 “DTC” means The Depository Trust Company. 
  
 “Effectiveness Period” has the meaning assigned thereto in
Section 2(b) (i) hereof. 
  
 “Effective Time”
means the time at which the Commission declares any Shelf Registration Statement effective or at which any Shelf Registration Statement otherwise becomes effective. 
  
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
  
 “Holder” means any person that is the record owner of
Registrable Securities (and includes any person that has a beneficial interest in any Registrable Security in book-entry form). 
  
 “Indenture” means the Indenture, dated as of January 20, 2004, between the Company and The Bank of New York, pursuant to which the
Securities are to be issued, and as amended and supplemented from time to time in accordance with its terms. 
  
 “Issue Date” means the first date of original issuance of the Securities. 
  
 “Majority of Holders” means Holders holding over 50% of the aggregate principal amount of Registrable
Securities outstanding. 
  
 “Notice and
Questionnaire” means a Notice of Registration Statement and Selling Securityholder Election and Questionnaire substantially in the form of Appendix A hereto. 
  
 “Notice Holder” has the meaning assigned thereto in Section 3(a)(i) hereof. 
  
 The term “person” means an individual, partnership, limited
liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 
  
 “Prospectus” means the prospectus included in any Shelf Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Securities covered by any Shelf Registration Statement and by all other amendments and supplements to such prospectus, including all material incorporated by reference in
such prospectus and all documents filed after the date of such prospectus by the Company under the Exchange Act and incorporated by reference therein. 
  

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 “Registrable Securities” means all or any portion of the Securities issued from time to
time under the Indenture in registered form and the shares of Common Stock issuable upon conversion of such Securities until the earliest of: (x) the date on which such security has been registered under the Securities Act and disposed of pursuant
to an effective registration statement, (y) the date that is two years after the later of (1) the last date of original issuance of the Securities and (2) the last date that the Company or any of its Affiliates was the owner of such Securities (or
any predecessor thereto), or such shorter period of time as permitted by Rule 144(k) (or any successor rule or regulation) under the Securities Act or any successor provisions thereunder or (z) its sale to the public pursuant to Rule 144 (or any
successor rule or regulation) under the Securities Act. 
  
 “Registration Default” has the meaning assigned thereto in Section 7(a) hereof. 
  
 “Securities Act” means the United States Securities Act of 1933, as amended. 
  
 “Shelf Registration” means a registration effected pursuant
to Section 2 hereof. 
  
 “Shelf Registration
Statement” means a “shelf” registration statement filed under the Securities Act providing for the registration of, and the sale on a continuous or delayed basis by the Holders of, all of the Registrable Securities pursuant to
Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission, filed by the Company pursuant to the provisions of Section 2 of this Agreement, including the Prospectus contained therein, any amendments and
supplements to such registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement, and any additional “shelf” registration statements filed under the
Securities Act to permit the registration and sale of Registrable Securities pursuant to Section 3(a)(ii) hereof. 
  
 “Suspension Period” has the meaning assigned thereto in Section 2(c) hereof. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939,
or any successor thereto, and the rules, regulations and forms promulgated thereunder, as the same shall be amended from time to time. 
  
 The term “underwriter” means any underwriter, or any person deemed to be an underwriter pursuant to the Securities Act and Exchange Act
and the respective rules and regulations thereunder, as in effect at any relevant time, of Registrable Securities in connection with an offering thereof under a Shelf Registration Statement. 
  
 (b) Wherever there is a reference in this Agreement to a percentage of the
“principal amount” of Registrable Securities or to a percentage of Registrable Securities, each share of Common Stock issued upon conversion of the Securities shall represent a principal amount or percentage of Registrable Securities
determined based on a quotient, (i) the numerator of which shall be equal to the aggregate principal amount of Securities issued, less the aggregate principal amount of Securities outstanding as of the date of determination, and (ii) the denominator
of which shall be equal to the aggregate number of shares of Common Stock issued upon conversion of the Securities as of the date of determination. 
  

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 Section 2. Shelf Registration. (a) The Company shall, no later than 120 calendar days following
the Issue Date, file with the Commission a Shelf Registration Statement relating to the offer and sale of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by such Holders and,
thereafter, shall use its reasonable best efforts to cause such initial Shelf Registration Statement to be declared effective under the Securities Act no later than 180 calendar days following the Issue Date; provided, however, that no
Holder shall be entitled to be named as a selling securityholder in any Shelf Registration Statement as of the date it is declared effective or to use the Prospectus forming a part thereof for offers and resales of Registrable Securities unless such
Holder is a Notice Holder. 
  
 (b) Subject to Section 2(c) hereof,
the Company shall use its reasonable best efforts: 
  
 (i) to keep any Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 3(j) hereof, in order to permit the Prospectus forming a part thereof to be usable by Holders until the
earlier of: (1) two years from the last date of original issuance of any Securities or (2) such shorter period ending on the date that (x) all of the Holders of Registrable Securities that are not Affiliates of the Company are able to sell all
Registrable Securities immediately without restriction pursuant to Rule 144(k) under the Securities Act or any successor rule thereto, (y) all Registrable Securities registered under the Shelf Registration Statements have been sold or (z) all
Registrable Securities have ceased to be outstanding (such period being referred to herein as the “Effectiveness Period”); and 
  
 (ii) after the Effective Time of the initial Shelf Registration Statement, after the receipt of a completed and signed Notice and
Questionnaire from any Holder of Registrable Securities that is not then a Notice Holder, to take the actions provided for in Section 3(a)(ii) hereof. 
  
 The Company shall be deemed not to have used its reasonable best efforts to keep any Shelf Registration Statement effective during the Effectiveness Period if the Company
voluntarily takes any action that would result in Holders of Registrable Securities covered thereby not being able to offer and sell any of such Registrable Securities under such Shelf Registration Statement during that period, unless such action is
(A) required by applicable law and the Company thereafter promptly complies with the requirements of Section 3(j) hereof or (B) permitted pursuant to Section 2(c) hereof. 
  
 (c) After the Effective Time of the initial Shelf Registration Statement, the Company may suspend the use of any Prospectus
by written notice to the Notice Holders for a period not to exceed an aggregate of 45 calendar days in any 90 calendar day period (each such period, a “Suspension Period”) if: 
  
 (i) an event has occurred and is continuing as a result of
which the Shelf Registration Statement would, in the Company’s judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
and 
  

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 (ii) the Company determines in good faith that the disclosure of such event at such time
would have a material adverse effect on the Company and its subsidiaries taken as a whole; 
  
 provided, that in the event the disclosure relates to a previously undisclosed proposed or pending material business transaction, the disclosure of which would impede the Company’s ability to consummate
such transaction, the Company may extend a Suspension Period for an additional period from 30 to 60 calendar days; provided, however, that Suspension Periods (including, without limitation, any such extension of a Suspension Period)
shall not exceed an aggregate of 120 calendar days in any 360 calendar day period. 
  
 Section 3. Registration Procedures. In connection with the Shelf Registration Statements, the following provisions shall apply: 
  
 (a) (i) Not less than 30 calendar days prior to the time the Company in good faith intends to have the initial Shelf
Registration Statement declared effective, the Company shall distribute the Notice and Questionnaire to the Holders of Registrable Securities. The Company shall take action to name as a selling securityholder in the initial Shelf Registration
Statement at the Effective Time each Holder that completes, executes and delivers a Notice and Questionnaire to the Company at the address set forth in the Notice and Questionnaire (a “Notice Holder”) prior to or on the 20th
calendar day after such Holder’s receipt thereof so that such Holder is permitted to deliver the Prospectus forming a part thereof as of such time to purchasers of such Holder’s Registrable Securities in accordance with applicable law. The
Company shall not be required to take any action to name any Holder as a selling securityholder in the initial Shelf Registration Statement at the time of its effectiveness or to enable any Holder to use the Prospectus forming a part thereof for
resales of Registrable Securities unless such Holder has returned a completed and signed Notice and Questionnaire to the Company in a timely manner. 
  
 (ii) After the Effective Time of the initial Shelf Registration Statement, the Company shall, upon the request of any Holder of Registrable Securities
that is not then a Notice Holder, promptly send a Notice and Questionnaire to such Holder. After the Effective Time of the initial Shelf Registration Statement, the Company shall (A) after the date a completed and signed Notice and Questionnaire is
delivered to the Company, prepare and file with the Commission (x) a supplement to the Prospectus as promptly as practicable or, if required by applicable law, a post-effective amendment to the Shelf Registration Statement or an additional Shelf
Registration Statement as promptly as practicable after the end of each fiscal quarter and (y) any other document required by applicable law, so that the Holder delivering such Notice and Questionnaire is named as a selling securityholder in a Shelf
Registration Statement and is permitted to deliver the Prospectus to purchasers of such Holder’s Registrable Securities in accordance with applicable law, and (B) if the Company shall file a post-effective amendment to the Shelf Registration
Statement, or an additional Shelf Registration Statement, use its reasonable best efforts to cause such post-effective amendment or such additional Shelf Registration Statement to become effective under the Securities Act as promptly as is
practicable; provided, however, that if a Notice and Questionnaire is delivered to the Company during a Suspension Period, the Company shall not be obligated to take the actions set forth in this clause (ii) until the termination of
such Suspension Period. 
  

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 (b) The Company shall furnish to each Notice Holder, prior to the Effective Time, a copy of the Shelf
Registration Statement initially filed with the Commission, and shall furnish to such Notice Holders, prior to the filing with the Commission, copies of each amendment thereto and each amendment or supplement, if any, to the Prospectus included
therein (other than supplements solely for the purpose of naming one or more Notice Holders as selling securityholders), and shall use its best efforts to reflect in each such document, at the Effective Time or when so filed with the Commission, as
the case may be, such comments as such Notice Holders and their respective counsel reasonably may propose. 
  
 (c) The Company shall promptly take such action as may be necessary so that (i) each of the Shelf Registration Statements and any amendment thereto and
the Prospectus forming a part thereof and any amendment or supplement thereto (and each report or other document incorporated therein by reference in each case) complies in all material respects with the Securities Act and the Exchange Act and the
respective rules and regulations thereunder, as in effect at any relevant time, (ii) each of the Shelf Registration Statements and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading, and (iii) each of the Prospectus forming a part of any Shelf Registration Statement, and any amendment or supplement to such Prospectus,
in the form delivered to purchasers of the Registrable Securities during the Effectiveness Period, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. 
  
 (d) The Company shall promptly advise each Notice Holder, and shall confirm such advice in writing if so requested by any such Notice Holder: 
  
 (i) when the initial Shelf Registration Statement has been filed with the Commission and when the initial Shelf Registration Statement has
become effective, in each case making a public announcement thereof in a newspaper of general circulation in The City of New York or by publishing the information on the Company’s website or through such other broad, public medium as the
Company may see fit; 
  
 (ii) when any Prospectus
supplement, Shelf Registration Statement or post-effective amendment to a Shelf Registration has been filed with the Commission and, with respect to a Shelf Registration Statement or any post-effective amendment, when the same has been declared
effective by the Commission; 
  
 (iii) of any
request by the Commission for amendments or supplements to any Shelf Registration Statement or the Prospectus included therein or for additional information; 
  

(iv) of the issuance by the Commission of any stop order suspending the effectiveness of any Shelf Registration Statement or the
initiation of any proceedings for such purpose; 
  

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 (v) of the receipt by the Company of any notification with respect to the suspension of
the qualification of the securities included in any Shelf Registration Statement for sale in any jurisdiction or the initiation of any proceeding for such purpose; and 
  
 (vi) of the happening of any event or the existence of any state of facts that requires the making of any
changes in any Shelf Registration Statement or the Prospectus included therein so that, as of such date, such Shelf Registration Statement and Prospectus do not contain an untrue statement of a material fact and do not omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading (which advice shall be accompanied by an instruction to such
Holders to suspend the use of the Prospectus until the requisite changes have been made, which notice need not specify the nature of the event giving rise to such suspension). 
  
 (e) The Company shall use its best efforts to prevent the issuance, and if issued to obtain the withdrawal at the earliest
possible time, of any order suspending the effectiveness of any Shelf Registration Statement. 
  
 (f) As promptly as reasonably practicable furnish to each Notice Holder, upon their request and without charge, at least one (1) conformed copy of the Registration Statement and any amendment thereto, including
financial statements but excluding schedules, all documents incorporated or deemed to be incorporated therein by reference and all exhibits (unless requested in writing to the Company by such Notice Holder). 
  
 (g) The Company shall, during the Effectiveness Period, deliver to each
Notice Holder, without charge, as many copies of each Prospectus in which the Notice Holder is listed as a selling securityholder included in the applicable Shelf Registration Statement and any amendment or supplement thereto as such Notice Holder
may reasonably request; and the Company consents (except during a Suspension Period or during the continuance of any event described in Section 3(d) (iii)-(vi) above) to the use of the Prospectus and any amendment or supplement thereto by each of
the Notice Holders in connection with the offering and sale of the Registrable Securities covered by the Prospectus and any amendment or supplement thereto during the Effectiveness Period. 
  
 (h) Prior to any offering of Registrable Securities pursuant to a Shelf
Registration Statement, the Company shall (i) register or qualify or cooperate with the Notice Holders and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any Notice Holder may reasonably request in writing, (ii) keep such registrations or qualifications or
exemption therefrom in effect and comply with such laws so as to permit the continuance of offers and sales in such jurisdictions for so long as may be necessary to enable any Notice Holder or underwriter, if any, to complete its distribution of
Registrable Securities pursuant to such Shelf Registration Statement, and (iii) take any and all other actions necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities; provided, however,
that in no event shall the Company be obligated to (A) qualify as a foreign corporation or as a 
  

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 dealer in securities in any jurisdiction where it would not otherwise be required to so qualify but for this Section 3(h)
or (B) subject itself to general or unlimited service of process or to taxation in any such jurisdiction if they are not now so subject. 
  
 (i) Unless any Registrable Securities shall be in book-entry only form, the Company shall cooperate with the Notice Holders to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be sold pursuant to any Shelf Registration Statement, which certificates, if so required by any securities market or exchange upon which any Registrable Securities are
quoted or listed, shall be penned, lithographed or engraved, or produced by any combination of such methods, on steel engraved borders, and which certificates shall be free of any restrictive legends and in such permitted denominations and
registered in such names as Notice Holders may request in connection with the sale of Registrable Securities pursuant to such Shelf Registration Statement. 
  
 (j) Upon the occurrence of any fact or event contemplated by paragraph 3(d)(vi) above, subject to Section 2(c) hereof, the Company shall promptly, but in
any event within 10 Business Days following such occurrence, prepare, file (and have declared effective) a post-effective amendment to any Shelf Registration Statement or an amendment or supplement to the related Prospectus included therein or file
any other document with the Commission so that, as thereafter delivered to purchasers of the Registrable Securities, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. If the Company notifies the Notice Holders of the occurrence of any fact or event contemplated by paragraph 3(d)(vi) above, the Notice Holder shall
suspend the use of the Prospectus until the requisite changes to the Prospectus have been made. 
  
 (k) Not later than the Effective Time of a Shelf Registration Statement, the Company shall provide a CUSIP number for the debt securities to be sold
pursuant to a Shelf Registration Statement. 
  
 (l) The Company
shall use its best efforts to comply with the Securities Act and the Exchange Act and the respective rules and regulations thereunder, as in effect at any relevant time, and make generally available to its securityholders earnings statements (which
need not be audited) satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the
end of any 12-month period if such period is a fiscal year), or such shorter period as required by the Securities Act and the Exchange Act and the rules and regulations thereunder, as in effect at any relevant time, commencing on the first day of
the first fiscal quarter of the Company commencing after (i) the effective date of a Shelf Registration Statement, (ii) the effective date of each post-effective amendment to such Shelf Registration Statement, or (iii) the date of each filing by the
Company with the Commission of an Annual Report on Form 10-K that is incorporated by reference in such Shelf Registration Statement, which statements shall cover said 12-month periods. 
  
 (m) Not later than the Effective Time of the initial Shelf Registration Statement, the Company shall use its best efforts to
cause the Indenture to be qualified under the Trust Indenture Act; in connection with such qualification, the Company shall cooperate with the 
  

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 Trustee under the Indenture and the Holders (as defined in the Indenture) to effect such changes to the Indenture as may
be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and the Company shall execute, and shall use all reasonable efforts to cause the Trustee to execute, all documents that may be required to
effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. In the event that any such amendment or modification referred to in this Section 3(m)
involves the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
  
 (n) The Company shall enter into such customary agreements and take all such other necessary actions in connection therewith
(including those reasonably requested by the holders of a majority of the Registrable Securities being sold) in order to expedite or facilitate disposition of such Registrable Securities; provided, that the Company shall not be required to
take any action in connection with an underwritten offering without its consent. 
  
 (o) The Company shall (A) make reasonably available for inspection by one or more representatives of the selling Holders, designated in writing by a Majority of Holders whose Registrable Securities are included in a
Shelf Registration Statement, any underwriter participating in any disposition pursuant to any Shelf Registration Statement, and any attorney, accountant or other agent retained by such Notice Holders or any such underwriter all relevant financial
and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and (B) cause the Company’s officers, directors and employees to make reasonably available for inspection all information reasonably requested
by such Notice Holders or any such underwriter, attorney, accountant or agent in connection with such Shelf Registration Statement, in each case, as is customary for similar due diligence examinations; provided, however, that such
persons shall, at the Company’s request, first agree in writing with the Company that any information that is reasonably and in good faith designated by the Company in writing as confidential at the time of delivery, or inspection, as the case
may be, of such information shall be kept confidential by such persons and shall be used solely for the purposes of exercising rights under this Agreement, unless such disclosure is made in connection with a court proceeding or required by law, or
such records, information or documents become available to the public generally or through a third party without an accompanying obligation of confidentiality; and provided further that, if the foregoing inspection and information
gathering would otherwise disrupt the Company’s conduct of its business, such inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of the Notice Holders and the other parties entitled thereto by
one counsel designated by and on behalf of the Notice Holders and other parties. 
  
 (p) The Company will use its best efforts to cause the Common Stock issuable upon conversion of the Securities to be quoted or listed on the Nasdaq National Market or other market or stock exchange on which the Common
Stock primarily trades on or prior to the Effective Time of each Shelf Registration Statement hereunder. 
  
 (q) The Company will cooperate and assist in any filings required to be made with National Association of Securities Dealers, Inc. 
  

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 (r) The Company shall use its best efforts to take all other steps necessary to effect the registration,
offering and sale of the Registrable Securities covered by each Shelf Registration Statement contemplated hereby. 
  
 Section 4. Registration Expenses. The Company shall bear all fees and expenses incurred in connection with the performance by the Company of its
obligations under Sections 2 and 3 of this Agreement whether or not any of the Shelf Registration Statements are declared effective. Such fees and expenses shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses (x) with respect to filings required to be made with the National Association of Securities Dealers, Inc. and (y) of compliance with United States federal and state securities or Blue Sky laws to the extent such filings
or compliance are required pursuant to this Agreement (including, without limitation, reasonable fees and disbursements of the counsel specified in the next sentence in connection with Blue Sky qualifications of the Registrable Securities under the
laws of such jurisdictions as the Notice Holders of a majority of the Registrable Securities being sold pursuant to a Shelf Registration Statement may designate)), (ii) printing expenses (including, without limitation, expenses of printing
certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company), (iii) duplication expenses relating to copies of any Shelf Registration Statement or Prospectus delivered to any Holders hereunder, (iv) fees
and disbursements of counsel for the Company in connection with the Shelf Registration Statement, and (v) reasonable fees and disbursements of the Trustee and its counsel and of the registrar and transfer agent for the Common Stock. In addition, the
Company shall bear or reimburse the Notice Holders for the reasonable fees and disbursements of one firm of legal counsel for the Holders (up to a maximum of $5,000), which shall initially be counsel to the Initial Purchaser, but which may, upon the
written consent of the Initial Purchaser (which shall not be unreasonably withheld), be another nationally recognized law firm experienced in securities law matters designated by the Company. In addition, the Company shall pay the internal expenses
of the Company (including, without limitation, all salaries and expenses of officers and employees performing legal or accounting duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the
Registrable Securities on any securities exchange on which similar securities of the Company are then listed and the fees and expenses of any person, including special experts, retained by the Company. 
  
 Section 5. Indemnification and Contribution. (a) Indemnification by
the Company. The Company shall indemnify and hold harmless each Notice Holder, the Initial Purchaser, and each person, if any, who controls any such Notice Holder or Initial Purchaser within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, from and against any loss, claim, damage, liability or expense whatsoever as incurred (including but not limited to reasonable attorneys’ fees and any and all expenses whatsoever incurred in investigating,
preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as any such loss, claim, damage, liability or expense (or action in respect thereof) arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact
contained in the Shelf Registration Statement or any amendment thereto or any related preliminary prospectus or the Prospectus or any amendment thereto of supplement thereof, or arises out of, or is based upon, the omission or alleged omission to
state 
  

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 therein any material fact required to be stated therein or necessary to make the statements therein not misleading;
provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent that any such loss, claim, damage, liability or expense arises out of, or is based upon, any such untrue statement or
alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of such indemnified party specifically for use therein; and provided
further, however, that the Company shall not be liable to any such indemnified party in any such case to the extent that such loss, claim, damage, liability or expense arises from an offer or sale by a Notice Holder of Registrable Securities
during a Suspension Period, if such indemnified party is a Notice Holder that received from the Company a notice of the commencement of such Suspension Period prior to the making of such offer or sale. The foregoing indemnity agreement is in
addition to any liability that the Company may otherwise have to any indemnified party. The Company shall not be liable under this Section 5(a) for any settlement of any action effected without its written consent, which shall not be unreasonably
withheld, provided, however, that with respect to actions pursuant to clauses (1), (2) and (3) of Section 5(c), no such consent shall be required. 
  

(b) Indemnification by the Notice Holders. Each Notice Holder, severally and not jointly, shall indemnify and hold harmless the Company, the
Initial Purchaser, and each person, if any, who controls the Company or the Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any loss, claim, damage, liability or expense
whatsoever as incurred (including but not limited to attorneys’ fees and any and all expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all
amounts paid in settlement of any claim or litigation), joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise, insofar as any such loss, claim, damage, liability or expense (or
action in respect thereof) arises out of, or is based upon, any untrue statement or alleged untrue statement of a material fact contained in the Shelf Registration Statement or any amendment thereto or any related preliminary prospectus or the
Prospectus or any amendment thereto of supplement thereof, or arises out of, or is based upon, the omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission made therein was made in reliance upon and in conformity with written information furnished to the
Company by or on behalf of such Notice Holder specifically for use therein. In no event shall the liability of any selling Notice Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder upon the sale of
the Registrable Securities pursuant to the Shelf Registration Statement giving rise to such indemnification obligation. The foregoing indemnity agreement is in addition to any liability that any Notice Holder may otherwise have to the Company, the
Initial Purchaser and any such controlling person. 
  
 (c)
Notices of Claims, Etc. Promptly after receipt by an indemnified party under this Section 5 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the
indemnifying party under this Section 5, notify the indemnifying party in writing of the claim or the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it 
  

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 from any liability that it may have under this Section 5. If any such claim or action shall be brought against an
indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the
defense thereof with counsel satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the
indemnified party under this Section 5 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the
indemnified party shall have the right to employ counsel to represent jointly the indemnified party and its respective directors, employees, officers and controlling persons who may be subject to liability arising out of any claim in respect of
which indemnity may be sought by the indemnified party against the indemnifying party under this Section 5 if (1) employment of such counsel has been authorized in writing by the indemnifying party, or (2) such indemnifying party shall not have
employed counsel to have charge of the defense of such proceeding within 30 days of the receipt of notice thereof, or (3) such indemnified party shall have reasonably concluded that the representation of such indemnified party and those directors,
employees, officers and controlling persons by the same counsel representing the indemnifying party would be inappropriate under applicable standards of professional conduct due to actual or potential differing interests between them or where there
may be one or more defenses available to them that are different from, additional to or in conflict with those available to the indemnifying party, and in any such event ((1), (2) or (3)) the fees and expenses of such separate counsel shall be paid
by the indemnifying party as incurred. It is understood that the indemnifying party shall not be liable for the fees and expenses of more than one separate firm (in addition to local counsel in each jurisdiction) for all indemnified parties in
connection with any proceeding or related proceedings. No indemnifying party shall, without the prior written consent of the indemnified parties, effect any settlement or compromise of, or consent to the entry of judgment with respect to, any
pending or threatened claim, investigation, action or proceeding in respect of which indemnity or contribution may be or could have been sought hereunder (whether or not the indemnified party or parties are actual or potential parties thereto)
unless (x) such settlement, compromise or judgment (i) includes an unconditional release of such indemnified party from all liability arising out of such claim, action, suit or proceeding and (ii) does not include a statement as to or an admission
of fault, culpability or failure to act by or on behalf of any indemnified party, and (y) the indemnifying party confirms in writing its indemnification obligations hereunder with respect to such settlement, compromise or judgment. 
  
 (d) Contribution. If the indemnification provided for in this Section
5 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims,
damages, expenses or liabilities (or actions in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and
the indemnified party on the other from the registration of the Registrable Securities pursuant to the Shelf Registration, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements

  

 -12- 

 or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any
other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). The Company and the Holders agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to herein. Notwithstanding any other provision of this
Section 5(d), the Holders of the Registrable Securities shall not be required to contribute any amount in excess of the amount by which the gross proceeds received by such Holders from the sale of the Registrable Securities pursuant to the Shelf
Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls such
indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the
Exchange Act shall have the same rights to contribution as the Company. The Holders’ respective obligations to contribute pursuant to this Section 5 are several in proportion to the respective amount of Registrable Securities they have sold
pursuant to a Registration Statement and not joint. The remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity. 

 
 (e) The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchaser, any Holder or any person controlling the Initial Purchaser or Holder, or
by or on behalf of the Company, its officers or directors or any person controlling the Company, and (iii) any sale of Registrable Securities pursuant to the Shelf Registration Statement. 
  
 Section 6. Holder’s Obligations. Each Holder agrees, by acquisition of the Registrable Securities, that no
Holder of Registrable Securities shall be entitled to sell any of such Registrable Securities pursuant to a Shelf Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with a Notice and
Questionnaire as required pursuant to Section 3(a) hereof (including the information required to be included in such Notice and Questionnaire) and the information set forth in the next sentence. Each Notice Holder agrees promptly to furnish to the
Company all information required to be disclosed in order to make the information previously furnished to the Company by such Notice Holder not misleading and any other information regarding such Notice Holder and the distribution of such

  

 -13- 

 Registrable Securities as the Company may from time to time reasonably request. Any sale of any Registrable Securities by
any Notice Holder shall constitute a representation and warranty by such Notice Holder that the information relating to such Notice Holder and its plan of distribution is as set forth in the Prospectus delivered by such Notice Holder in connection
with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or provided by such Notice Holder or its plan of distribution and that such Prospectus does not as of the
time of such sale omit to state any material fact relating to or provided by such Notice Holder or its plan of distribution necessary in order to make the statements in such Prospectus, in the light of the circumstances under which they were made,
not misleading. 
  
 Section 7. Additional Interest. (a)
Notwithstanding any postponement of the effectiveness pursuant to Section 2(a) hereof, if (i) on or prior to the 120th day following the Issue Date, a Shelf Registration Statement has not been filed with the Commission, (ii) on or prior to the 180th
day following the Issue Date, such initial Shelf Registration Statement is not declared effective by the Commission, (iii) after the effectiveness date of any Shelf Registration Statement, (x) such Shelf Registration Statement ceases to be effective
or usable for the offer and sale of Registrable Securities (other than due to a Suspension Period), and the Company fails to file (and have declared effective), within five Business Days, a post-effective amendment to such Shelf Registration
Statement or amendment or supplement to the Prospectus contained therein or such other document with the Commission to make such Shelf Registration Statement effective or such Prospectus usable, or (y) the Suspension Periods exceed 45 calendar days,
whether or not consecutive, in any 90 calendar day period (plus any permitted extension permitted by Section 2(c), or more than 120 calendar days, whether or not consecutive, during any 360 calendar day period during the Effectiveness Period, or
(iv) the Company shall have failed to timely comply with any of its obligations set forth in Section 3(a)(ii) hereof (each, a “Registration Default”), the Company shall be required to pay additional interest (“Additional
Interest”), from and including the day following such Registration Default to but excluding the day on which such Registration Default is cured, at a rate per annum equal to 6.00% of the Applicable Amount. In the event any Registrable
Securities that are Securities are converted into Common Stock during the continuance of a Registration Default, the Company will deliver to each Holder converting Securities during the continuance of a Registration Default 103% of the number of
shares of Common Stock the Holder would have otherwise received upon conversion (“Additional Shares”) and no Additional Interest shall be payable on such converted Securities. 
  
 (b) In the case of a Registration Default described in Sections 7(a)(i)-(iii)
above, Additional Interest, if any, shall be payable only to Notice Holders and, in respect of a Registration Default described in Section 7(a)(iv) above, Additional Interest, if any, shall be payable only to Notice Holders to whom such Registration
Default relates. 
  
 (c) Any amounts to be paid as Additional
Interest pursuant to paragraph (a) of this Section 7 shall be paid in cash semiannually in arrears, with the first semiannual payment due on the first interest payment date following the date on which such Additional Interest begins to accrue, to
the Notice Holders in whose name the Securities or Common Stock issued upon conversion of the Securities are registered at the close of business on June 15 or December 15, whether or not a Business Day, immediately preceding the relevant interest
payment date. 
  

 -14- 

 (d) Except as provided in Section 8(a) hereof, the Additional Interest or Additional Shares as set forth
in this Section 7 shall be the exclusive cash (or asset, as the case may be) remedy available to the Holders of Registrable Securities for such Registration Default. In no event shall the Company be required to pay Additional Interest in excess of
the applicable maximum amount of 6.00% set forth above, regardless of whether one or multiple Registration Defaults exist. 
  
 Section 8. Miscellaneous. (a) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the
Company fails to perform any of its obligations hereunder and that the Initial Purchaser and the Holders from time to time may be irreparably harmed by any such failure, and accordingly agree that the Initial Purchaser and such Holders, in addition
to any other remedy to which they may be entitled at law or in equity and without limiting the remedies available to the Notice Holders under Section 7 hereof, shall be entitled to compel specific performance of the obligations of the Company under
this Registration Rights Agreement in accordance with the terms and conditions of this Registration Rights Agreement, in any court of the United States or any State thereof having jurisdiction. 
  
 (b) Amendments and Waivers. This Agreement, including this Section
8(b), may be amended, and waivers or consents to departures from the provisions hereof may be given, only by a written instrument duly executed by the Company and a Majority of Holders. Each Holder of Registrable Securities outstanding at the time
of any such amendment, waiver or consent or thereafter shall be bound by any amendment, waiver or consent effected pursuant to this Section 8(b), whether or not any notice, writing or marking indicating such amendment, waiver or consent appears on
the Registrable Securities or is delivered to such Holder. 
  
 (c)
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by telecopier, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall
be deemed given (i) when made, if made by hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated on the notice of
receipt, if made by first-class mail, to the parties as follows: 
  
 (w) if to a Holder of Registrable Securities, at the most current address given by such Holder to the Company in a Notice and Questionnaire or any amendment thereto; 
  

	 	(x)	if to the Company, to: 

  
 Immunomedics, Inc. 
 300 American Road

 Morris Plains, New Jersey 07950 
 Attention: Gerard Gorman, Chief Financial Officer 
 Facsimile: (973) 605-8282 
  

 -15- 

 with a copy to: 
  
 Starr, Gern, Davison & Rubin 
 103 Eisenhower Parkway 
 Roseland, New Jersey 07068 
 Attention: Ira M. Starr 
 Facsimile: (973)
226-0031 
  

	 	(y)	if to the Initial Purchaser, to: 

  
 Bear, Stearns & Co. Inc. 
 383 Madison
Avenue 
 New York, NY 10179 
 Attention: Andrew Yaeger 
                   Michael Lloyd 
 Facsimile: (212) 272-4022 
  
 or to such other address as such person
may have furnished to the other persons identified in this Section 8(c) in writing in accordance herewith. 
  
 (d) Parties in Interest. The parties to this Agreement intend that all Holders of Registrable Securities shall be entitled to receive the benefits
of this Agreement and that any Notice Holder shall be bound by the terms and provisions of this Agreement by reason of such election with respect to the Registrable Securities which are included in a Shelf Registration Statement. All the terms and
provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and assigns of the parties hereto and any Holder from time to time of the Registrable Securities to the aforesaid
extent. In the event that any transferee of any Holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further
writing or action of any kind, be entitled to receive the benefits of and, if a Notice Holder, be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement to the aforesaid extent. 

 
 (e) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (f) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (g) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (h) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every 
  

 -16- 

 other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being
intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  
 (i) Survival. The respective indemnities, agreements, representations, warranties and other provisions set forth in this Agreement or made pursuant
hereto shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Notice Holder, any director, officer or partner of such Holder, any agent or underwriter, any
director, officer or partner of such agent or underwriter, or any controlling person of any of the foregoing, and shall survive the transfer and registration of the Registrable Securities of such Holder. 
  
 Section 9. Submission to Jurisdiction; Appointment of Agent for
Service. The Company agrees that any suit, action or proceeding against the Company arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any state or federal court in The City of New York, New
York, and waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company expressly
accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company agrees that a final judgment in any such proceeding brought in any such court shall be conclusive and binding thereupon and may
be enforced in any other court in the jurisdiction to which the Company is or may be subject by suit upon such judgment. 
  

 -17- 

 Please confirm that the foregoing correctly sets forth the agreement between the Company and you.

  

			
	 Very truly yours,

	
	 Immunomedics, Inc.

		
	 By:
	 	 /s/ Cynthia L. Sullivan

	 	 	 Name:

	 	 	 Title:

  
 Accepted as of the date hereof:

  
 Bear, Stearns & Co. Inc. 
  

			
	 By:
	 	 /s/ Michael Lloyd

	 	 	 Name: Michael Lloyd

	 	 	 Title: Senior Managing Director

  

 -18- 

 Appendix A 
  

IMMUNOMEDICS, INC. 
  
 FORM OF NOTICE OF REGISTRATION STATEMENT AND 
 SELLING SECURITYHOLDER ELECTION AND QUESTIONNAIRE 
 3.25% Convertible Senior Notes due 2006 
  
 Notice 
  
 Immunomedics, Inc. (the “Company”) has filed, or intends shortly to file, with the Securities and Exchange
Commission (the “Commission”) a registration statement on Form S-3 or such other Form as may be available (the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of
1933, as amended (the “Securities Act”), of the Company’s Convertible Senior Notes due 2006 (the “Notes”), and common stock, par value $0.01 per share, issuable upon conversion thereof (the
“Shares” and together with the Notes, the “Transfer Restricted Securities”) in accordance with the terms of the Registration Rights Agreement, dated as of January     , 2004 (the
“Registration Rights Agreement”) between the Company and Bear, Stearns & Co. Inc. A copy of the Registration Rights Agreement is available from the Company. All capitalized terms not otherwise defined herein have the meanings
ascribed thereto in the Registration Rights Agreement. 
  
 To sell
or otherwise dispose of any Transfer Restricted Securities pursuant to the Shelf Registration Statement, a beneficial owner of Transfer Restricted Securities generally will be required to be named as a Selling Securityholder in the related
Prospectus, deliver a Prospectus to purchasers of Transfer Restricted Securities, be subject to certain civil liability provisions of the Securities Act and be bound by those provisions of the Registration Rights Agreement applicable to such
beneficial owner (including certain indemnification rights and obligations, as described below). To be included in the Shelf Registration Statement, this Election and Questionnaire must be completed, executed and delivered to the Company at the
address set forth herein for receipt prior to or on the 20th calendar day from the receipt hereof (the “Election and Questionnaire Deadline”). Beneficial Owners that do not complete and return this Election and Questionnaire
prior to the Election and Questionnaire Deadline and deliver it to the Company as provided below will not be named as Selling Securityholders in the Shelf Registration Statement and, therefore, will not be permitted to sell any Transfer Restricted
Securities pursuant to the Shelf Registration Statement. 
  
 Certain legal consequences arise from being named as a Selling Securityholder in the Shelf Registration Statement and the related Prospectus. Accordingly, holders and beneficial owners of Transfer Restricted Securities are advised to
consult their own securities law counsel regarding the consequences of being named or not being named as a Selling Securityholder in the Shelf Registration Statement and the related Prospectus. 
  
 ELECTION 
  
 The undersigned holder (the “Selling Securityholder”) of Transfer Restricted Securities hereby elects to
include in the Shelf Registration Statement the Transfer Restricted Securities beneficially owned by it and listed below in Item III (unless otherwise specified under 
  

 A-1 

 Item III). The undersigned, by signing and returning this Election and Questionnaire, understands that it will be bound
with respect to such Transfer Restricted Securities by the terms and conditions of this Election and Questionnaire and the Registration Rights Agreement. 
  
 Pursuant to the Registration Rights Agreement, the Selling Securityholder has agreed to indemnify and hold harmless the Company, the Company’s
directors, the Company’s officers, employees, representatives and agents and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against certain
losses arising in connection with statements concerning the Selling Securityholder made in the Shelf Registration Statement or the related Prospectus in reliance upon the information provided in this Election and Questionnaire. 
  
 The Selling Securityholder hereby provides the following information to the
Company and represents and warrants that such information is accurate and complete: 
  
 QUESTIONNAIRE 
  

					
	 I.
	  	A.	  	Full Legal Name of Selling Securityholder:
	 	  	 	  	  

			
	 	  	B.	  	Full legal name of registered holder (if not the same as (a) above) through which Transfer Restricted Securities listed in (3) below are held:
	 	  	 	  	  

			
	 	  	C.	  	Full legal name of DTC participant (if applicable and if not the same as (b) above) through which Transfer Restricted Securities listed in Item III are held:
	 	  	 	  	  

	 II.
	  	Address for notices to Selling Securityholders:
	 	  	

	 	  	  

					
			
	 	  	Telephone:	 	  

			
	 	  	Fax:	 	  

			
	 	  	Contact Person:	 	  

					
		
	 III.
	  	Beneficial ownership of Transfer Restricted Securities:
			
	 	  	A.	  	Type of Transfer Restricted Securities beneficially owned, and principal amount of Notes or number of shares of Common Stock, as the case may be, beneficially owned:

  

 A-2 

					
			
	 	  	 	  	

			
	 	  	B.	  	CUSIP No(s). of such Transfer Restricted Securities beneficially owned:
			
	 	  	 	  	  

			
	 	  	C.	  	Amount of Transfer Restricted Securities that the undersigned wishes to be included in the Shelf Registration Statement:
			
	 	  	 	  	  

		
	 IV.
	  	Beneficial ownership of the Company’s securities owned by the Selling Securityholder:
		
	 	  	EXCEPT AS SET FORTH BELOW IN THIS ITEM IV, THE UNDERSIGNED IS NOT THE
BENEFICIAL OR REGISTERED OWNER OF ANY SECURITIES OF THE COMPANY OTHER THAN
THE TRANSFER RESTRICTED
SECURITIES LISTED ABOVE IN ITEM III (“Other Securities”).
			
	 	  	A.	  	Type and amount of Other Securities beneficially owned by the Selling Securityholder:
			
	 	  	 	  	  

			
	 	  	B.	  	CUSIP No(s). of such Other Securities beneficially owned:
			
	 	  	 	  	  

		
	 V.
	  	Relationship with the Company:
		
	 	  	Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal
equity holders (5% or more) has held any position or office or has
had any other material relationship with
the Company (or their predecessors or affiliates) during the past three years.
		
	 	  	State any exception here:
		
	 	  	  

  

	VI.	Plan of Distribution: 

  
 Except as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Transfer Restricted Securities listed above in
Item III pursuant to the Shelf Registration Statement only as follows (if at all). Such Transfer Restricted Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters, broker-dealers or agents. If
the Transfer Restricted Securities are sold through underwriters or broker-dealers, the Selling Securityholder will be responsible for underwriting discounts or commissions or agent’s commissions. Such Transfer Restricted Securities may be sold
in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices 
  

 A-3 

 determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve
crosses or block transactions): 
  

	 	1.	on any national securities exchange or quotation service on which the Transfer Restricted Securities may be listed or quoted at the time of sale; 

  

	 	2.	in the over-the-counter market; 

  

	 	3.	in transactions otherwise than on such exchanges or services or in the over-the-counter market; or 

  

	 	4.	through the writing of options. 

  
 In connection with sales of the Transfer Restricted Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers,
which may in turn engage in short sales of the Transfer Restricted Securities and deliver Transfer Restricted Securities to close out such short positions, or loan or pledge Transfer Restricted Securities to broker-dealers that in turn may sell such
securities. State any exceptions here: 
  

  

  
 Note: In no
event will such method(s) of distribution take the form of an underwritten offering of the Transfer Restricted Securities without the prior agreement of the Company. 
  
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees it will
comply, with the prospectus delivery requirements and other provisions of the Securities Act and Exchange Act and the respective rules and regulations promulgated thereunder, particularly Regulation M thereunder (or any successor rules or
regulations), in connection with any offering of Transfer Restricted Securities pursuant to the Shelf Registration Statement. 
  
 If the Selling Securityholder transfers all or any portion of the Transfer Restricted Securities listed in Item III above after the date on which such
information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Election and Questionnaire and the Registration Rights Agreement and agrees to
deliver a notice of such transfer, in substantially the form attached as Exhibit 1 to this Election and Questionnaire, to the Trustee and the Company. 
  
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items I through VI above and
the inclusion of such information in the Shelf Registration Statement and the related Prospectus. The Selling Securityholder understands that such information will be relied upon by the Company in connection with the preparation or amendment of the
Shelf Registration Statement and the related Prospectus. 
  

 A-4 

 In accordance with the Selling Securityholder’s obligation under the Registration Rights Agreement
to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may
occur subsequent to the date hereof at any time while the Shelf Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 
  
 Once this Election and Questionnaire is executed by the Selling
Securityholders and received by the Company, the terms of this Election and Questionnaire and the representations and warranties contained herein shall be binding on, shall inure to the benefit of and shall be enforceable by the respective
successors, heirs, personal representatives and assigns of the Company and the Selling Securityholder with respect to the Transfer Restricted Securities beneficially owned by such Selling Securityholder and listed in Item III above. This Agreement
shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflicts-of-laws provisions thereof. 
  

 A-5 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Election and Questionnaire
to be executed and delivered either in person or by its authorized agent. 
  

	Dated:	

  

			
	 Beneficial Owner

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
 Please return the completed and
executed Election and Questionnaire for receipt PRIOR TO OR ON THE 20TH CALENDAR DAY FROM RECEIPT HEREOF to: 
  
 Immunomedics, Inc. at: 
  
 300 American Road 
 Morris Plains, New Jersey 07950 
 Attention: Chief Financial Officer 
  

 A-6 

 Exhibit 1 
  

Exhibit 1 To Election and Questionnaire 
  
 Notice of Transfer Pursuant 
 To
Registration Statement 
  
 Immunomedics, Inc. 
 300 American Road 
 Morris Plains, New Jersey 07950 
  

	 	Re:	Immunomedics, Inc.’s  

 3.25% Convertible Senior Notes due 2006 (the “Notes”) 
  
 Dear Sirs: 
  
 Please be advised that
             has transferred $             aggregate principal amount of the above-referenced Notes or
             shares of the Company’s common stock issued on conversion or repurchase of Notes, pursuant to the Registration Statement on Form S-3 (File No.
333-            ) filed by the Company. 
  
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied with respect to the
transfer described above and that the above named beneficial owner of the Notes or common stock is named as a selling securityholder in the Prospectus dated
                    , or in amendments or supplements thereto, and that the aggregate principal amount of the Notes or number of shares of
common stock transferred are [all or a portion of] the Notes or common stock listed in such Prospectus, as amended or supplemented, opposite such owner’s name. 
  

			
	 Very truly yours,

	
	 [name]

		
	 By:
	 	  

	 	 	 (Authorized Signature)

  
 Dated:                     
  

 1-1Purchase Agreement Dated January 12, 2004

 EXHIBIT 4.10 
  
 IMMUNOMEDICS, INC. 
  
 $10,000,000 
  
 3.25% Convertible Senior Notes Due 2006 
  
 PURCHASE AGREEMENT 
  
 January 12, 2004

  
 Bear Stearns & Co. Inc. 
 383 Madison Avenue 
 New York, New York 10179 
  
 IMMUNOMEDICS, INC., a Delaware corporation (the “Company”),
hereby confirms its agreement with BEAR STEARNS & CO. INC. (the “Purchaser”) as set forth below. 
  
 1. Notes. The Company proposes to issue and sell to the Purchaser $10,000,000 principal amount of its 3.25% Convertible Senior Notes Due 2006 (the
“Notes”) and herein grants to Purchaser an option to purchase an additional $3,000,000 principal amount of Notes having the same terms as the initial Notes to be issued including, without limitation, the same conversion price. The
Notes are to be issued under an indenture (the “Indenture”) to be dated as of the Closing Date (as defined below) by and between the Company and The Bank of New York, as trustee (the “Trustee”). This Agreement, the
registration rights agreement, to be dated the Closing Date, by and between the Purchaser and the Company (the “Registration Rights Agreement”) and the Indenture are hereinafter collectively referred to as the “Transaction
Documents” and the transactions contemplated herein and therein are hereinafter referred to as the “Transactions”. 
  
 The sale of the Notes to the Purchaser will be made without registration of the Notes under the Securities Act of 1933, as amended (the
“Securities Act”), in reliance upon certain exemptions from the registration requirements of the Securities Act. You have advised the Company that you may offer and sell the Notes purchased by you hereunder in accordance with
Section 4 hereof as soon as you deem advisable. 
  
 2.
Representations and Warranties and Agreements of the Company. The Company represents and warrants to, and agrees with, the Purchaser that, except as otherwise disclosed in the Company’s Annual Report on Form 10-K (the “Company
Annual Report”) most recently filed with the Securities and Exchange Commission (the “SEC”) and all subsequent reports (collectively, the “Exchange Act Reports”): 
  
 (a) The Company Annual Report and all Exchange Act Reports that have been,
or will be, filed by the Company with the SEC or sent to shareholders pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), do not and will not include any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. Such documents, when filed with the SEC, did, or will, conform in all material respects to the
requirements of the Exchange Act and the rules and regulations of the SEC thereunder. 
  

 -1- 

 (b) The Company has no direct or indirect subsidiaries other than those subsidiaries (the
“Subsidiaries”) listed on Schedule 2 hereto. 
  
 (c) The Company and the Subsidiaries have been each duly incorporated and each is validly existing as a corporation in good standing under the laws of the jurisdiction in which it is chartered or organized, is duly qualified to do business
as a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification wherein it owns or leases material properties or conducts material business, except in such jurisdictions in which the failure to
so qualify, in the aggregate, would not have a Material Adverse Effect. “Material Adverse Effect” shall mean a material adverse effect on (i) the business, operations, properties, assets, liabilities, net worth, condition (financial
or otherwise) or prospects of the Company and the Subsidiaries, taken as a whole, or (ii) the ability of the Company to perform any of its obligations under the Transaction Documents or the Notes or to consummate the Transactions. 
  
 (d) Neither the Company nor any of the Subsidiaries is (i) in violation of
its charter or by-laws or (ii) in breach or violation of any of the terms or provisions of, or with the giving of notice or lapse of time, or both, would be in default under, any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Company or any of the Subsidiaries is a party or by which it or any of them or any of their respective properties is bound, or any applicable law or statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Company, the Subsidiaries or any of their respective properties, except for violations and defaults which individually or in the aggregate would not have a Material Adverse Effect. 
  
 (e) Each of the Company and the Subsidiaries owns, possesses or has obtained
all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with, all federal, state, local and other governmental authorities, all self-regulatory organizations and all
courts and other tribunals, domestic or foreign, necessary to own or lease, as the case may be, and to operate the properties and to carry on the business of the Company and its Subsidiaries as is currently conducted and each of them is in full
force and effect, except in each case where the failure to obtain licenses, permits, certificates, consents, orders, approvals and other authorizations, or to make all declarations and filings, would not, individually or in the aggregate, have a
Material Adverse Effect, and none of the Company or the Subsidiaries has received any notice relating to revocation or modification of any such license, permit, certificate, consent, order, approval or other authorization, except where such
revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (f) The authorized capital stock of the Company consists of 70,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of
preferred stock, par value $0.01 per share. As of September 30, 2003, (i) 883,193 shares of common Stock are issued and outstanding, (ii) no shares of preferred stock are issued and outstanding, and (iii) 4,175,750 shares of common stock are
reserved for issuance upon exercise of Company options under the 
  

 -2- 

 Company’s 1992 and 2002 Stock Option Plans (the “Stock Option Plans”). All of the issued shares of
capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable. 
  
 (g) The issued shares of capital stock of each of the Subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are
owned of record and beneficially by the Company, either directly or through wholly owned subsidiaries, free and clear of any pledge, lien, encumbrance, security interest, restriction on voting or transfer, preemptive rights or other defect in title
or any claim of any third party. 
  
 (h) The shares of common
stock of the Company issuable upon conversion of, and as interest payments on, the Notes (the “Note Shares”) will be duly and validly issued, fully paid and nonassessable and not subject to preemptive or similar rights, and such
Note Shares will be issued in compliance with all applicable federal and state securities laws, when issued, sold and delivered in accordance with the terms of the Notes. 
  
 (i) The Company has reserved and will keep available, free from preemptive rights, out of its authorized but unissued common
stock, for the purpose of effecting the conversion of the Notes, such number of its duly authorized common stock sufficient to effect the conversion of all Notes at any time. 
  
 (j) No Subsidiary is prohibited, directly or indirectly, from paying any dividends to the Company, from making any other
distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other
Subsidiary. 
  
 (k) There are no outstanding (i) securities or
obligations of the Company convertible into or exchangeable for any capital stock of the Company, (ii) warrants, rights or options to subscribe for or purchase from the Company any such capital stock or any such convertible or exchangeable
securities or obligations or (iii) obligations of the Company to issue such shares, any such convertible or exchangeable securities or obligations, or any such warrants, rights or options. 
  
 (l) Other than the Company’s common stock, $0.01 par value per share,
there are no securities of the Company registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or listed on a national securities exchange or quoted in a U.S. automated inter-dealer quotation system.

  
 (m) The consolidated financial statements (including the notes
thereto) included in the Exchange Act Reports fairly present the financial position of the Company and its consolidated subsidiaries and the results of operations as of the dates and for the periods specified therein; since the date of the latest of
such financial statements, there has been no change nor any development or event involving a prospective change which will have or could reasonably be expected to have a Material Adverse Effect; such financial statements have been prepared in
accordance with generally accepted accounting principles in the United States applied on a consistent basis. 
  

 -3- 

 (n) Since the date of the latest audited financial statements included in the Exchange Act Reports, (i)
the Company and each of the Subsidiaries have not incurred any material liability or obligation, direct or contingent, nor has the Company or any Subsidiary entered into any material transaction not in the ordinary course of business; (ii) the
Company has not purchased any of its outstanding capital stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock; and (iii) there has not been any material change in the capital stock, short-term
debt or long-term debt of the Company and each of the Subsidiaries. 
  
 (o) The Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific
authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

  
 (p) The Company is in compliance in all material respects with
the Sarbanes-Oxley Act of 2002. 
  
 (q) The Transaction Documents
have been duly authorized by all necessary corporate action of the Company and, when duly executed and delivered by the Company and the Trustee, will constitute legal, valid and binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, subject, as to the enforcement of remedies, to general equity principles and to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time
to time in effect, and except as rights to indemnity and contribution may be limited by federal or state securities laws. 
  
 (r) The Notes have been duly authorized by all necessary corporate action for issuance and sale pursuant to this Agreement and, when executed,
authenticated, issued and delivered in the manner provided for in the Indenture and sold and paid for as provided in this Agreement, the Notes will constitute legal, valid and binding obligations of the Company entitled to the benefits of the
Indenture and enforceable against the Company in accordance with their terms and the terms of the Indenture, subject, as to the enforcement of remedies, to general equity principles and to applicable bankruptcy, reorganization, insolvency,
moratorium or other laws affecting creditors rights generally from time to time in effect. 
  
 (s) The issuance, offering and sale of the Notes to the Purchaser by the Company, pursuant to this Agreement, and the compliance by the Company with the other provisions of the Transaction Documents herein and therein
set forth do not and will not (i) require the consent, approval, authorization, order, registration or qualification of, or filing with, any governmental authority or court, or body or arbitrator having jurisdiction over the Company or (ii) conflict
with, result in a breach or violation of, or constitute a default under, (A) any indenture, mortgage, deed of trust, lease or other agreement or instrument to which the Company is a party or by which the Company or any of its properties is bound,
(B) the charter or by-laws of the Company, (C) any material statute, rule or regulation of any governmental authority 
  

 -4- 

 applicable to the Company or any of its properties or assets or (D) any judgment, order or decree of any government,
government instrumentality, agency, body or court having jurisdiction over the Company or any of its properties or assets. 
  
 (t) Except as set forth in the certificate of fact accompanying the opinion of counsel for the Company delivered to Purchaser pursuant to Section 7(a), no
legal or governmental proceedings or investigations are pending to which the Company or any of the Subsidiaries is a party or to which the property of the Company or any of the Subsidiaries is subject, and no such proceedings or investigations have
been threatened against the Company and any of the Subsidiaries or with respect to any of their respective properties, except in each case for such proceedings or investigations that, if the subject of an unfavorable decision, ruling or finding,
would not, singly or in the aggregate, result in a Material Adverse Effect. 
  
 (u) Neither the Company nor any of the Subsidiaries owns any “margin securities” as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “Federal Reserve
Board”), and none of the proceeds of the sale of the Notes will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally
incurred to purchase or carry any margin security or for any other purpose which might cause any of the Notes to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board. 
  
 (v) No relationship, direct or indirect, exists between or among the Company
or any of the Subsidiaries, on the one hand, and the directors, officers, shareholders, customers or suppliers of the Company or any of the Subsidiaries on the other hand, that relates to the transactions and that would be required by the Securities
Act to be described in a prospectus were the Notes being issued and sold in a public offering, that is not set forth in the Company’s Exchange Act Reports. 
  

(w) The fair salable value of the assets of the Company exceeds the amount that will be required to be paid on or in respect of its existing debts and
other known liabilities (including known contingent liabilities) as they mature; the Company does not intend to, and does not believe that it will, incur debts beyond its ability to pay such debts as they mature; and upon the issuance of the Notes,
the fair salable value of the assets of the Company will exceed the amount that will be required to be paid on or in respect of its existing debts and other liabilities (including known contingent liabilities) as they mature. 
  
 (x) Subsequent to the Company’s most recently filed Annual Report on
Form 10-K, neither the Company nor any of the Subsidiaries has sustained any material loss or interference with their respective businesses or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance,
or from any labor dispute or any legal or governmental proceeding and there shall not have been any material adverse change, or any development involving a prospective material adverse change, in the business, operations, properties, assets,
liabilities, net worth, condition (financial or otherwise) or prospects of the Company and the Subsidiaries, taken as a whole. 
  

 -5- 

 (y) Other than for collateral pledged to Fleet National Bank pursuant to a certain pledge agreement dated
May 27, 2003, the Company and each of the Subsidiaries have good and marketable title in fee simple to all items of real property and marketable title to all personal property owned by each of them, free and clear of any pledge, lien, encumbrance,
security interest or other defect or claim of any third party, except such as do not materially and adversely affect the value of such property and do not interfere with the use made or proposed to be made of such property by the Company or such
Subsidiaries, and any real property and buildings leased by the Company or such Subsidiaries are held under valid, subsisting and enforceable leases, with such exceptions as are not material and do not interfere with the use made or proposed to be
made of such property and buildings by the Company or such Subsidiaries. 
  
 (z) ERISA: 
  
 (i)
Definitions: 
  
 “Code” means
the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated and the rulings issued thereunder. 
  
 “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended, and the regulations
promulgated and rulings issued thereunder. 
  
 “ERISA Affiliate,” means each trade or business (whether or not incorporated) that would be treated together with the Company as a single employer under Title IV or Section 302 of ERISA or Section 412 of the Code.

  
 “ERISA Event” means (i) the
occurrence of a “reportable event” described in Section 4043 of ERISA (other than an event with respect to which the 30 day notice requirement has been waived), or (ii) the provision or filing of a notice of intent to terminate a Plan
(other than in a standard termination within the meaning of Section 4041 of ERISA) or the treatment of a Plan amendment as a distress termination under Section 4041 of ERISA, or (iii) the institution of proceedings to terminate a Plan by the PBGC,
or (iv) the existence of any “accumulated funding deficiency” or “liquidity shortfall” (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, or the filing of an application pursuant to
Section 412(e) of the Code or Section 304 of ERISA for any extension of an amortization period, or (v) the receipt of notice by the Company or any ERISA Affiliate that any Multiemployer Plan may be terminated, partitioned or reorganized or that any
Multiple Employer Plan may be terminated, or (vi) the occurrence of any transaction or event which might reasonably be expected to constitute grounds for the imposition of liability under ERISA. 
  
 “Multiemployer Plan” means a
“multiemployer plan” as defined in Section 4001(a)(3) of ERISA. 
  
 “Multiple Employer Plan” means an employee benefit plan described in Section 4063 of ERISA. 
  

 -6- 

 “Plan” means an employee benefit plan (within the meaning of Section
3(3) of ERISA) other than a Multiemployer Plan, sponsored or maintained by the Company or any of its ERISA Affiliates, or with respect to which the Company or any of its ERISA Affiliates could be subject to any liability under Title IV or Section
302 of ERISA or Section 412 of the Code. 
  
 “Underfunding” means, with respect to any Plan subject to Title IV of ERISA, the excess, if any, of the “projected benefit obligations” (within the meaning of Statement of Financial Accounting Standards 87) under
such Plan (determined using the actuarial assumptions used for purposes of calculating funding requirements in the most recent actuarial report for such plan) over the fair market value of the assets held under the Plan. 
  
 (ii) No “prohibited transaction” (as defined in
Section 406 of ERISA or Section 4975 of the Code) or ERISA Event has occurred or is reasonably expected to occur with respect to any Plan which could reasonably be expected to have a Material Adverse Effect; the Company, its ERISA Affiliates and
each such Plan is in compliance in all material respects with applicable law, including ERISA and the Code; the Company and each of its ERISA Affiliates have not incurred and do not expect to incur liability under Title IV of ERISA with respect to
the termination, or withdrawal from, any Plan or Multiemployer Plan for which the Company or any of the Subsidiaries would have any liability; and each Plan that is intended to be qualified under Section 401(a) of the Code has filed for or received
a favorable determination letter from the Internal Revenue Service and has not been amended in any way that could reasonably be expected to cause the loss of such qualification. No Underfunding exists with respect to any Plan. 
  
 (iii) None of the Company or any of its ERISA Affiliates
contributes to or has any obligation to contribute to any Multiemployer Plans and Multiple Employer Plans. 
  
 (iv) No labor dispute with the employees of the Company and any of the Subsidiaries exists or is threatened or imminent which could result
in a Material Adverse Effect. 
  
 (aa) The Company and each of the
Subsidiaries own or otherwise possess the right to use all patents, trademarks, service marks, trade names and copyrights, all applications and registrations for each of the foregoing, and all other proprietary rights and confidential information
used in the conduct of their respective businesses as currently conducted; and neither the Company nor any of the Subsidiaries has received any notice, or is otherwise aware, of any infringement of or conflict with the rights of any third party with
respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. 
  
 (bb) The Company and each of the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts and with such deductibles as are prudent and customary in the businesses in which they are engaged; neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for; and
neither the Company nor any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not have a Material Adverse Effect. 
  

 -7- 

 (cc) Environmental Matters: 
  
 (i) The Company and each of the Subsidiaries are and have been in compliance with all applicable laws,
statutes, ordinances, rules, regulations, orders, judgments, decisions, decrees, standards, and requirements (“Legal Requirements”) relating to: human health and safety; pollution; management, disposal or release of any chemical
substance, product or waste; and protection, cleanup, remediation or corrective action relating to the environment or natural resources (“Environmental Law”); 
  
 (ii) The Company and each of the Subsidiaries have obtained and are in compliance with the conditions of all
permits, authorizations, licenses, approvals, authorizations, and variances necessary under any Environmental Law for the continued conduct in the manner now conducted of the business of the Company and each of such Subsidiaries
(“Environmental Permits”); 
  
 (iii) There are no past or present conditions or circumstances, including but not limited to pending changes in any Environmental Law or Environmental Permit, that are likely to interfere with the conduct of the business of the Company and
each of the Subsidiaries in the manner now conducted or which would interfere with compliance with any Environmental Law or Environmental Permit; and 
  
 (iv) There are no past or present conditions or circumstances at, or arising out of, the business, assets and properties the Company and
each of the Subsidiaries or any formerly leased, operated or owned businesses, assets or properties of the Company and any of the Subsidiaries, including but not limited to on-site or off-site disposal or release of any chemical substance, product
or waste, which may give rise to: (i) liabilities or obligations for any cleanup, remediation or corrective action under any Environmental Law, (ii) claims arising under any Environmental Law for personal injury, property damage, or damage to
natural resources, (iii) liabilities or obligations incurred by the Company and the Subsidiaries to comply with any Environmental Law, or (iv) fines or penalties arising under any Environmental Law; 
  
 except for any noncompliance or conditions or circumstances that, singly or in the aggregate,
would not result in a Material Adverse Effect. 
  
 (dd) The
Company and each of the Subsidiaries have filed all foreign, federal, state and local tax returns that are required to be filed or have requested extensions thereof and have paid all taxes required to be paid by them and any other assessment, fine
or penalty levied against them, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith and for which the Company retains adequate reserves.

  
 (ee) Neither the Company nor any of the Subsidiaries is, or
immediately after the sale of the Notes and the application of the proceeds from such sale will be, an “investment company” or a company “controlled by” an “investment company”, within the meaning of the 
  

 -8- 

 Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules and regulations
of the SEC thereunder, without taking account of any exemption under the Investment Company Act arising out of the number of holders of the securities of the Company. 
  
 (ff) Neither the Company nor any of the Subsidiaries is a “holding company” or a “subsidiary company” of
a holding company or its “affiliate” within the meaning of the Public Utility Holding Company Act of 1934, as amended. 
  
 (gg) Neither the Company, nor to its knowledge, any of its Affiliates, nor to its knowledge any person acting on its or their behalf has, directly or
indirectly, made offers or sales of any security, or solicited offers to buy any security, under circumstances that would require the registration of the Notes under the Securities Act. As used in this Agreement, “Affiliate” means,
with respect to any specified person, any other person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified person. For purposes of this definition, control of a person means the power,
direct or indirect, to direct or cause the direction of the management and policies of such person whether by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

  
 (hh) Neither the Company, nor to its knowledge any of its
Affiliates, nor to its knowledge any person acting on its or their behalf has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Notes in the United
States. 
  
 (ii) Neither the Company, nor to its knowledge any of
its Affiliates, nor to its knowledge any person acting on its or their behalf has engaged in any directed selling efforts with respect to the Notes, and each of them has complied with the offering restrictions requirement of Regulation S under the
Securities Act (“Regulation S”). Terms used in this paragraph have the meanings given to them by Regulation S. 
  
 (jj) Neither Immunomedics, B.U. (Netherlands) nor Immunomedics GmbH (Germany) has any indebtedness except for trade debt incurred in the ordinary course
of business. It is agreed and understood that the representation and warranty under this Section 2(jj) shall be read without reference to the qualification contained in the introduction to this Section 2. 
  
 (kk) Neither the Company nor to its knowledge any of its Affiliates (as
defined in Rule 501(b) of Regulation D under the Securities Act (“Regulation D”)) has taken, directly or indirectly, any action designed to cause or result in, or which has constituted or which might reasonably be expected to cause
or result in, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Notes; nor has the Company or any Affiliate of the Company paid or agreed to pay to any person any compensation for
soliciting another to purchase any securities of the Company (except as contemplated by this Agreement). 
  
 (ll) The Notes satisfy the eligibility requirements of Rule 144A(d)(3) under the Securities Act. 
  

 -9- 

 (mm) Assuming the accuracy of the representations and warranties of the Purchaser in Section 4 hereof and
compliance by the Purchaser with the procedures set forth in Section 4 hereof, it is not necessary in connection with the offer, sale and delivery of the Notes to the Purchaser in the manner contemplated by this Agreement to register any of the
Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended. 
  
 (nn) The Company has not provided to the Purchaser any material non-public information or other information which, according to applicable law, rule or
regulation, was required to have been disclosed publicly by the Company but which has not been so disclosed, other than the material terms and conditions of the transactions contemplated by this Agreement, which such terms and conditions shall be
publicly disclosed on the date hereof. 
  
 Each certificate signed
by any officer of the Company and delivered to the Purchaser or its counsel shall be deemed to be a representation and warranty by the Company to the Purchaser as to the matters covered thereby. 
  
 3. Purchase, Sale and Delivery of the Notes. 
  
 (a) On the basis of the representations, warranties, agreements and covenants
herein contained and subject to the terms and conditions herein set forth, the Company agrees to issue and sell $10,000,000 aggregate principal amount of Notes, and the Purchaser agrees to purchase (the “Initial Purchase”) from the
Company $10,000,000 aggregate principal amount of Notes at a purchase price equal to $10,050,000. 
  
 (b) Purchaser shall have the option to purchase (the “Option”), and if such Option is exercised, the Company hereby agrees to issue and
sell to Purchaser, up to an additional $3,000,000 aggregate principal amount of Notes at a purchase price equal to 100% of the principal amount thereof. The exercise of such option by Purchaser shall be in its sole discretion, given by written
notice to the Company on or before July 12, 2004 (the “Option Notice”). 
  
 (c) At the closing of the Initial Purchase and the Option, if applicable, one or more certificates in definitive form as instructed by the Purchaser for the Notes, and in such denomination or denominations and
registered in such name or names as the Purchaser shall request upon notice to the Company at least 48 hours prior to the Closing Date or the Option Closing Date, as the case may be, shall be delivered by or on behalf of the Company to the
Purchaser, against payment by the Purchaser of the purchase price therefor by wire transfer in same-day funds (the “Wired Funds”) to the account of the Company. The closing of the Initial Purchase shall be made at the offices of
Cadwalader, Wickersham & Taft LLP, 100 Maiden Lane, New York, New York 10038 at 10:00 am (New York Time), on January 16, 2004, or at such other place, time or date as the Purchaser and the Company may agree upon, such time and date of delivery
against payment being herein referred to as the “Closing Date”. The closing of the Option, if any, shall be made at the offices of Cadwalader, Wickersham & Taft LLP, 100 Maiden Lane, New York, New York 10038 at 10:00 am (New
York Time), seven (7) Business Days following receipt by the Company of the Option Notice, or at such other place, time or date as the Purchaser and the Company may agree upon, such time and date of delivery against 
  

 -10- 

 payment being herein referred to as the “Option Closing Date”. The Company will make such certificate or
certificates for the Notes available for checking and packaging by the Purchaser at the offices of Cadwalader, Wickersham & Taft LLP at least 24 hours prior to the Closing Date and the Option Closing Date, if applicable. 
  
 4. Offering of the Notes and the Purchaser’s Representations and
Warranties. The Purchaser represents and warrants to and agrees with the Company that: 
  
 (a) It has not offered or sold, and it will not offer or sell, any Notes except (i) to those it reasonably believes to be qualified institutional buyers (as defined in Rule 144A under the Securities Act (“Rule
144A”)) (“QIBs”) in transactions meeting the requirements of Rule 144A, (ii) to other institutional “accredited investors” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) who provide to it
and to the Company a letter in the form of Exhibit A hereto or (iii) in accordance with the restrictions set forth in Exhibit B hereto. In connection with each sale pursuant to clause (i) above, the Purchaser will take reasonable steps to ensure
that the purchaser of such Notes is aware that such sale is being made in reliance upon Rule 144A. 
  
 (b) It is an “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act). 
  
 (c) Neither it nor any person acting on its behalf has made or will make
offers or sales of the Notes by means of any form of general solicitation or general advertising (within the meaning of Regulation D). 
  
 (d) The Notes have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act. 
  
 (e) Neither the Purchaser nor any of its Affiliates (as defined in Rule 501(b) of Regulation D) will take, directly or indirectly, any action designed to
cause or result in, or which has constituted or which might reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Notes. 
  
 5. Covenants of the Company. The Company covenants and agrees with the
Purchaser that: 
  
 (a) The Company will arrange for the
qualification of the Notes for sale by the Purchaser under the laws of such jurisdictions as the Purchaser may designate and will maintain such qualifications in effect so long as required for the sale of the Notes by the Purchaser; provided,
however, that the Company will not be required to qualify to do business in any jurisdiction in which it is not then so qualified, to file any general consent to service of process or to take any other action which would subject it to general
service of process or to taxation in any such jurisdiction where it is not then so subject. The Company will promptly advise the Purchaser of the receipt by the Company of any notification with respect to the suspension of the qualification of the
Notes for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
  

 -11- 

 (b) The Company will not, and will not permit any of its Affiliates to, resell any of the Notes that have
been acquired by any of them, other than pursuant to an effective registration statement under the Securities Act or in accordance with Rule 144 under the Securities Act or another available exemption under the Securities Act. 
  
 (c) The Company will do and perform all things required to be done and
performed by it under the Transaction Documents prior to or after the Closing Date and to satisfy all conditions precedent on its part to the obligations of the Purchaser to purchase and accept delivery of the Notes. 
  
 (d) None of the Company or any of its Affiliates, nor any person acting on
its or their behalf (other than the Purchasers or any of their respective Affiliates, as to whom the Company expresses no opinion) will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under
circumstances that would require the registration of the Notes under the Securities Act. 
  
 (e) None of the Company or any of its Affiliates, nor any person acting on its or their behalf will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with any offer or sale of the Notes. 
  
 (f) So long as any of the
Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, at any time that the Company is not then subject to Section 13 or 15(d) of the Exchange Act, the Company will provide at its expense to each
holder of the Notes and to each prospective purchaser (as designated by such holder) of the Notes, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Securities Act. This
covenant is intended to be for the benefit of the holders, and the prospective purchasers designated by such holders from time to time, of the Notes. 
  
 (g) The Company will apply the net proceeds from the sale of the Notes to provide working capital for the Company and its subsidiaries and for other
general corporate purposes. 
  
 (h) Without the prior written
consent of the Purchaser, neither the Company nor any of the Subsidiaries will, for a period of 90 days following the date hereof, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction which is designed to, or
might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Company or any Affiliate of the Company or any person in privity with the Company
or any Affiliate of the Company), directly or indirectly, or file a registration statement for, or announce the offer, sale, contract for sale or other disposition of, any debt securities issued or guaranteed by the Company or any of the
Subsidiaries (other than the Notes). In addition, without the prior written consent of the Purchaser, the Company shall not, for a period of 90 days following the date hereof (i) offer, sell, contract to sell, pledge or otherwise dispose of (or
enter into any transaction which is 
  

 -12- 

 designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective
economic disposition due to cash settlement or otherwise) by the Company or any Affiliate of the Company or any person in privity with the Company or any Affiliate of the Company), directly or indirectly, or file a registration statement for, or
announce the offer, sale, contract for sale or other disposition of, any common stock of the Company, other than (A) the issuance of common stock of the Company pursuant to the Stock Option Plans or (B) the issuance of up to 3,000,000 shares of
common stock of the Company in connection with product or patent licensing agreements entered into by the Company (provided such shares are not registered under the Securities Act at the time of issuance or at any time prior to the Company’s
registration of shares of common stock to be issued upon conversion of the Notes); or (ii) purchase, contract to purchase or otherwise acquire (or enter into any transaction which is designed to, or might reasonably be expected to, result in the
acquisition by the Company), directly or indirectly, or announce the offer to purchase, purchase, contract for purchase or other acquisition of, any common stock of the Company, other than common stock of the Company held by non-executive employees
of the Company who are no longer employed by the Company. 
  
 (i)
Prior to Closing, the Company shall cause the directors and officers of the Company set forth on Schedule 1 hereto to enter into lock-up agreements, in the form attached hereto as Exhibit D, pursuant to which such directors and officers agree, for a
period of 30 days following the date hereof, not to offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of, any of their shares of common stock of the Company. 
  
 (j) The Company agrees to allow any party that has signed an agreement to
purchase the Notes from Purchaser or any subsequent holder of the Notes reasonable access to senior executives of the Company for purposes of confirming its due diligence investigation of the Company. 
  
 (k) Neither the Company nor any of its Affiliates (as defined in Rule 501(b)
of Regulation D) will take, directly or indirectly, any action designed to cause or result in, or which has constituted or which might reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Notes. 
  
 (l) The
Company and the Subsidiaries will conduct its or their operations in a manner that will not subject the Company or any of the Subsidiaries to registration as an investment company under the Investment Company Act. 
  
 (m) Neither the Company, nor any of its Affiliates, nor any person acting on
its or their behalf will engage in any directed selling efforts with respect to the Notes, and each of them will comply with the offering restrictions requirement of Regulation S. Terms used in this paragraph have the meanings given them by
Regulation S. 
  
 (n) Each Note will bear a legend substantially
to the following effect until such legend shall no longer be necessary or advisable because the Notes are no longer subject to the restrictions on transfer described therein: 
  

 -13- 

 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF, THE SECURITIES ACT, IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION AND IN ACCORDANCE WITH THE TRANSFER RESTRICTIONS CONTAINED IN THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED. 
  
 6. Expenses. The Company hereby agrees to pay all costs and expenses
incident to the performance of the obligations of the Company under this Agreement, whether or not the transactions contemplated herein are consummated or this Agreement is terminated pursuant to Section 10 hereof, including all costs and expenses
incident to (i) the fees and disbursements of the counsel, the accountants, the Trustee and any other experts or advisors retained by the Company, (ii) preparation, issuance and delivery to the Purchaser of any certificates evidencing the Notes, and
(iii) the qualification of the Notes under state securities and blue sky laws, including filing fees and fees and disbursements of counsel for the Purchaser relating thereto. If the sale of the Notes provided for herein is not consummated because
any condition to the obligations of the Purchaser set forth in Section 7 hereof is not satisfied, because this Agreement is terminated pursuant to Section 10 hereof or because of any failure, refusal or inability on the part of the Company to
perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder other than by reason of a default by the Purchaser, the Company hereby agrees to reimburse the Purchaser upon demand for all out-of-pocket expenses
(including counsel fees and disbursements) that shall have reasonably been incurred by them in connection with the proposed purchase and sale of the Notes. In addition, the Company shall pay any and all stamp, transfer and other similar taxes
payable or determined to be payable in connection with the execution and delivery of this Agreement, any Transaction Document or the issuance of the Notes, and shall save and hold the Purchaser harmless from and against any and all liabilities with
respect to or resulting from any delay in paying, or omission to pay, such taxes. 
  
 7. Conditions to the Purchaser’s Obligations. The obligations of the Purchaser to purchase and pay for the Notes at the Closing and the Option Closing (if applicable) shall be subject, in the
Purchaser’s sole discretion, to the accuracy of the representations and warranties of the Company in Section 2 hereof, in each case as of the date hereof and as of the Closing Date or Option Closing Date, as the case may be, as if made on and
as of the Closing Date or Option Closing Date, as the case may be, to the accuracy of the statements of the Company’s officers made pursuant to the provisions hereof, to the performance by the Company of its covenants and agreements hereunder
and to the following additional conditions: 
  
 (a) The Purchaser
shall have received opinions, dated the Closing Date or Option Closing Date, as the case may be, of Starr, Gern, Davison & Rubin, counsel for the Company, to the effect set forth in Exhibit C hereto and containing reasonable and customary
assumptions and qualifications and otherwise in form and substance satisfactory to the Purchaser. 
  

 -14- 

 (b) The Purchaser shall have received a certificate, dated the Closing Date or Option Closing Date, as
the case may be, of the Chief Executive Officer and the Chief Financial Officer of the Company certifying: (i) that the representations and warranties of the Company in this Agreement are true and correct as if made on and as of the Closing Date or
Option Closing Date, as the case may be, (ii) that the Company has performed all covenants and agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the Closing Date or Option Closing Date, as the case may
be; and (ii) as to the statements made in paragraph (c) of this section. 
  
 (c) Subsequent to the execution and delivery of this Agreement, there shall not have been (i) any change in the capital stock or long-term debt, (ii) any material loss or interference sustained by the Company or any
of the Subsidiaries with their respective businesses or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance, or from any labor dispute or any legal or governmental proceeding or (iii) any material
adverse change, or any development involving a prospective material adverse change, in the condition (financial or otherwise), management, business prospects, net worth or results of operations of the Company or any of the Subsidiaries. 

 
 (d) There shall not have occurred any invalidation of Rule 144A by any
court or any withdrawal or proposed withdrawal of any rule or regulation under the Securities Act or the Exchange Act by the SEC or any amendment or proposed amendment thereof by the SEC which in the reasonable judgment of the Purchaser would
materially impair the ability of the Purchaser to purchase, hold or effect resales of the Notes. 
  
 (e) The purchase of and payment for the Notes by the Purchaser hereunder shall not be prohibited or enjoined (temporarily or permanently) by any
applicable law or governmental regulation (including, without limitation, Regulation T, U or X of the Federal Reserve Board). 
  
 (f) Each of the Transaction Documents shall be satisfactory in form and substance to the Purchaser and shall have been executed and delivered by all the
respective parties thereto and shall be in full force and effect. 
  
 (g) All proceedings taken in connection with the issuance of the Notes and the transactions contemplated by this Agreement, the Transaction Documents and all documents and papers relating thereto shall be reasonably satisfactory to the
Purchaser. The Purchaser shall have received copies of such papers and documents as it may reasonably request in connection therewith, all in form and substance reasonably satisfactory to them. 
  
 8. Indemnification. (a) The Company hereby agrees to indemnify and
hold harmless the Purchaser, each person, if any, who controls the Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934 (the “Exchange Act”) and each subsequent holder
of the Notes, against any losses, claims, damages or liabilities, joint or several, to which such Purchaser or such controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon: 
  

 -15- 

 (i) any untrue statement made by the Company in Section 2 of this Agreement; 

 
 (ii) any untrue statement or alleged untrue statement of
any material fact made herein or in any Transaction Document; or 
  
 (iii) the breach of any covenant or agreement made herein or in any Transaction Document, 
  
 and will reimburse, as incurred, the Purchaser and each such controlling person for any legal or other expenses reasonably incurred by the Purchaser or such controlling
person in connection with investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action. This indemnity agreement will be in addition to any liability which the Company
may otherwise have. The Company will not, without the prior written consent of the Purchaser, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which
indemnification may be sought hereunder (whether or not the Purchaser or any person who controls the Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act is a party to such claim, action, suit or
proceeding), unless such settlement, compromise or consent includes an unconditional release of the Purchaser and such controlling persons from all liability arising out of such claim, action, suit or proceeding. 
  
 (b) The Purchaser will indemnify and hold harmless the Company and each
person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Company or such controlling person may become subject
under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any violation of the securities laws in connection with the Purchaser’s resale of the
Notes. 
  
 (c) Promptly after receipt by an indemnified party
under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party of the commencement
thereof; but the omission so to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party otherwise than under this Section 8. In case any such action is brought against any indemnified party,
and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the
defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be one or more legal defenses available to it and/or other indemnified parties which are different from, inconsistent with, or additional to those available to the indemnifying party, the indemnifying party
shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of such indemnified
party or parties. After notice from the indemnifying party to such 
  

 -16- 

 indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel
appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 8 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party
in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the next preceding sentence or (ii) the indemnifying party does not promptly retain counsel satisfactory
to the indemnified party or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party. After such notice from the indemnifying party to such indemnified party, the
indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the consent of the indemnifying party. 
  
 9. Survival. The respective representations, warranties, agreements, covenants, indemnities and other statements of
the Company, its officers, and the Purchaser set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement shall remain in full force and effect, regardless of (i) any investigation made by or on behalf of the
Company, any of its officers or directors, the Purchaser or any controlling person referred to in Section 8 hereof and (ii) delivery of and payment for the Notes. The respective agreements, covenants, indemnities and other statements set forth in
Sections 6 and 8 hereof shall remain in full force and effect, regardless of any termination or cancellation of this Agreement. 
  
 10. Termination. (a) This Agreement may be terminated with respect to the Notes in the sole discretion of the Purchaser by notice to the Company
given prior to the Closing Date in the event that the Company shall have failed, refused or been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder at or prior thereto or, if at or prior
to the Closing Date: 
  
 (i) the Company or any
of the Subsidiaries shall have, in the sole judgment of the Purchaser, sustained any material loss or interference with their respective businesses or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by
insurance, or from any labor dispute or any legal or governmental proceeding or there shall have been any material adverse change, or any development involving a prospective material adverse change in the business, operations, properties, assets,
liabilities, net worth, condition (financial or otherwise) or prospects of the Company and the Subsidiaries, taken as a whole; 
  
 (ii) trading in the Company’s common stock shall have been suspended by the SEC or trading in securities generally on the New York
Stock Exchange, the American Stock Exchange or the Nasdaq National Market shall have been suspended or minimum or maximum prices shall have been established on such exchange; 
  
 (iii) a banking moratorium shall have been declared by New York or United States authorities; 
  
 (iv) there shall have been (A) an outbreak or escalation of
hostilities between the United States and any foreign power, (B) an outbreak or escalation of any other 
  

 -17- 

 insurrection or armed conflict involving the United States or (C) any other calamity or crisis or
material adverse change in general economic, political or financial conditions having an effect on the U.S. financial markets that, in the sole judgment of the Purchaser, makes it impractical or inadvisable to proceed with the offer, sale and
delivery of the Notes as of the date thereof; or 
  
 (b)
Termination of this Agreement pursuant to this Section 10 shall be without liability of any party to any other party except as provided in Section 6 and 8 hereof. 
  
 11. Notices. All communications hereunder shall be in writing and, if sent to the Purchaser, shall be delivered or
sent by mail, telex or facsimile transmission and confirmed in writing to: 
  
 Bear Stearns & Co. Inc. 
 383 Madison Avenue 
 New York, New York 10179 
 Attn: Andrew Yaeger 
           Michael
Lloyd 
 Telephone: (212) 272 4985 
 Facsimile: (212) 272 4022 
  
 with a copy to: 
  
 Cadwalader, Wickersham & Taft LLP 
 100 Maiden Lane 
 New York, New York 10038 
 Attn: Dennis J. Block 
 Telephone: (212) 504-5555 
 Facsimile: (212) 504-5557 
  
 and if sent to the Company, shall be delivered or sent by mail, telex or facsimile transmission and confirmed in writing to
the Company at: 
  
 Immunomedics, Inc.

 300 American Road 
 Morris Plains, New Jersey 07950 
 Attn: Gerard Gorman, Chief Financial Officer 
 Telephone: (973) 605-8200 
 Facsimile: (973) 605-8282 
  

 -18- 

 with a copy to: 
  

Starr, Gern, Davison & Rubin 
 103 Eisenhower Parkway 
 Roseland, New Jersey 07068 
 Attn: Ira M. Starr 
 Telephone: (973) 403-9200 
 Facsimile: (973) 226-0031 
  
 12. Successors. This Agreement shall inure to the benefit of and shall be binding upon the Purchaser and the Company
and their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this
Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person except that (i) the
indemnities of the Company contained in Section 8 of this Agreement shall also be for the benefit of any person or persons who control the Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any
subsequent holder of the Notes and (ii) Purchaser may assign all of its rights under this Agreement with respect to the Option to any person. 
  
 13. GOVERNING LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN, SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  
 14. Consent to Jurisdiction, Service of Process and Waiver of Trial by Jury. 
  
 (a) All judicial proceedings arising out of or relating to this Agreement may be brought in any state or federal court of competent jurisdiction in the State of New York. 
  
 (b) Each party agrees that any service of process or other legal summons in
connection with any Proceeding may be served on it by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, postage prepaid, addressed to the served party at its address as provided for in Section 11 hereof.
Nothing in this section shall affect the right of the parties to serve process in any other manner permitted by law. 
  
 (c) EACH PARTY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
  
 15. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 -19- 

 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the
space provided below for that purpose, whereupon this letter shall constitute an agreement binding the Company and the Purchaser. 
  

			
	 Very truly yours,

	
	 IMMUNOMEDICS, INC.

		
	 By:
	 	 /s/ Cynthia L. Sullivan

	 	 	 Name: Cynthia L. Sullivan

	 	 	 Title: President & CEO

  
 The foregoing Agreement is
hereby 
 confirmed and accepted as of the 
 date first above
written. 
  
 BEAR STEARNS & CO. INC. 
  

			
	 By:
	 	 /s/ Michael Lloyd

	 	 	 Name: Michael Lloyd

	 	 	 Title: Senior Managing Director

  

 -20- 

 Exhbit A 
  
 FORM OF INVESTMENT LETTER 
 FOR
INSTITUTIONAL ACCREDITED INVESTORS 
  
 To: Bear Stearns & Co. Inc.

  
 In connection with our proposed purchase of
$             3.25% Convertible Senior Notes due 2006 (the “Notes”) of Immunomedics, Inc. (the “Company”), we confirm that: 
  
 2. We understand that any subsequent transfer of the Notes is subject to
certain restrictions and conditions set forth in the Indenture relating to the Notes and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with, such restrictions and conditions and
the Securities Act of 1933, as amended (the “Securities Act”). 
  
 3. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes may not be offered or sold except as permitted in the following sentence. We agree, on our
own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell or otherwise transfer any Notes prior to the date which is two years after the original issuance of the Notes, we will do so only:

  
 (a) to the Company or any of the
Subsidiaries, 
  
 (b) inside the United States in
accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act), 
  
 (c) inside the United States to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2) (3) or (7) under the
Securities Act) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the Trustee (as defined in the Indenture relating to the Notes), a signed letter containing certain representations and agreements
relating to the restrictions on transfer of the Notes (the form of which letter can be obtained from the Trustee), 
  
 (d) outside the United States in accordance with Regulation S under the Securities Act, 
  
 (e) pursuant to the exemption from registration provided by
Rule 144 under the Securities Act or another available exemption under the Securities Act (if available), or 
  
 (f) pursuant to an effective registration statement under the Securities Act, 
  
 and we further agree to provide to any person purchasing Notes from us a notice advising such
purchaser that resales of the Notes are restricted as stated herein. 
  

 A-1 

 3. We are not acquiring the Notes for or on behalf of, and will not transfer the Notes to, any Benefit
Plan. 
  
 4. We understand that, on any proposed resale of any
Notes, we will be required to furnish to the Trustee and the Company such certification, legal opinions and other information as the Trustee and the Company may reasonably require to confirm that the proposed sale complies with the foregoing
restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
  
 5. We are an institutional “accredited investor” (as defined in Rule 501(a)(l), (2), (3) or (7) of Regulation D under the Securities Act) and
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our
or their investment for an indefinite period of time, as the case may be. 
  
 6. We are acquiring the Notes purchased by us for our account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

  
 You, the Company and the Trustee are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	 Very truly yours,

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 A-2 

 Exhibit B 
  
 Selling Restrictions for Offers and 
 Sales outside the United States 
  
 (1) (a) The
Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act or
pursuant to an exemption from the registration requirements of the Securities Act. The Purchaser represents and agrees that, except as otherwise permitted by Section 4(a)(i) or (ii) of the Agreement to which this is an exhibit, it will offer and
sell the Notes, (i) as part of its distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering of the Notes and the Closing Date, only in accordance with Rule 903 of Regulation S under the Securities
Act. Accordingly, the Purchaser represents and agrees that neither it, nor any of its affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Notes, and that it and they
have complied and will comply with the offering restrictions requirement of Regulation S. The Purchaser agrees that, at or prior to the confirmation of sale of Notes (other than a sale of Notes pursuant to Section 4(a)(i) or (ii) of the Agreement to
which this is an exhibit), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Notes from it during the restricted period a confirmation or notice to substantially the
following effect: 
  
 “The Notes covered
hereby have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at
any time or (ii) otherwise until 40 days after the later of the commencement of the offering of the Notes and [DATE], except in either case in accordance with Regulation S or Rule 144A under the Securities Act. Terms used above have the meanings
given to them by Regulation S.” 
  
 (b) The Purchaser also
represents and agrees that it has not entered and will not enter into any contractual arrangement with any distributor with respect to the distribution of the Notes, except with its affiliates or with the prior written consent of the Company.

  
 (c) Terms used in this section have the meanings given to them
by Regulation S. 
  
 (2) The Purchaser represents and agrees that
(a) it has not offered or sold, and prior to the date six months after the issue of the Notes, will not offer or sell any Notes to persons in the United Kingdom except to persons whose ordinary activities involve them in acquiring, holding, managing
or disposing of investments (as principal or agent) for the purposes of their businesses, or otherwise in circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public
Offers of Securities Regulations 1995, (b) it has complied and will comply with all applicable provisions of the Financial Services Act 1986 with respect to anything done by it in relation to the Notes in, from or otherwise involving the United
Kingdom and (c) it has only issued or passed on and will only issue or pass on in the United Kingdom any document received by it in connection with the issue of the Notes to a person who is of a kind described in Article 11(3) of the Financial
Services Act 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended) or is a person to whom the document may otherwise lawfully be issued or passed on. 
  

 B-1 

 Exhibit C 
  
 [FORM OF OPINION] 
  

	(i)	Each of the Company and IBC Pharmaceuticals, Inc. (“IBC”) has been duly incorporated and is validly existing as a corporation in good standing under the laws of Delaware
and is duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification wherein it owns or leases material properties or conducts material business, except in such
jurisdictions in which the failure to so qualify, in the aggregate, would not have a Material Adverse Effect. 

  

	(ii)	The authorized capital stock of the Company consists of [            ] shares of common stock, par value $0.01 per share,
and [            ] shares of preferred stock, par value $[    ] per share. As of the date hereof, (i)
[            ] shares of common Stock are issued and outstanding, (ii) [            ] shares of preferred stock are designated as
[            ], none of which are issued and outstanding, and (iii) [            ] shares of common stock are reserved for
issuance upon exercise of Company options under the Company’s [[Year] Stock Option Plan]; and all of the issued shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable.

  

	(iii)	To the best of our knowledge, the issued shares of capital stock of IBC have been duly authorized and validly issued, are fully paid and nonassessable, and 73.26% are owned of
record and beneficially by the Company, free and clear of any pledge, charge, lien, encumbrance, security interest, restriction on voting or transfer, preemptive rights or other defect in title or any claim of any third party.

  

	(iv)	Other than those matters set forth in the Company’s 10-K and in the Officer’s Certificate, to our knowledge, there are no legal or governmental proceedings pending or
threatened to which the Company or IBC is or may be a party or to which any property of the Company or IBC is or may be subject which, if determined adversely, could individually or in the aggregate be expected to have a Material Adverse Effect.

  

	(v)	The Company has the corporate power and authority to execute and deliver each Transaction Document and to perform its obligations under such Transaction Document.

  

	(vi)	The Indenture, the Agreement and the Registration Rights Agreement have each been duly and validly authorized, executed and delivered by the Company. 

  

	(vii)	The Notes have been duly and validly authorized by the Company. 

  

	(viii)	The execution and delivery by the Company of, and the performance by the Company of all of the provisions of its obligations under, the Agreement, the Indenture, the Registration
Rights Agreement and the Notes, and the consummation by the Company of the transactions therein contemplated, (i) have been duly authorized by all necessary corporate action on the part of the 

  

 C-1 

 Company, (ii) do not and will not result in any violation of its certificate of incorporation or by-laws
and (iii) do not and will not conflict with, or result in a breach or violation of any of the terms or provisions of, or constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or give rise
to any right to accelerate the maturity or require the prepayment of any indebtedness or the purchase of any capital stock under, or result in the creation or imposition of any lien, charge or encumbrance upon, any of its properties or assets under,
(A) any material contract, indenture, mortgage, deed of trust, loan agreement, note, lease, partnership agreement or other agreement or instrument known to us to which the Company is a party, by which it may be bound or to which any of its
properties or assets may be subject, (B) any applicable law or statute, rule or regulation (other than the securities or Blue Sky laws of the various states of the United States of America as to which we express no opinion) or (C) any judgment,
order or decree known to us of any government, governmental instrumentality, agency, body or court, domestic or foreign, having jurisdiction over the Company or any of its properties or assets. 
  

	(ix)	Assuming (A) that the purchasers who buy the Notes in subsequent offers and resales pursuant to Section 4 of the Agreement are either QIBs, other institutional “accredited
investors” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or “non-U.S. persons” (as defined in Regulation S), (B) the accuracy of the Purchaser’s representations regarding the absence of general
solicitation in connection with the sale of the Notes to the Purchaser and the subsequent offers and resales contemplated by the Agreement, and (C) the accuracy of the Company’s representations in Section 2 of the Agreement, it is not necessary
in connection with the offer, sale and delivery of the Notes to the Purchaser under the Agreement or in connection with the initial resale of the Notes by the Purchaser in accordance with the Agreement (i) to register the Securities under the
Securities Act, or (ii) to qualify the Indenture under the Trust Indenture Act of 1939, as amended. 

  

	(x)	To our knowledge, other than those matters set forth in the Company’s 10-K and in the Officer’s Certificate, there are no legal or governmental proceedings pending or
threatened to which the Company or any of the Subsidiaries is or may be a party or to which any property of the Company or the Subsidiaries is or may be the subject which, if determined adversely, could individually or in the aggregate be expected
to have a Material Adverse Effect. 

  

	(xi)	To our knowledge, no authorization, approval, consent, order, registration, qualification or license of, or filing with, any government, governmental instrumentality, agency, body
or court, domestic or foreign, or third party (other than as have been obtained under the Securities Act or the Trust Indenture Act or as may be required under the securities or Blue Sky laws of the various states of the United States of America as
to which we express no opinion) is required for the valid authorization, issuance, sale and delivery of the Notes, or the performance by the Company of its obligations under the Agreement, the Indenture, the Registration Rights Agreement and the
Notes, or the consummation by the Company of the transactions contemplated by the Agreement. 

  

 C-2 

	(xii)	The Company is not, nor will it be, as a result of the consummation of any of the Transactions, an “investment company” or a company “controlled by” an
“investment company”, within the meaning of the Investment Company Act. 

  

 C-3 

 Exhibit D 
  
 LOCK-UP AGREEMENT 
  
 January    , 2004 
  
 Bear Stearns & Co., Inc. 
 383 Madison Avenue 
 New York, New York 10179 
  
 Ladies and Gentlemen:

  
 The undersigned understands and agrees as follows:

  
 1. Immunomedics, Inc., a Delaware corporation (the
“Company”), proposes to issue and sell to Bear, Stearns & Co. Inc. (the “Purchaser”), upon the terms set forth in the Purchase Agreement dated January     , 2004 (the “Purchase
Agreement”), its 3.25% Convertible Senior Notes due 2006. As an inducement to the Purchaser to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchaser thereunder, the undersigned hereby
agrees that, he or she will not, for a period of 30 days following the Closing Date (as defined in the Purchase Agreement), offer, sell, contract to sell, grant any option to purchase, make any short sale or otherwise dispose of any of the shares of
common stock, par value $0.01 per share, of the Company (“Company Common Stock”) (or the economic interest in such shares through hedging arrangements, derivative transactions or otherwise) currently held by the undersigned (the
“Lock-Up Shares”). 
  
 Notwithstanding the
foregoing, each of the undersigned may transfer any Lock-Up Shares as follows: (i) as a bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein; or (ii) to any trust for
the direct or indirect benefit of any of the undersigned or the immediate family of any of them, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein. For purposes of this agreement,
“immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. 
  
 For the avoidance of doubt, nothing shall prevent the undersigned from, or restrict the ability of the undersigned to (i) purchase shares of Company
Common Stock on the open market or (ii) exercise any options or other convertible securities granted under any benefit plan of the Company. 
  
 2. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement, and that, upon
request, the undersigned will execute any additional documents reasonably necessary. All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and any obligations of the undersigned shall be
binding upon the heirs, personal representatives, successors and assigns of the undersigned. 
  

 D-1 

 3. This Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of
New York without regard to principles of conflict of laws. 
  
 4.
This Lock-Up Agreement may be executed in one or more counterparts and delivered by facsimile, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 
  
 [Signature Page Follows] 
  

 D-2 

 IN WITNESS WHEREOF, the undersigned has executed this Lock-Up Agreement as of the
     day of January, 2004. 
  

	
	 Very truly yours,

	
	  

 Name:

	 Title:

	  

	  

	 (Address)

  
 [Signature
Page to Lock-Up Agreement] 
  

 D-3 

 Schedule 1 
  
 Directors and Officers Subject to Lock-Up 
  
 David M. Goldenberg, Sc.D., M.D. (Director and Officer) 
 Cynthia L. Sullivan,
M.S., M.B.A. (Director and Officer) 
 Morton Coleman, M.D. (Director) 
 Marvin E. Jaffe, M.D. (Director) 
 Richard R. Pivirotto (Director) 
 Mary E. Paetzold, CPA (Director) 
 Ivan D. Horak, M.D. (Exec VP) 
 Gerard G. Gorman, M.B.A. (VP Finance & CFO) 

 Schedule 2 
  
 List of Subsidiaries 
  
 IBC Pharmaceuticals, Inc. 
  
 Immunomedics, B.U. (Netherlands) 
  
 Immunomedics
GmbH (Germany)

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