Seattle Genetics, Inc. Executive and Director Compensation Disclosure (2011–2012)
This document outlines the 2011 and 2012 compensation details for executive officers and non-employee directors of Seattle Genetics, Inc. It lists base salaries, bonuses, and target bonus percentages for executives, and describes cash and equity compensation for directors. It also details the severance terms for an executive whose employment is ending, including a lump sum payment, pro-rated bonus, accelerated equity vesting, and COBRA benefits. The agreement ensures transparency regarding pay and benefits for key company leaders.
Exhibit 10.29
Executive Officer Compensation Information
The following table sets forth the annual base salaries for 2011 and 2012 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 2011 fiscal year under the Company’s 2011 Senior Executive Annual Bonus Plan. The 2012 target bonuses (based on a percentage of base salary) for the Company’s executive officers under the Company’s 2012 Senior Executive Annual Bonus Plan are also set forth in the table below.
| Name and Title | 2011 Base Salary | 2011 Bonus | 2012 Base Salary | 2012 Target Bonus Percentage | ||||||||||||
| Clay B. Siegall, Ph.D. | $ | 660,000 | $ | 554,400 | $ | 700,000 | 75 | % | ||||||||
| President & Chief Executive Officer | ||||||||||||||||
| Todd E. Simpson | $ | 347,450 | $ | 183,454 | $ | 371,350 | 45 | % | ||||||||
| Chief Financial Officer | ||||||||||||||||
| Eric L. Dobmeier | $ | 423,000 | $ | 231,804 | $ | 442,050 | 50 | % | ||||||||
| Chief Operating Officer | ||||||||||||||||
| Thomas C. Reynolds | $ | 412,250 | $ | 227,562 | $ | 432,900 | 45 | % | ||||||||
| Chief Medical Officer | ||||||||||||||||
| Morris Rosenberg | $ | 339,350 | $ | 156,780 | $ | 352,950 | 40 | % | ||||||||
| Executive Vice President, Development | ||||||||||||||||
| Vaughn Himes | $ | 328,150 | $ | 153,902 | $ | 342,950 | 40 | % | ||||||||
| Executive Vice President, Technical Operations | ||||||||||||||||
| Bruce Seeley(1) | $ | 341,000 | $ | 140,833 | N/A | (1) | N/A | (1) | ||||||||
| Executive Vice President, Commercial | ||||||||||||||||
| (1) | Mr. Seeley’s employment with the Company will terminate on March 1, 2012 (the “Termination Date”) pursuant to a Severance and Release Agreement, made effective as of February 23, 2012, between the Company and Mr. Seeley (the “Agreement”). Pursuant to the Agreement, Mr. Seeley will receive a lump sum payment equal to twelve (12) months of his current base salary (which is currently $347,850) plus a cash bonus for 2012 equal to 35% of his current base salary pro-rated for the length of his employment during 2012. In addition, the vesting of Mr. Seeley’s equity awards to purchase shares of the Company’s common stock will accelerate as if Mr. Seeley’s employment had continued for a period of twelve (12) months from the Termination Date. The Company will also pay COBRA benefits through March 1, 2013 for Mr. Seeley. |
Director Compensation Information
The following table sets forth the compensation components for non-employee members of the Company’s Board of Directors for 2011 and 2012, including equity awards.
Compensation Element
| General Board Service – Cash Retainer | $ | 40,000 | ||
| General Board Service – Equity | ||||
| Initial Grant – Number of Shares | 25,000 | |||
| Annual Grant – Number of Shares | 17,500 | |||
| Chair Service – Annual Retainer | ||||
| Lead Director | $ | 12,000 | ||
| Audit | $ | 20,000 | ||
| Compensation | $ | 12,000 | ||
| Nominating & Governance | $ | 5,000 | ||
| Committee Member Service – Annual Retainer | ||||
| Audit | $ | 10,000 | ||
| Compensation | $ | 6,000 | ||
| Nominating & Governance | $ | 3,000 |
