2009 Compensation Information for Named Executive Officers of Seattle Genetics, Inc.
This document outlines the annual base salaries and bonus information for 2008 and 2009 for the named executive officers of Seattle Genetics, Inc. It lists the specific compensation amounts for each officer, including base salary, bonuses awarded for 2008, and target bonus percentages for 2009. The agreement also references where to find information about director compensation. The key obligation is the disclosure of executive compensation details as required by securities laws.
Exhibit 10.56
Named Executive Officer Compensation Information
The following table sets forth the annual base salaries for 2008 and 2009 for the “named executive officers” (as defined under applicable securities laws) of Seattle Genetics, Inc. (the “Company”). The table below also sets forth the bonuses awarded to the Company’s named executive officers for the 2008 fiscal year under the Company’s 2008 Senior Executive Annual Bonus Plan. The 2009 target bonuses (based on a percentage of base salary) for the Company’s named executive officers under the Company’s 2009 Senior Executive Annual Bonus Plan are also set forth in the table below.
| Name and Title | 2008 Base Salary | 2008 Bonus | 2009 Base Salary | 2009 Target Bonus Percentage | ||||||||
| Clay B. Siegall, Ph.D. | $ | 575,000 | $ | 359,375 | $ | 602,350 | 50 | % | ||||
| Todd E. Simpson | $ | 306,200 | $ | 140,852 | $ | 313,900 | 40 | % | ||||
| Eric L. Dobmeier | $ | 354,550 | $ | 174,439 | $ | 370,550 | 40 | % | ||||
| Thomas C. Reynolds | $ | 352,050 | $ | 178,841 | $ | 369,700 | 40 | % | ||||
| Morris Rosenberg | $ | 300,050 | $ | 110,718 | $ | 318,300 | 35 | % | ||||
Director Compensation Information
Please see the section entitled “Director Compensation” in the Company’s 2008 definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on April 16, 2008, for a description of the compensation provided to members of the Company’s Board of Directors.
