Document:

EX-10.14

 Exhibit 10.14 

 
 [*] = Certain confidential information contained in this document, marked
by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

 
 FIRST AMENDMENT TO OFFICE LEASE 

 
 This First Amendment to Office Lease (this
“Amendment”) is entered into as of October 24, 2017 by and between SNH MEDICAL OFFICE PROPERTIES TRUST, a Maryland real estate investment trust (“Landlord”), and SEATTLE GENETICS, INC., a Delaware corporation
(“Tenant”). 
  

WHEREAS, WCM Highlands II, LLC (“Original Landlord”) and Tenant entered into that certain Office
Lease dated May 9, 2011 (the “Lease”) for certain premises (the “Premises”) located at 21717 30th Drive SE, Bothell, Washington; and 
 WHEREAS, Landlord succeeded to the interest of Original Landlord under the Lease; and 
  

WHEREAS, the parties desire to amend the Lease to extend the term thereof and in certain other respects, subject to and upon the terms and
conditions hereinafter provided. 
  
 NOW, THEREFORE,
in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows: 

 
 1.    Capitalized terms used and not
otherwise defined herein shall have the meanings ascribed to such terms in the Lease. 
  
 2.    The Term of the Lease is hereby extended for a period of six (6) years and shall expire on June 30, 2024. 
  
 3.    For the portion of the Term of the Lease commencing on July 1, 2018, Tenant
shall pay Base Rent in accordance with the schedule below: 
  

					
	 Dates
	  	Base Rent per annum	 	Monthly Installments
	 7/1/18 – 6/30/19
	  	[*]	 	[*]
	 7/1/19 – 6/30/20
	  	[*]	 	[*]
	 7/1/20 – 6/30/21
	  	[*]	 	[*]
	 7/1/21 – 6/30/22
	  	[*]	 	[*]
	 7/1/22 – 6/30/23
	  	[*]	 	[*]
	 7/1/23 – 6/30/24
	  	[*]	 	[*]

  

4.    Tenant shall continue to have the option to extend the Term of the Lease as set forth in “Options to
Extends” in Section 1.A of the Lease; provided, however, that said Section 1.A shall be amended to provide that Tenant shall have [*] option to extend the Term for a period of [*]. 

 
 5.    For the portion of the Term of the
Lease commencing on July 1, 2018, the definition of “Cap on Management Fee” as set forth in Section 1.A of the Lease shall be amended to be [*] of net rental income of the Building. 

  
 1 

 6.    Reference is hereby made to that certain
lease dated December 1, 2000, as amended (as so amended, the “21823 Lease”) between Landlord and Tenant for premises located at 21823 30th Drive SE, Bothell, Washington (the “21823 Premises”). Landlord and Tenant shall, simultaneously with
the execution of this Amendment, enter into an amendment to the 21823 Lease (the “21823 Amendment”), which 21823 Amendment shall provide for Landlord to make available to Tenant, subject to the terms of, and as defined in, the 21823
Amendment, a tenant improvement allowance (“Landlord’s Contribution”) to reimburse Tenant for the cost of performing certain alterations and improvements to the Premises and/or the 21823 Premises, as defined therein. The
provisions relating to Tenant’s Work (as defined in the 21823 Amendment) in the 21823 Amendment shall be deemed incorporated in this Amendment as the same may apply to the Premises. There shall be no separate tenant improvement allowance made
available to Tenant pursuant to this Amendment. Notwithstanding the foregoing, if the 21823 Lease is terminated and there remains any portion of Landlord’s Contribution still payable and available for requisition with respect to the Premises
(as set forth in the 21823 Amendment), then that portion of Landlord’s Contribution shall be made available to Tenant pursuant to the terms and conditions for reimbursement of Landlord’s Contribution as set forth in the 21823 Amendment,
which terms and conditions are incorporated herein by reference and shall survive any termination or expiration of the 21823 Amendment. 
  

7.    Section 10.1 of the Lease is hereby amended to provide that the parties to be named as Additional Insureds shall
be Landlord, its mortgagees, the members of Landlord and The RMR Group LLC. 
  
 8.    Landlord’s address for notice, as set forth in Section 18.1 of the Lease, is hereby amended to be as follows: 
  
 SNH Medical Office Properties Trust 
 c/o The RMR Group LLC 
 8631 West 3rd Street, Suite 301E 

Los Angeles, CA 90048 
 Attention: Vice President, Western Region 
  
 with a copy to: 
  
 The RMR Group LLC 
 Two Newton Place 

255 Washington Street, Suite 300 
 Newton, MA 02458 
 Attention: Jennifer B. Clark 

 
 9.    Landlord’s address for the
payment of rent, as set forth in Section 1 of the Lease, is hereby amended to be as follows: 
  
 SNH Medical Office Properties Trust 
 Dept. #600    

 P.O. Box 31001-2125     
 Pasadena, CA    91110-2125 
  
 10.    Section 1 of the Lease is hereby amended to provide that Landlord’s Property Manager is The RMR Group LLC. 
  
 11.    Tenant agrees that no trustee, officer, director, general or limited partner,
member, shareholder, beneficiary, employee or agent of Landlord (including any person or entity from time to time engaged to supervise and/or manage the operation of Landlord) shall be held to any liability, jointly or severally, for any debt,
claim, demand, judgment, decree, liability or obligation of any kind (in tort, contract or otherwise) of, against or with respect to Landlord or arising out of any action taken or omitted for or on behalf of Landlord. 

  
 [*] = Certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 2 

 12.    Tenant warrants and represents that it has dealt with no broker
in connection with the consummation of this Amendment, other than Jones Lang LaSalle and Kidder Mathews (the “Brokers”), and in the event of any brokerage claims or liens against Landlord or the Project, other than by Jones Lang
LaSalle and/or Kidder Mathews, predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim, and to discharge any such lien. Landlord shall pay
brokerage commissions due as a result of this Amendment to the Brokers pursuant to separate agreements. 
  

13.    As amended hereby, the Lease is hereby ratified and confirmed. In the event of any conflict between the terms
of this Amendment and the terms of the Lease, the terms of this Amendment shall control. 
  
 {Remainder of page intentionally left blank.} 

  
 [*] = Certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 3 

 IN WITNESS WHEREOF, the parties hereunto have executed this Amendment as of the date first
written above. 
  

					
	LANDLORD:
	
	SNH MEDICAL OFFICE PROPERTIES TRUST
		
	By:	 	 The RMR Group LLC,

its agent

			
		 	By:	 	 /s/ Jennifer F. Francis

		 		 	Jennifer F. Francis
		 		 	Senior Vice President
		 		 	
	
	TENANT:
	
	SEATTLE GENETICS INC.
		
	By:	 	 /s/ Clay B. Siegall

	Name:	 	Clay B. Siegall
	Title:	 	President and CEO

  
 [*] = Certain
confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
 4EX-10.70

 Exhibit 10.70 

 
 Executive Officer Compensation Information 

 
 The following table sets forth the annual base salary rates
for 2017 and 2018 for the executive officers of Seattle Genetics, Inc. (the “Company”), in each case based on full-time employment status. The table below also sets forth the bonuses awarded to the Company’s executive officers for the
2017 fiscal year under the Company’s 2017 Senior Executive Annual Bonus Plan. The 2018 target bonuses (based on a percentage of annual base pay as of December 31, 2017) for the Company’s executive officers under the Company’s
Senior Executive Annual Bonus Plan are also set forth in the table below. 
  

																	
	 Name and Title
	  	2017 Annual
Base Salary Rate	 	  	2017 Bonus	 	  	2018 Annual
Base Salary
Rate	 	  	2018 Target
Bonus Percentage	 
	 Clay B. Siegall, Ph.D.
	  	$	890,000	 	  	$	934,500	 	  	$	921,150	 	  	 	100%	 
	 President & Chief Executive Officer
	  				  				  				  			
	 Todd E. Simpson
	  	$	493,600	 	  	$	264,076	 	  	$	510,900	 	  	 	50%	 
	 Chief Financial Officer
	  				  				  				  			
	 Eric Dobmeier*
	  	$	555,706	 	  	$	N/A	 	  	$	N/A	 	  	 	N/A	 
	 Chief Operating Officer
	  				  				  				  			
	 Jonathan Drachman
	  	$	531,450	 	  	$	268,382	 	  	$	547,400	 	  	 	50%	 
	 Chief Medical Officer and Executive Vice President, Research and Development
	  				  				  				  			
	 Vaughn Himes
	  	$	478,400	 	  	$	260,728	 	  	$	507,500	 	  	 	50%	 
	 Chief Technical Officer
	  				  				  				  			
	 Darren Cline
	  	$	454,300	 	  	$	222,834	 	  	$	482,500	 	  	 	45%	 
	 Executive Vice President, Commercial
	  				  				  				  			
	 Jean Liu
	  				  				  				  			
	 General Counsel and Executive Vice President, Legal Affairs
	  	$	463,500	 	  	$	223,175	 	  	$	479,700	 	  	 	45%	 

  

	*	 	Mr. Dobmeier resigned from the company effective December 14, 2017. 

 
 Director Compensation Information 

 
 The following table sets forth the compensation components
for non-employee members of the Company’s Board of Directors for 2017 and 2018, including equity awards. 
  

									
	 Compensation Element
	  	2017	 	  	2018	 
			
	 General Board Service – Cash Retainer
	  	$	50,000	 	  	$	50,000	 
			
	 General Board Service – Equity
	  				  			
			
	 Initial Grant – Number of Options
	  	 	14,250	 	  	 	14,250	 
			
	 Initial Grant – Number of Restricted Stock Units
	  	 	5,750	 	  	 	5,750	 
			
	 Annual Grant – Number of Shares
	  	 	9,260	 	  	 	9,260	 
			
	 Annual Grant – Number of Restricted Stock Units
	  	 	3,700	 	  	 	3,700	 
			
	 Chair Service – Annual Retainer
	  				  			
			
	 Lead Director
	  	$	25,000	 	  	$	25,000	 
	 Audit
	  	$	20,000	 	  	$	20,000	 
	 Compensation
	  	$	15,000	 	  	$	15,000	 
	 Nominating & Governance
	  	$	10,000	 	  	$	10,000	 
			
	 Committee Member Service – Annual Retainer
	  				  			
			
	 Audit
	  	$	10,000	 	  	$	10,000	 
	 Compensation
	  	$	8,000	 	  	$	8,000	 
	 Nominating & Governance
	  	$	5,000	 	  	$	5,000

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