IMMUNOMEDICS,INC. (NASDAQ:IMMU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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IMMUNOMEDICS,INC. (NASDAQ:IMMU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July3, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of Immunomedics,Inc., a Delaware corporation (the “Company”), approved the following compensation changes for Michael R. Garone, the Company’s Vice President, Finance and Chief Financial Officer: (i)an increase of Mr.Garone’s base salary from $300,000 to $350,000, and (ii)an increase in Mr.Garone’s target bonus percentage from 30% to 40%.

In addition, on July3, 2017 the Committee approved a special equity award of 8,315 restricted stock units (“RSUs”), representing a grant date fair value of $75,000, to Mr.Garone. Each RSU represents the right to receive one share of common stock of the Company. The RSUs will vest as to one-third of the underlying shares on each of the first, second and third anniversaries of the date of grant. In the event of Mr.Garone’s death, disability, termination without cause or a Change in Control (as defined in the Company’s 2014 Long-Term Incentive Plan), the RSUs will vest immediately.


About IMMUNOMEDICS,INC. (NASDAQ:IMMU)

Immunomedics, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Its geographic segments include United States and Europe. Its technologies allow it to create humanized antibodies that can be used either alone in unlabeled or naked form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. It has a pipeline of eight clinical-stage product candidates. Its portfolio of investigational products includes antibody-drug conjugates (ADCs) that are designed to deliver a payload of a chemotherapeutic directly to the tumor, while the managing overall toxic effects that are found with conventional administration of these chemotherapy agents. Its ADCs are sacituzumab govitecan (IMMU-132) and labetuzumab govitecan (IMMU-130), which are in Phase II trials.