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Exhibit 10.1
SEATTLE GENETICS, INC.
2007 Senior Executive Annual Bonus Plan
This 2007 Senior Executive Annual Bonus Plan (the "Plan") is
intended to enhance stockholder value by promoting a connection
between the performance of Seattle Genetics, Inc. (the "Company")
and the compensation of senior executives of the Company and to
promote retention of participating senior executives.
1. Executives of the Company at the Vice President level and
above ("Participants") are eligible to receive annual bonuses for
2007 according to this Plan. The Plan will be administered by the
Compensation Committee of the Board of Directors of the Company
(the "Committee"). The Committee shall have all powers and
discretion necessary to administer the Plan and to control its
operation and may delegate responsibilities to Company officers as
it deems appropriate. Participants are eligible to receive bonuses
based on their individual performance and the Company’s
performance during 2007. A Participant who does not demonstrate
satisfactory individual performance (50% or higher), however, will
not be eligible for any portion of his or her bonus, including the
portion based on Company performance.
2. Company performance shall be determined by the Committee
based on the Company’s ability to meet or exceed Company
goals as set forth by the Board of Directors of the Company, which
may include such factors as research, development and clinical
milestones, hiring goals, strategic alliances, licensing and
partnering transactions and financings. Individual performance of
the Participants shall be reviewed and recommended to the Committee
by the Head of Human Resources and the Chief Executive Officer,
except for the individual performance of the Chief Executive
Officer, which shall be determined by the Committee, and in all
cases shall be based on the individual Participant’s
satisfactory completion of individual performance goals.
3. To be eligible for a bonus, a Participant must be on payroll
prior to November 1, 2007 and must not have given or received
notice of resignation or termination as of the date of payment of
the bonus. An employee hired or promoted into an eligible
Participant position after commencement of the Plan Year shall be
eligible for a pro-rated bonus. A Participant who is promoted into
a position with a higher bonus target will have a pro-rated bonus
based on his or her time in each position.
4. A Participant who has taken an approved leave of absence of
longer than 30 calendar days during 2007 is eligible to receive a
pro-rated bonus based on the number of months during 2007 that he
or she was an active Participant.
5. A Participant who is on an approved leave of
absence of longer than 30 calendar days on
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