Document:

himesarexecutiveemployme

AMENDED & RESTATED EXECUTIVE EMPLOYMENT AGREEMENT  THIS AMENDED & RESTATED EXECUTIVE EMPLOYMENT AGREEMENT  (“Agreement”) is made and entered into as of February 9, 2022 by and between SEAGEN INC.,  a Delaware corporation (the “Company”) and Vaughn B. Himes (“Executive”).  RECITALS:  A. The Company desires that Executive perform services as Chief Technical Officer of the Company, having been duly appointed to such position.  B. Executive desires to continue in such engagement. C. This Agreement contains other provisions applicable to the employment of Executive by the Company.  D. The Company and Executive acknowledge and agree that as of the date of this Agreement, this Agreement amends and restates and supersedes the Amended & Restated  Executive Employment Agreement that was made and entered into as of October 25, 2018 by  and between the Company and Executive (the “Prior Agreement”).  In consideration of the above Recitals and the provisions of this Agreement, the  Company and Executive agree as follows:  I. DUTIES 1.1  Title and Responsibilities.  Executive shall serve as Chief Technical Officer of the  Company, which title may be changed at any time in the sole discretion of the Company.   Executive’s responsibilities and duties shall include those inherent in Executive’s position with  the Company and shall further include such other managerial responsibilities and executive  duties consistent with such position as may be assigned to Executive from time to time by the  Chief Executive Officer of the Company, and as applicable, the executive officer to whom  Executive reports.  Executive shall devote Executive’s best efforts and full business time to the  business and interests of the Company.  During the term of Executive’s employment with the  Company, Executive may serve on the board of directors of other companies, manage personal  investments, and engage in civic and charitable activities, provided that such activities shall not  represent a conflict of interest with the Company and do not materially detract from fulfilling  Executive’s responsibilities and duties to the Company.  II. COMPENSATION 2.1  Base Salary.  Executive shall be paid a base salary (“Base Salary”) by the Company  during the term of Executive’s employment at the rate determined by the Compensation  Committee of the Board of Directors (the “Compensation Committee”) or, as applicable, any  individual authorized to approve the terms of employment of Executive.  Executive’s Base  Salary shall be reviewed annually and evaluated based on performance and any other factors  determined appropriate by the Compensation Committee or, as applicable, any individual  Exhibit 10.54 

 

 -2-  authorized to approve the terms of employment of Executive, in its or their sole discretion.   Based upon such evaluation and review, Executive’s Base Salary may be adjusted from time to  time as determined by the Compensation Committee or, as applicable, any individual authorized  to approve the terms of employment of Executive, in its or their sole discretion.  2.2  Bonus.  In addition to Base Salary, Executive may be eligible to receive an annual  bonus (“Annual Bonus”) based on a target percentage of Executive’s Base Salary determined by  the Compensation Committee or, as applicable, any individual authorized to approve the terms of  employment of Executive. The amount of the annual bonus shall be based upon performance  criteria as determined by the Compensation Committee or, as applicable, any individual  authorized to approve the terms of employment of Executive.    2.3  Equity Awards.  Executive may be eligible to receive grants of stock options or other  equity awards from time to time in the future, on such terms and subject to such conditions as the  Compensation Committee or, as applicable, any individual authorized to approve the terms of  employment of Executive, shall determine as of the date of any such grant and pursuant to the  existing equity plan(s) of the Company.    2.4  Other Benefits.   (i) Executive shall be entitled to such employee benefits generally available  to full-time salaried employees of the Company, including without limitation, health insurance,  paid vacation of not less than four (4) weeks per year, retirement plans and other similar benefits;  provided, that Company reserves the right to amend, modify, terminate or make any other  changes in such benefits generally available to full-time salaried employees of the Company at  any time in its sole discretion.   (ii) The Company shall pay or reimburse Executive for all travel and  entertainment expenses incurred by Executive in connection with Executive’s duties on behalf of  the Company, subject to the reasonable approval of the Company.  Executive shall only be  entitled to reimbursement to the extent that Executive follows the procedures set forth in the  Company’s travel and expense policy, as then in effect, which will include, but will not be  limited to, providing satisfactory evidence of such expenditures.  III.  TERMINATION OF EMPLOYMENT    3.1  Termination of Employment and Severance Benefits.  (a) Termination of Employment.  This Agreement may be terminated upon the  occurrence of any of the following events:  (i) The Company’s determination in good faith that it is terminating  Executive for Cause (as defined in Section 3.3 below) (“Termination for Cause”);  (ii) The Company’s determination that it is terminating Executive  without Cause, which determination may be made by the Company at any time at the Company’s  sole discretion, for any or no reason (“Termination Without Cause”);   

 

 -3-  (iii) The effective date of a written notice sent to the Company from  Executive stating that Executive is electing to terminate Executive’s employment with the  Company (“Voluntary Termination”);   (iv) A change in Executive’s status such that a Constructive  Termination (as defined in Section 3.2(d) below) has occurred; or  (v) Following Executive’s death or Disability (as defined in Section  3.4 below).  3.2  Severance Benefits.  Executive shall be entitled to receive severance benefits upon  termination of employment only as set forth in this Section 3.2 contingent upon resignation from  all positions held by Executive and only if Executive executes a full release and waiver of claims  within thirty (30) days of Executive’s termination (and allows it to become effective in  accordance with its terms):  (a) Voluntary Termination.  If Executive’s employment terminates by  Voluntary Termination, then Executive shall not be entitled to receive payment of any severance  benefits.  Executive will receive payment(s) for all salary and unpaid vacation accrued as of the  date of Executive’s termination of employment and Executive’s benefits will be continued under  the Company’s then existing benefit plans and policies in accordance with such plans and  policies in effect on the date of termination and in accordance with applicable law.  (b) Involuntary Termination.  If Executive’s employment is terminated under  Section 3.1(a)(ii) (Termination Without Cause) or 3.1(a)(iv) (Constructive Termination) above  (such termination, an “Involuntary Termination”), Executive will be entitled to receive payment  of severance benefits equal to Executive’s regular monthly salary (the “Salary Payment  Amount”) for twelve (12) months (the “Severance Period”); provided that if such Involuntary  Termination occurs within three (3) months prior to or eighteen (18) months after a Change of  Control (as defined below), such Severance Period shall be for a period of eighteen (18) months  and such payment shall not be less than the amount that would result from using Executive’s  regular monthly salary in effect immediately prior to the Change of Control.  Executive will also  be entitled to receive a payment equal to 1.0 times the target Annual Bonus established for  Executive for the fiscal year in which the termination occurs (the “Bonus Payment Amount”);  provided that if such Involuntary Termination occurs within three (3) months prior to or eighteen  (18) months after a Change of Control, then Executive shall be entitled to receive a payment  equal to 1.5 times the Bonus Payment Amount and such payment shall not be less than the  amount that would result from using Executive’s regular monthly salary and target bonus  percentage in effect immediately prior to the Change of Control. Such Salary Payment Amount  and Bonus Payment Amount shall be paid, at the Company’s option, in a lump sum within sixty  (60) days after the date of Executive’s Involuntary Termination or periodically over the  Severance Period according to the Company’s standard payroll schedule, provided that such  payments may not extend beyond two and one-half (2 1⁄2) months following the end of the  calendar year in which the date of Involuntary Termination occurs; provided that if such  Involuntary Termination occurs within three (3) months prior to or eighteen (18) months after a  Change of Control, then such payment will be made in a lump sum within forty (40) days after  such termination.  Executive will receive payment(s) for all salary and unpaid vacation accrued  

 

 -4-  as of the date of Executive’s termination of employment and health insurance benefits will be  continued through payment of Executive’s COBRA health insurance premiums by the Company  over the Severance Period so long as Executive timely elects to continue Executive’s health  insurance coverage under COBRA and subject to COBRA’s terms, conditions and requirements.    (c) Termination for Cause.  If Executive’s employment is terminated for  Cause, then Executive shall not be entitled to receive payment of any severance benefits.   Executive will receive payment(s) for all salary and unpaid vacation accrued as of the date of  Executive’s termination of employment and Executive’s benefits will be continued under the  Company’s then existing benefit plans and policies in accordance with such plans and policies in  effect on the date of termination and in accordance with applicable law.  (d) Constructive Termination.  “Constructive Termination” shall be deemed to  occur if (A) there is a material reduction or change in job duties, responsibilities and  requirements inconsistent with Executive’s position with the Company and prior duties,  responsibilities and requirements, provided that neither a mere change in title alone nor  reassignment to a position that is substantially similar to the position held prior to the change in  terms of job duties, responsibilities or requirements shall constitute a material reduction in job  responsibilities; or (B) there is a reduction in Executive’s then-current base salary by at least  twenty percent (20%), provided that an across-the-board reduction in the salary level of all other  senior executives by the same percentage amount as part of a general salary level reduction shall  not constitute such a salary reduction; or (C) Executive refuses to relocate to a facility or location  more than 50 miles from the Company’s current location; provided, however, that in each case  above, Executive must first provide notice of the existence of the circumstances giving rise to a  Constructive Termination within ninety (90) days of the initial existence of such circumstances  and the Company must be provided with a period of thirty (30) days from the date of receipt of  such notice to cure the circumstances giving rise to a Constructive Termination; provided further  that the Company may notify Executive at any time prior to expiration of the cure period that it  will not cure the circumstances, in which case the cure period shall end immediately upon such  notification.    (e) Termination by Reason of Death or Disability.  In the event that  Executive’s employment with the Company terminates as a result of Executive’s death or  Disability (as defined in Section 3.4 below), Executive or Executive’s estate or representative  will receive all salary and unpaid vacation accrued as of the date of Executive’s death or  Disability and any other benefits payable under the Company’s then existing benefit plans and  policies in accordance with such plans and policies in effect on the date of death or Disability  and in accordance with applicable law.  In addition, Executive’s estate or representative will  receive the amount of Executive’s target Annual Bonus for the fiscal year in which the death or  Disability occurs, as determined by the Board of Directors or its Compensation Committee,  which will be paid prior to two and one-half (2 1⁄2) months following the year of Executive’s  death or Disability (subject to Executive’s termination as a result of such Disability).   3.3  Definition of Cause.  For purposes of this Agreement, “Cause” for Executive’s  termination will exist at any time after the happening of one or more of the following events:  

 

 -5-  (a) An action or omission of Executive which constitutes a willful and  intentional material breach of this Agreement or the Confidentiality Agreement (defined below),  including without limitation, Executive’s theft or other misappropriation of the Company’s  proprietary information;    (b) Executive’s commitment of fraud, embezzlement, misappropriation of  funds or breach of trust in connection with Executive’s employment; or  (c) Executive’s conviction of any crime which involves dishonesty or a  breach of trust, or gross negligence in connection with the performance of Executive’s duties.  3.4.  Definition of Disability.  For purposes of this Agreement “Disability” shall mean  any medically determinable physical or mental impairment that can be expected to result in death  or that has lasted or can be expected to last for a continuous period of not less than twelve (12)  months and renders Executive unable to perform the duties of Chief Technical Officer.   IV.  STOCK ACCELERATION  4.1  Accelerated Vesting.  Unless specifically provided otherwise in the applicable equity  award agreement, in addition to any other right of acceleration that may be provided pursuant to  any equity award plan or agreement pursuant to which Executive has been granted an equity  award by the Company, if Executive’s employment is terminated due to an Involuntary  Termination, the vesting of any equity awards granted by the Company to Executive shall  accelerate such that such equity awards shall become vested as to an additional twelve (12)  months, effective as of the date of such Involuntary Termination, to the extent that such equity  awards are outstanding and unvested as of the date of such Involuntary Termination; provided  that if such Involuntary Termination occurs within three (3) months prior to or eighteen (18)  months after a Change of Control (as defined below), then the vesting of all such equity awards  shall be accelerated completely so that  such equity awards shall become fully vested, effective  as of the date of such Involuntary Termination, to the extent that such equity awards are  outstanding and unvested as of the date of such Involuntary Termination.  For the avoidance of  any doubt, this Section shall prevail over any provision in an equity award agreement providing  that unvested equity awards shall terminate or be forfeited as of the date of such termination, and  any such provision shall be inoperative to the extent it is in conflict with this Section.   4.2  Definition of Change of Control.  For purposes of this Agreement, “Change of  Control” means the occurrence of any of the following events:   (a)  during any period of not more than 36 months, individuals who constitute  the Board of Directors as of the beginning of the period (the “Incumbent Directors”) cease for  any reason to constitute at least a majority of the Board of Directors, provided that any person  becoming a director subsequent to the beginning of such period, whose election or nomination  for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the  Board of Directors (either by a specific vote or by approval of the proxy statement in which such  person is named as a nominee for director, without written objection to such nomination) will be  an Incumbent Director; provided, however, that no individual initially elected or nominated as a  director of the Company as a result of an actual or publicly threatened election contest with  

 

 -6-  respect to directors or as a result of any other actual or publicly threatened solicitation of proxies  by or on behalf of any person other than the Board of Directors will be deemed to be an  Incumbent Director;  (b) any “person” (as such term is defined in Section 3(a)(9) of the Securities  Exchange Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the  Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d 3 under the  Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of  the combined voting power of the Company’s then-outstanding securities eligible to vote for the  election of the Board of Directors (“Company Voting Securities”); provided, however, that the  event described in this paragraph (b) will not be deemed to be a Change of Control by virtue of  the ownership, or acquisition, of Company Voting Securities:  (i) by the Company, (ii) by any  employee benefit plan (or related trust) sponsored or maintained by the Company, (iii) by any  underwriter temporarily holding securities pursuant to an offering of such securities or (iv)  pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of this definition);  (c)  the consummation of a merger, consolidation, statutory share exchange or  similar form of corporate transaction involving the Company that requires the approval of the  Company’s stockholders, whether for such transaction or the issuance of securities in the  transaction (a “Business Combination”), unless immediately following such Business  Combination:  (i) more than 50% of the total voting power of (A) the entity resulting from such  Business Combination (the “Surviving Entity”), or (B) if applicable, the ultimate parent  corporation that directly or indirectly has beneficial ownership of at least 95% of the voting  power, is represented by Company Voting Securities that were outstanding immediately prior to  such Business Combination (or, if applicable, is represented by shares into which such Company  Voting Securities were converted pursuant to such Business Combination), and such voting  power among the holders thereof is in substantially the same proportion as the voting power of  such Company Voting Securities among the holders thereof immediately prior to the Business  Combination, (ii) no person (other than any employee benefit plan (or related trust) sponsored or  maintained by the Surviving Entity or the parent), is or becomes the beneficial owner, directly or  indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible  to elect directors of the parent (or, if there is no parent, the Surviving Entity) and (iii) at least a  majority of the members of the board of directors of the parent (or, if there is no parent, the  Surviving Entity) following the consummation of the Business Combination were Incumbent  Directors at the time of the Board of Directors’ approval of the execution of the initial agreement  providing for such Business Combination (any Business Combination which satisfies all of the  criteria specified in (i), (ii) and (iii) of this paragraph (c) will be deemed to be a “Non-Qualifying  Transaction”);  (d) the consummation of a sale of all or substantially all of the Company’s  assets (other than to an affiliate of the Company); or  (e) the Company’s stockholders approve a plan of complete liquidation or  dissolution of the Company.    Notwithstanding the foregoing, a Change of Control will not be deemed to occur  solely because any person acquires beneficial ownership of more than 50% of the Company  

 

 -7-  Voting Securities as a result of the acquisition of Company Voting Securities by the Company  which reduces the number of Company Voting Securities outstanding; provided that if after such  acquisition by the Company such person  becomes the beneficial owner of additional Company  Voting Securities that increases the percentage of outstanding Company Voting Securities  beneficially owned by such person, a Change of Control will then occur.  V.  RESTRICTIVE COVENANTS  5.1  Confidentiality Agreement.  Executive shall sign, or has signed the Company’s form  of Proprietary Information and Inventions Agreement (the “Confidentiality Agreement”).   Executive hereby represents and warrants to the Company that Executive has complied with all  obligations under the Confidentiality Agreement and agrees to continue to abide by the terms of  the Confidentiality Agreement and further agrees that the provisions of the Confidentiality  Agreement shall survive any termination of this Agreement or of Executive’s employment  relationship with the Company, including the noncompetition provisions of the Confidentiality  Agreement.  VI.  OTHER PROVISIONS  6.1  Limitation on Change of Control Payments and Benefits. In the event that any  payment or benefit that Executive would receive from the Company or otherwise in connection  with a Change of Control or other similar transaction (a “280G Payment”) (i) would constitute a  “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986,  as amended (the “Code”) and (ii) but for this Section 6.1, would be subject to the excise tax  imposed by Section 4999 of the Code, then any such 280G Payment shall be payable either:   (a) in full, or   (b) as to such lesser amount which would result in no portion of such  payments and benefits being subject to excise tax under Section 4999 of the Code,  whichever of the foregoing amounts, taking into account the applicable federal, state and local  income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on  an after-tax basis, of the greatest amount of payments and benefits notwithstanding that all or  some portion of such payments and benefits may be taxable under Section 4999 of the Code.   Any determination required under this Section 6.1 shall be made in writing by nationally- recognized independent public accountants appointed by Executive and reasonably acceptable to  the Company (the “Accountants”), whose determination shall be final, conclusive and binding  upon Executive and the Company for all purposes.  For purposes of making the calculations  required by this Section 6.1, the Accountants may make reasonable assumptions and  approximations concerning applicable taxes and may rely on reasonable, good faith  interpretations concerning the application of Sections 280G and 4999 of the Code.  The  Company and Executive shall furnish to the Accountants such information and documents as the  Accountants may reasonably request in order to make a determination under this Section 6.1.   The Company shall bear all costs the Accountants may reasonably incur in connection with any  calculations contemplated by this Section 6.1.  If a reduced amount is to be paid under this  Section 6.1, reductions in payments and/or benefits shall occur in the following order: (1)if none  

 

 -8-  of the payments is nonqualified deferred compensation under Section 409A of the Code, then the  reduction shall occur in the manner Executive elects in writing prior to the date of payment and  (2) if any payment constitutes nonqualified deferred compensation under Section 409A of the  Code or if Executive fails to elect an order, then the payments to be reduced shall be determined  in a manner which has the least economic cost to Executive and, to the extent the economic cost  is equivalent, shall be reduced in the inverse order of when payment would have been made to  Executive, until the reduction is achieved. The Company shall bear all costs the Accountants  may reasonably incur in connection with any calculations contemplated by this provision.  6.2  Code Section 409A.  This Agreement shall be interpreted to avoid any penalty  sanctions under Section 409A of the Code and the final regulations and any guidance  promulgated thereunder (“Section 409A”).  If any payment or benefit cannot be provided or  made at the time specified herein without incurring sanctions under Section 409A, then such  benefit or payment shall be provided in full at the earliest time thereafter when such sanctions  will not be imposed.  All payments to be made upon a termination of employment under this  Agreement may be made only upon a “separation of service” under Section 409A.   Notwithstanding anything to the contrary in this Agreement, if at the time of Executive’s  termination of employment, Executive is a “specified employee” within the meaning of Section  409A, and the deferral of the commencement of any severance payments or benefits otherwise  payable pursuant to this Agreement as a result of such termination of employment is necessary in  order to prevent any accelerated income recognition or additional tax under Section 409A(a)(1),  then the Company will not commence any payment of any such severance payments or benefits  otherwise required hereunder (but without any reduction in such payments or benefits ultimately  paid or provided to Executive) that (a) will not and may not under any circumstances, regardless  of when such termination occurs, be paid in full by March 15 of the year following Executive’s  termination (or two and one half (2 1⁄2) months after the close of the Company’s fiscal year, if  later), and (b) are in excess of the lesser of (i) two (2) times Executive’s then annual  compensation or (ii) two (2) times the limit on compensation set forth in Section 401(a)(17) of  the Code for the year in which Executive’s employment is terminated and will not be paid by the  end of the second calendar year following the year in which the termination occurs, until the first  payroll date that occurs after the date that is six (6) months following Executive’s “separation of  service” with the Company (as defined under Code Section 409A).  If any payments are delayed  due to such requirements, such amounts will be paid in a lump sum to Executive on the earliest  of (x) Executive’s death following the date of Executive’s termination of employment with the  Company or (y) the first payroll date that occurs after the date that is six (6) months following  Executive’s “separation of service” with the Company.  For these purposes, each severance  payment or benefit is designated as a separate payment or benefit and will not collectively be  treated as a single payment or benefit.  This provision is intended to comply with the  requirements of Code Section 409A so that none of the severance payments and benefits to be  provided hereunder will be subject to the additional tax imposed under Section 409A, and any  ambiguities herein will be interpreted to so comply.  The Company and Executive agree to work  together in good faith to consider amendments to this Agreement and to take such reasonable  actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or  income recognition prior to actual payment to Executive under Section 409A.  Notwithstanding  anything to the contrary set forth in this Agreement, to the extent that any amendment to this  Agreement with respect to the payment of any severance payments or benefits would constitute  

 

 -9-  under Section 409A a delay or acceleration in a payment or a change in the form of payment,  then such amendment must be done in a manner that complies with Section 409A(a)(4)(C).  6.3  Indemnification.  The Company hereby agrees to indemnify and hold Executive  harmless, to the fullest extent permitted by law and as set forth in the Amended and Restated  Certificate of Incorporation of the Company, from and against any expenses, including legal  fees, and all judgments, fines and amounts paid in settlement and reasonably incurred in  connection with legal, administrative or investigative proceedings to which Executive is made, or  threatened to be made, a party by reason of the fact Executive is or was a director or officer of  the Company.   6.4  Entire Agreement.  This Agreement, the Confidentiality Agreement, the  indemnification agreement between Executive and the Company and any agreement pertaining  to Executive’s equity awards contain the entire agreement and understanding of the parties with  respect to Executive’s employment by the Company and compensation payable to Executive by  the Company and supersede all prior understandings, agreements and discussions, including the  Prior Agreement.  This Agreement may only be amended or modified by a written instrument  executed by Executive and the Company pursuant to authorization by any individual or  individuals authorized to approve the compensation and other terms of employment of  Executive.   6.5  Notices.  Any and all notices permitted or required to be given under this Agreement  must be in writing.  Notices will be deemed given (i) on the first business day after having been  sent by commercial overnight courier with written verification of receipt, or (ii) on the third  business day after having been sent by registered or certified mail from a location on the United  States mainland, return receipt requested, postage prepaid, whichever occurs first, at the address  set forth below or at any new address, notice of which will have been given in accordance with  this Section 6.5:  If to the Company:  Seagen Inc.     21823 30th Drive SE     Bothell, WA  98021     Attn:  General Counsel    If to Executive:  Vaughn B. Himes    c/o Seagen Inc.    21823 30th Drive SE    Bothell, WA 98021     6.6  Non-Waiver.  Failure to enforce at any time any of the provisions of this Agreement  shall not be interpreted to be a waiver of such provisions or to affect either the validity of this  Agreement or the right of either party thereafter to enforce each and every provision of this  Agreement.  6.7  Separability.  If one or more provisions of this Agreement is finally determined to be  invalid or unenforceable, such provision will not affect or impair the other provisions of this  Agreement, all of which will continue to be in effect and will be enforceable, provided, however,  

 

 -10-  that any such invalid provisions shall, to the extent possible, be reformed so as to implement  insofar as practicable the intentions of the parties.  6.8  Term.  The employment of Executive under this Agreement shall be for an  unspecified term.  The Company and Executive acknowledge and agree that Executive’s  employment is and shall continue to be at-will, as defined under applicable law, and that  Executive’s employment with the Company may be terminated by either party at any time for  any or no reason, and with or without notice.  If Executive’s employment terminates for any  reason, Executive shall not be entitled to any payments, benefits, damages award or  compensation other than as provided in this Agreement.  6.9  Law.  This Agreement shall be interpreted in accordance with the laws of the State of  Washington.  6.10  No Duty to Mitigate.  Executive shall not be required to mitigate the amount of any  payment contemplated by this Agreement (whether by seeking new employment or in any other  manner), nor, except as otherwise provided in this Agreement, shall any such payment be  reduced by any earnings that Executive may receive from any other source.  6.11  Legal Fees. In the event either party breaches this Agreement, the nonbreaching  party shall be entitled to recover from the breaching party any and all damages, costs and  expenses, including without limitation, attorneys’ fees and court costs, incurred by the  nonbreaching party as a result of the breach; provided, that in the event such contest or dispute  arises within eighteen (18) months following a Change of Control, the Company shall advance  Executive all attorneys’ fees and court costs reasonably incurred by Executive in connection with  such contest or dispute; provided that Executive shall be required to repay any such fees or costs  advanced in the event of a final determination that Executive’s actions were not taken in good  faith.  6.12  Counterparts.  This Agreement may be executed in counterparts which when taken  together will constitute one instrument.  Any copy of this Agreement with the original signatures  of all parties appended will constitute an original.  

 

 -11-  IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and  year first above written.  COMPANY:  SEAGEN INC.  By: /s/ Christopher Pawlowicz     Name: Christopher Pawlowicz     Title: EVP, Human Resources     EXECUTIVE  /s/ Vaughn B. Himes   Vaughn B. Himesliuarexecutiveemployment

AMENDED & RESTATED EXECUTIVE EMPLOYMENT AGREEMENT  THIS AMENDED & RESTATED EXECUTIVE EMPLOYMENT AGREEMENT  (“Agreement”) is made and entered into as of February 9, 2022 by and between SEAGEN INC.,  a Delaware corporation (the “Company”) and Jean I. Liu (“Executive”).  RECITALS:  A. The Company desires that Executive perform services as Chief Legal Officer of the Company, having been duly appointed to such position.  B. Executive desires to continue in such engagement. C. This Agreement contains other provisions applicable to the employment of Executive by the Company.  D. The Company and Executive acknowledge and agree that as of the date of this Agreement, this Agreement amends and restates and supersedes the Amended & Restated  Executive Employment Agreement that was made and entered into as of October 25, 2018 by  and between the Company and Executive (the “Prior Agreement”).  In consideration of the above Recitals and the provisions of this Agreement, the  Company and Executive agree as follows:  I. DUTIES 1.1  Title and Responsibilities.  Executive shall serve as Chief Legal Officer of the  Company, which title may be changed at any time in the sole discretion of the Company.   Executive’s responsibilities and duties shall include those inherent in Executive’s position with  the Company and shall further include such other managerial responsibilities and executive  duties consistent with such position as may be assigned to Executive from time to time by the  Chief Executive Officer of the Company, and as applicable, the executive officer to whom  Executive reports.  Executive shall devote Executive’s best efforts and full business time to the  business and interests of the Company.  During the term of Executive’s employment with the  Company, Executive may serve on the board of directors of other companies, manage personal  investments, and engage in civic and charitable activities, provided that such activities shall not  represent a conflict of interest with the Company and do not materially detract from fulfilling  Executive’s responsibilities and duties to the Company.  II. COMPENSATION 2.1  Base Salary.  Executive shall be paid a base salary (“Base Salary”) by the Company  during the term of Executive’s employment at the rate determined by the Compensation  Committee of the Board of Directors (the “Compensation Committee”) or, as applicable, any  individual authorized to approve the terms of employment of Executive.  Executive’s Base  Salary shall be reviewed annually and evaluated based on performance and any other factors  determined appropriate by the Compensation Committee or, as applicable, any individual        Exhibit 10.55 

 

 -2-  authorized to approve the terms of employment of Executive, in its or their sole discretion.   Based upon such evaluation and review, Executive’s Base Salary may be adjusted from time to  time as determined by the Compensation Committee or, as applicable, any individual authorized  to approve the terms of employment of Executive, in its or their sole discretion.  2.2  Bonus.  In addition to Base Salary, Executive may be eligible to receive an annual  bonus (“Annual Bonus”) based on a target percentage of Executive’s Base Salary determined by  the Compensation Committee or, as applicable, any individual authorized to approve the terms of  employment of Executive. The amount of the annual bonus shall be based upon performance  criteria as determined by the Compensation Committee or, as applicable, any individual  authorized to approve the terms of employment of Executive.    2.3  Equity Awards.  Executive may be eligible to receive grants of stock options or other  equity awards from time to time in the future, on such terms and subject to such conditions as the  Compensation Committee or, as applicable, any individual authorized to approve the terms of  employment of Executive, shall determine as of the date of any such grant and pursuant to the  existing equity plan(s) of the Company.    2.4  Other Benefits.   (i) Executive shall be entitled to such employee benefits generally available  to full-time salaried employees of the Company, including without limitation, health insurance,  paid vacation of not less than four (4) weeks per year, retirement plans and other similar benefits;  provided, that Company reserves the right to amend, modify, terminate or make any other  changes in such benefits generally available to full-time salaried employees of the Company at  any time in its sole discretion.   (ii) The Company shall pay or reimburse Executive for all travel and  entertainment expenses incurred by Executive in connection with Executive’s duties on behalf of  the Company, subject to the reasonable approval of the Company.  Executive shall only be  entitled to reimbursement to the extent that Executive follows the procedures set forth in the  Company’s travel and expense policy, as then in effect, which will include, but will not be  limited to, providing satisfactory evidence of such expenditures.  III.  TERMINATION OF EMPLOYMENT    3.1  Termination of Employment and Severance Benefits.  (a) Termination of Employment.  This Agreement may be terminated upon the  occurrence of any of the following events:  (i) The Company’s determination in good faith that it is terminating  Executive for Cause (as defined in Section 3.3 below) (“Termination for Cause”);  (ii) The Company’s determination that it is terminating Executive  without Cause, which determination may be made by the Company at any time at the Company’s  sole discretion, for any or no reason (“Termination Without Cause”);   

 

 -3-  (iii) The effective date of a written notice sent to the Company from  Executive stating that Executive is electing to terminate Executive’s employment with the  Company (“Voluntary Termination”);   (iv) A change in Executive’s status such that a Constructive  Termination (as defined in Section 3.2(d) below) has occurred; or  (v) Following Executive’s death or Disability (as defined in Section  3.4 below).  3.2  Severance Benefits.  Executive shall be entitled to receive severance benefits upon  termination of employment only as set forth in this Section 3.2 contingent upon resignation from  all positions held by Executive and only if Executive executes a full release and waiver of claims  within thirty (30) days of Executive’s termination (and allows it to become effective in  accordance with its terms):  (a) Voluntary Termination.  If Executive’s employment terminates by  Voluntary Termination, then Executive shall not be entitled to receive payment of any severance  benefits.  Executive will receive payment(s) for all salary and unpaid vacation accrued as of the  date of Executive’s termination of employment and Executive’s benefits will be continued under  the Company’s then existing benefit plans and policies in accordance with such plans and  policies in effect on the date of termination and in accordance with applicable law.  (b) Involuntary Termination.  If Executive’s employment is terminated under  Section 3.1(a)(ii) (Termination Without Cause) or 3.1(a)(iv) (Constructive Termination) above  (such termination, an “Involuntary Termination”), Executive will be entitled to receive payment  of severance benefits equal to Executive’s regular monthly salary (the “Salary Payment  Amount”) for twelve (12) months (the “Severance Period”); provided that if such Involuntary  Termination occurs within three (3) months prior to or eighteen (18) months after a Change of  Control (as defined below), such Severance Period shall be for a period of eighteen (18) months  and such payment shall not be less than the amount that would result from using Executive’s  regular monthly salary in effect immediately prior to the Change of Control.  Executive will also  be entitled to receive a payment equal to 1.0 times the target Annual Bonus established for  Executive for the fiscal year in which the termination occurs (the “Bonus Payment Amount”);  provided that if such Involuntary Termination occurs within three (3) months prior to or eighteen  (18) months after a Change of Control, then Executive shall be entitled to receive a payment  equal to 1.5 times the Bonus Payment Amount and such payment shall not be less than the  amount that would result from using Executive’s regular monthly salary and target bonus  percentage in effect immediately prior to the Change of Control. Such Salary Payment Amount  and Bonus Payment Amount shall be paid, at the Company’s option, in a lump sum within sixty  (60) days after the date of Executive’s Involuntary Termination or periodically over the  Severance Period according to the Company’s standard payroll schedule, provided that such  payments may not extend beyond two and one-half (2 1⁄2) months following the end of the  calendar year in which the date of Involuntary Termination occurs; provided that if such  Involuntary Termination occurs within three (3) months prior to or eighteen (18) months after a  Change of Control, then such payment will be made in a lump sum within forty (40) days after  such termination.  Executive will receive payment(s) for all salary and unpaid vacation accrued  

 

 -4-  as of the date of Executive’s termination of employment and health insurance benefits will be  continued through payment of Executive’s COBRA health insurance premiums by the Company  over the Severance Period so long as Executive timely elects to continue Executive’s health  insurance coverage under COBRA and subject to COBRA’s terms, conditions and requirements.    (c) Termination for Cause.  If Executive’s employment is terminated for  Cause, then Executive shall not be entitled to receive payment of any severance benefits.   Executive will receive payment(s) for all salary and unpaid vacation accrued as of the date of  Executive’s termination of employment and Executive’s benefits will be continued under the  Company’s then existing benefit plans and policies in accordance with such plans and policies in  effect on the date of termination and in accordance with applicable law.  (d) Constructive Termination.  “Constructive Termination” shall be deemed to  occur if (A) there is a material reduction or change in job duties, responsibilities and  requirements inconsistent with Executive’s position with the Company and prior duties,  responsibilities and requirements, provided that neither a mere change in title alone nor  reassignment to a position that is substantially similar to the position held prior to the change in  terms of job duties, responsibilities or requirements shall constitute a material reduction in job  responsibilities; or (B) there is a reduction in Executive’s then-current base salary by at least  twenty percent (20%), provided that an across-the-board reduction in the salary level of all other  senior executives by the same percentage amount as part of a general salary level reduction shall  not constitute such a salary reduction; or (C) Executive refuses to relocate to a facility or location  more than 50 miles from the Company’s current location; provided, however, that in each case  above, Executive must first provide notice of the existence of the circumstances giving rise to a  Constructive Termination within ninety (90) days of the initial existence of such circumstances  and the Company must be provided with a period of thirty (30) days from the date of receipt of  such notice to cure the circumstances giving rise to a Constructive Termination; provided further  that the Company may notify Executive at any time prior to expiration of the cure period that it  will not cure the circumstances, in which case the cure period shall end immediately upon such  notification.    (e) Termination by Reason of Death or Disability.  In the event that  Executive’s employment with the Company terminates as a result of Executive’s death or  Disability (as defined in Section 3.4 below), Executive or Executive’s estate or representative  will receive all salary and unpaid vacation accrued as of the date of Executive’s death or  Disability and any other benefits payable under the Company’s then existing benefit plans and  policies in accordance with such plans and policies in effect on the date of death or Disability  and in accordance with applicable law.  In addition, Executive’s estate or representative will  receive the amount of Executive’s target Annual Bonus for the fiscal year in which the death or  Disability occurs, as determined by the Board of Directors or its Compensation Committee,  which will be paid prior to two and one-half (2 1⁄2) months following the year of Executive’s  death or Disability (subject to Executive’s termination as a result of such Disability).   3.3  Definition of Cause.  For purposes of this Agreement, “Cause” for Executive’s  termination will exist at any time after the happening of one or more of the following events:  

 

 -5-  (a) An action or omission of Executive which constitutes a willful and  intentional material breach of this Agreement or the Confidentiality Agreement (defined below),  including without limitation, Executive’s theft or other misappropriation of the Company’s  proprietary information;    (b) Executive’s commitment of fraud, embezzlement, misappropriation of  funds or breach of trust in connection with Executive’s employment; or  (c) Executive’s conviction of any crime which involves dishonesty or a  breach of trust, or gross negligence in connection with the performance of Executive’s duties.  3.4.  Definition of Disability.  For purposes of this Agreement “Disability” shall mean  any medically determinable physical or mental impairment that can be expected to result in death  or that has lasted or can be expected to last for a continuous period of not less than twelve (12)  months and renders Executive unable to perform the duties of Chief Legal Officer.   IV.  STOCK ACCELERATION  4.1  Accelerated Vesting.  Unless specifically provided otherwise in the applicable equity  award agreement, in addition to any other right of acceleration that may be provided pursuant to  any equity award plan or agreement pursuant to which Executive has been granted an equity  award by the Company, if Executive’s employment is terminated due to an Involuntary  Termination, the vesting of any equity awards granted by the Company to Executive shall  accelerate such that such equity awards shall become vested as to an additional twelve (12)  months, effective as of the date of such Involuntary Termination, to the extent that such equity  awards are outstanding and unvested as of the date of such Involuntary Termination; provided  that if such Involuntary Termination occurs within three (3) months prior to or eighteen (18)  months after a Change of Control (as defined below), then the vesting of all such equity awards  shall be accelerated completely so that  such equity awards shall become fully vested, effective  as of the date of such Involuntary Termination, to the extent that such equity awards are  outstanding and unvested as of the date of such Involuntary Termination.  For the avoidance of  any doubt, this Section shall prevail over any provision in an equity award agreement providing  that unvested equity awards shall terminate or be forfeited as of the date of such termination, and  any such provision shall be inoperative to the extent it is in conflict with this Section.   4.2  Definition of Change of Control.  For purposes of this Agreement, “Change of  Control” means the occurrence of any of the following events:   (a)  during any period of not more than 36 months, individuals who constitute  the Board of Directors as of the beginning of the period (the “Incumbent Directors”) cease for  any reason to constitute at least a majority of the Board of Directors, provided that any person  becoming a director subsequent to the beginning of such period, whose election or nomination  for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the  Board of Directors (either by a specific vote or by approval of the proxy statement in which such  person is named as a nominee for director, without written objection to such nomination) will be  an Incumbent Director; provided, however, that no individual initially elected or nominated as a  director of the Company as a result of an actual or publicly threatened election contest with  

 

 -6-  respect to directors or as a result of any other actual or publicly threatened solicitation of proxies  by or on behalf of any person other than the Board of Directors will be deemed to be an  Incumbent Director;  (b) any “person” (as such term is defined in Section 3(a)(9) of the Securities  Exchange Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the  Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d 3 under the  Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of  the combined voting power of the Company’s then-outstanding securities eligible to vote for the  election of the Board of Directors (“Company Voting Securities”); provided, however, that the  event described in this paragraph (b) will not be deemed to be a Change of Control by virtue of  the ownership, or acquisition, of Company Voting Securities:  (i) by the Company, (ii) by any  employee benefit plan (or related trust) sponsored or maintained by the Company, (iii) by any  underwriter temporarily holding securities pursuant to an offering of such securities or (iv)  pursuant to a Non-Qualifying Transaction (as defined in paragraph (c) of this definition);  (c)  the consummation of a merger, consolidation, statutory share exchange or  similar form of corporate transaction involving the Company that requires the approval of the  Company’s stockholders, whether for such transaction or the issuance of securities in the  transaction (a “Business Combination”), unless immediately following such Business  Combination:  (i) more than 50% of the total voting power of (A) the entity resulting from such  Business Combination (the “Surviving Entity”), or (B) if applicable, the ultimate parent  corporation that directly or indirectly has beneficial ownership of at least 95% of the voting  power, is represented by Company Voting Securities that were outstanding immediately prior to  such Business Combination (or, if applicable, is represented by shares into which such Company  Voting Securities were converted pursuant to such Business Combination), and such voting  power among the holders thereof is in substantially the same proportion as the voting power of  such Company Voting Securities among the holders thereof immediately prior to the Business  Combination, (ii) no person (other than any employee benefit plan (or related trust) sponsored or  maintained by the Surviving Entity or the parent), is or becomes the beneficial owner, directly or  indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible  to elect directors of the parent (or, if there is no parent, the Surviving Entity) and (iii) at least a  majority of the members of the board of directors of the parent (or, if there is no parent, the  Surviving Entity) following the consummation of the Business Combination were Incumbent  Directors at the time of the Board of Directors’ approval of the execution of the initial agreement  providing for such Business Combination (any Business Combination which satisfies all of the  criteria specified in (i), (ii) and (iii) of this paragraph (c) will be deemed to be a “Non-Qualifying  Transaction”);  (d) the consummation of a sale of all or substantially all of the Company’s  assets (other than to an affiliate of the Company); or  (e) the Company’s stockholders approve a plan of complete liquidation or  dissolution of the Company.    Notwithstanding the foregoing, a Change of Control will not be deemed to occur  solely because any person acquires beneficial ownership of more than 50% of the Company  

 

 -7-  Voting Securities as a result of the acquisition of Company Voting Securities by the Company  which reduces the number of Company Voting Securities outstanding; provided that if after such  acquisition by the Company such person  becomes the beneficial owner of additional Company  Voting Securities that increases the percentage of outstanding Company Voting Securities  beneficially owned by such person, a Change of Control will then occur.  V.  RESTRICTIVE COVENANTS  5.1  Confidentiality Agreement.  Executive shall sign, or has signed the Company’s form  of Proprietary Information and Inventions Agreement (the “Confidentiality Agreement”).   Executive hereby represents and warrants to the Company that Executive has complied with all  obligations under the Confidentiality Agreement and agrees to continue to abide by the terms of  the Confidentiality Agreement and further agrees that the provisions of the Confidentiality  Agreement shall survive any termination of this Agreement or of Executive’s employment  relationship with the Company, including the noncompetition provisions of the Confidentiality  Agreement.  VI.  OTHER PROVISIONS  6.1  Limitation on Change of Control Payments and Benefits. In the event that any  payment or benefit that Executive would receive from the Company or otherwise in connection  with a Change of Control or other similar transaction (a “280G Payment”) (i) would constitute a  “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986,  as amended (the “Code”) and (ii) but for this Section 6.1, would be subject to the excise tax  imposed by Section 4999 of the Code, then any such 280G Payment shall be payable either:   (a) in full, or   (b) as to such lesser amount which would result in no portion of such  payments and benefits being subject to excise tax under Section 4999 of the Code,  whichever of the foregoing amounts, taking into account the applicable federal, state and local  income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on  an after-tax basis, of the greatest amount of payments and benefits notwithstanding that all or  some portion of such payments and benefits may be taxable under Section 4999 of the Code.   Any determination required under this Section 6.1 shall be made in writing by nationally- recognized independent public accountants appointed by Executive and reasonably acceptable to  the Company (the “Accountants”), whose determination shall be final, conclusive and binding  upon Executive and the Company for all purposes.  For purposes of making the calculations  required by this Section 6.1, the Accountants may make reasonable assumptions and  approximations concerning applicable taxes and may rely on reasonable, good faith  interpretations concerning the application of Sections 280G and 4999 of the Code.  The  Company and Executive shall furnish to the Accountants such information and documents as the  Accountants may reasonably request in order to make a determination under this Section 6.1.   The Company shall bear all costs the Accountants may reasonably incur in connection with any  calculations contemplated by this Section 6.1.  If a reduced amount is to be paid under this  Section 6.1, reductions in payments and/or benefits shall occur in the following order: (1)if none  

 

 -8-  of the payments is nonqualified deferred compensation under Section 409A of the Code, then the  reduction shall occur in the manner Executive elects in writing prior to the date of payment and  (2) if any payment constitutes nonqualified deferred compensation under Section 409A of the  Code or if Executive fails to elect an order, then the payments to be reduced shall be determined  in a manner which has the least economic cost to Executive and, to the extent the economic cost  is equivalent, shall be reduced in the inverse order of when payment would have been made to  Executive, until the reduction is achieved. The Company shall bear all costs the Accountants  may reasonably incur in connection with any calculations contemplated by this provision.  6.2  Code Section 409A.  This Agreement shall be interpreted to avoid any penalty  sanctions under Section 409A of the Code and the final regulations and any guidance  promulgated thereunder (“Section 409A”).  If any payment or benefit cannot be provided or  made at the time specified herein without incurring sanctions under Section 409A, then such  benefit or payment shall be provided in full at the earliest time thereafter when such sanctions  will not be imposed.  All payments to be made upon a termination of employment under this  Agreement may be made only upon a “separation of service” under Section 409A.   Notwithstanding anything to the contrary in this Agreement, if at the time of Executive’s  termination of employment, Executive is a “specified employee” within the meaning of Section  409A, and the deferral of the commencement of any severance payments or benefits otherwise  payable pursuant to this Agreement as a result of such termination of employment is necessary in  order to prevent any accelerated income recognition or additional tax under Section 409A(a)(1),  then the Company will not commence any payment of any such severance payments or benefits  otherwise required hereunder (but without any reduction in such payments or benefits ultimately  paid or provided to Executive) that (a) will not and may not under any circumstances, regardless  of when such termination occurs, be paid in full by March 15 of the year following Executive’s  termination (or two and one half (2 1⁄2) months after the close of the Company’s fiscal year, if  later), and (b) are in excess of the lesser of (i) two (2) times Executive’s then annual  compensation or (ii) two (2) times the limit on compensation set forth in Section 401(a)(17) of  the Code for the year in which Executive’s employment is terminated and will not be paid by the  end of the second calendar year following the year in which the termination occurs, until the first  payroll date that occurs after the date that is six (6) months following Executive’s “separation of  service” with the Company (as defined under Code Section 409A).  If any payments are delayed  due to such requirements, such amounts will be paid in a lump sum to Executive on the earliest  of (x) Executive’s death following the date of Executive’s termination of employment with the  Company or (y) the first payroll date that occurs after the date that is six (6) months following  Executive’s “separation of service” with the Company.  For these purposes, each severance  payment or benefit is designated as a separate payment or benefit and will not collectively be  treated as a single payment or benefit.  This provision is intended to comply with the  requirements of Code Section 409A so that none of the severance payments and benefits to be  provided hereunder will be subject to the additional tax imposed under Section 409A, and any  ambiguities herein will be interpreted to so comply.  The Company and Executive agree to work  together in good faith to consider amendments to this Agreement and to take such reasonable  actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or  income recognition prior to actual payment to Executive under Section 409A.  Notwithstanding  anything to the contrary set forth in this Agreement, to the extent that any amendment to this  Agreement with respect to the payment of any severance payments or benefits would constitute  

 

 -9-  under Section 409A a delay or acceleration in a payment or a change in the form of payment,  then such amendment must be done in a manner that complies with Section 409A(a)(4)(C).  6.3  Indemnification.  The Company hereby agrees to indemnify and hold Executive  harmless, to the fullest extent permitted by law and as set forth in the Amended and Restated  Certificate of Incorporation of the Company, from and against any expenses, including legal  fees, and all judgments, fines and amounts paid in settlement and reasonably incurred in  connection with legal, administrative or investigative proceedings to which Executive is made, or  threatened to be made, a party by reason of the fact Executive is or was a director or officer of  the Company.   6.4  Entire Agreement.  This Agreement, the Confidentiality Agreement, the  indemnification agreement between Executive and the Company and any agreement pertaining  to Executive’s equity awards contain the entire agreement and understanding of the parties with  respect to Executive’s employment by the Company and compensation payable to Executive by  the Company and supersede all prior understandings, agreements and discussions, including the  Prior Agreement.  This Agreement may only be amended or modified by a written instrument  executed by Executive and the Company pursuant to authorization by any individual or  individuals authorized to approve the compensation and other terms of employment of  Executive.   6.5  Notices.  Any and all notices permitted or required to be given under this Agreement  must be in writing.  Notices will be deemed given (i) on the first business day after having been  sent by commercial overnight courier with written verification of receipt, or (ii) on the third  business day after having been sent by registered or certified mail from a location on the United  States mainland, return receipt requested, postage prepaid, whichever occurs first, at the address  set forth below or at any new address, notice of which will have been given in accordance with  this Section 6.5:  If to the Company:  Seagen Inc.     21823 30th Drive SE     Bothell, WA  98021     Attn:  General Counsel    If to Executive:  Jean I. Liu    c/o Seagen Inc.    21823 30th Drive SE    Bothell, WA 98021     6.6  Non-Waiver.  Failure to enforce at any time any of the provisions of this Agreement  shall not be interpreted to be a waiver of such provisions or to affect either the validity of this  Agreement or the right of either party thereafter to enforce each and every provision of this  Agreement.  6.7  Separability.  If one or more provisions of this Agreement is finally determined to be  invalid or unenforceable, such provision will not affect or impair the other provisions of this  Agreement, all of which will continue to be in effect and will be enforceable, provided, however,  

 

 -10-  that any such invalid provisions shall, to the extent possible, be reformed so as to implement  insofar as practicable the intentions of the parties.  6.8  Term.  The employment of Executive under this Agreement shall be for an  unspecified term.  The Company and Executive acknowledge and agree that Executive’s  employment is and shall continue to be at-will, as defined under applicable law, and that  Executive’s employment with the Company may be terminated by either party at any time for  any or no reason, and with or without notice.  If Executive’s employment terminates for any  reason, Executive shall not be entitled to any payments, benefits, damages award or  compensation other than as provided in this Agreement.  6.9  Law.  This Agreement shall be interpreted in accordance with the laws of the State of  Washington.  6.10  No Duty to Mitigate.  Executive shall not be required to mitigate the amount of any  payment contemplated by this Agreement (whether by seeking new employment or in any other  manner), nor, except as otherwise provided in this Agreement, shall any such payment be  reduced by any earnings that Executive may receive from any other source.  6.11  Legal Fees. In the event either party breaches this Agreement, the nonbreaching  party shall be entitled to recover from the breaching party any and all damages, costs and  expenses, including without limitation, attorneys’ fees and court costs, incurred by the  nonbreaching party as a result of the breach; provided, that in the event such contest or dispute  arises within eighteen (18) months following a Change of Control, the Company shall advance  Executive all attorneys’ fees and court costs reasonably incurred by Executive in connection with  such contest or dispute; provided that Executive shall be required to repay any such fees or costs  advanced in the event of a final determination that Executive’s actions were not taken in good  faith.  6.12  Counterparts.  This Agreement may be executed in counterparts which when taken  together will constitute one instrument.  Any copy of this Agreement with the original signatures  of all parties appended will constitute an original.  

 

 -11-  IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and  year first above written.  COMPANY:  SEAGEN INC.  By: /s/ Christopher Pawlowicz     Name: Christopher Pawlowicz     Title: EVP, Human Resources     EXECUTIVE  /s/ Jean I. Liu   Jean I. Liu

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