Document:

EX-10.2

 Exhibit 10.2 

SEATTLE GENETICS, INC. 

LONG TERM INCENTIVE PLAN FOR SGN-CD33A 

1. PURPOSE. This Seattle Genetics, Inc. Long Term Incentive Plan for SGN-CD33A
(the “Plan”) is intended to increase stockholder value and the success of the Company by retaining and motivating selected Participants to achieve the Company’s objectives and to remain in service with the Company or a
Subsidiary. The Plan goals are to be achieved by providing such Participants with either cash or cash and stock incentive award opportunities, where payment or granting, as applicable, of the Awards shall be based on the receipt of regulatory
approvals for SGN-CD33A (as hereafter defined), as more specifically set forth herein. The Plan is intended to permit the grant of Stock Awards that may qualify as “performance-based compensation” within the meaning of Section 162(m)
of the Code. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in Section 2 of the Plan. 

2. DEFINITIONS. 

(a) “Award” shall mean a Cash Award or a Stock Award that may be paid or granted, as applicable, to a
Participant under the Plan. 
 (b) “Board” shall mean the Board of Directors of the Company. 

(c) “Cash Award” shall mean a cash bonus payment paid on the applicable Payout Date. With respect to each
Participant, such Participant’s Cash Award shall consist of an “FDA Portion” and an “EU Portion,” as set forth in Section 6(b) of the Plan, with each portion paid as a separate payment on the applicable Payout Date. 

(d) “Certification Date” shall have the meaning set forth in Section 6(a) of the Plan. 

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended, including any applicable regulations and
guidance thereunder. 
 (f) “Committee” shall mean the Compensation Committee of the Board or such other
committee of the Board that has been designated to administer programs that provide for compensation intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code. 

(g) “Common Stock” shall mean the common stock of the Company. 

(h) “Company” shall mean Seattle Genetics, Inc., a Delaware corporation. 

(i) “Covered Employee” shall have the meaning ascribed to such term in Section 162(m)(3) of the Code. 

  
 1 

 (j) “Effective Date” shall mean the date that the Plan is approved
by the Committee. 
 (k) “Eligible Employee” shall mean each employee of the Company or a Subsidiary who is
based in the U.S., E.U., Switzerland or Canada. 
 (l) “Equity Incentive Plan” shall mean the Seattle
Genetics, Inc. Amended and Restated 2007 Equity Incentive Plan, as may be amended from time to time. 
 (m)
“EU” shall mean the European Union member states as of the Effective Date or as such as may be added or subtracted from time to time during the EU Performance Period.

(n) “EU Milestone” shall mean the first achievement of either: (i) a centralized marketing authorization for
SGN-CD33A in the EU that is granted by the European Commission (or any successor entity thereto) to the Company, any Subsidiary and/or any Partner; or (ii) receipt by the Company, any Subsidiary and/or any Partner of the approvals necessary for the
commercial sale and marketing of SGN-CD33A in four of the five Major European Countries.
 (o) “EU Milestone
Date” shall mean the date that the EU Milestone occurs. 
 (p) “EU Performance Period” shall
mean the period of time commencing on (and including) the Effective Date and ending on (and including) the date specified by the Committee on the Effective Date. 

(q) “FDA” shall mean the U.S. Food and Drug Administration (or any successor entity thereto). 

(r) “FDA Milestone” shall mean the first approval by the FDA for the commercial sale and marketing of SGN-CD33A
in the United States by the Company, any Subsidiary or any Partner. 
 (s) “FDA Milestone Date” shall mean
the date that the FDA Milestone occurs. 
 (t) “FDA Performance Period” shall mean the period of time
commencing on (and including) the Effective Date and ending on (and including) the date specified by the Committee on the Effective Date. 

(u) “FDA Submission Date” shall mean the date that the SGN-CD33A BLA is submitted to the FDA. 

(v) “Major European Countries” means the United Kingdom, Germany, France, Italy and Spain. 

(w) “Participant” shall mean an Eligible Employee who meets the eligibility requirements described in Section 4
of the Plan. 

  
 2. 

 (x) “Partner” shall mean any entity to which the Company or any
Subsidiary has granted a license to develop and commercialize SGN-CD33A pursuant to an agreement where the Company or the Subsidiary, as applicable, has retained or reserved the right, under specified conditions, to terminate such license and/or to
develop and commercialize SGN-CD33A on its own behalf. 
 (y) “Payout Date” shall mean the date on which Cash
Awards are paid pursuant to Section 7 of the Plan. 
 (z) “Payout Matrix” shall mean the matrix established
by the Committee on the Effective Date. 
 (aa) “Performance-Based Compensation” shall mean compensation that
is intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code. 
 (bb)
“Prorated Period” shall mean the period of time commencing on (and including) the date immediately following the Effective Date and ending on (and including) the FDA Submission Date. 

(cc) “SGN-CD33A” shall mean vadastuximab talirine. 

(dd) “SGN-CD33A BLA” shall mean the first Biologics License Application submitted to the FDA by the Company,
any Subsidiary or any Partner seeking approval for the commercial sale and marketing of SGN-CD33A in the United States.
 (ee)
“Stock Award” shall mean a restricted stock unit award granted under the Equity Incentive Plan, which grant shall be subject to the terms of the Plan, the Equity Incentive Plan and the restricted stock unit award
agreement between the Company and the Participant. With respect to each Participant who is granted a Stock Award, such Participant’s Stock Award shall consist of an “FDA Portion” and an “EU Portion,” as set forth in
Section 6(c) of the Plan, with each portion granted as a separate restricted stock unit award on the applicable Certification Date. 

(ff) “Subsidiary” shall mean an entity in which the Company holds greater than 50% of the voting interests.

 (gg) “Target Award Value” shall mean the aggregate target value of a Participant’s Cash Award and
Stock Award (if any) that may be paid or granted, as applicable, to the Participant, expressed as a specific dollar amount, as determined by the Committee. 

(hh) “Vesting Date” shall have the meaning set forth in Section 4(f) of the Plan. 

3. ADMINISTRATION. The Plan shall be administered by the Committee consisting
solely of two or more outside directors of the Company who satisfy the requirements of Section 162(m) of the Code. The Committee shall have full authority to make rules and establish administrative procedures in connection with the Plan, to
interpret the Plan and those rules and 

  
 3. 

 
procedures, to determine each Participant’s Target Award Value and actual Award amounts, to approve the granting of, or the payment of, as applicable, all of the Awards, and to make all
other determinations, including factual determinations, and to take all other actions necessary or appropriate for the proper administration of the Plan, including the delegation of such authority or power, where appropriate and consistent with
applicable law; provided, however, that with respect to Covered Employees, the Committee shall have final decision-making authority. All decisions, determinations, and interpretations by the Committee shall be final and binding on the
Company and all Participants. 
 4. ELIGIBILITY AND PARTICIPATION. 

(a) Current Employees in Good Standing. Absent any determination by the Committee to the contrary, each Eligible Employee who is in
good standing (and not on a performance improvement plan) as of the Effective Date, as determined by the Committee in its sole discretion, shall automatically be deemed a Participant as of such date and shall be eligible to be paid or granted, as
applicable, the following, subject to Section 4(e) of the Plan: 
 (i) a Cash Award on the applicable Payout Date, in an amount to
be determined in accordance with Section 6 of the Plan; and 
 (ii) if the Participant is at the Associate Director level or above
on the applicable Certification Date, a Stock Award on the applicable Certification Date, with the number of shares of Common Stock subject to such Stock Award to be determined in accordance with Section 6 of the Plan. 

(b) Current Employees on a Performance Improvement Plan. Absent any determination by the Committee to the contrary, each Eligible
Employee who is on a performance improvement plan as of the Effective Date, as determined by the Committee in its sole discretion, shall not be eligible to participate in the Plan; provided, however, that if such Eligible Employee
successfully improves his or her performance during the Prorated Period, such Eligible Employee shall automatically be deemed a Participant as of the first day he or she is no longer on a performance improvement plan and shall be eligible to be paid
or granted, as applicable, the following, subject to Section 4(e) of the Plan: 
 (i) a Cash Award on the applicable Payout Date, in
an amount to be determined in accordance with Section 6 of the Plan; and 
 (ii) if the Participant is at the Associate Director
level or above on the applicable Certification Date, a Stock Award on the applicable Certification Date, with the number of shares of Common Stock subject to such Stock Award to be determined in accordance with Section 6 of the Plan; 

provided, however, that in each case, subject to Section 4(d) of the Plan, the Target Award Value applicable to such Participant shall be automatically
prorated (by multiplying such Target Award Value by a fraction, the numerator of which is the number of days such Participant is not on a performance improvement plan during the Prorated Period and the denominator of which is the total number of
days during the Prorated Period).

  
 4. 

 (c) Newly Hired Employees. Absent any determination by the Committee to the contrary,
each Eligible Employee who is newly hired by the Company or a Subsidiary during the Prorated Period shall automatically be deemed a Participant as of his or her first day of employment with the Company or the Subsidiary and shall be eligible to be
paid or granted, as applicable, the following, subject to Section 4(e) of the Plan: 
 (i) a Cash Award on the applicable Payout
Date, in an amount to be determined in accordance with Section 6 of the Plan; and 
 (ii) if the Participant is at the Associate
Director level or above on the applicable Certification Date, a Stock Award on the applicable Certification Date, with the number of shares of Common Stock subject to such Stock Award to be determined in accordance with Section 6 of the Plan; 

provided, however, that in each case, subject to Section 4(d) of the Plan, the Target Award Value applicable to such Participant shall be automatically
prorated (by multiplying such Target Award Value by a fraction, the numerator of which is the number of days such Participant is employed by the Company or a Subsidiary during the Prorated Period and the denominator of which is the total number of
days during the Prorated Period).
 (d) Promoted Participants. If a Participant is promoted during the Prorated Period to
a position with a higher Target Award Value, then notwithstanding anything in the Plan to the contrary, the Target Award Value applicable to such Participant shall be equal to the following: (i) the Target Award Value for the former position
multiplied by a fraction, the numerator of which is the number of days such individual is a Participant at the former position during the Prorated Period and the denominator of which is the total number of days during the Prorated Period, plus (ii)
the Target Award Value for the new position multiplied by a fraction, the numerator of which is the number of days such individual is a Participant at the new position during the Prorated Period and the denominator of which is the total number of
days during the Prorated Period. 
 (e) Eligibility for Payment or Grant of Awards.

(i) Cash Awards. 

(1) In order to be eligible for payment of the FDA Portion of a Cash Award, a Participant must be actively employed by the Company or
a Subsidiary on the Payout Date for such FDA Portion, as determined in accordance with Section 7 of the Plan, and not on a performance improvement plan as of such Payout Date.

(2) In order to be eligible for payment of the EU Portion of a Cash Award, a Participant must be actively employed by the Company or a
Subsidiary on the Payout Date for such EU Portion, as determined in accordance with Section 7 of the Plan, and not on a performance improvement plan as of such Payout Date. 

  
 5. 

 (ii) Stock Awards. 

(1) In order to be eligible for the grant of the FDA Portion of a Stock Award, a Participant must be actively employed by the Company
or a Subsidiary on the Certification Date for such FDA Portion, as determined in accordance with Section 6(a) of the Plan, and not on a performance improvement plan as of such Certification Date. 

(2) In order to be eligible for the grant of the EU Portion of a Stock Award, a Participant must be actively employed by the Company
or a Subsidiary on the Certification Date for such EU Portion, as determined in accordance with Section 6(a) of the Plan, and not on a performance improvement plan as of such Certification Date. 

(iii) All Awards. If the FDA Milestone does not occur on or prior to the last day of the FDA Performance Period, then no
Participant shall be eligible to be paid or granted, as applicable, the FDA Portion of the Cash Award or Stock Award. If the EU Milestone does not occur on or prior to the last day of the EU Performance Period, then no Participant shall be
eligible to be paid or granted, as applicable, the EU Portion of the Cash Award or Stock Award. 
 (f) Vesting of Awards.

(i) Cash Awards.

(1) The FDA Portion of a Cash Award shall be fully vested on the Payout Date for such FDA Portion, as determined in accordance with
Section 7 of the Plan. 
 (2) The EU Portion of a Cash Award shall be fully vested on the Payout Date for such EU Portion, as
determined in accordance with Section 7 of the Plan. 
 (ii) Stock Awards. Each Stock Award shall be unvested on the
date of grant and shall vest as follows (and for purposes of the Plan, such date on which the FDA Portion or EU Portion of the Stock Award vests, as applicable, shall be a “Vesting Date”):

(1) The FDA Portion of a Stock Award shall fully vest on the second anniversary of the FDA Milestone Date, provided that the
Participant does not incur a Termination of Employment (as defined in the Equity Incentive Plan) through the applicable Vesting Date. 

(2) The EU Portion of a Stock Award shall fully vest on the second anniversary of the EU Milestone Date, provided that the Participant
does not incur a Termination of Employment (as defined in the Equity Incentive Plan) through the applicable Vesting Date. 
 If a
Participant incurs a Termination of Employment (as defined in the Equity Incentive Plan) prior to the applicable Vesting Date, then all shares of Common Stock subject to the Participant’s Stock Award that are unvested as of the
Participant’s date of termination shall be forfeited by the Participant on such termination date. 

  
 6. 

 5. DETERMINATION OF TARGET AWARD
VALUES AND PAYOUT MATRIX. 
 (a) Target Award Values. On or prior
to the Effective Date, the Committee shall establish a table containing Target Award Values for each job level tier of Participants. The actual value of the aggregate amount of a Participant’s Awards may be greater than or less than the
Participant’s Target Award Value based on when the FDA Milestone or EU Milestone is achieved, as determined in accordance with the Payout Matrix and Section 6 of the Plan. 

(b) Payout Matrix. The Payout Matrix shall be used for purposes of determining (i) the amount of cash subject to the FDA Portion
and EU Portion of a Participant’s Cash Award, in accordance with Section 6(b) of the Plan, and (ii) the number of shares of Common Stock subject to the FDA Portion and EU Portion of a Participant’s Stock Award, in accordance with Section
6(c) of the Plan. 
 (c) Section 162(m) Requirements for Stock Awards – Maximum Stock Award. As required by Section 3(b) of
the Equity Incentive Plan and in accordance with Section 162(m) of the Code, in no event may a Stock Award be granted under the Plan to a Participant who is a Covered Employee such that the number of shares of Common Stock subject to such Stock
Award would exceed, together with any other equity awards granted under the Equity Incentive Plan, 1,000,000 shares of Common Stock in the applicable calendar year. 

6. CERTIFICATION AND DETERMINATION OF ACTUAL
AWARD AMOUNTS. 
 (a) Certification. The Committee shall certify in writing (which may be by
approval of the minutes in which the certification was made) the following (and for purposes of the Plan, such date on which the Committee makes such certification shall be a “Certification Date”): 

(i) with respect to the FDA Portion of each Cash Award and Stock Award, the Committee shall certify whether the FDA Milestone has been
achieved as soon as administratively practicable after the earlier of (x) the end of the FDA Performance Period and (y) the FDA Milestone Date; and 

(ii) with respect to the EU Portion of each Cash Award and Stock Award, the Committee shall certify whether the EU Milestone has been
achieved as soon as administratively practicable after the earlier of (x) the end of the EU Performance Period and (y) the EU Milestone Date. 

In order for the FDA Portion or EU Portion of a Cash Award to be paid on the applicable Payout Date, the Committee must (i) certify on the
applicable Certification Date that the FDA Milestone or EU Milestone, respectively, has been achieved and (ii) approve the payment of such FDA Portion or EU Portion, respectively.

In order for the FDA Portion or EU Portion of a Stock Award to be granted on the applicable Certification Date, the Committee must (i) certify
on the applicable Certification Date that the FDA Milestone or EU Milestone, respectively, has been achieved and (ii) approve the granting of such FDA Portion or EU Portion, respectively. 

  
 7. 

 (b) Determination of Actual Award Amounts – Cash Awards. Subject to Sections 4(b),
4(c) and 4(d) of the Plan, the amount of cash subject to a Participant’s Cash Award shall be determined as follows: 
 (i) If a
Participant is at the Associate Director level or above on the Payout Date of the FDA Portions of Cash Awards, the amount of cash subject to the FDA Portion of such Participant’s Cash Award shall be equal to: 50% of the Target Award Value
applicable to such Participant, multiplied by two-thirds ( 2⁄3), multiplied by the applicable earn out percentage in the Payout Matrix; 

(ii) If a Participant is below the Associate Director level on the Payout Date of the FDA Portions of Cash Awards, the amount of cash
subject to the FDA Portion of such Participant’s Cash Award shall be equal to: 100% of the Target Award Value applicable to such Participant, multiplied by two-thirds ( 2⁄3), multiplied by the applicable earn out percentage in the Payout Matrix; 
 (iii) If a
Participant is at the Associate Director level or above on the Payout Date of the EU Portions of Cash Awards, the amount of cash subject to the EU Portion of such Participant’s Cash Award shall be equal to: 50% of the Target Award Value
applicable to such Participant, multiplied by one-third ( 1⁄3), multiplied by the applicable earn out percentage in the Payout Matrix; and 

(iv) If a Participant is below the Associate Director level on the Payout Date of the EU Portions of Cash Awards, the amount of cash
subject to the EU Portion of such Participant’s Cash Award shall be equal to: 100% of the Target Award Value applicable to such Participant, multiplied by one-third ( 1⁄3), multiplied by the applicable earn out percentage in the Payout Matrix. 
 (c) Determination of
Actual Award Amounts – Stock Awards. Subject to Sections 4(b), 4(c) and 4(d) of the Plan, the number of shares of Common Stock subject to a Participant’s Stock Award shall be determined as follows: 

(i) If a Participant is at the Associate Director level or above on the Certification Date for the FDA Portions of Stock Awards, the
number of shares of Common Stock subject to the FDA Portion of such Participant’s Stock Award shall be equal to: (50% of the Target Award Value applicable to such Participant, multiplied by two-thirds
( 2⁄3), multiplied by the applicable earn out percentage in the Payout Matrix) divided by the closing sales price of the Common Stock on the date of grant of
such FDA Portion; and 
 (ii) If a Participant is at the Associate Director level or above on the Certification Date for the EU
Portions of Stock Awards, the number of shares of Common Stock subject to the EU Portion of such Participant’s Stock Award shall be equal to: (50% of the Target Award Value applicable to such Participant, multiplied by one-third ( 1⁄3), multiplied by the applicable earn out percentage in the Payout Matrix) divided by the closing sales price of the Common Stock on the date of grant of such EU
Portion. 

  
 8. 

 (d) Changes to Awards. At any time on or prior to the applicable Certification
Date, the Committee may take any of the following actions based on a Participant’s individual performance, special circumstances related to the submission of the SGN-CD33A BLA to the FDA (or equivalent or other applicable submission for
regulatory approval in the EU and/or any of the Major European Countries), value generated for the Company and any other factors, as determined by the Committee in its sole discretion: 

(i) reduce the amount of cash subject to a Participant’s Cash Award and/or the number of shares of Common Stock subject to a
Participant’s Stock Award from the amount otherwise determined under Section 6(b) or Section 6(c) of the Plan, respectively (notwithstanding a determination by the Committee that the FDA Milestone or EU Milestone has been satisfied); and 

(ii) adjust any other features of the Plan; provided, however, that no such adjustment may be made with respect to any Awards
payable or granted to a Participant who is a Covered Employee if such adjustment would result in a failure of the Participant’s Stock Award to be Performance-Based Compensation. 

7. PAYMENT OF CASH
AWARDS. Subject to Section 4(e) of the Plan, payment of the FDA Portions and EU Portions of Cash Awards to Participants shall be made as soon as administratively practicable following the
applicable Certification Date, and no later than March 15 of the year following the year in which the FDA Milestone Date or EU Milestone Date, respectively, occurs. Payroll and other taxes shall be withheld as determined by the Company or
a Subsidiary. 
 8. CHANGE IN CONTROL. Notwithstanding any provision
of the Plan to the contrary, in the event of a Change in Control (as defined in the Equity Incentive Plan), each Participant’s Stock Award, if any, to the extent outstanding as of the date of the Change in Control, shall be treated in the
manner set forth in Section 13(c) of the Equity Incentive Plan, as in effect on the Effective Date of the Plan. 
 9.
NO RIGHT TO EMPLOYMENT OR AWARD. Selection to participate in the Plan shall not confer upon any employee any right
with respect to continued employment by the Company or a Subsidiary or continued participation in the Plan. Furthermore, the Company and each Subsidiary reaffirms its at-will relationship with its employees and expressly reserves the right at
any time to terminate the employment of a Participant free from any liability or claim for benefits pursuant to the Plan, except as provided under this Plan or other written plan adopted by the Company or a Subsidiary or written agreement between
the Company or a Subsidiary and the Participant. 
 10. DISCRETION OF COMPANY
AND COMMITTEE. Any decision made or action taken by the Company or by the Committee arising out of or in connection with the creation, amendment, construction, administration,
interpretation or effect of the Plan shall be within the sole and absolute discretion of the Company or the Committee, as the case may be, and shall be conclusive and binding upon all persons. To the maximum extent possible, no member of the
Committee shall have any liability for actions taken or omitted under the Plan by such member or any other person. 

  
 9. 

 11. NO FUNDING OF
PLAN. Neither the Company nor any Subsidiary shall be required to fund or otherwise segregate any cash or any other assets which may at any time be paid to Participants under the Plan. The
Plan shall constitute an “unfunded” plan of the Company. The Company shall not, by any provisions of the Plan, be deemed to be a trustee of any property, and any rights of any Participant shall be no greater than those of a general
unsecured creditor or stockholder of the Company, as the case may be. 
 12. NON-TRANSFERABILITY
OF BENEFITS AND INTERESTS. Except as expressly provided by the Committee, no benefit payable under the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, any such attempted action shall be void, and no such benefit shall be in any manner liable for or subject to debts, contracts, liabilities, engagements or torts of
any Participant. This Section 12 shall not apply to an assignment of a contingency or payment due (i) after the death of a Participant to the deceased Participant’s legal representative or beneficiary, or (ii) after the disability of a
Participant to the disabled Participant’s personal representative. 
 13. GOVERNING
LAW. All questions pertaining to the construction, regulation, validity and effect of the provisions of the Plan shall be determined in accordance with the laws of the State of Washington. 

14. NON-EXCLUSIVITY. The Plan does not limit the authority of
the Company, the Board or the Committee, or any current or future Subsidiary of the Company to grant awards or authorize any other compensation to any person under any other plan or authority, other than that specifically prohibited herein. 

15. SECTION 162(M) CONDITIONS; BIFURCATION OF
PLAN. It is the intent of the Company that the Plan, and all payments of Stock Awards made hereunder, satisfy and be interpreted in a manner that in the case of Participants who are Covered
Employees qualify as Performance-Based Compensation. Any provision, application or interpretation of the Plan inconsistent with this intent to satisfy the requirements of Section 162(m) of the Code shall be disregarded. However,
notwithstanding anything to the contrary in the Plan, the provisions of the Plan may at any time be bifurcated by the Board or the Committee in any manner so that certain provisions of the Plan (or required in order) to satisfy the applicable
requirements of Section 162(m) of the Code are only applicable to Covered Employees. 
 16. AMENDMENT
OR TERMINATION. The Board and the Committee each reserve the right at any time to make any changes in the Plan as it may consider desirable or may suspend, discontinue or terminate the
Plan at any time. 

  
 10.EX-10.3

 Exhibit 10.3 

SEATTLE GENETICS, INC. 

STOCK UNIT GRANT NOTICE 

(AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN)

 Seattle Genetics, Inc. (the “Company”), pursuant to its Amended and Restated 2007 Equity Incentive Plan (the
“Plan”) and Long Term Incentive Plan for SGN-CD33A (the “LTIP”), hereby awards to Participant a Stock Unit Award for the number of stock units set forth below (the “Award”). The
Award is subject to all of the terms and conditions as set forth herein and in the Plan, the LTIP and the Stock Unit Agreement, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Plan or the Stock Unit Agreement. Except as explicitly provided herein, in the event of any conflict between the terms herein and in the Plan, the LTIP and the Stock Unit Agreement, the terms of the Plan shall control. 

 

			
	Participant:	  	%%FIRST_NAME%-% %%MIDDLE_NAME%-% %%LAST_NAME%-%
		
	Date of Grant:	  	%%OPTION_DATE,‘MM/DD/YYYY’%-%
		
	Vesting Date:	  	Set forth in Section 2 of the Stock Unit Agreement
		
	 Number of Stock Units
 Subject to
Award:
	  	%%TOTAL_SHARES_GRANTED,‘999,999,999’%-%
		
	Consideration:	  	Participant’s Services

  

			
	Vesting Schedule:	  	The vesting schedule is set forth in Section 2 of the Stock Unit Agreement.
		
	Issuance Schedule:	  	The shares of Common Stock to be issued in respect of the Award will be issued in accordance with the issuance schedule set forth in Section 6 of the Stock Unit Agreement.
		
	Sell to Cover Election:	  	By accepting this Award, Participant hereby: (1) elects, effective on the date Participant accepts this Award, to sell shares of Common Stock issued in respect of the Award in an amount determined in accordance with Section 10(b) of
the Stock Unit Agreement, and to allow the Agent to remit the cash proceeds of such sale to the Company as more specifically set forth in Section 10(b) of the Stock Unit Agreement (a “Sell to Cover”); (2) directs the Company
to make a cash payment to satisfy the Withholding Obligation from the cash proceeds of such sale directly to the appropriate taxing authorities; and (3) represents and warrants that (i) Participant has carefully reviewed Section 10(b) of the
Stock Unit Agreement, (ii) on the date Participant accepts this Award he or she is not aware of any material, nonpublic information with respect to the Company or any securities of the Company, is not subject to any legal, regulatory or contractual
restriction that would prevent the Agent from conducting sales, does not have, and will not attempt to exercise, authority, influence or control over any sales of Common Stock effected by the Agent pursuant to the Stock Unit Agreement, and is
entering into the Stock Unit Agreement and this election to Sell to Cover in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 (regarding trading of the Company’s securities on the basis of material
nonpublic information) under the Exchange Act, and (iii) it is Participant’s intent that this election to Sell to Cover and Section 10(b) of the Stock Unit Agreement comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act and
be interpreted to comply with the requirements of Rule 10b5-1(c) under the Exchange Act. The Participant further acknowledges that by accepting this Award, Participant is adopting a 10b5-1 Plan (as defined in Section 10(b) of the Stock Unit
Agreement) to permit Participant to conduct a Sell to Cover sufficient to satisfy the Withholding Obligation as more specifically set forth in Section 10(b) of the Stock Unit Agreement.

 Additional Terms/Acknowledgements: The undersigned Participant acknowledges receipt of, and understands
and agrees to, this Stock Unit Grant Notice, the Stock Unit Agreement (including the provisions of Section 10(b) thereof with respect to the Sell to Cover), the Plan and the LTIP. The Participant also acknowledges receipt of the Prospectus for the
Plan. Participant further acknowledges that as of the Date of Grant, this Stock Unit Grant Notice, the Stock Unit Agreement, the Plan and the LTIP set forth the entire understanding between Participant and the Company regarding the Award and
supersede and prevail over all prior oral and written agreements on that subject, with the exception of any arrangement that would provide for vesting acceleration of the Award upon the terms and conditions set forth therein. 

Participant’s electronic acceptance shall signify Participant’s execution of this Agreement and understanding that this Award is granted and
governed under the terms and conditions set forth herein. 
 SEATTLE GENETICS, INC. 

 
 

 
 Clay B. Siegall, Ph.D. 

President & CEO 
 **PLEASE PRINT AND RETAIN
THIS AGREEMENT FOR YOUR RECORDS** 

 SEATTLE GENETICS, INC. 

AMENDED AND RESTATED 2007 EQUITY INCENTIVE PLAN

 STOCK UNIT AGREEMENT 

Pursuant to the Stock Unit Grant Notice (“Grant Notice”) and this Stock Unit Agreement (this
“Agreement”) and in consideration of your services, Seattle Genetics, Inc. (the “Company”) has awarded you a Stock Unit Award (the “Award”) under its Amended and Restated 2007
Equity Incentive Plan (the “Plan”) and Long Term Incentive Plan for SGN-33A (the “LTIP”). Your Award is granted to you effective as of the Date of Grant set forth in the Grant Notice for this Award.
This Agreement shall be deemed to be agreed to by the Company and you upon the signing by you of the Stock Unit Grant Notice to which it is attached. Capitalized terms not explicitly defined in this Agreement shall have the same meanings given to
them in the Plan or the Grant Notice, as applicable. Except as otherwise explicitly provided herein, in the event of any conflict between the terms in this Agreement, the Plan and the LTIP, the terms of the Plan shall control. The details of your
Award, in addition to those set forth in the Grant Notice, the Plan and the LTIP, are as follows. 
 1. GRANT
OF THE AWARD. This Award represents the right to be issued on a future date the number of shares of the Company’s Common Stock that is equal to the number of stock units indicated in the Grant
Notice (the “Stock Units”). As of the Date of Grant, the Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of Stock Units subject to the
Award. This Award was granted in consideration of your services to the Company or an Affiliate. Except as otherwise provided herein, you will not be required to make any payment to the Company (other than past and future services to the Company)
with respect to your receipt of the Award, the vesting of the Stock Units or the delivery of the Common Stock to be issued in respect of the Award. 

2. VESTING. Subject to the limitations contained herein, your Award will vest, if at
all, in accordance with the terms set forth in Section 4(f)(ii) of the LTIP. In the event of your Termination of Employment, any Stock Units credited to the Account that were not vested on the date of such termination will be forfeited at no cost to
the Company and you will have no further right, title or interest in the Stock Units or the shares of Common Stock to be issued in respect of the Award. By accepting the grant of this Award, you acknowledge and agree that the terms set forth in this
Section 2 and in Section 4(f)(ii) of the LTIP supersede any contrary terms regarding the vesting of this Award set forth in any notice or other communication that you receive from, or that is displayed by, E*TRADE or other third party designated by
the Company. 
 3. NUMBER OF SHARES. 

(a) The number of Stock Units subject to your Award may be adjusted from time to time for changes in capitalization, as provided in
Section 13 of the Plan. 
 (b) Any additional Stock Units that become subject to the Award pursuant to this Section 3 shall be
subject, in a manner determined by the Administrator, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Stock Units covered by your Award. 

  
 1. 

 (c) Notwithstanding the provisions of this Section 3, no fractional shares or rights for
fractional shares of Common Stock shall be created pursuant to this Section 3. The Administrator shall, in its discretion, determine an equivalent benefit for any fractional shares or fractional shares that might be created by the adjustments
referred to in this Section 3. 
 4. SECURITIES LAW
COMPLIANCE. You may not be issued any shares in respect of your Award unless either (i) the shares are registered under the Securities Act of 1933, as amended (the “Securities
Act”); or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also must comply with other applicable laws and regulations governing the Award, and you
will not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations. You represent and warrant that you (a) have been furnished with a copy of the prospectus for the Plan and
all information deemed necessary to evaluate the merits and risks of receipt of the Award, (b) have had the opportunity to ask questions concerning the information received about the Award and the Company, and (c) have been given the opportunity to
obtain any information you deem necessary to verify the accuracy of any information obtained concerning the Award and the Company. 
 5.
TRANSFER RESTRICTIONS. Your Award is not transferable, except by will or by the laws of descent and distribution or except as expressly provided by the Committee (as defined in the LTIP). In addition to any
other limitation on transfer created by applicable securities laws, you agree not to assign, hypothecate, donate, encumber or otherwise dispose of any interest in any of the shares of Common Stock subject to the Award until the shares are issued to
you in accordance with Section 6 of this Agreement, except as expressly provided by the Committee (as defined in the LTIP). After the shares have been issued to you, you are free to assign, hypothecate, donate, encumber or otherwise dispose of any
interest in such shares provided that any such actions are in compliance with the provisions herein and applicable securities laws. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company,
you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of Common Stock to which you were entitled at the time of your death pursuant to this Agreement. 

6. DATE OF ISSUANCE. 

(a) If the Award is exempt from application of Section 409A of the Code and any state law of similar effect (collectively
“Section 409A”), the Company will deliver to you a number of shares of the Company’s Common Stock equal to the number of vested Stock Units subject to your Award, including any additional Stock Units
received pursuant to Section 3 above that relate to those vested Stock Units on the applicable vesting date (the “Original Issuance Date”). However, if the Original Issuance Date falls on a date that is not a business day,
such delivery date shall instead fall on the next following business day. Notwithstanding the foregoing, if (i) the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined by the Company in
accordance with the Company’s then-effective policy or policies on trading in Company securities or (2) on a date when you are 

  
 2. 

 
otherwise permitted to sell shares of Common Stock on the open market; and (ii) the Company elects, prior to the Original Issuance Date, (x) not to satisfy the Withholding Obligation (as defined
in Section 10(a) hereof) by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this Award pursuant to Section 10 hereof, and (y) not to permit you to then effect a Sell to Cover under the
10b5-1 Plan (as defined in Section 10(b) of this Agreement), then such shares shall not be delivered on such Original Issuance Date and shall instead be delivered on the first business day of the next occurring open window period applicable to you
or the next business day when you are not prohibited from selling shares of the Company’s Common Stock on the open market, as applicable (and regardless of whether there has been a Termination of Employment before such time), but in no event
later than the 15th day of the third calendar month of the calendar year following the calendar year in which the Stock Units vest. Delivery of the shares pursuant to the provisions of this Section 6(a) is intended to comply with the requirements
for the short-term deferral exemption available under Treasury Regulations Section 1.409A-1(b)(4) and shall be construed and administered in such manner. The form of such delivery of the shares (e.g., a stock certificate or electronic entry
evidencing such shares) shall be determined by the Company. 
 (b) The provisions of this Section 6(b) are intended to apply if the
Award is subject to Section 409A because of the terms of a severance arrangement or other agreement between you and the Company, if any, that provide for acceleration of vesting of the Award upon your separation from service (as such term is defined
in Section 409A(a)(2)(A)(i) of the Code (“Separation from Service”) and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section
1.409A-1(b)(4) or 1.409A-1(b)(9) (“Non-Exempt Severance Arrangement”). If the Award is subject to and not exempt from application of Section 409A due to application of a Non-Exempt Severance Arrangement, the following
provisions in this Section 6(b) shall supersede anything to the contrary in Section 6(a). 
 (i) If the Award vests in the ordinary
course before your Termination of Employment in accordance with the vesting schedule set forth in the Grant Notice, without accelerating vesting under the terms of a Non-Exempt Severance Arrangement, in no event will the shares to be issued in
respect of your Award be issued any later than the later of: (A) December 31st of the calendar year that includes the applicable vesting date and (B) the 60th day that follows the applicable vesting date. 
 (ii) If vesting of the Award
accelerates under the terms of a Non-Exempt Severance Arrangement in connection with your Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Award and, therefore, are part of the terms of
the Award as of the date of grant, then the shares will be earlier issued in respect of your Award upon your Separation from Service in accordance with the terms of the Non-Exempt Severance Arrangement, but in no event later than the 60th day that follows the date of your Separation from Service. However, if at the time the shares would otherwise be issued you are subject to the distribution limitations contained in Section 409A
applicable to “specified employees,” as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of your Separation from Service, or, if earlier, the date of
your death that occurs within such six-month period. 

  
 3. 

 (iii) If either (A) vesting of the Award accelerates under the terms of a Non-Exempt
Severance Arrangement in connection with your Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Award and, therefore, are not a part of the terms of the Award on the date of grant, or
(B) vesting accelerates pursuant to Section 4(b) or Section 13 of the Plan, then such acceleration of vesting of the Award shall not accelerate the issuance date of the shares (or any substitute property), but the shares (or substitute property)
shall instead be issued on the same schedule as set forth in the Grant Notice as if they had vested in the ordinary course before your Termination of Employment, notwithstanding the vesting acceleration of the Award. Such issuance schedule is
intended to satisfy the requirements of payment on a specified date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4). 

(c) Notwithstanding anything to the contrary set forth herein, the Company explicitly reserves the right to earlier issue the shares in
respect of any Award to the extent permitted and in compliance with the requirements of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix). 

(d) The provisions in this Agreement for delivery of the shares in respect of the Award are intended either to comply with the
requirements of Section 409A or to provide a basis for exemption from such requirements so that the delivery of the shares will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted. 

7. DIVIDENDS. You shall receive no benefit or adjustment to your Award with respect to any cash dividend, stock
dividend or other distribution that does not result from a change in capitalization as provided in Section 13 of the Plan; provided, however, that this sentence shall not apply with respect to any shares of Common Stock that are delivered to you in
connection with your Award after such shares have been delivered to you. 
 8. RESTRICTIVE
LEGENDS. The shares issued in respect of your Award shall be endorsed with appropriate legends determined by the Company. 

9. AWARD NOT A SERVICE CONTRACT. 

(a) Your service with the Company or an Affiliate is not for any specified term and may be terminated by you or by the Company or an
Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Agreement (including, but not limited to, the vesting of your Award pursuant to the schedule set forth in Section 2 herein or the issuance of
the shares in respect of your Award), the Plan, the LTIP or any covenant of good faith and fair dealing that may be found implicit in this Agreement, the Plan or the LTIP shall: (i) confer upon you any right to continue in the employ of, or
affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of
employment or affiliation; (iii) confer any right or benefit under this Agreement, the Plan or the LTIP unless such right or benefit has specifically accrued under the terms of this Agreement, the Plan or the LTIP; or (iv) deprive the Company of the
right to terminate you at will and without regard to any future vesting opportunity that you may have. 

  
 4. 

 (b) By accepting this Award, you acknowledge and agree that the right to continue vesting
in the Award pursuant to the schedule set forth in Section 2 is earned only by continuing as an employee, director or consultant at the will of the Company (not through the act of being hired, being granted this Award or any other award or benefit)
and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). You further acknowledge
and agree that such a reorganization could result in your Termination of Employment, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Agreement, including but not limited to, the
termination of the right to continue vesting in the Award. You further acknowledge and agree that this Agreement, the Plan, the LTIP and the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith
and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Agreement, for any period, or at all, and shall not interfere in any
way with your right or the Company’s right to terminate your service at any time, with or without cause and with or without notice. 

10. WITHHOLDING OBLIGATIONS. 

(a) On or before the time you receive a distribution of Common Stock pursuant to your Award, or at any time thereafter as requested by
the Company, you hereby authorize any required withholding from the Common Stock issuable to you and/or otherwise agree to make adequate provision in cash for any sums required to satisfy the federal, state, local and foreign tax withholding
obligations of the Company or any Affiliate which arise in connection with your Award (the “Withholding Obligation”). 

(b) By accepting this Award, you hereby (i) acknowledge and agree that you have elected a Sell to Cover (as defined in the Grant
Notice) to permit you to satisfy the Withholding Obligation and that the Withholding Obligation shall be satisfied pursuant to this Section 10(b) to the fullest extent not otherwise satisfied pursuant to the provisions of Section 10(c) hereof and
(ii) further acknowledge and agree to the following provisions: 
 (i) You hereby irrevocably appoint E*Trade, or such other
registered broker-dealer that is a member of the Financial Industry Regulatory Authority as the Company may select, as your agent (the “Agent”), and you authorize and direct the Agent to: 

(1) Sell on the open market at the then prevailing market price(s), on your behalf, as soon as practicable on or after the date on
which the shares of Common Stock are delivered to you pursuant to Section 6 hereof in connection with the vesting of the Stock Units, the number (rounded up to the next whole number) of shares of Common Stock sufficient to generate proceeds to cover
(A) the satisfaction of the Withholding Obligation arising from the vesting of those Stock Units and the related issuance of shares of Common Stock to you that is not otherwise satisfied pursuant to Section 10(c) hereof and (B) all applicable fees
and commissions due to, or required to be collected by, the Agent with respect thereto; 
 (2) Remit directly to the Company and/or
any Affiliate the proceeds necessary to satisfy the Withholding Obligation; 

  
 5. 

 (3) Retain the amount required to cover all applicable fees and commissions due to, or
required to be collected by, the Agent, relating directly to the sale of the shares of Common Stock referred to in clause (1) above; and 

(4) Remit any remaining funds to you. 

(ii) You acknowledge that your election to Sell to Cover and the corresponding authorization and instruction to the Agent set forth in
this Section 10(b) to sell Common Stock to satisfy the Withholding Obligation is intended to comply with the requirements of Rule 10b5-1(c)(1) under the Exchange Act and to be interpreted to comply with the requirements of Rule 10b5-1(c) under the
Exchange Act (your election to Sell to Cover and the provisions of this Section 10(b), collectively, the “10b5-1 Plan”). You acknowledge that by accepting this Award, you are adopting the 10b5-1 Plan to permit you to satisfy
the Withholding Obligation. You hereby authorize the Company and the Agent to cooperate and communicate with one another to determine the number of shares of Common Stock that must be sold pursuant to Section 10(b)(i) to satisfy your obligations
hereunder. 
 (iii) You acknowledge that the Agent is under no obligation to arrange for the sale of Common Stock at any particular
price under this 10b5-1 Plan and that the Agent may effect sales as provided in this 10b5-1 Plan in one or more sales and that the average price for executions resulting from bunched orders may be assigned to your account. You further acknowledge
that you will be responsible for all brokerage fees and other costs of sale associated with this 10b5-1 Plan, and you agree to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale. In
addition, you acknowledge that it may not be possible to sell shares of Common Stock as provided for in this 10b5-1 Plan due to (i) a legal or contractual restriction applicable to you or the Agent, (ii) a market disruption, (iii) a sale effected
pursuant to this 10b5-1 Plan that would not comply (or in the reasonable opinion of the Agent’s counsel is likely not to comply) with the Securities Act, (iv) the Company’s determination that sales may not be effected under this 10b5-1
Plan or (v) rules governing order execution priority on the national exchange where the Common Stock may be traded. In the event of the Agent’s inability to sell shares of Common Stock, you will continue to be responsible for the timely payment
to the Company of all federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld, including but not limited to those amounts specified in Section 10(b)(i)(1) above. 

(iv) You acknowledge that regardless of any other term or condition of this 10b5-1 Plan, the Agent will not be liable to you for (A)
special, indirect, punitive, exemplary, or consequential damages, or incidental losses or damages of any kind, or (B) any failure to perform or for any delay in performance that results from a cause or circumstance that is beyond its reasonable
control. 
 (v) You hereby agree to execute and deliver to the Agent any other agreements or documents as the Agent reasonably deems
necessary or appropriate to carry out the purposes and intent of this 10b5-1 Plan. The Agent is a third-party beneficiary of this Section 10(b) and the terms of this 10b5-1 Plan. 

  
 6. 

 (vi) Your election to Sell to Cover and to enter into this 10b5-1 Plan is irrevocable.
Upon acceptance of the Award, you have elected to Sell to Cover and to enter into this 10b5-1 Plan, and you acknowledge that you may not change this election at any time in the future. This 10b5-1 Plan shall terminate not later than the date on
which the Withholding Obligation arising from the vesting of your Stock Units and the related issuance of shares of Common Stock has been satisfied. 

(c) Alternatively, or in addition to or in combination with the Sell to Cover provided for under Section 10(b), you authorize the
Company, at its discretion, to satisfy the Withholding Obligation by the following means (or by a combination of the following means): 

(i) Requiring you to pay to the Company any portion of the Withholding Obligation in cash; 

(ii) Withholding from any compensation otherwise payable to you by the Company; and/or 

(iii) Withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with the
Award with a Fair Market Value (measured as of the date shares of Common Stock are issued pursuant to Section 6) equal to the amount of the Withholding Obligation; provided, however, that the number of such shares of Common Stock so withheld shall
not exceed the amount necessary to satisfy the Company’s or Affiliate’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and foreign tax purposes, including payroll taxes, that
are applicable to supplemental taxable income (or such other amount as may be permitted while still avoiding classification of the Award as a liability for financial accounting purposes). 

(d) Unless the Withholding Obligation of the Company and/or any Affiliate are satisfied, the Company shall have no obligation to
deliver to you any Common Stock. 
 (e) In the event the Withholding Obligation of the Company arises prior to the delivery to you of
Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Withholding Obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by
the Company to withhold the proper amount. 
 11. UNSECURED OBLIGATION. Your Award is unfunded,
and as a holder of a vested Award, you shall be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares pursuant to this Agreement. You shall not have voting or any other rights as a
stockholder of the Company with respect to the shares to be issued pursuant to this Agreement until such shares are issued to you pursuant to Section 6 of this Agreement. Upon such issuance, you will obtain full voting and other rights as a
stockholder of the Company. Nothing contained in this Agreement, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

  
 7. 

 12. OTHER DOCUMENTS. You hereby
acknowledge receipt or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus. In addition, you acknowledge receipt of the Company’s policy
on trading in Company securities permitting employees to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time. 

13. NOTICES. Any notices provided for in your Award, the Plan or the LTIP shall be
given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided
to the Company. Notwithstanding the foregoing, the Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan, the LTIP and this Award by electronic means or to request your consent to participate in
the Plan or the LTIP by electronic means. You hereby consent to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan and the LTIP through an on-line or electronic system established and maintained by
the Company, the Agent or another third party designated by the Company and agree notice shall be provided upon posting to your electronic account held by the Company, the Agent or another third party designated by the Company. 

14. MISCELLANEOUS. 

(a) The rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all
covenants and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. Your rights and obligations under your Award may only be assigned with the prior written consent of the Company. 

(b) You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the
Company to carry out the purposes or intent of your Award. 
 (c) You acknowledge and agree that you have reviewed your Award in its
entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and fully understand all provisions of your Award. 

(d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies
or national securities exchanges as may be required. 
 (e) All obligations of the Company under the Plan, the LTIP and this
Agreement shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the
Company. 
 15. GOVERNING PLAN DOCUMENT. Your Award
is subject to all the provisions of the Plan and the LTIP, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and
adopted pursuant to the Plan or the LTIP. Except as expressly provided herein, in the event of any conflict between the provisions of your Award, the Plan and the LTIP, the provisions of the Plan shall control. 

  
 8. 

 16. SEVERABILITY. If all or any part of this Agreement, the Plan or
the LTIP is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement, the Plan or the LTIP not declared to be unlawful or invalid. Any Section of
this Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid. 
 17. EFFECT ON OTHER EMPLOYEE
BENEFIT PLANS. The value of the Award subject to this Agreement shall not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee
benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit
plans. 
 18. AMENDMENT. This Agreement, the Plan and the LTIP may be modified, amended or terminated by the
Company at any time without your consent. 

  
 9.

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