SEC Contract Filing

Filing Date: 2018-11-07

Document Content:
<DOCUMENT>
<TYPE>EX-10.65
<SEQUENCE>10
<FILENAME>immu-09302018ex1065.htm
<DESCRIPTION>EXHIBIT 10.65 IMMUNOMEDICS, INC. ANNUAL CASH BONUS PLAN
<TEXT>
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<div><a name="s08d986d21a8e45178c0cc54a493e46d1"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">IMMUNOMEDICS, INC. ANNUAL CASH BONUS PLAN</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Background and Purpose</font><font style="font-family:inherit;font-size:12pt;">.</font></div></td></tr></table><div style="line-height:174%;padding-left:0px;text-align:left;text-indent:24px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">1.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purpose</font><font style="font-family:inherit;font-size:12pt;">. The purpose of the Immunomedics, Inc. Annual Cash Bonus Plan (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Plan</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is to motivate and reward eligible employees by making a portion of their cash compensation dependent on the achievement of certain corporate, business unit and individual performance goals.</font></div><div style="line-height:174%;padding-left:0px;text-align:left;text-indent:24px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">. The Plan is effective as of September 26, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and shall remain in effect until it has been terminated pursuant to </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Section 9.6</font><font style="font-family:inherit;font-size:12pt;">. </font></div><div style="line-height:174%;padding-left:0px;text-align:left;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">. The following terms shall have the following meanings:</font></div><div style="line-height:174%;padding-left:0px;text-align:left;text-indent:24px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">1.</font><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Affiliate</font><font style="font-family:inherit;font-size:12pt;">&#8221; means any corporation or other entity controlled by the Company.</font></div><div style="line-height:174%;padding-left:0px;text-align:left;text-indent:24px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">2.</font><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Award</font><font style="font-family:inherit;font-size:12pt;">&#8221; means an award granted pursuant to the Plan, which shall be earned contingent on the employment requirement set forth in </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Section 6.3</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;">and</font><font style="font-family:inherit;font-size:12pt;">&#32;the attainment of the Performance Goals with respect to a Performance Period, as determined by the Committee pursuant to </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Section 6.1</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:174%;padding-left:0px;text-align:left;text-indent:24px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">3.</font><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Base Salary</font><font style="font-family:inherit;font-size:12pt;">&#8221; means the Participant&#8217;s annualized rate of base salary on the last day of the Performance Period before (i) deductions for taxes or benefits and (ii) deferrals of compensation pursuant to any Company or Affiliate-sponsored plans; provided, that base salary shall be prorated, consistent with applicable law, to reflect any period of time during the Performance Period that the Participant was on an unpaid leave of absence or long-term disability. </font></div><div style="line-height:174%;padding-left:0px;text-align:left;text-indent:24px;"><font style="text-align:left;font-family:inherit;font-size:10pt;padding-right:24px;">4.</font><font style="font-