Seattle Genetics, Inc. 2016-2017 Executive Officer and Director Compensation Disclosure
This document outlines the annual base salaries, bonuses, and target bonus percentages for executive officers of Seattle Genetics, Inc. for 2016 and 2017. It also details the compensation structure for non-employee members of the Board of Directors, including cash retainers and equity awards for both years. The information is intended to disclose the compensation arrangements for key executives and directors, specifying amounts and types of compensation for each role.
Exhibit 10.56
Executive Officer Compensation Information
The following table sets forth the annual base salary rates for 2016 and 2017 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 2016 fiscal year under the Company’s 2016 Senior Executive Annual Bonus Plan. The 2017 target bonuses (based on a percentage of annual base pay as of December 31, 2016) 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 | 2016 Annual Base Salary Rate | 2016 Bonus | 2017 Annual Base Salary Rate | 2017 Target Bonus Percentage | ||||||||||||
| Clay B. Siegall, Ph.D. | $ | 855,750 | $ | 985,000 | $ | 890,000 | 100 | % | ||||||||
| President & Chief Executive Officer | ||||||||||||||||
| Todd E. Simpson | $ | 476,900 | $ | 269,500 | $ | 493,600 | 50 | % | ||||||||
| Chief Financial Officer | ||||||||||||||||
| Eric L. Dobmeier | $ | 535,615 | $ | 261,800 | $ | 555,706 | 50 | % | ||||||||
| Chief Operating Officer | ||||||||||||||||
| Jonathan Drachman | $ | 512,200 | $ | 294,600 | $ | 531,450 | 50 | % | ||||||||
| Chief Medical Officer and Executive Vice President, Research and Development | ||||||||||||||||
| Vaughn Himes | $ | 460,000 | $ | 246,900 | $ | 478,400 | 50 | % | ||||||||
| Chief Technical Officer | ||||||||||||||||
| Darren Cline | $ | 440,000 | $ | 221,700 | $ | 454,300 | 45 | % | ||||||||
| Executive Vice President, Commercial | ||||||||||||||||
Director Compensation Information
The following table sets forth the compensation components for non-employee members of the Company’s Board of Directors for 2016 and 2017, including equity awards.
| Compensation Element | 2016 | 2017 | ||||||
| General Board Service – Cash Retainer | $ | 50,000 | $ | 50,000 | ||||
| General Board Service – Equity | ||||||||
| Initial Grant – Number of Options | 13,275 | 14,250 | ||||||
| Initial Grant – Number of Restricted Stock Units | 5,310 | 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 | ||||
