Attached files
Exhibit 10.48
Executive Officer Compensation Information
The following table sets forth the annual base salaries for 2009 and 2010 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 2009 fiscal year under the Company’s 2009 Senior Executive Annual Bonus Plan. The 2010 target bonuses (based on a percentage of base salary) for the Company’s executive officers under the Company’s 2010 Senior Executive Annual Bonus Plan are also set forth in the table below.
| Name and Title |
2009 Base Salary | 2009 Bonus | 2010 Base Salary | 2010 Target Bonus Percentage |
||||||||
| Clay B. Siegall, Ph.D. |
$ | 602,350 | $ | 346,351 | $ | 630,000 | 60 | % | ||||
| Todd E. Simpson |
$ | 313,900 | $ | 141,883 | $ | 336,500 | 40 | % | ||||
| Eric L. Dobmeier |
$ | 370,550 | $ | 171,935 | $ | 387,250 | 40 | % | ||||
| Thomas C. Reynolds |
$ | 369,700 | $ | 173,020 | $ | 396,350 | 40 | % | ||||
| Morris Rosenberg |
$ | 318,300 | $ | 124,311 | $ | 327,850 | 35 | % | ||||
| Vaughn Himes |
$ | 310,000 | $ | 89,104 | $ | 317,800 | 35 | % | ||||
| Bruce Seeley |
$ | 320,000 | $ | 27,092 | $ | 323,450 | 35 | % | ||||
Director Compensation Information
The following table sets forth the compensation components for members of our Board of Directors for 2009 and 2010, including equity awards. The compensation for members of our Board of Directors was revised in February 2010 based on benchmarking data of our peer group companies after consultation with our compensation consultant, Compensia, Inc. The updates to take effect in 2010 were intended to compensate our members of the Board of Directors at the 50th percentile as determined by using data from our peer group companies. The compensation in 2009 was the same as described in the section entitled “Director Compensation” in the Company’s 2009 definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on April 9, 2009.
| Compensation Element |
2009 |
2010 | ||||
| General Board Service – Cash Retainer |
$ | 30,000 | $ | 40,000 | ||
| General Board Service – Equity |
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| Initial Grant – Number of Shares |
25,000 | 25,000 | ||||
| Annual Grant – Number of Shares |
10,000 | 17,500 | ||||
| Chair Service – Annual Retainer |
||||||
| Lead Director |
$ | 0 | $ | 12,000 | ||
| Audit |
$ | 16,000 | $ | 20,000 | ||
| Compensation |
$ | 5,000 | $ | 12,000 | ||
| Nominating & Governance |
$ | 5,000 | $ | 5,000 | ||
| Committee Member Service – Annual Retainer |
||||||
| Audit |
$ | 8,000 | $ | 10,000 | ||
| Compensation |
$ | 3,000 | $ | 6,000 | ||
| Nominating & Governance |
$ | 3,000 | $ | 3,000 | ||