Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event reported): July 9, 2007
Immunomedics,
Inc.
(Exact
Name of Registrant as Specified in Charter)
|
|
000-12104
|
61-1009366
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
300
American Road, Morris Plains, New Jersey
|
07950
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
(973)
605-8200
|
|
(Registrant's
telephone number,
including
area code)
|
| |
|
___________________Not
applicable_____________________
(Former
Name or Former Address, if Changed Since Last Report)
|
| |
Check
the
appropriate box below if the Form 8-K is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following
provisions:
|
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425).
|
|
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12).
|
|
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b)).
|
|
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)).
|
Item
5.02. Departure of Directors of
Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
In
connection with its annual review of executive compensation, on July 9, 2007,
the Compensation Committee of the Board of Directors of Immunomedics, Inc.,
a
Delaware corporation (the “Company”), approved the following annual base
salaries for the fiscal year ending June 30, 2008 and annual bonus and stock
option awards for 2007 performance for certain named executive officers of
the
Company as set forth below:
|
Name
|
Position
|
Fiscal
2008
Base
Salary
|
Cash
Bonus
|
Stock
Options
Awarded
|
|
Dr.
David M. Goldenberg
|
Chief
Scientific Officer and Chief Medical Officer
|
$500,000(1)
|
$113,750
|
150,000(2)
|
|
Cynthia
L. Sullivan
|
President
and Chief Executive Officer
|
$532,000(3)
|
$138,500
|
100,000(2)
|
|
Gerard
G. Gorman
|
Senior
Vice President, Finance and Business Development and Chief Financial
Officer
|
$270,000(4)
|
$62,500
|
60,000(2)
|
(1) Initial
base salary under that certain Amended and Restated Employment Agreement,
effective asof July 1, 2007, by and between the Company and Dr. David M.
Goldenberg.
(2) Granted
in accordance with the Company’s 2006 Stock Incentive Plan, as amended (the
“2006Plan”), at an exercise price of $4.39 (the closing price of the Company’s
common stock, as listedon the NASDAQ Global Market on July 9,
2007).
(3) Initial
base salary under that certain Amended and Restated Employment Agreement, dated
as ofDecember 31, 2006, by and between the Company and Ms. Cynthia L. Sullivan.
Such amountwas not changed.
(4) Represents
an increase from Mr. Gorman’s fiscal 2007 base salary ($250,290).
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
IMMUNOMEDICS,
INC.
By:
/s/ Cynthia L. Sullivan
Name:Cynthia
L. Sullivan
Title:President
and Chief Executive Officer
Date: July
12, 2007