Compensation Information for Executive Officers and Directors
Exhibit 10.70
Executive Officer Compensation Information
The following table sets forth the annual base salary rates for 2017 and 2018 for the executive officers of Seattle Genetics, Inc. (the “Company”), in each case based on full-time employment status. The table below also sets forth the bonuses awarded to the Company’s executive officers for the 2017 fiscal year under the Company’s 2017 Senior Executive Annual Bonus Plan. The 2018 target bonuses (based on a percentage of annual base pay as of December 31, 2017) for the Company’s executive officers under the Company’s Senior Executive Annual Bonus Plan are also set forth in the table below.
| Name and Title | 2017 Annual Base Salary Rate | 2017 Bonus | 2018 Annual Base Salary Rate | 2018 Target Bonus Percentage | ||||||||||||
| Clay B. Siegall, Ph.D. | $ | 890,000 | $ | 934,500 | $ | 921,150 | 100% | |||||||||
| President & Chief Executive Officer | ||||||||||||||||
| Todd E. Simpson | $ | 493,600 | $ | 264,076 | $ | 510,900 | 50% | |||||||||
| Chief Financial Officer | ||||||||||||||||
| Eric Dobmeier* | $ | 555,706 | $ | N/A | $ | N/A | N/A | |||||||||
| Chief Operating Officer | ||||||||||||||||
| Jonathan Drachman | $ | 531,450 | $ | 268,382 | $ | 547,400 | 50% | |||||||||
| Chief Medical Officer and Executive Vice President, Research and Development | ||||||||||||||||
| Vaughn Himes | $ | 478,400 | $ | 260,728 | $ | 507,500 | 50% | |||||||||
| Chief Technical Officer | ||||||||||||||||
| Darren Cline | $ | 454,300 | $ | 222,834 | $ | 482,500 | 45% | |||||||||
| Executive Vice President, Commercial | ||||||||||||||||
| Jean Liu | ||||||||||||||||
| General Counsel and Executive Vice President, Legal Affairs | $ | 463,500 | $ | 223,175 | $ | 479,700 | 45% | |||||||||
| * | Mr. Dobmeier resigned from the company effective December 14, 2017. |
Director Compensation Information
The following table sets forth the compensation components for non-employee members of the Company’s Board of Directors for 2017 and 2018, including equity awards.
| Compensation Element | 2017 | 2018 | ||||||
| General Board Service – Cash Retainer | $ | 50,000 | $ | 50,000 | ||||
| General Board Service – Equity | ||||||||
| Initial Grant – Number of Options | 14,250 | 14,250 | ||||||
| Initial Grant – Number of Restricted Stock Units | 5,750 | 5,750 | ||||||
| Annual Grant – Number of Shares | 9,260 | 9,260 | ||||||
| Annual Grant – Number of Restricted Stock Units | 3,700 | 3,700 | ||||||
| Chair Service – Annual Retainer | ||||||||
| Lead Director | $ | 25,000 | $ | 25,000 | ||||
| Audit | $ | 20,000 | $ | 20,000 | ||||
| Compensation | $ | 15,000 | $ | 15,000 | ||||
| Nominating & Governance | $ | 10,000 | $ | 10,000 | ||||
| Committee Member Service – Annual Retainer | ||||||||
| Audit | $ | 10,000 | $ | 10,000 | ||||
| Compensation | $ | 8,000 | $ | 8,000 | ||||
| Nominating & Governance | $ | 5,000 | $ | 5,000 | ||||
