Seattle Genetics, Inc. 2013–2014 Executive Officer and Director Compensation Disclosure
This document outlines the annual base salaries and bonus information for executive officers of Seattle Genetics, Inc. for 2013 and 2014, as well as the compensation structure for non-employee directors. It details the salaries, bonuses, and target bonus percentages for key executives, and specifies cash retainers and equity awards for board members. The information is intended to disclose the company's executive and director compensation practices for the specified years.
Exhibit 10.42
Executive Officer Compensation Information
The following table sets forth the annual base salaries for 2013 and 2014 for the executive officers of Seattle Genetics, Inc. (the “Company”). The table below also sets forth the bonuses awarded to the Company’s executive officers for the 2013 fiscal year under the Company’s 2013 Senior Executive Annual Bonus Plan. The 2014 target bonuses (based on a percentage of base salary) for the Company’s executive officers under the Company’s 2014 Senior Executive Annual Bonus Plan are also set forth in the table below.
| Name and Title | 2013 Base Salary | 2013 Bonus | 2014 Base Salary | 2014 Target Bonus Percentage | ||||||||||
| Clay B. Siegall, Ph.D. President & Chief Executive Officer | $ | 725,000 | $ | 652,000 | $ | 750,000 | 75% | |||||||
| Todd E. Simpson Chief Financial Officer | $ | 399,350 | $ | 203,069 | $ | 413,350 | 45% | |||||||
| Eric L. Dobmeier Chief Operating Officer | $ | 457,550 | $ | 260,804 | $ | 473,600 | 50% | |||||||
| Jonathan Drachman Chief Medical Officer and Executive Vice President, Research and Development | $ | 412,000 | $ | 180,864 | $ | 438,500 | 45% | |||||||
| Vaughn Himes Executive Vice President, Process Sciences and Technical Operations | $ | 379,600 | $ | 174,616 | $ | 392,900 | 40% | |||||||
| Chris Boerner Executive Vice President, Commercial | $ | 357,600 | $ | 164,496 | $ | 400,000 | 45% | |||||||
Director Compensation Information
The following table sets forth the compensation components for non-employee members of the Company’s Board of Directors for 2013 and 2014, including equity awards.
| Compensation Element | 2013 | 2014 | ||||||
| General Board Service – Cash Retainer | $ | 50,000 | $ | 50,000 | ||||
| General Board Service – Equity | ||||||||
| Initial Grant – Number of Options | 12,500 | 12,500 | ||||||
| Initial Grant – Number of Restricted Stock Units | 5,000 | 5,000 | ||||||
| Annual Grant – Number of Shares | 8,750 | 8,750 | ||||||
| Annual Grant – Number of Restricted Stock Units | 3,500 | 3,500 | ||||||
| Chair Service – Annual Retainer | ||||||||
| Lead Director | $ | 12,000 | $ | 12,000 | ||||
| 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 | ||||
