Document:

Exhibit 10.3

 

October 26, 2009

 

Suzanne Cadden

2782 Termini Terrace

Mississauga, ON L5M 5S3

Canada

 

Dear Suzanne:

 

I am delighted to offer you the full-time position of Vice President, Regulatory
Affairs and Quality at ImmunoGen, Inc. (“ImmunoGen” or the “Company”).  Upon commencement of your employment, which
shall be no later than November 23, 2009 you will initially be paid at a bi-weekly
rate of $10,769.23, which annualized equals $280,000.00 per year, less
applicable federal, state and/or local payroll and withholding taxes.

 

The Company will also reimburse you for
reasonable and customary expenses actually incurred and properly documented up
to $55,000 in connection with your relocation to the Boston area as described
in the accompanying letter.

 

Also in consideration of your employment by the Company, we will
recommend to the Compensation Committee, for their approval, the grant of a
stock option award covering 100,000 shares of the Company’s common stock under
the Company’s Stock Option Plan.  This award
will vest at a rate of twenty-five percent (25%) per year over four years,
beginning on the first anniversary of your first date of employment with
ImmunoGen.  The exercise price for these
options will be the closing sale price of the Company’s Common Stock as listed
on NASDAQ on your first day of employment.

 

In addition, you will be eligible for a
discretionary annual bonus of up to thirty percent (30%) of your annual salary.  Your bonus for this fiscal year ending June 2010
will be prorated from your date of hire. 
Bonuses are at the discretion of the Board of Directors and are based on
Company and individual performance.

 

As a member of executive management,
you will be eligible for a severance arrangement which, under certain
circumstances, would provide you with certain benefits in the event of a change
of control of the Company.  Attached
please see an agreement that is similar to that which you would receive.

 

You will also be entitled to participate in the
Company’s benefit plans to the same extent as, and subject to the same terms,
conditions and limitations as generally applicable to, full-time employees of
ImmunoGen of similar rank and tenure. 
These benefits currently include paid vacation time, life, health,
dental and disability insurance.  With
respect to your annual vacation, based on the level of the position you are
being offered, you are eligible for up to four (4) weeks

 

 

of paid vacation per year, accrued monthly, of
which up to ten (10) unused days can be rolled over from year to year.  Summary plan descriptions for the programs
will be available to you after commencing employment.  Please note that your compensation and/or
benefits may be modified in any way and at any time by ImmunoGen at its sole
discretion, with or without prior notice, to the extent any such modification
affects similarly situated ImmunoGen executives in the same manner.

 

Your duties as an employee of the Company shall
be as determined by me in consultation with you.  You agree to devote your best efforts to the performance
of such responsibilities and you will not perform any professional work outside
your work for the Company without pre-approval from the Company.

 

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

 

In
addition, your offer of employment is contingent upon the successful completion
of a general background and reference check as well as a drug test.  As such, please complete the enclosed
authorizations and other required forms.

 

While we anticipate that our relationship will be
a long and mutually rewarding one, your employment, of course, will be at will,
terminable by either you or the Company at any time.  If your employment is terminated by the
Company without cause, the Company will pay you a total amount equal to four (4) months
of your then current base salary, less taxes and deductions, in approximately
equal bi-weekly installments in accordance with the Company’s usual payroll
practices over a period of four (4) months beginning after the effective
date of the separation agreement described below; provided that if you do not secure
full-time employment during the initial four (4) month salary continuation
period, the Company will extend the  salary
continuation period for up to two (2) additional months as long as you
have not secured full-time employment during the two (2) month extended salary
continuation period.  In no event will
the foregoing salary continuation benefit extend beyond six (6) months
from the effective date of the separation agreement described below.  The foregoing salary continuation benefit is
conditioned upon your executing a separation agreement in a form acceptable to
the Company, which shall include a release of claims between the Company and
you, and may include provisions regarding mutual non-disparagement and confidentiality.

 

On your first day of employment, you will be
required to sign our Proprietary Information, Inventions and Competition
Agreement and the Company’s Insider Trading Policy, acknowledging that you
understand and agree to be bound by these agreements.  Copies of each are enclosed.  You are also asked to acknowledge and agree
that your employment by the Company will not violate any agreement which you
may have with any third party.  Please
acknowledge your understanding and agreement with the terms of your employment
as set forth in this letter by signing below.

 

 

Please acknowledge your understanding of an
agreement with the terms of your employment as set forth in this letter by
signing below.

 

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

 

Sincerely,

 

	
  /s/ Daniel Junius

  	
   

  
	
  Daniel
  Junius

  	
   

  
	
  President
  and Chief Executive Officer

  	
   

  
	
   

  	
   

  
	
  Acknowledged
  and Agreed to:

  	
   

  
	
   

  	
   

  
	
  /s/ Suzanne Cadden

  	
  10/28/09

  	
   

  
	
   

  	
  Date

  	
   

  
	
   

  	
   

  
	
  EnclosuresExhibit
10.1

 

as of January 26, 2010

 

VIA OVERNIGHT COURIER

 

Global Operating LLC

Global Companies LLC

Global Montello Group
Corp.

Glen Hes Corp.

Chelsea Sandwich LLC

800 South Street

Waltham, Massachusetts
02454

 

Attention:              Thomas J. Hollister, Chief Operating
Officer and Chief Financial Officer

 

Re:          Consent Regarding Capital
Expenditure Limit for 2010 Fiscal Year

 

Ladies and Gentlemen:

 

Reference is hereby made
to that certain (a) Credit Agreement dated as of October 4, 2005 by
and among GLOBAL
OPERATING LLC, a Delaware
limited liability company (“OLLC”), GLOBAL COMPANIES LLC,
a Delaware limited liability company (“Global”), GLOBAL
MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen  Hes”),
CHELSEA SANDWICH LLC, a Delaware
limited liability company (“Chelsea” and, collectively with OLLC,
Global, Montello and Glen Hes, the “Borrowers” and each, individually, a
“Borrower”), GLOBAL PARTNERS LP,
a Delaware limited partnership (the “MLP”), GLOBAL GP
LLC, a Delaware limited liability company (the “GP” and,
collectively with the MLP, the “Initial  Guarantors” and each,
individually, an “Initial  Guarantor”), each lender from time to
time party thereto (collectively, the “Lenders” and individually, a “Lender”),
BANK OF AMERICA, N.A., in its capacity as L/C Issuer (as defined in the Credit
Agreement) and BANK OF AMERICA, N.A., in its capacity as administrative agent
(in such capacity, the “Administrative  Agent”); and (b) Guaranty
dated as of October 4, 2004 (as amended and in effect from time to time,
the “Guaranty”) by the Initial Guarantors and Global Energy Marketing
LLC (“GEM” and, collectively with the Initial Guarantors, the “Guarantors”)
in favor of the Administrative Agent, the Lenders, the L/C Issuer, the LOI Agent
(as such term is defined in the Guaranty) and the LOI Banks (as such term is
defined in the Guaranty).  
Capitalized terms used herein and which are not otherwise defined shall
have the respective meanings ascribed thereto in the Credit Agreement.

 

As you are aware,
pursuant to Section 7.19 of the Credit Agreement, the Loan Parties have
agreed that the Loan Parties will not make or become legally obligated to make any
Capital Expenditures in any fiscal year that exceed, in the aggregate for all
Loan Parties, $10,000,000 for such fiscal year. 
The Borrowers have informed the Administrative Agent and the
Lenders that the Loan Parties would like the ability to

 

 

make or become legally
obligated to make Capital Expenditures in the fiscal year ending December 31,
2010 in an aggregate amount for all Loan Parties which does not exceed
$20,000,000 for such fiscal year.  As
such, the Borrowers have asked the Administrative Agent, the L/C Issuer and the
Lenders to consent to the Loan Parties making or becoming legally obligated to
make Capital Expenditures in the fiscal year ending December 31, 2010
which exceed $10,000,000 for such fiscal year, so long as the aggregate amount
of Capital Expenditures made for all Loan Parties or for which the Loan Parties
are legally obligated to make does not exceed $20,000,000 for such fiscal year
(the “Proposed  Cap  Ex  Increase”).

 

The Administrative Agent,
the L/C Issuer and the Lenders hereby consent to the Proposed Cap Ex Increase
so long as (a) no Default or Event of Default has occurred and is
continuing as of the date hereof, at the time of making or becoming legally
obligated to make any such Capital Expenditures, or as a result of making or
becoming legally obligated to make any such Capital Expenditures; (b) the
aggregate amount of Capital Expenditures made for all Loan Parties or for which
the Loan Parties are legally obligated to make does not exceed $20,000,000 for
the fiscal year ending December 31, 2010; (c) such Proposed Cap Ex
Increase is only for the fiscal year ending December 31, 2010; and (d) the
Borrowers shall pay to the Agent, for the respective account of each Lender
which consents to the Proposed Cap Ex Increase by returning its signature page hereto
to the Agent by not later than 12:00 noon (Boston time) on January 26,
2010 a work fee (the “Work  Fee”) of $5,000 for each such
consenting Lender.

 

Subject to such
conditions, and receipt by the Administrative Agent of (a) counterparts of
this letter duly executed by the Borrowers, the Guarantors, the Agent and the
requisite Lenders and (b) the Work Fee for each consenting Lender, the
Administrative Agent, the L/C Issuer and the Lenders hereby consent to the
Proposed Cap Ex Increase, all as more fully described herein.

 

Each of the Borrowers and
the Guarantors hereby repeats, on and as of the date hereof, each of the
representations and warranties made by it in Article V of the Credit
Agreement (or, in the case of GEM, as modified by the Joinder Agreement dated
as of August 5, 2009) except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be
true and correct as of such earlier date. 
In addition, each of the Borrowers and the Guarantors hereby represents
and warrants that the execution and delivery by such Person of this consent and
the performance by each such Person of all of its agreements and obligations
under the Credit Agreement as modified hereby and the other Loan Documents to
which it is a party are within the corporate and/or company authority of each
of such Person and has been duly authorized by all necessary corporate and/or
membership action on the part of each such Person.

 

This consent shall not be
construed, however, as a waiver of any other provisions of the Loan Documents
or to permit the Guarantors, the Borrowers or any Subsidiary to take any other
action which is prohibited by the terms of the Credit Agreement and the other
Loan Documents.  The Borrowers agree that
a failure to comply with the provisions set forth herein shall constitute an
Event of Default under 

 

2

 

the Credit Agreement.
Except as expressly consented to hereby, the Credit Agreement and all
documents, instruments and agreements related thereto, including, but not
limited to the Security Documents, are hereby ratified and confirmed in all
respects and shall continue in full force and effect.  This consent letter shall constitute a Loan
Document under the Credit Agreement. 
This consent letter may be executed in one or more counterparts, each of
which shall be deemed an original but which together shall constitute one and
the same instrument.  In addition, this consent letter shall be
governed by and construed in accordance with the law of the Commonwealth of
Massachusetts (without reference to conflict of laws).

 

3

 

Except as expressly stated herein, neither the
execution of this consent nor the failure of the Administrative Agent, the L/C
Issuer or any Lender to exercise any right or remedy constitutes a waiver of
any Default or Event of Default or of such right or remedy or any other right
or remedy under the Credit Agreement.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as

  
	
   

  	
  Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Alan Tapley

  
	
   

  	
  Title:

  	
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as

  
	
   

  	
  a Lender and L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christen A. Lacey

  
	
   

  	
  Title:

  	
  Christen A. Lacey,
  Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  STANDARD CHARTERED BANK, as

  
	
   

  	
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia Doyle

  
	
   

  	
  Title:

  	
  Patricia Doyle,
  Director, Commodity Corporate-Traders

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert K.
  Reddington

  
	
   

  	
  Title:

  	
  Robert K. Reddington,
  Assistant Vice Preisdent, Credit Documentation

  
	
   

  	
   

  	
  Credit Risk Control

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A., as

  
	
   

  	
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas G. Williams

  
	
   

  	
  Title:

  	
  Vice President

  

 

4

 

	
   

  	
  SOCIETE GENERALE, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara Paulsen

  
	
   

  	
  Title:

  	
  Barbara Paulsen,
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  RBS
  CITIZENS,

  
	
   

  	
   NATIONAL
  ASSOCIATION

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marina Grossi

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOVEREIGN BANK, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert D. Lanigan

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FORTIS CAPITAL CORP., as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew L. Rosetti

  
	
   

  	
  Title:

  	
  Matthew L. Rosetti,
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michiel V.M. Van
  Der Voor

  
	
   

  	
  Title:

  	
  Michiel V.M. Van Der
  Voor, Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBSTER BANK NATIONAL

  
	
   

  	
  ASSOCIATION, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard A. O’Brien

  
	
   

  	
  Title:

  	
  Richard A. O’Brien,
  Senior Vice President

  

 

5

 

	
   

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Keven D. Smith

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TD BANK, N.A.,

  
	
   

  	
  (f/k/a TD BankNorth, N.A.)

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robyn Zeller

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, N.A.

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel M. Grondin

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA BANK,

  
	
   

  	
  NATIONAL ASSOCIATION

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel M. Grondin

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CALYON NEW YORK BRANCH

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Zali Win

  
	
   

  	
  Title:

  	
  Zali Win, Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michel Kermarrec

  
	
   

  	
  Title:

  	
  Michel Kermarrec, Vice
  President

  

 

6

 

	
   

  	
  THE
  BANK OF TOKYO-MITSUBISHI UFJ, LTD.

  
	
   

  	
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chan K. Park

  
	
   

  	
  Title:

  	
  Chan K. Park, Senior
  Vice President and

  
	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  
	
  ACKNOWLEDGED AND AGREED:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLOBAL OPERATING LLC

  	
   

  	
   

  	
   

  
	
  By: Global Partners LP, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global GP LLC, its general
  partner

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLOBAL COMPANIES LLC

  	
   

  	
   

  	
   

  
	
  By: Global Operating LLC, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global Partners LP, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global GP LLC, its general
  partner

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLOBAL MONTELLO GROUP CORP.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLEN HES CORP.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  

 

7

 

	
  CHELSEA SANDWICH LLC

  	
   

  	
   

  	
   

  
	
  By: Global Operating LLC, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global Partners LP, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global GP LLC, its general
  partner

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLOBAL PARTNERS LP

  	
   

  	
   

  	
   

  
	
  By: Global GP LLC, its general
  partner

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLOBAL GP LLC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GLOBAL ENERGY MARKETING LLC

  	
   

  	
   

  	
   

  
	
  By: Global Operating LLC, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global Partners LP, its
  sole member

  	
   

  	
   

  	
   

  
	
  By: Global GP LLC, its general
  partner

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Edward J. Faneuil

  	
   

  	
   

  	
   

  
	
  Title: Edward J.
  Faneuil, Execuive Vice President

  	
   

  	
   

  	
   

  

 

8

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