On August 23, 2018, Immunomedics, Inc. entered into a Transition Agreement with Michael Garone, the Company's Vice President, Finance and Chief Financial Officer. Pursuant to the Transition Agreement, Mr. Garone resigned as the Company's Chief Financial Officer, effective August 23, 2018. Mr. Garone shall remain the Company's Vice President, Finance, and will provide transition services as needed, until May 18, 2019, which represents one (1) year from the date that the Company filed a Biologics License Application for IMMU-132 with the U.S. Food and Drug Administration (the Anniversary Date), subject to earlier termination by the Company or by Mr. Garone for any reason upon 60 days' prior written notice (the earliest such date, the Termination Date).

The Company has appointed Mr. Usama Malik, the Company's Chief Business Officer, to serve as the Company's interim Chief Financial Officer and interim principal financial officer effective August 23, 2018. Mr. Malik, has served as the Company's Chief Business Officer since August 2017. Prior to joining the Company, Mr. Malik was the founder and managing partner of InnoAction Advisory Services, since January 2013.

The Company has appointed Mr. William Fricker, the Company's Executive Director and Corporate Controller, to serve as the Company's principal accounting officer. Mr. Fricker has served as the Company's Executive Director and Corporate Controller since February 2018.