Seattle Genetics, Inc. 2012–2013 Executive and Director Compensation Disclosure
This document outlines the annual base salaries and bonus information for executive officers of Seattle Genetics, Inc. for 2012 and 2013, including target bonus percentages for 2013. It also details the compensation structure for non-employee directors, specifying cash retainers and equity awards for board and committee service during the same period. The information is intended to disclose the company's executive and director compensation practices and does not impose contractual obligations or time limits beyond the stated compensation periods.
Exhibit 10.26
Executive Officer Compensation Information
The following table sets forth the annual base salaries for 2012 and 2013 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 2012 fiscal year under the Company’s 2012 Senior Executive Annual Bonus Plan. The 2013 target bonuses (based on a percentage of base salary) for the Company’s executive officers under the Company’s 2013 Senior Executive Annual Bonus Plan are also set forth in the table below.
| Name and Title | 2012 Base Salary | 2012 Bonus | 2013 Base Salary | 2013 Target Bonus Percentage | ||||||||||||
| Clay B. Siegall, Ph.D. President & Chief Executive Officer | $ | 700,000 | $ | 577,500 | $ | 725,000 | 75 | % | ||||||||
| Todd E. Simpson Chief Financial Officer | $ | 371,350 | $ | 183,818 | $ | 399,350 | 45 | % | ||||||||
| Eric L. Dobmeier Chief Operating Officer | $ | 442,050 | $ | 243,128 | $ | 457,550 | 50 | % | ||||||||
| Thomas C. Reynolds Former Chief Medical Officer | $ | 432,900 | $ | 214,286 | $ | 432,900 | (1) | N/A | ||||||||
| Vaughn Himes Executive Vice President, Technical Operations | $ | 365,000 | $ | 166,440 | $ | 379,600 | 40 | % | ||||||||
| Chris Boerner Senior Vice President, Commercial | $ | 315,000 | $ | 138,600 | $ | 357,600 | 40 | % | ||||||||
| (1) | Dr. Reynolds resigned from the Company effective February 15, 2013. |
Director Compensation Information
The following table sets forth the compensation components for non-employee members of the Company’s Board of Directors for 2012 and 2013, including equity awards.
| Compensation Element | 2012 | 2013 | ||||||
| General Board Service – Cash Retainer | $ | 40,000 | $ | 50,000 | ||||
| General Board Service – Equity | ||||||||
| Initial Grant – Number of Options | 25,000 | 12,500 | ||||||
| Initial Grant – Number of Restricted Stock Units | 0 | 5,000 | ||||||
| Annual Grant – Number of Shares | 17,500 | 8,750 | ||||||
| Annual Grant – Number of Restricted Stock Units | 0 | 3,500 | ||||||
| Chair Service – Annual Retainer | ||||||||
| Lead Director | $ | 12,000 | $ | 12,000 | ||||
| Audit | $ | 20,000 | $ | 20,000 | ||||
| Compensation | $ | 12,000 | $ | 15,000 | ||||
| Nominating & Governance | $ | 5,000 | $ | 10,000 | ||||
| Committee Member Service – Annual Retainer | ||||||||
| Audit | $ | 10,000 | $ | 10,000 | ||||
| Compensation | $ | 6,000 | $ | 8,000 | ||||
| Nominating & Governance | $ | 3,000 | $ | 5,000 | ||||
