Seattle Genetics, Inc. (NASDAQ:SGEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March14, 2018, the Board of Directors (the “Board”) of Seattle Genetics, Inc. (the “Company”) elected Alpna Seth, Ph.D. to the Board as a ClassI director for a term expiring at the 2020 annual meeting of the Company’s stockholders, effective March15, 2018.There is no arrangement or understanding with any person to which Dr.Seth was appointed as a member of the Board.
In accordance with the Company’s compensation policy with respect to annual cash fees for non-employee directors, Dr.Seth will receive an annual cash retainer of $50,000 for her service on the Board, which will be prorated during 2018. In addition, effective as of March15, 2018 (the “Grant Date”), the Board granted Dr.Seth a nonstatutory stock option to purchase 14,250 shares of Company’s common stock (the “Option”) and a restricted stock unit award covering 5,750 shares of the Company’s common stock (the “RSU Award”) to the terms of the Company’s Amended and Restated 2007 Equity Incentive Plan.One quarter of the shares underlying the Option will vest on the first anniversary of the Grant Date and 1/36th of the remaining shares shall vest each month thereafter.The RSU Award will vest in its entirety on the third anniversary of the Grant Date.The Company also intends to enter into its standard form of indemnification agreement with Dr.Seth (the “Indemnification Agreement”), which will require the Company, under the circumstances and to the extent provided for therein, to indemnify Dr.Seth to the fullest extent permitted by law against certain expenses and other amounts incurred by Dr.Seth as a result of being made a party or threatened to be made a party to certain actions, suits or proceedings by reason of her position as a director (or employee or other agent) of the Company.The foregoing is only a brief description of the Indemnification Agreement, does not purport to be complete, and is qualified in its entirety by reference to the form of Indemnification Agreement previously filed by the Company as Exhibit 10.29 to the Company’s Registration Statement on Form S-1/A (File No.333-50266), filed with the Securities and Exchange Commission on January4, 2001.
A copy of the press release announcing Dr.Seth’s appointment to the Board is filed as Exhibit 99.1 to this Current Report on Form8-K.
| Item 5.02. | Financial Statements and Exhibits |
(d) Exhibits
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99.1 |
Press Release of Seattle Genetics, Inc. dated March15, 2018. |
SEATTLE GENETICS INC /WA ExhibitEX-99.1 2 d551466dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 FOR RELEASE: Thursday,…To view the full exhibit click here
About Seattle Genetics, Inc. (NASDAQ:SGEN)
Seattle Genetics, Inc. is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE). The Company’s pipeline includes other clinical-stage ADC programs, which are SGN-CD33A, SGN-CD19A, SGN-LIV1A, SGN-CD70A, ASG-22ME, and ASG-15ME, and SEA-CD40, which is based on its sugar-engineered antibody (SEA) technology. SGN-CD33A is an ADC composed of an anti-CD33 monoclonal antibody indicated for the treatment of acute myeloid leukemia (AML). SGN-CD19A is an ADC composed of an anti-CD19 monoclonal antibody indicated for the treatment of hematologic malignancies. SGN-LIV1A is an ADC composed of an anti-LIV-1 monoclonal antibody indicated for the treatment of LIV-1-positive metastatic breast cancer.
