IMMUNOGEN INC
EX-10.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.1</font></b></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYMENT AGREEMENT</font></u></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Employment Agreement (the &#147;Agreement&#148;), dated
as of November&nbsp;27, 2007 (the <b><i style="font-weight:bold;">&#147;Effective
Date&#148;</i></b>), is made
by and between ImmunoGen,&nbsp;Inc., a Massachusetts corporation (the <b><i style="font-weight:bold;">&#147;Company&#148;</i></b>), and John A. Tagliamonte (<b><i style="font-weight:bold;">&#147;Executive&#148;</i></b>).. This Agreement is intended to
confirm the understanding and set forth the agreement between the Company and
Executive with respect to Executive&#146;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:</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:35.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Employment</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Title and
Duties</font></u><font size="2" style="font-size:10.0pt;">. Subject to the terms and conditions of this Agreement, the Company
will employ Executive, and Executive will be employed by the Company, as Vice
President, Business Development, reporting to the Chief Executive Officer.
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 Chief Executive Officer or the Board of Directors of the Company
(the <b><i style="font-weight:bold;">&#147;Board&#148;</i></b>).</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.3pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Devotion to
Duties</font></u><font size="2" style="font-size:10.0pt;">. For so long as Executive is employed hereunder, Executive will devote
substantially all of Executive&#146;s business time and energies to the business and
affairs of the Company; <u>provided</u> that nothing contained in this Section&nbsp;1(b)&nbsp;will
be deemed to prevent or limit Executive&#146;s right to manage Executive&#146;s personal
investments on Executive&#146;s own personal time, including, without limitation,
the right to make passive investments in the securities of (i)&nbsp;any entity
which Executive does not control, directly or indirectly, and which does not
compete with the Company, or (ii)&nbsp;any publicly held entity (other than the
Company or its related entities) so long as Executive&#146;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 <u>Exhibit&nbsp;A</u> 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 <u>Exhibit&nbsp;A</u>
provided that such service does not create any conflicts, ethical or otherwise,
with Executive&#146;s responsibilities to the Company and further provided that
Executive&#146;s time commitments do not unreasonably interfere with her fulfillment
of her responsibilities hereunder, as determined by the Board or its designated
committee thereof.</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Term of Agreement:
Termination of Employment</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Term of Agreement</font></u><font size="2" style="font-size:10.0pt;">. The term of
this Agreement shall commence on the Effective Date and shall continue in
effect for two (2)&nbsp;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)&nbsp;additional year
unless, not later than nine (9)&nbsp;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&#146;s employment, nor shall it constitute Cause (as
defined below). The duration of this Agreement is hereafter referred to as the <b><i style="font-weight:bold;">&#147;Term.&#148;</i></b></font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Termination of Employment</font></u><font size="2" style="font-size:10.0pt;">. The Executive
is employed on an at-will basis and, subject to the provisions of Section&nbsp;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&#146;s employment during the Term will terminate upon the
earliest to occur of the following:</font></p>

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<p style="background:white;margin:0in 0in .0001pt 72.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Death</font></u><font size="2" style="font-size:10.0pt;">. Immediately
upon Executive&#146;s death;</font></p>

<p style="background:white;margin:0in 0in .0001pt 72.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Termination by
the Company</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If because of
Disability (as defined below), then upon written notice by the Company to
Executive that Executive&#146;s employment is being terminated as a result of
Executive&#146;s Disability, which termination shall be effective on the date of
such notice;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If for Cause,
then upon written notice by the Company to Executive that states that Executive&#146;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 Company; or</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If without
Cause (<u>i.e.</u>, for reasons other than Sections 2(b)(ii)(A)&nbsp;or (B)),
then upon written notice by the Company to Executive that Executive&#146;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 Company; or</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 71.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Termination by
Executive</font></u><font size="2" style="font-size:10.0pt;">. Upon written notice by Executive to the Company
that Executive is terminating Executive&#146;s employment, which termination shall
be effective at Executive&#146;s election, not less than thirty (30) days and not
more than sixty (60) days after the date of such notice; <u>provided</u> that
the Executive may request at such time to leave with a shorter notice period,
and the Company shall not unreasonably withhold its consent to such shorter
period; and further provided that the Company may choose to accept Executive&#146;s
resignation effective as of an earlier date.</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p style="background:white;margin:0in 0in .0001pt;text-indent:34.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything in this Section&nbsp;2(b),
the Company may at any point terminate Executive&#146;s employment for Cause prior
to the effective date of any other termination contemplated hereunder if such
Cause exists.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:34.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Definition of &#147;Disability&#148;</font></u><font size="2" style="font-size:10.0pt;">. For purposes
of this Agreement, <b><i style="font-weight:bold;">&#147;Disability&#148;</i></b><i>  </i>shall mean that Executive (i)&nbsp;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)&nbsp;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&nbsp;(3)&nbsp;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.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Definition of &#147;Cause&#148;</font></u><font size="2" style="font-size:10.0pt;">. For purposes
of this Agreement, <b><i style="font-weight:bold;">&#147;Cause&#148;</i></b><i>  </i>shall mean that Executive has (i)&nbsp;intentionally
committed an act or omission that materially harms the Company; (ii)&nbsp;been
grossly negligent in the performance of Executive&#146;s duties to the Company; (iii)&nbsp;willfully
failed or refused to follow the lawful and proper directives of the CEO or the
Board; (iv)&nbsp;been convicted of, or pleaded guilty or <i>nolo contendre</i>, to a felony; (v)&nbsp;committed an act involving moral
turpitude; (vi)&nbsp;committed an act relating to the Company involving, in the
good faith judgment of the Board, material fraud or theft; (vii)&nbsp;breached
any material provision of this Agreement or any nondisclosure agreement
(including the Proprietary Information, Inventions and Competition Agreement
attached here (as) <u>Exhibit&nbsp;B)</u>, between Executive and the Company,
as all of the foregoing may be amended prospectively from time to time; or (viii)&nbsp;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.</font></p>

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<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Compensation</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .35pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Base Salary</font></u><font size="2" style="font-size:10.0pt;">. While
Executive is employed hereunder, the Company will pay Executive a base salary
at the gross annualized rate of $247,000.00 (the <b><i style="font-weight:bold;">&#147;Base Salary&#148;</i></b>), paid in accordance with the Company&#146;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&#146;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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .35pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .35pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Annual Bonus</font></u><font size="2" style="font-size:10.0pt;">. 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 fiscal year.
If the Executive meets the applicable goals, is employed by the Company at the</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 30% of his then-current Base Salary
(the <b><i style="font-weight:bold;">&#147;Target Annual Bonus&#148;</i></b>)<i>. </i>Any
awarded Annual Bonus shall be paid within 2<sup>1</sup>/<sub>2</sub> months of the year to which it
relates.</font></p>

<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Fringe Benefits</font></u><font size="2" style="font-size:10.0pt;">. 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&#146;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.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Vacation</font></u><font size="2" style="font-size:10.0pt;">. Executive
will be entitled to accrue up to twenty (20) vacation days per year that
Executive remains employed by the Company, administered in accordance with and
subject to the terms of the Company&#146;s vacation policy, as it may be amended
prospectively from time to time.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Reimbursement of Expenses</font></u><font size="2" style="font-size:10.0pt;">. 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&#146;s
business in accordance with the Company&#146;s policies with respect thereto as in
effect from time to time.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Compensation Upon
Termination</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt 1.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Definition of
Accrued Obligations</font></u><font size="2" style="font-size:10.0pt;">. For purposes of this Agreement, <b><i style="font-weight:bold;">&#147;Accrued Obligations&#148;</i></b><i>  </i>means (i)&nbsp;the portion of Executive&#146;s
Base Salary that has accrued prior to any termination of Executive&#146;s employment
with the Company and has not yet been paid; (ii)&nbsp;to the extent required by
law and the Company&#146;s policy, an amount equal to the value of Executive&#146;s
accrued but unused vacation days; (iii)&nbsp;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)&nbsp;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&nbsp;3(b)&nbsp;above). Executive&#146;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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Termination for
Cause, By the Executive, or as a Result of Executive&#146;s Disability or Death</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt .7pt;text-autospace:none;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 37.1pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">If Executive&#146;s
employment is terminated during the Term either by the Company for Cause or by
Executive, or if Executive&#146;s employment terminates as a result of the Executive&#146;s
death, the Company will pay the Accrued Obligations to Executive promptly
following the effective date of such termination.</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.3pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">In case of
termination during the Term by the Company as a result of the Executive&#146;s
Disability, the Company will pay Executive the Accrued Obligations plus an
amount equal to four (4)&nbsp;months of Executive&#146;s then-current Base Salary.</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.3pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Termination by
the Company without Cause</font></u><font size="2" style="font-size:10.0pt;">. If Executive&#146;s employment hereunder is
terminated by the Company without Cause during the Term, then:</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.3pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company
will pay the Accrued Obligations to Executive promptly following the effective
date of such termination;</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.3pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.65pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company
will pay Executive a total amount equal to twelve (12) months of Executive&#146;s
then current Base Salary, less applicable taxes and deductions; to be made in
approximately equal biweekly installments in accordance with the Company&#146;s
usual payroll practices over a period of twelve (12) months beginning after the
effective date of the separation agreement described in Section&nbsp;4(d);</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.65pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.65pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Company
will continue to provide medical insurance coverage for Executive and Executive&#146;s
family, subject to the requirements of COBRA and subject to Executive&#146;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; <u>provided</u>,
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</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.65pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.65pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.65pt;text-indent:36.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Release of
Claims</font></u><font size="2" style="font-size:10.0pt;">. The Company shall not be obligated to pay Executive any of the
compensation or provide Executive any of the benefits set forth in Section&nbsp;4(b)&nbsp;or
4(c)&nbsp;(other than the Accrued Obligations) unless and until Executive has
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.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">No Other
Payments or Benefits Owing</font></u><font size="2" style="font-size:10.0pt;">. The payments and benefits
set forth in this Section&nbsp;4 shall be the sole amounts owing to Executive
as separation pay upon termination of Executive&#146;s employment. Executive shall
not be eligible for any other</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">payments, including but not
limited to additional Base Salary payments, bonuses, 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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Notwithstanding
any other provision with respect to the timing of payments under Section&nbsp;4,
if, at the time of Executive&#146;s termination, Executive is deemed to be a &#147;specified
employee&#148; (within the meaning of Code Section&nbsp;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&nbsp;409A,
any payments to which Executive may become entitled under Section&nbsp;4 which
are subject to Code Section&nbsp;409A (and not otherwise exempt from its
application) will be withheld until the first (1<sup>st</sup>) business day of
the seventh (7<sup>th</sup>) month following the termination of Executive&#146;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&nbsp;4.</font></p>

<p style="background:white;margin:0in 0in .0001pt 34.9pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Competition</font></u><font size="2" style="font-size:10.0pt;">. Executive
agrees to sign and return to the Company the Proprietary Information,
Inventions, and Competition Agreement (the &#147;Proprietary Information Agreement&#148;)
attached hereto as <u>Exhibit&nbsp;B</u> 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&#146;s employment, regardless of the reason for such
termination.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Property and
Records</font></u><font size="2" style="font-size:10.0pt;">. Upon termination of Executive&#146;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&#146;s possession, including blackberry-type
devices, laptops, cell phones, products, materials, memoranda, notes, records,
reports or other documents or photocopies of the same.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">General</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Notices</font></u><font size="2" style="font-size:10.0pt;">. 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)&nbsp;by personal delivery when delivered
personally; (ii)&nbsp;by overnight courier upon written verification of
receipt; (iii)&nbsp;by telecopy or facsimile transmission upon acknowledgment
of receipt of electronic transmission; or (iv)&nbsp;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&#146;s records or
such other address as Executive may specify in writing. Notices to the Company
shall be sent to the Company&#146;s CEO and Lead Director, or to such other Company
representative as the Company may specify in writing.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Entire Agreement/Modification</font></u><font size="2" style="font-size:10.0pt;">. 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</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Waivers and
Consents</font></u><font size="2" style="font-size:10.0pt;">. 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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Assignment and
Binding Effect</font></u><font size="2" style="font-size:10.0pt;">. The Company may assign its rights and obligations
hereunder to any person or entity that succeeds to all or substantially all of
the Company&#146;s business or that aspect of the Company&#146;s business in which
Executive is principally involved. Executive may not assign Executive&#146;s rights
and obligations under this Agreement without the prior written consent of the
Company. This Agreement shall be binding upon Executive, Executive&#146;s heirs,
executors and administrators and the Company, and its successors and assigns,
and shall inure to the benefit of Executive, Executive&#146;s heirs, executors and
administrators and the Company, and its successors and assigns.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Insurance</font></u><font size="2" style="font-size:10.0pt;">. Executive
shall be entitled to the same rights, if any, to indemnification and coverage
under the Company&#146;s Directors and Officers Liability Insurance policies as they
may exist from time to time to the same extent as other similarly-situated
executive employees of the Company.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Governing Law</font></u><font size="2" style="font-size:10.0pt;">. This
Agreement and the rights and obligations of the parties hereunder will be
construed in accordance with and governed by the law of the Commonwealth of
Massachusetts, without giving effect to conflict of law principles.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Severability</font></u><font size="2" style="font-size:10.0pt;">. 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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Headings and
Captions</font></u><font size="2" style="font-size:10.0pt;">. 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.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Taxation</font></u><font size="2" style="font-size:10.0pt;">.</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:35.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The parties
intend this Agreement to be in compliance with Code Section&nbsp;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&nbsp;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&nbsp;409 A.</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (&#147;Payment&#148;)
would (i)&nbsp;constitute a &#147;parachute payment&#148; within the meaning of Code Section&nbsp;280G,
and (ii)&nbsp;but for this sentence, be subject to the excise tax imposed by Section&nbsp;4999
of the Code (the &#147;Excise Tax&#148;), then such Payment shall be either (x)&nbsp;the
full amount of such Payment or (y)&nbsp;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&#146;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. &#160;The Executive shall be
allowed to specify which payment(s)&nbsp;or benefit(s)&nbsp;shall be reduced if
necessary to implement this section and avoid the excise tax application. &#160;The Company shall provide the Executive with
sufficient information to make such determination and to file and pay any
required taxes.</font></p>

<p style="background:white;margin:0in 0in .0001pt 35.3pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:34.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9. <u>Counterparts</u>. &nbsp;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. &nbsp;For all
purposes a signature by fax shall be treated as an original.</font></p>

<p style="background:white;margin:0in 0in .0001pt;text-indent:34.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in 0in .0001pt .35pt;text-indent:29.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the
parties hereto have executed and delivered this Employment Agreement as of the
date first written above.</font></p>

<p style="background:white;margin:0in 0in .0001pt .35pt;text-indent:29.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="38%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:38.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXECUTIVE</font></p>
  </td>
  <td width="61%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:61.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMMUNOGEN,
  INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:38.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="61%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:61.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:38.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="61%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:61.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:21.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  John A. Tagliamonte</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:16.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Mitchel Sayare</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(Signature)</font></i></p>
  </td>
  <td width="19%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:19.48%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="61%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:61.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mitchel
  Sayare</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:38.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Print
  Name: John A. Tagliamonte</font></p>
  </td>
  <td width="61%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:61.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
  and Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="146" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="130" style="border:none;"></td>
  <td width="121" style="border:none;"></td>
  <td width="336" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

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