Document:

Continuation letter of employment

 Exhibit 10.28 
 PRIVATE & CONFIDENTIAL 
 November 29, 2007 
 Christopher J. Moreton 
 505 Water Shadow Lane 
 Alpharetta, GA 30022 
 Dear Chris: 
 We are pleased to extend to you an offer to continue your employment with PNA Group, Inc. (“PNA” and,
together with PNA Group Holding Corporation, PNA Intermediate Holding Corporation, its and their direct and indirect subsidiaries and successors, the “Company”) effective as of the date above (“Effective Date”). This letter (the
“Agreement”) sets forth your duties and responsibilities, compensation, benefits, and other terms of your employment going forward and supersedes
the employment letter you signed on March 5, 2004 and all amendments to that agreement (including but not limited to those dated January 24, 2006 and September 12, 2006). 
  

	1.	Positions of Employment 

 Your positions will
be Chief Financial Officer of PNA and President of its Long Products and Plate Division. You will also hold the position of Chief Financial Officer of PNA Intermediate Holding Corporation and of PNA Group Holding Corporation. You will report to the
Chief Executive Officer of PNA. Your principal place of employment will be Atlanta, Georgia. 
  

	2.	Duties and Responsibilities 

 Your duties and
responsibilities will include those normally associated with a Chief Financial Officer and with a division President. They may be modified, reduced, or added to at the sole discretion of the Chief Executive Officer of PNA which will be reasonably
exercised. 
  

	3.	Term of Active Employment and of Compensation 

 Your active employment, during which you shall devote your full working time and energies, shall continue until January 31, 2008 and may be terminated sooner as provided in paragraph 6 below (such actual period of time, your
“Active Employment”). Your compensation and benefits shall continue until June 30, 2009, except as otherwise explicitly provided for in this Agreement. 

	4.	Compensation 

  

	A)	You shall receive an annualized base salary of Two Hundred Seventy-Five Thousand Dollars ($275,000.00) to be paid in equal monthly installments. 

  

	 B)
	 You shall receive a bonus with respect to the fiscal year ended December 31, 2008, in lieu of any other bonus
opportunity pursuant to the Agreement (other than any potential bonus to be paid to you pursuant to the existing bonus formula for corporate headquarters staff with respect to the fiscal year ended December 31, 2007), in the total amount of Two
Hundred Seventy-Five Thousand Dollars ($275,000.00), to be paid on the later of (i) the eight (8th) day after you execute the Severance Agreement
and General Release referenced in Section 8 hereof and (ii) the date when such 2008 bonuses are paid to similarly situated employees of PNA, in accordance with PNA’s procedures and subject to all applicable withholdings.

  

	5.	Benefits 

 You will be entitled to
participate in PNA’s employee benefit programs that are applicable to its management, including, but not limited to those set forth below and in the attached description of benefits: 
  

	A)	Life, Disability, Medical, and Dental Insurance. You will receive a comprehensive insurance benefits package including group life insurance, short and long-term disability
insurance, and medical and dental insurance, provided that for the period beginning on the Effective Date and ending on your sixty-fifth (65th) birthday, the Company shall pay the medical insurance premiums through the end of your Active
Employment and, following such date, the COBRA premiums for the continuation of your coverage, for you and your spouse for the same type of coverage as was provided to you on the Effective Date. 

  

	B)	Retirement Programs. You shall be eligible to participate in PNA’s 401(k) plan as well as any deferred compensation or supplemental retirement program offered by PNA as
of the Effective Date. You shall receive a credit against the plan’s vesting period for all of your years of employment with the TUI Group. 

  

	C)	Company Management Participation Plan. Should there be a Qualifying Event, as such term is defined in that certain PNA Group Holding Corporation 2007 Participation Plan,
dated as of May 17, 2007 (the “Plan”), during the period of your Active Employment, unless otherwise agreed upon by the parties hereto in writing, notwithstanding anything provided in the Plan to the contrary and provided that
(i) your Active Employment is not terminated by you for any reason or by us for cause prior to January 31,2008 and (ii) you have fully complied with the terms and conditions of the Plan (other than Section 6.2.1), you will be
entitled to payouts when and as paid pursuant to the Plan for such Qualifying Event. 

  

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	D)	Vacation. You shall be entitled to seven (7) weeks of paid vacation per year, to be earned pro-rata during any given calendar year and of which no more than two weeks
may be taken at any one time without prior approval, and shall be entitled to carry over any vacation which was unused or unpaid during any year up to fifteen (15) days unless otherwise approved in writing by the Chief Executive Officer of PNA,
in respect of service with the Company. 

  

	E)	Professional Costs. During the period of your Active Employment, PNA will pay the reasonable fees, dues, and costs and other expenses associated with maintaining or renewing
your membership of local professional organizations that are consistent with the interests of the Company. 

  

	F)	Automobile. PNA will provide you with an automobile during your Active Employment to be used in the interest of the Company’s business. You may also use the automobile
for private purposes. You shall bear the tax, if any, for this personal use. The automobile shall be selected in accordance with the Company’s guidelines and appropriate for your position as agreed by the Chief Executive Officer of PNA. PNA
shall reimburse you in accordance with its policies for all reasonable expenses incurred with the operation and maintenance of the automobile. 

  

	G)	Return Air Fares. PNA will pay for business class return air fares to Europe for you and your spouse once per annum in 2007. You are encouraged to combine such trips with
business but are not compelled to do so. 

  

	6.	Termination of Active Employment 

 The
Company may, at any time, terminate your Active Employment upon written notice to you. Upon such notice, if the termination is for cause (i.e. gross and willful negligence of duties, failure to follow instructions of the Chief Executive Officer of
PNA or the Board of Directors, malfeasance or substance abuse that causes interference in any way with your performance of your duties, or your death or incapacity for over ninety (90) days), or in the event you terminate your employment, you
shall be entitled to your salary and benefits as set forth in Section 4A and 5 accrued only through the date of the termination of your Active Employment. If the termination is without cause, you shall be entitled to (i) your salary,
(ii) your medical benefits as set forth in Section 5A, to the extent allowed by the applicable plan or, if not allowed, reimbursement of your COBRA premiums for such coverage, and (ii) your other benefits as set forth in Sections
5B & E, in each case through June 30, 2009, unless otherwise mitigated, provided you comply with paragraph 8 below. 
  

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	7.	Arbitration 

 Any dispute of any nature
whatsoever between you and the Company, including but not limited to any dispute regarding any aspect of this Agreement, its formation, validity, interpretation, effect, performance or breach (“Arbitrable Dispute”), will be submitted to
arbitration in Atlanta, Georgia, before an experienced employment arbitrator licensed to practice law in the agreed-upon jurisdiction and selected in accordance with the then-current employment arbitration procedures of the American Arbitration
Association or JAMS, at the sole option of the responding party, as the exclusive forum for resolving such claim or dispute. Each side in the arbitration shall be responsible for payment of his or its attorneys, the expenses of his or its witnesses,
and any other expenses that party incurs in connection with the arbitration. The arbitrator’s decision and/or award will be fully enforceable and subject to an entry of judgment by the Superior Court of the State of Georgia for the County of
Fulton. Should either party to this Agreement hereafter pursue any Arbitrable Dispute, as defined herein, by any method other than arbitration, the responding party shall recover from the initiating party all damages, costs, expenses, and
attorneys’ fees incurred as a result of such action. 
  

	8.	Severance Agreement 

 As consideration for
the Company to enter into this Agreement, you agree to execute (a) the Non-Competition Agreement in the form attached hereto as Exhibit A immediately upon termination of your Active Employment and (b) the Severance Agreement and General
Release in the form attached hereto as Exhibit B within twenty-one (21) days of the termination of your Active Employment. Payment of any compensation and receipt of any benefits after the termination of your Active Employment for any reason is
contingent on your signing each of said documents. 
  

	9.	Other Provisions 

  

	A)	This Agreement shall bind your heirs, administrators, representatives, executors, successors and assigns. 

  

	B)	For a period of two (2) years from the date of termination of your Active Employment, you agree not to consult or advise (whether as an officer, employee, consultant, director,
partner or otherwise) any party that is a party to any claim, dispute or litigation involving the Company. 

  

	C)	This Agreement supersedes any and all prior agreements, understandings, negotiations, or discussions concerning your continued employment with the Company, and constitutes the
entire agreement between the parties concerning the subjects discussed herein. 

  

	D)	Should any provision of this Agreement be deemed to be unenforceable, the remaining provisions shall be unaffected and shall remain in full force and effect.

  

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 [Signature page follows] 
  

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 Chris, we very much look forward to working with you to continue to develop and enhance the business and activities of
the Company. 
  

	
	Sincerely,
	
	PNA GROUP, INC.
	
	

	Maurice S. Nelson, Jr.
	Chief Executive Officer

  

									
	AGREED AND ACCEPTED:	 		 	
				
	

	 		 	Date:	 	11/29/07
	Christopher J. Moreton	 		 		 	

  

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 Description of Benefits 
 This is to confirm that the employment benefits offered to you as of the Effective Date are as follows: 
  

	1.	Life Insurance. Term life insurance for the period of employment is provided with a face amount of $1 million. Premiums are paid 100% by the Company.

 Employees are eligible to purchase additional coverage for themselves and then-dependents. 
  

	2.	Disability. The Company provides long-term disability insurance to cover 60% of an employee’s base salary. 

  

	3.	Medical and Dental Insurance. Medical and dental insurance is provided to the employees and their dependents. Premiums are paid 100% by the Company. Employees are responsible
for co-pays and deductibles. 

  

	4.	401(k) Retirement Plan. PNA pays up to a 5% match of the employee’s contribution. There is a maximum Company contribution as may be established from time to time by the
Internal Revenue Service. The vesting period for Company contributions is 5 years. 

  

	5.	Deferred Compensation Plan. The Company shall contribute an amount equal to ten percent (10%) of employee’s base salary to a non-qualified deferred compensation
plan. 

  

 Page 7Seattle Genetics, Inc. 2008 Senior Executive Annual Bonus Plan

 Exhibit 10.1 
 SEATTLE GENETICS, INC. 
 2008 Senior Executive Annual Bonus Plan 
 This 2008 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 2008 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 2008. 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. For clarification, the Committee may determine in
its sole discretion that the Company did not satisfactorily complete enough goals and in that case, the Committee may determine that no bonus shall be paid to Participants. 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, 2008 and must by employed by the Company as of the date of payment of the bonus. A Participant hired 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 and the applicable individual performance targets for such positions but calculated based on the Participant’s annual base pay as of
December 31, 2008. 
 4. A Participant who has taken an approved leave of absence pursuant to the Company’s policies of longer than
90 calendar days during 2008 shall receive a pro-rated bonus calculated by excluding the number of days that exceed 90 calendar days during 2008 that he or she was on an approved leave of absence. For example, a person on an approved leave of
absence for 100 days is eligible for a pro-rated bonus by subtracting 10 days from the bonus calculation. 

 5. A Participant who is on an approved leave of absence on the date the bonus payment is made will be
eligible to receive a pro-rated bonus as calculated above upon the bonus payment date. 
 6. The amount of a Participant’s bonus is
based on a target percentage of such Participant’s annual base pay as of December 31, 2008. This target percentage shall be determined by the Committee at the beginning of the Plan Year on a position level basis so that all Participants
with the same position level shall have the same target percentage. The target percentage shall then be adjusted based on the Company’s performance and the individual Participant’s performance over the course of the Plan Year to arrive at
a final performance percentage. For all Participants that are not members of the Company’s Executive Committee, the final performance percentage shall be based 50% on the Company’s performance and 50% on each Participant’s individual
performance. For those Participants that are members of the Company’s Executive Committee, other than the Chief Executive Officer, the final performance percentage shall be based 60% on the Company’s performance and 40% on each
Participant’s performance. The Chief Executive Officer’s final performance percentage shall be determined by the Committee in its sole discretion. The Company performance percentage and/or the individual performance percentage may exceed
100% in the event the Company or the individual Participant exceeds expected goals, provided that neither percentage may exceed 150%. For example, assuming the Company has met 100% of its goals, a Participant, not a member of the Company’s
Executive Committee, who has met 150% of his or her individual goals, has a target percentage of 25% and has a base pay rate of $100,000 will receive a bonus of $31,250 (100% x 0.5 + 150% x 0.5 = 125%; and 125% x 25% = 31.25%; and 31.25% of
Participant’s base pay rate of $100,000 = $31,250). All determinations and decisions made by the Committee shall be final, conclusive and binding on all persons and shall be given the maximum deference permitted by law. 
 7. This Plan is effective for the Company’s 2008 calendar year beginning January 1, 2008 through December 31, 2008 (the “Plan
Year”) and will expire automatically on December 31, 2008. Bonus payments will be made by February 15th following the end of the Plan Year. 
 8. The Company shall provide a copy of this Plan to each Participant and communicate to each Participant his or her target percentage as determined by the Committee at the beginning of the Plan Year. 
 9. This Plan supersedes all prior bonus plans or any written or verbal representations regarding the subject matter of this Plan and is the entire
understanding between the Company and the Participant regarding the subject matter of this Plan. Participation in this Plan during the Plan Year will not convey any entitlement to participate in this or future plans or to the same or similar bonus
payments. The Committee may at any time amend, suspend, or terminate this Plan, including amendment of the target percentages for each Participant and amendment so as to ensure that no amount paid or to be paid hereunder shall be subject to the
provisions of Internal Revenue Code Section 409(a)(1)(B). 
  

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 10. The Company shall withhold all applicable taxes from any bonus payment, including any federal, state
and local taxes. 
 11. Nothing in this Plan shall interfere with or limit in any way the right of the Company to terminate any
Participant’s employment or service at any time, with or without cause. Nothing in these guidelines should be construed as an employment agreement or an entitlement to any Participant for any incentive payment hereunder. 
 12. This Plan and all awards shall be construed in accordance with and governed by the laws of the State of Washington, without regard to its conflict of
law provisions. 
 13. Payments under this Plan shall be unsecured, unfounded obligations of the Company. To the extent a Participant has any
rights under this Plan, the Participant’s rights shall be those of a general unsecured creditor of the Company. 
  

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