Document:

Exhibit 10.13

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”),
dated as of November 30, 2006 (the “Effective Date”),
is made by and between ImmunoGen, Inc., a Massachusetts corporation (the “Company”), and Mitchel Sayare (“Executive”).  This Agreement is intended to confirm the
understanding and set forth the agreement between the Company and Executive
with respect to Executive’s employment by the Company.  In consideration of the mutual promises and
covenants contained in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, the Company and the Executive hereby agree as follows:

1.             Employment.

(a)           Title and Duties. 
Subject to the terms and conditions of this Agreement, the Company will
employ Executive, and Executive will be employed by the Company, as Chairman
and Chief Executive Officer (“CEO”),
reporting to the Board of Directors of the Company (the “Board”).  Executive will have the responsibilities,
duties and authority commensurate with said position.  Executive will also perform such other
services of an executive nature for the Company as may be reasonably assigned
to Executive from time to time by the Board.

(b)           Devotion to Duties.  For
so long as Executive is employed hereunder, Executive will devote substantially
all of Executive’s business time and energies to the business and affairs of
the Company; provided that nothing contained in this Section 1(b) will
be deemed to prevent or limit Executive’s right to manage Executive’s personal
investments on Executive’s own personal time, including, without limitation,
the right to make passive investments in the securities of (i) any entity which
Executive does not control, directly or indirectly, and which does not compete
with the Company, or (ii) any publicly held entity (other than the Company or
its related entities) so long as Executive’s aggregate direct and indirect
interest does not exceed three percent (3%) of the issued and outstanding
securities of any class of securities of such publicly held entity.  Except as set forth on Exhibit A
hereto, Executive represents that Executive is not currently a director (or
similar position) of any other entity and is not employed by or providing
consulting services to any other person or entity, and Executive agrees to
refrain from undertaking any such position or engagement without the prior
approval of the Board.  Executive may
continue to serve as a director and/or volunteer for the entities listed on Exhibit
A provided that such service does not create any conflicts, ethical or
otherwise, with Executive’s responsibilities to the Company and further
provided that Executive’s time commitments do not unreasonably interfere with
his fulfillment of his responsibilities hereunder, as determined by the Board
or its designated committee thereof.

2.             Term of Agreement; Termination of Employment.

(a)           Term of Agreement.  The
term of this Agreement shall commence on the Effective Date and shall continue
in effect for two (2) years; provided, however, that commencing
on the second anniversary of the Effective Date and continuing each anniversary
thereafter, the Term shall automatically be extended for one (1) additional
year unless, not later than nine (9) months before the conclusion of the Term,
the Company or the Executive shall have given notice not to extend the Term.  Such notice or such termination of this
Agreement shall not on its own have the effect of terminating Executive’s
employment, nor shall it constitute Cause (as defined below).  The
duration of this Agreement is hereafter referred to as the “Term.”

(b)           Termination of Employment.  The
Executive is employed on an at-will basis and, subject to the provisions of
Section 4, either the Executive or the Company may terminate the employment
relationship at any time for any reason. 
Notwithstanding anything else contained in this Agreement, Executive’s
employment during the Term will terminate upon the earliest to occur of the
following:

(i)            Death.  Immediately upon Executive’s
death;

(ii)           Termination by the Company.

(A)          If because of Disability (as defined below), then upon written notice
by the Company to Executive that Executive’s employment is being terminated as
a result of Executive’s Disability, which termination shall be effective on the
date of such notice;

(B)           If for Cause, then upon written notice by the Company to Executive that
states that Executive’s employment is being terminated for Cause (as defined
below) and sets forth the specific alleged Cause for termination and the
factual basis supporting the alleged Cause, which termination shall be
effective on the date of such notice or such later date as specified in writing
by the Board; or

(C)           If without Cause (i.e., for reasons other than Sections
2(b)(ii)(A) or (B)), then upon written notice by the Company to Executive that
Executive’s employment is being terminated without Cause, which termination
shall be effective on the date of such notice or such later date as specified
in writing by the Board; or

(iii)          Termination by Executive.  Upon
written notice by Executive to the Company that Executive is terminating
Executive’s employment, which termination shall be effective, at Executive’s
election, not less than thirty (30) days and not more than sixty (60) days after
the date of such notice; provided that the Executive may request at such
time to leave with a shorter notice period, and the Board shall not
unreasonably withhold its consent to such shorter period; and further
provided that the Board may choose to accept Executive’s resignation
effective as of an earlier date.

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Notwithstanding
anything in this Section 2(b), the Company may at any point terminate Executive’s
employment for Cause prior to the effective date of any other termination
contemplated hereunder if such Cause exists.

(c)           Definition of “Disability”.  For
purposes of this Agreement, “Disability”
shall mean that Executive (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, or (ii) is, by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than twelve (12) months, receiving income replacement benefits for
a period of not less than three (3) months under a Company-sponsored group
disability plan.  Whether the Executive has a Disability will be determined by a majority
of the Board based on evidence provided by one or more physicians selected by
the Board and approved by Executive, which approval shall not be unreasonably
withheld.

(d)           Definition of “Cause”.  For
purposes of this Agreement, “Cause”
shall mean that Executive has (i) intentionally committed an act or omission
that materially harms the Company; (ii) been grossly negligent in the
performance of Executive’s duties to the Company; (iii) willfully failed or
refused to follow the lawful and proper directives of the Board; (iv) been
convicted of, or pleaded guilty or nolo contendre,
to a felony; (v) committed an act involving moral turpitude; (vi) committed an
act relating to the Company involving, in the good faith judgment of the Board,
material fraud or theft; (vii) breached any material provision of this
Agreement or any nondisclosure or non-competition agreement (including the Proprietary
Information, Inventions, and Competition Agreement attached here as Exhibit
B), between Executive and the Company, as all of the foregoing may be
amended prospectively from time to time; or (viii) breached a material
provision of any code of conduct or ethics policy in effect at the Company, as
all of the foregoing may be amended prospectively from time to time.

(e)           Board Membership.  Upon
termination of Executive’s employment for any reason, if so requested by a
majority of the Board, Executive shall immediately resign in writing as a
director of the Company.

3.             Compensation.

(a)           Base Salary.  While Executive is employed
hereunder, the Company will pay Executive a base salary at the gross annualized
rate of $441,600.00 (the “Base Salary”),
paid in accordance with the Company’s usual payroll practices.  The Base Salary will be subject to review
annually or on such periodic basis (not to exceed annually) as the Company
reviews the compensation of the Company’s other senior executives and may be
adjusted upwards in the sole discretion of the Board or its designee.  The Company will deduct from each such
installment any amounts required to be deducted or withheld under applicable
law or under any employee benefit plan in which Executive participates.

(b)           Annual Bonus. 
Executive may be eligible to earn an Annual Bonus relating to each
fiscal year, based on the achievement of individual and Company written goals
established on an annual basis by the Board within thirty (30) days of the
beginning of the 

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fiscal year.  If the Executive meets the applicable goals,
is employed by the Company at the end of the year to which the Annual Bonus
relates, and is not terminated for Cause prior to the payment of the Annual
Bonus, then the Executive shall be entitled to an Annual Bonus for that year
equal to 50% of his then-current Base Salary (the “Target
Annual Bonus”).  Any
awarded Annual Bonus shall be paid within 2 1⁄2 months of the year to which it
relates.

(c)           Fringe Benefits.  In addition to any benefits provided by this
Agreement, Executive shall be entitled to participate generally in all employee
benefit, welfare and other plans, practices, policies and programs and fringe
benefits maintained by the Company from time to time on a basis no less
favorable than those provided to other similarly-situated executives of the
Company.  Executive understands that, except
when prohibited by applicable law, the Company’s benefit plans and fringe
benefits may be amended, enlarged, diminished or terminated prospectively by
the Company from time to time, in its sole discretion, and that such shall not
be deemed to be a breach of this Agreement.

(d)           Vacation.  Executive will be entitled to
accrue up to forty (40) vacation days per year that Executive remains employed
by the Company, administered in accordance with and subject to the terms of the
Company’s vacation policy, as it may be amended prospectively from time to
time.

(e)           Reimbursement of Expenses.  The
Company will promptly reimburse Executive for all ordinary and reasonable
out-of-pocket business expenses that are incurred by Executive in furtherance
of the Company’s business in accordance with the Company’s policies with
respect thereto as in effect from time to time.

4.             Compensation Upon Termination.

(a)           Definition of Accrued Obligations.  For
purposes of this Agreement, “Accrued Obligations”
means (i) the portion of Executive’s Base Salary that has accrued prior to any
termination of Executive’s employment with the Company and has not yet been
paid; (ii) to the extent required by law and the Company’s policy, an amount
equal to the value of Executive’s accrued but unused vacation days; (iii) the
amount of any expenses properly incurred by Executive on behalf of the Company
prior to any such termination and not yet reimbursed; and (iv) the Annual Bonus
related to the most recently completed fiscal year, if not already paid and if
the termination is not for Cause (the amount of which shall be determined in
accordance with Section 3(b) above).  Executive’s entitlement to any
other compensation or benefit under any plan or policy of the Company,
including but not limited to applicable option plans, shall be governed by and
determined in accordance with the terms of such plans or policies, except as
otherwise specified in this Agreement.

(b)           Termination for Cause, By the Executive, or
as a Result of Executive’s Disability or Death.

(i)            If Executive’s employment is terminated during
the Term either by the Company for Cause or by Executive, or if Executive’s
employment terminates as a result of the Executive’s death, the Company will
pay the Accrued Obligations to Executive promptly following the effective date
of such termination.

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(ii)           In case of termination during the Term by the Company as a result of
the Executive’s Disability, the Company will pay Executive the Accrued
Obligations plus an amount equal to six (6) months of Executive’s then-current
Base Salary.

(c)           Termination by the Company without Cause.  If
Executive’s employment is terminated by the Company without Cause during the
Term, then:

(i)            The Company will pay the Accrued Obligations
to Executive promptly following the effective date of such termination;

(ii)           The Company will pay Executive a total amount equal to eighteen (18)
months of Executive’s then current Base Salary, less applicable taxes and
deductions; to be made in approximately equal biweekly installments in
accordance with the Company’s usual payroll practices over a period of eighteen
(18) months beginning after the effective date of the separation agreement
described in Section 4(d);

(iii)          The Company will continue to provide medical insurance coverage for
Executive and Executive’s family, subject to the requirements of COBRA and
subject to Executive’s payment of a premium co-pay related to the coverage that
is no less favorable than the premium co-pay charged to active employees of the
Company electing the same coverage, for eighteen (18) months from the
Separation Date; provided, that the Company shall have no obligation to
provide such coverage if Executive fails to elect COBRA benefits in a timely
fashion or if Executive becomes eligible for medical coverage with another
employer; and

(iv)          That portion of unvested options then held by Executive, if any, that
would have vested during the twelve (12) month period following the effective
date of employment termination but for such termination shall vest and be
immediately exercisable as of the date of the employment termination.  That portion of the shares of restricted
stock then held by Executive, if any, that are subject to a lapsing forfeiture
right that would have terminated during the twelve (12) month period
following the effective date of employment termination but for such
termination will terminate as of the date of the employment termination.  All options and shares of restricted stock
shall otherwise be subject to the terms and conditions of their respective
agreements and with the applicable plan.

(d)           Release of Claims/Board Resignation.  The
Company shall not be obligated to pay Executive any of the compensation or
provide Executive any of the benefits set forth in Section 4(b) or 4(c) (other
than the Accrued Obligations) unless and until Executive has (i) executed a
timely separation agreement in a form acceptable to the Company, which shall
include a release of claims between the Company and the Executive and may
include provisions regarding mutual non-disparagement and confidentiality; and
(ii) resigned from the Board, if so requested pursuant to Section 2(e).

(e)           No Other Payments or Benefits Owing.  The
payments and benefits set forth in this Section 4 shall be the sole amounts
owing to Executive as separation pay upon termination of Executive’s
employment.  Executive shall not be
eligible for any other payments, including but not limited to additional Base
Salary payments, bonuses, 

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commissions, or other forms
of compensation or benefits, except as may otherwise be set forth in this
Agreement or other Company plan documents with respect to plans in which
Executive is a participant.

(f)            Notwithstanding any other provision with
respect to the timing of payments under Section 4, if, at the time of Executive’s
termination, Executive is deemed to be a “specified employee” (within the
meaning of Code Section 409A, and any successor statute, regulation and
guidance thereto) of the Company, then limited only to the extent necessary to
comply with the requirements of Code Section 409A, any payments to which
Executive may become entitled under Section 4 which are subject to Code Section
409A (and not otherwise exempt from its application) will be withheld until the
first (1st) business day of the seventh (7th) month following the termination of Executive’s employment, at which
time Executive shall be paid an aggregate amount equal to the accumulated, but
unpaid, payments otherwise due to Executive under the terms of Section 4.

5.             Competition.  Executive
agrees to sign and return to the Company the Proprietary Information,
Inventions, and Competition Agreement (the “Proprietary Information Agreement”)
attached hereto as Exhibit B concurrently with the execution of this
Agreement.  The parties agree that the
obligations set forth in the Proprietary Information Agreement shall survive
termination of this Agreement and termination of the Executive’s employment,
regardless of the reason for such termination.

6.             Property and Records.  Upon
termination of Executive’s employment hereunder for any reason or for no
reason, Executive will deliver to the Company any property of the Company which
may be in Executive’s possession, including blackberry-type devices, laptops,
cell phones, products, materials, memoranda, notes, records, reports or other
documents or photocopies of the same.

7.             General.

(a)           Notices.  Except as otherwise
specifically provided herein, any notice required or permitted by this
Agreement shall be in writing and shall be delivered as follows with notice
deemed given as indicated: (i) by personal delivery when delivered personally;
(ii) by overnight courier upon written verification of receipt; (iii) by
facsimile transmission upon acknowledgment of receipt of electronic
transmission; or (iv) by certified or registered mail, return receipt
requested, upon verification of receipt. 
Notices to Executive shall be sent to the last known address in the
Company’s records or such other address as Executive may specify in
writing.  Notices to the Company shall be
sent to the Company’s Lead Director, or to such other Company representative as
the Company may specify in writing.

(b)           Entire Agreement/Modification.  This
Agreement, together with the Proprietary Information Agreement attached hereto,
and the other agreements specifically referred to herein, embodies the entire
agreement and understanding between the parties hereto and supersedes all prior
oral or written agreements and understandings relating to the subject matter
hereof.  No statement, representation,
warranty, covenant or agreement of any kind not expressly set forth in this
Agreement (or in a subsequent written modification or amendment executed by the
parties hereto) will affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement.

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

(d)           Assignment and Binding Effect.  The
Company may assign its rights and obligations hereunder to any person or entity
that succeeds to all or substantially all of the Company’s business or that
aspect of the Company’s business in which Executive is principally
involved.  Executive may not assign
Executive’s rights and obligations under this Agreement without the prior
written consent of the Company.  This
Agreement shall be binding upon Executive, Executive’s heirs, executors and
administrators and the Company, and its successors and assigns, and shall inure
to the benefit of Executive, Executive’s heirs, executors and administrators
and the Company, and its successors and assigns.

(e)           Indemnification. 
Executive shall be entitled to the same rights, if any, to
indemnification and coverage under the Company’s Directors and Officers
Liability Insurance policies as they may exist from time to time to the same
extent as other officers and directors of the Company.

(f)            Governing Law.  This
Agreement and the rights and obligations of the parties hereunder will be
construed in accordance with and governed by the law oftheCommonwealth of Massachusetts, without giving effect to
conflict of law principles.

(g)           Severability.  The
parties intend this Agreement to be enforced as written. However, should any
provisions of this Agreement be held by a court of law to be illegal, invalid
or unenforceable, the legality, validity and enforceability of the remaining
provisions of this Agreement shall not be affected or impaired thereby.

(h)           Headings and Captions.  The
headings and captions of the various subdivisions of this Agreement are for
convenience of reference only and will in no way modify or affect the meaning
or construction of any of the terms or provisions hereof.

8.             Taxation.

(a)           The parties intend this Agreement to be in compliance with Code Section
409A.  The Executive acknowledges and
agrees that the Company does not guarantee the tax treatment or tax
consequences associated with any payment or benefit arising under this
Agreement, including but not limited to consequences related to Code Section
409A.  The Company and Executive agree
that both will negotiate in good faith and jointly execute an amendment to
modify this Agreement to the extent necessary to comply with the requirements
of Code Section 409A.

(b)           If any payment or
benefit Executive would receive under this Agreement, when combined with any
other payment or benefit Executive receives pursuant to a change in control (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Code Section
280G, and (ii) but for this sentence, be subject to the excise tax 

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imposed by Section 4999 of the Code (the “Excise Tax”),
then such Payment shall be either (x) the full amount of such Payment or (y)
such less amount as would result in no portion of the Payment being subject to
the Excise Tax, whichever of the foregoing amounts, taking into account the
applicable federal, state, and local employments taxes, income taxes, and the
Excise Tax results in Executive’s receipt, on an after-tax basis, of the
greater amount of the Payment, notwithstanding that all or some portion of the
Payment may be subject to the Excise Tax. 
The Executive shall be allowed to specify which payment(s) or benefit(s)
shall be reduced if necessary to implement this section and avoid the excise
tax application.  The Company shall
provide the Executive with sufficient information to make such determination
and to file and pay any required taxes.

9.             Counterparts.  This
Agreement may be executed in two or more counterparts, and by different parties
hereto on separate counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument.  For all purposes a signature by fax shall be
treated as an original.

IN WITNESS WHEREOF, the parties hereto have executed
and delivered this Employment Agreement as of the date first written above.

	
  EXECUTIVE

  	
   

  	
  IMMUNOGEN, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
   

  
	
  (Signature)

  	
   

  	
   

  	
  Daniel M. Junius

  	
   

  
	
  Print Name:
  Mitchel Sayare

  	
   

  	
   

  	
  Chief Financial Officer and Executive

  	
   

  
	
   

  	
   

  	
   

  	
  Vice President, Finance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

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Exhibit A

 9Exhibit 10.14

SEVERANCE AGREEMENT

This
Agreement is entered into as of the 30th day of November, 2006 (the “Effective Date”) by and between
ImmunoGen, Inc., a Massachusetts corporation (the “Company”)
and Mitchel Sayare (the “Executive”).

WHEREAS,
the Executive isChairman andChief Executive Officer (“CEO”) of the Company;

WHEREAS,
the Company recognizes that the Executive’s service to the Company is very
important to the future success of the Company;

WHEREAS,
the Executive desires to enter into this Agreement to provide the Executive
with certain financial protection in the event that his employment terminates
under certain conditions following a change in control of the Company; and

WHEREAS
the Board of Directors of the Company (the “Board”)
has determined that it is in the best interests of the Company to enter into
this Agreement.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Executive hereby agree as
follows:

1.             Definitions.

(a)           Cause.  For purposes of this
Agreement, “Cause”
shall mean that Executive has (i) intentionally committed an act or omission
that materially harms the Company; (ii) been grossly negligent in the
performance of Executive’s duties to the Company; (iii) willfully failed or
refused to follow the lawful and proper directives of the Board; (iv) been
convicted of, or pleaded guilty or nolo
contendre, to a felony; (v) committed an act involving moral
turpitude; (vi) committed an act relating to the Executive’s employment or the
Company involving, in the good faith judgment of the Board, material fraud or
theft; (vii) breached any material provision of this Agreement or any
nondisclosure or non-competition agreement between Executive and the Company, as
all of the foregoing may be amended prospectively from time to time; or (viii)
breached a material provision of any code of conduct or ethics policy in effect
at the Company, as all of the foregoing may be amended prospectively from time
to time.

(b)           Change in Control.  For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following
events; provided that “Change in Control” shall be interpreted in a manner, and
limited to the extent necessary, so that it will not cause adverse tax
consequences for either party with respect to Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and
the provisions of Treasury Notice 2005-1, and any successor statute, regulation
and guidance thereto:

(i)            Ownership.  Any “Person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended)
becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing 50% or more
of the total voting power represented by the Company’s then outstanding voting
securities (excluding for this purpose any such voting securities held by 

the Company or its Affiliates (as defined in the Company’s 2006
Employer, Director and Consultant Equity Incentive Plan) or by any employee
benefit plan of the Company) pursuant to a transaction or a series of related
transactions which the Board does not approve; or

(ii)           Merger/Sale
of Assets.  (A) A merger or consolidation
of the Company whether or not approved by the Board, other than a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity or the parent of such corporation) at least 50% of the total
voting power represented by the voting securities of the Company or such
surviving entity or parent of such corporation, as the case may be, outstanding
immediately after such merger or consolidation; or (B) the stockholders of the
Company approve an agreement for the sale or disposition by the Company of all
or substantially all of the Company’s assets; or

(iii)          Change in Board Composition.  A
change in the composition of the Board, as a result of which fewer than a
majority of the directors are Incumbent Directors.  “Incumbent Directors” shall mean directors
who either (A) are directors of the Company as of November 11, 2006, or (B) are
elected, or nominated for election, to the Board with the affirmative votes of
at least a majority of the Incumbent Directors at the time of such election or
nomination (but shall not include an individual whose election or nomination is
in connection with an actual or threatened proxy contest relating to the
election of directors to the Company).

(c)           Disability.  For purposes of this
Agreement, “Disability” shall mean that Executive (i) is unable to
engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or can
be expected to last for a continuous period of not less than twelve (12)
months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last
for a continuous period of not less than twelve (12) months, receiving income
replacement benefits for a period of not less than three (3) months under
a Company-sponsored group disability plan. Whether the Executive has a Disability will be
determined by a majority of the Board based on evidence provided by one or more
physicians selected by the Board and approved by Executive, which approval
shall not be unreasonably withheld.

(d)           Good Reason.  For purposes of this
Agreement, “Good Reason”
shall mean the occurrence of one or more of the following without the Executive’s
consent:  (i) a change in the principal
location at which the Executive performs his duties for the Company to a new
location that is at least forty (40) miles from the prior location; (ii) a
material change in the Executive’s authority, functions, duties or
responsibilities as CEO of the Company,
which would cause his position with the Company to become of less
responsibility, importance or scope than his position on the date of this
Agreement or as of any subsequent date prior to the Change in Control,
provided, however, that such material change is not in connection with the
termination of the Executive’s employment by the Company for Cause or death or
Disability and further provided that it shall not be considered a material
change if the Company becomes a subsidiary of another entity and Executive
continues to hold the position of CEO in the subsidiary; (iii) a reduction in the
CEO’s annual base salary or (iv) a 

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reduction in the CEO’s target annual bonus as compared to the target
annual bonus set for the previous fiscal year.

2.             Term of Agreement.  The
term of this Agreement (the “Term”) shall commence on the Effective Date and
shall continue in effect for two (2) years; provided, however,
that commencing on second anniversary of the Effective Date and continuing each
anniversary thereafter, the Term shall automatically be extended for one (1)
additional year unless, not later than nine (9) months before the conclusion of
the Term, the Company or the Executive shall have given notice not to extend
the Term; and further provided, however, that if a Change
in Control shall have occurred during the Term, the Term shall expire on the
last day of the twenty-fourth (24th) month
following the month in which such Change in Control occurred.  Notice of termination or termination of this
Agreement shall not constitute Cause or Good Reason (both terms as defined
above).

3.             Termination; Notice; Severance Compensation.

(a)           In the event that within a period of two (2) months before or two (2)
years following the consummation of a Change in Control the Company elects to
terminate the Executive’s employment other than for Cause (but not including
termination due to the Executive’s Disability), then the Company shall give the
Executive no less than sixty (60) days advance notice of such termination (the “Company’s
Notice Period”); provided that the Company may elect to require the
Executive to cease performing work for the Company so long as the Company
continues the Executive’s full salary and benefits during the Company’s Notice
Period.

(b)           In the event that within a period of two (2) months before or two (2)
years following the consummation of a Change in Control the Executive elects to
terminate his employment for Good Reason, then the Executive shall give the
Company no less than thirty (30) days and no more than sixty (60) days advance
notice of such termination (the “Executive’s Notice Period”); provided that
the Company may elect to require the Executive to cease performing work for the
Company so long as the Company continues the Executive’s full salary and
benefits during the Executive’s Notice Period. 
In order to effect a termination for Good Reason pursuant to this
Agreement, the Executive must notice his intent to terminate for Good Reason
not later than ninety (90) days following the occurrence of the Good Reason.

(c)           In the event that within a period of two (2) months before or two (2) years
following the consummation of a Change in Control the Executive’s employment
with the Company is terminated by the Company other than for Cause (but not
including termination due to the Executive’s death or Disability), or by the
Executive for Good Reason, then, contingent upon the Executive’s execution of a
release of claims against the Company in a form reasonably acceptable to the
Company (the “Release”)
the Executive shall be entitled to, in addition to any amounts due to the
Executive for services rendered prior to the termination date:

 3
 

(i)  the Executive’s target
annual bonus for the fiscal year in which such termination occurs at 100% of
such target annual bonus, pro-rated by the number of calendar days in which the
Executive is employed by the Company during the applicable year, including any
applicable Notice Period, which shall be paid no later than the tenth business
day following the effective date of the Release; and

(ii)  a lump sum payment from the Company in an
amount equal to two (2) times the Executive’s Annual Salary, which shall be
paid no later than the tenth business day following the effective date of the
Release;

(iii)  all outstanding options, restricted stock and
other similar rights held by the Executive, which shall become one hundred
percent (100%) vested; and

(iv) 
continuation of medical insurance coverage for Executive and Executive’s
family, subject to COBRA and subject to Executive’s payment of a premium co-pay
related to the coverage that is no less favorable than the premium co-pay
charged to active employees of the Company electing the same coverage, for
twenty-four (24) months from the Separation Date; provided, that the
Company shall have no obligation to provide such coverage if Executive fails to
elect COBRA benefits in a timely fashion or if Executive becomes eligible for
medical coverage with another employer; and provided, that if
COBRA continuation coverage is otherwise earlier terminated under applicable
law, then, in lieu of coverage, the Company will pay the same amount it paid on
a monthly basis for COBRA continuation coverage directly to the Executive each
month for the remainder of the relevant period.

For purposes of this Agreement, “Annual Salary” shall mean the Executive’s annual base salary then in effect or, if
higher, in effect at the time of the Change in Control, excluding
reimbursements and amounts attributable to stock options and other non-cash
compensation; and the “Severance
Compensation” shall mean the compensation set forth in (ii), (iii),
and (iv) above.

(d)           Notwithstanding any other provision with respect to the timing of
payments, if, at the time of Executive’s termination, Executive is deemed to be
a “specified employee” (within the meaning of Code Section 409A, and any
successor statute, regulation and guidance thereto) of the Company, then
limited only to the extent necessary to comply with the requirements of Code
Section 409A, any payments to which Executive may become entitled under this
Agreement which are subject to Code Section 409A (and not otherwise exempt from
its application) will be withheld until the first (1st)
business day of the seventh (7th) month following the termination of
Executive’s employment, at which time Executive shall be paid an aggregate
amount equal to the accumulated, but unpaid, payments otherwise due to
Executive under the terms of this Agreement.

(e)           If any payment or benefit Executive would receive under this Agreement,
when combined with any other payment or benefit Executive receives pursuant to
a Change in Control (“Payment”) would (i) constitute a “parachute payment”
within the meaning of Code Section 280G, and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”),
then such Payment shall be either (x) the full amount of such Payment or (y)
such less amount as would result in no portion of the Payment being subject to
the Excise Tax, whichever of 

 4
 

the foregoing amounts, taking into account the applicable federal,
state, and local employments taxes, income taxes, and the Excise Tax results in
Executive’s receipt, on an after-tax basis, of the greater amount of the
Payment, notwithstanding that all or some portion of the Payment may be subject
to the Excise Tax.  The Executive shall
be allowed to specify which payment(s) or benefit(s) shall be reduced if
necessary to implement this section and avoid the excise tax application.  The Company shall provide the Executive with
sufficient information to make such determination and to file and pay any
required taxes.

4.             No Duplication of Compensation.  The
Severance Compensation shall replace, and be provided in lieu of, any severance
or similar compensation that may be provided to the Executive under any other
agreement or arrangement in relation to termination of employment; provided,
however, that this prohibition against duplication shall not be construed to
otherwise limit the Executive’s rights to payments or benefits provided under
any pension plan (as defined in Section 3(2) of the Employee Retirement Income
Security Act of 1974, as amended), deferred compensation, stock, stock option
or similar plan sponsored by the Company.

5.             No Mitigation.  If
the Executive’s employment with the Company terminates following a Change in
Control, the Executive is not required to seek other employment or to attempt
in any way to reduce any amounts payable to the Executive by the Company
pursuant to Section 3 or Section 15. 
Except as set forth in Section 4, the amount of any payment or benefit
provided for in this Agreement shall not be reduced by any compensation earned
by the Executive as the result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Executive to
the Company, or otherwise.

6.             Confidentiality, Non-Competition, and
Assignment of Inventions.  The Company’s obligations under this
Agreement are contingent on the Executive’s execution of the Company’s
Proprietary Information, Inventions, and Competition Agreement (the “Proprietary
Information Agreement”).  The parties
agree that the obligations set forth in the Proprietary Information Agreement
shall survive termination of this Agreement and termination of the Executive’s
employment, regardless of the reason for such termination.

7.             Enforceability.  If
any provision of this Agreement shall be deemed invalid or unenforceable as
written, this Agreement shall be construed, to the greatest extent possible, or
modified, to the extent allowable by law, in a manner which shall render it
valid and enforceable.  No invalidity or
unenforceability of any provision contained herein shall affect any other
portion of this Agreement.

8.             Notices.  Except as otherwise
specifically provided herein, any notice required or permitted by this
Agreement shall be in writing and shall be delivered as follows with notice
deemed given as indicated: (i) by personal delivery when delivered personally;
(ii) by overnight courier upon written verification of receipt; (iii) by
telecopy or facsimile transmission upon acknowledgment of receipt of electronic
transmission; or (iv) by certified or registered mail, return receipt
requested, upon verification of receipt. 
Notices to Executive shall be sent to the last known address in the
Company’s records or such other address as Executive may specify in
writing.  Notices to the Company shall be
sent to the Company’s Lead Director, or to such other Company representative as
the Company may specify in writing.

 5
 

9.             Claims for Benefits.  All
claims by the Executive for benefits under this Agreement shall be directed to
and determined by the Board and shall be in writing.  Any denial by the Board of a claim for
benefits under this Agreement shall be delivered to the Executive in writing
and shall set forth the specific reasons for the denial and the specific
provisions of this Agreement relied upon. 
The Board shall afford a reasonable opportunity to the Executive for a
review of the decision denying a claim and shall further allow the Executive to
appeal to the Board a decision of the Board within sixty (60) days after
notification by the Board that the Executive’s claim has been denied.

10.           Modifications and Amendments.  The
terms and provisions of this Agreement may be modified or amended only by
written agreement executed by the Company and the Executive.  The Company and the Executive agree that they
will jointly execute an amendment to modify this Agreement to the extent
necessary to comply with the requirements of Code Section 409A, or any
successor statute, regulation and guidance thereto; provided that no
such amendment shall increase the total financial obligation of the Company
under this Agreement.

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

12.           Binding Effect; Assignment.  The
Agreement will be binding upon and inure to the benefit of (a) the heirs,
executors and legal representatives of the Executive upon the Executive’s death
and (b) any successor of the Company. 
Any such successor of the Company will be deemed substituted for the
Company under the terms of the Agreement for all purposes.  For this purpose, “successor” means any
person, firm, corporation or other business entity which at any time, whether
by purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company.  None of the rights of the Executive to
receive any form of compensation payable pursuant to the Agreement may be
assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer,
conveyance or other disposition of the Executive’s right to compensation or
other benefits will be null and void.

13.           Governing Law.  This
Agreement and the rights and obligations of the parties hereunder shall be
construed in accordance with and governed by the law of the Commonwealth of
Massachusetts, without giving effect to the conflict of law principles thereof.

14.           Jurisdiction and Service of Process.  Any
legal action or proceeding with respect to this Agreement shall be brought in
the courts of the Commonwealth of Massachusetts or of the United States of
America for the District of Massachusetts. 
By execution and delivery of this Agreement, each of the parties hereto
accepts for itself and in respect of its property, generally and unconditionally,
the jurisdiction of the aforesaid courts.

15.           Attorneys’ Fees.  The
Company shall pay to the Executive all legal fees and expenses incurred by the
Executive in disputing in good faith any issue hereunder relating to the
termination 

 6
 

of the Executive’s employment, in seeking in good faith to obtain or
enforce any benefit or right provided by this Agreement.  Such payments shall be made within five (5)
business days after delivery of the Executive’s written requests for payment
accompanied with such evidence of fees and expenses incurred as the Company
reasonably may require.

16.           Withholding.  The Company is authorized to withhold, or to
cause to be withheld, from any payment or benefit under the Agreement the full
amount of any applicable withholding taxes.

17.           Tax Consequences.  The
Company does not guarantee the tax treatment or tax consequences associated
with any payment or benefit arising under this Agreement.

18.           Acknowledgment.  The Executive acknowledges that he has had
the opportunity to discuss this matter with and obtain advice from his private
attorney, has had sufficient time to, and has carefully read and fully
understands all the provisions of the Agreement, and is knowingly and
voluntarily entering into the Agreement.

19.           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.

IN
WITNESS WHEREOF, the parties have executed and delivered this Severance
Agreement as of the day and year first above written.

	
   

  	
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  IMMUNOGEN, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Daniel M. Junius

  
	
   

  	
  Chief Financial
  Officer and

  
	
   

  	
  Executive Vice
  President, Finance

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Mitchel Sayare

  
				

 

 7

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