Document:

Amendment No. 10 dated August 28, 2006 to the Senior Credit Facility

 Exhibit 10.84 
 [Execution] 
 AMENDMENT NO. 10 TO LOAN AND SECURITY AGREEMENT 
 AMENDMENT NO. 10 TO LOAN AND SECURITY AGREEMENT, dated as of August 28, 2006, entered into by and among Wachovia Bank, National Association,
successor by merger to Congress Financial Corporation (Florida), in its capacity as agent acting for and on behalf of the parties to the Loan Agreement (as hereinafter defined) as lenders (in such capacity, “Agent”), the parties to the
Loan Agreement as lenders (individually a “Lender” and collectively, “Lenders”), Supreme International, LLC, a Delaware limited liability company formerly known as Supreme International, Inc. (“Supreme”), Jantzen, LLC,
a Delaware limited liability company formerly known as Jantzen, Inc. (“Jantzen”), Perry Ellis Menswear, LLC, a Delaware limited liability company formerly known as Perry Ellis Menswear, Inc. (“Perry Ellis Menswear”), Perry Ellis
Europe Limited, formerly known as Farah Manufacturing (U.K.) Limited, a private limited company incorporated in England and Wales (“Perry Europe”), Salant Holding, LLC, a Delaware limited liability company formerly known as Salant Holding
Corporation (“Salant Holding” and together with Supreme, Jantzen, Perry Europe and Perry Ellis Menswear, each individually “Borrower” and collectively, “Borrowers”), Perry Ellis International, Inc., a Florida
corporation (“Parent”), PEI Licensing, Inc., a Delaware corporation (“PEI Licensing”), Jantzen Apparel, LLC, a Delaware limited liability company formerly known as Jantzen Apparel Corp. (“Jantzen Apparel”), Supreme Real
Estate I, LLC, a Florida limited liability company (“Supreme I”), Supreme Real Estate II, LLC, a Florida limited liability company (“Supreme II”), Supreme Realty, LLC, a Florida limited liability company (“Supreme
Realty”), Supreme Munsingwear Canada Inc., a Canada corporation (“Supreme Canada”), Perry Ellis Shared Services Corporation, a Delaware corporation (“PE Shared Services”), Winnsboro DC, LLC, a Delaware limited liability
company (“Winnsboro”), Tampa DC, LLC, a Delaware limited liability company (“Tampa DC”), Perry Ellis International Group Holdings Limited, a private company incorporated under the laws of Ireland having its principal place of
business in the Bahamas (“Group Holdings”) and Perry Ellis Real Estate, LLC, a Delaware limited liability company formerly known as Perry Ellis Real Estate Corporation (“PE Real Estate” and, together, with Parent, PEI Licensing,
Jantzen Apparel, Supreme I, Supreme II, Supreme Realty, Group Holdings, PE Shared Services, Winnsboro, Tampa DC, and Supreme Canada, each individually a “Guarantor” and collectively, “Guarantors”). 
 W I T N E S S E T H : 
 WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have
made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Loan and Security Agreement, dated October 1, 2002, by and among Agent, Lenders, Borrowers and Guarantors, as amended by Amendment
No. 1 to Loan and Security Agreement, dated June 19, 2003, Amendment No. 2 to Loan and Security Agreement, dated September 22, 2003, Amendment No. 3 to Loan and Security Agreement, dated December 1, 2003, Amendment
No. 4 to Loan and Security Agreement, dated February 25, 2004, Amendment No. 5 to Loan and 
  

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 Security Agreement, dated July 1,2004, Amendment No. 6 to Loan and Security Agreement, dated as of
September 30, 2004, Amendment No. 7 to Loan and Security Agreement, dated as of February 26, 2005, Amendment No. 8 to Loan and Security Agreement, dated as of September 30, 2005 and Amendment No. 9 to Loan and Security
Agreement, dated as of February 24, 2006 (as the same may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”, and together with all agreements, documents and instruments
at any time executed and/or delivered in connection therewith or related thereto, as from time to time amended, modified, supplemented, extended, renewed, restated, or replaced, collectively, the “Financing Agreements”); 
 WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders extend the term of the Loan Agreement and agree to make certain other amendments
to the Loan Agreement, and Agent and Lenders are willing to do so, subject to the terms and conditions set forth in this Amendment No. 10; and 
 WHEREAS, by this Amendment No. 10, Agent, Lenders, Borrowers and Guarantors desire and intend to evidence such extension and amendments; 
 NOW, THEREFORE, in consideration of the foregoing, the mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
 1. Definitions. 
 1.1 Additional Definition. As used herein, the term “Amendment No. 10” shall mean Amendment No. 10 to Loan and Security Agreement by and among Agent, Lenders, Borrowers and Guarantors, as
the same, now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, and the Loan Agreement and the other Financing Agreements are hereby amended to include, in addition and not in limitation, the
following definitions: 
 1.2 Interpretation. For purposes of this Amendment No. 10, unless otherwise defined herein, all
capitalized terms used herein which are defined in the Loan Agreement shall have the meanings given to such terms in the Loan Agreement. 
 2. Term. The first sentence of Section 13.1 (a) of the Loan Agreement is hereby deleted in its entirety and the following substituted therefor: 
 “(a) This Agreement and the other Financing Agreements shall become effective as of the date set forth on the first page hereof and
shall continue in full force and effect for a term ending on January 1, 2008 (the “Renewal Date”) and from year to year thereafter, unless sooner terminated pursuant to the terms hereof; provided, that, except as Agent
and Borrower Agent may otherwise agree, in the event that the term of this Agreement shall continue for any additional year after January 1, 2008, Borrowers and Guarantors shall pay to Agent an extension fee in the amount of one-sixth
(1/6%) percent of the Maximum Credit which fee shall be earned and payable in full on January 1, 2008 in respect of the extension for each year after the Renewal Date.” 
  

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 3. Representations, Warranties and Covenants. Borrowers and Guarantors, jointly and severally,
represent, warrant and covenant with and to Agent and Lenders as follows, which representations, warranties and covenants shall survive the execution and delivery hereof: 
 3.1 this Amendment No. 10 has been duly authorized, executed and delivered by all necessary action on the part of each Borrower and Guarantor which is a party hereto and, if necessary, their respective
stockholders, and is in full force and effect as of the date hereof, and the agreements and obligations of Borrowers and Guarantors contained herein constitute legal, valid and binding obligations of Borrowers and Guarantors enforceable against them
in accordance with their terms except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the
application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 
 3.2 neither this Amendment No. 10 nor the transactions contemplated hereby are in contravention of any applicable law, or the terms of any agreement to which any Borrower or Guarantor is a party or by which any property of any Borrower
or Guarantor is bound; and 
 3.3 as of the date hereof, no Default or Event of Default exists or has occurred and is continuing. 

4. Conditions Precedent. The effectiveness of the amendments contained herein shall only be effective upon the satisfaction of each of the
following conditions precedent in a manner satisfactory to Agent: 
 4.1 Agent shall have received executed counterparts of this Amendment
No. 10, duly authorized, executed and delivered by Borrowers, Guarantors and the Lenders; and 
 4.2 No Default or Event of Default
shall exist or have occurred and be continuing. 
 5. Effect of this Amendment. This Amendment No. 10 and the instruments and
agreements delivered pursuant hereto (if any) constitute the entire agreement of the parties with respect to the subject matter hereof and thereof, and supersede all prior oral or written communications, memoranda, proposals, negotiations,
discussions, term sheets and commitments with respect to the subject matter hereof and thereof. Except as expressly amended pursuant hereto, no other changes or modifications to the Financing Agreements are intended or implied, and in all other
respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof. To the extent that any provision of the Loan Agreement or any of the other Financing Agreements are
inconsistent with the provisions of this Amendment No. 10, the provisions of this Amendment No. 10 shall control. 
  

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 6. Further Assurances. Each Borrower and Guarantor shall execute and deliver such additional
documents and take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes of this Amendment No. 10. 
 7. Governing Law. The rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined in accordance with the internal laws of the State of Florida (but
excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of Florida). 
 8. Binding Effect. This Amendment No. 10 shall be binding upon and inure to the benefit of each of the parties hereto and their respective
successors and assigns. 
 9. Counterparts. This Amendment No. 10 may be executed in any number of counterparts, but all of such
counterparts shall together constitute but one and the same agreement. In making proof of this Amendment No. 10, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto.
Delivery of an executed counterpart of this Amendment No. 10 by telecopier or other method of electronic transmission shall have the same force and effect as delivery of an original executed counterpart of this Amendment No. 10. Any party
delivering an executed counterpart of this Amendment No. 10 by telecopier or other method of electronic transmission also shall deliver an original executed counterpart of this Amendment No. 10, but the failure to deliver an original
executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment No. 10 as to such party or any other party. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 10 to be duly executed and
delivered by their authorized officers as of the day and year first above written. 
  

			
	 SUPREME INTERNATIONAL, LLC,
 formerly known
as Supreme International, Inc.

		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer
	
	 JANTZEN, LLC,
 formerly known as Jantzen,
Inc.

		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer
	
	 PERRY ELLIS MENSWEAR, LLC,
 formerly known as
Perry Ellis Menswear, Inc.

		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer
	
	 SALANT HOLDING, LLC,
 formerly known as
Salant Holding Corporation

		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
  

			
	 PERRY ELLIS EUROPE LIMITED, formerly
 known
as Farah Manufacturing (U.K.) Limited

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	 Present when the Common Seal of
 PERRY ELLIS
INTERNATIONAL GROUP
 HOLDINGS LIMITED hereunto offered

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	 PERRY ELLIS INTERNATIONAL, INC.
 PEI
LICENSING INC.

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	SUPREME MUNSINGWEAR CANADA, INC.
		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
  

			
	 JANTZEN APPAREL, LLC,
 formerly known as
Jantzen Apparel Corp.

		
	By:	 	 PEI Licensing, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	SUPREME REAL ESTATE I, LLC
		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	SUPREME REAL ESTATE II, LLC
		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	SUPREME REALTY LLC
		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
  

			
	 PERRY ELLIS SHARED SERVICES
 CORPORATION

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	WINNSBORO DC, LLC
		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	TAMPA DC, LLC
		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

  

			
	 PERRY ELLIS REAL ESTATE, LLC, formerly
 known
as Perry Ellis Real Estate
 Corporation

		
	By:	 	 Perry Ellis International, Inc.,
 its Managing
Member

		
	By:	 	 /s/ George Pita

	Title:	 	Chief Financial Officer

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
 AGREED: 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 successor by merger to Congress Financial
 Corporation (Florida),
 as Agent and a Lender

		
	By:	 	 [ILLEGIBLE]

	Title:	 	 [ILLEGIBLE]

  

			
	THE CIT GROUP/COMMERCIAL SERVICES, INC.
		
	By:	 	  

	Title:	 	  

  

			
	 THE ISRAEL DISCOUNT BANK OF NEW YORK

		
	 By:
	 	  

	 Title:
	 	  

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
 AGREED: 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 successor by merger to Congress Financial
 Corporation (Florida),
 as Agent and a Lender

		
	By:	 	  

	Title:	 	  

	
	THE CIT GROUP/COMMERCIAL SERVICES, INC.
		
	By:	 	 [ILLEGIBLE]

	Title:	 	VICE PRESIDENT
	
	THE ISRAEL DISCOUNT BANK OF NEW YORK
		
	By:	 	  

	Title:	 	  

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
 AGREED: 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION, successor by merger to Congress Financial Corporation (Florida),
 as Agent and a Lender

		
	 By:
	 	  

	 Title:
	 	  

	
	 THE CIT GROUP/COMMERCIAL SERVICES, INC.

		
	 By:
	 	  

	 Title:
	 	  

  

									
	THE ISRAEL DISCOUNT BANK OF NEW YORK	 		 		 	
					
	By:	 	 /s/ Dilian G. Schulz
	 		 	By:	 	 [ILLEGIBLE]

	Title.	 	Senior Vice President	 		 	Title.	 	VICE PRESIDENT

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
  

			
	HSBC BANK USA, NATIONAL ASSOCIATION
	
	 /s/ Barbara Baltar

	By:	 	Barbara Baltar
	Title:	 	First Vice-President

  

			
	 HSBC BUSINESS CREDIT (USA) INC.

		
	 By:
	 	  

	 Title:
	 	  

	
	 BURDALE FINANCIAL LIMITED

		
	 By:
	 	  

	 Title:
	 	  

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
  

			
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By:	 	  

	Title:	 	  

	
	HSBC BUSINESS CREDIT (USA) INC.
		
	By:	 	 [ILLEGIBLE]

	Title:	 	AVP
	
	BURDALE FINANCIAL LIMITED
		
	By:	 	  

	Title:	 	  

 [SIGNATURES CONTINUED FROM PRECEDING PAGE] 
  

			
	 HSBC BANK USA, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 Title:
	 	  

	
	 HSBC BUSINESS CREDIT (USA) INC.

		
	 By:
	 	  

	 Title:
	 	  

	
	 BURDALE FINANCIAL LIMITED

		
	 By:
	 	 [ILLEGIBLE]

	 Title:
	 	DIRECTOREmployment Agreement

 Exhibit 10.1 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS EXECUTIVE EMPLOYMENT AGREEMENT
(“Agreement”) is made and entered into as of the 6th day of September, 2006, by and between SEATTLE GENETICS, INC., a Delaware corporation (“Company”) and Eric Dobmeier (“Executive”). 
 RECITALS: 
 A. The Company
desires that Executive perform his services as Senior Vice President, Corporate Development of the Company, having been duly appointed to such position by the Board of Directors of the Company. 
 B. Executive desires to continue in such engagement. 
 C. This Agreement contains other provisions applicable to the employment of Executive by the Company. 
 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 Senior Vice President, Corporate Development (“SVP, Corporate
Development”) 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. Executive shall devote his 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 up to two (2) 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”), which is currently $286,350 per year. Executive’s Base Salary shall be reviewed annually by the Compensation Committee and evaluated based on performance and salary levels of other executives of
comparable position within the industry and geographic location of the Company. Based upon such evaluation and review, Executive’s Base Salary may be adjusted from time to time as determined by the Compensation Committee in its sole discretion.

 2.2 Bonus. Executive may be eligible to receive an annual bonus (“Annual Bonus”),
currently targeted at thirty percent (30%) of Executive’s Base Salary, based upon performance criteria and financial and operational results of the Company as determined by the Compensation Committee. 
 2.3 Stock Options. Executive may be eligible to receive grants of stock options or purchase rights from time to time in the future, on such
terms and subject to such conditions as the Compensation Committee shall determine as of the date of any such grant and pursuant to the existing stock 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 reasonable procedures
established by the Company for reimbursement of such expenses 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”); 
 (iii) The effective date of a written notice sent to the Company from Executive stating that Executive is electing to terminate his
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 
  

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 (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 and contingent upon resignation from all positions held by Executive and a full release and waiver of claims by Executive: 
 (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 for
twelve (12) months (the “Severance Period”). Such payments shall be made, at the Company’s option, in a lump sum within thirty (30) days after the effective date of termination, or ratably over the Severance Period
according to the Company’s standard payroll schedule; provided, however, that such payment may not extend beyond two (2) months after the end of the calendar year in which the effective date of termination occurs. Executive will also be
entitled to receive payment on the date of termination of the pro rata portion of any Annual Bonus based on achievement of the specific corporate and individual performance targets established for the fiscal year in which the termination occurs.
Executive will receive payment(s) for all salary and unpaid vacation accrued 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. 
 (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 (i)(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 

  

 -3- 

 
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; and (ii) within the thirty (30)-day period immediately following such event Executive elects to terminate his employment voluntarily. 
 (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 Annual Bonus for the fiscal year in which the death or Disability occurs to the extent that the Annual Bonus has been earned as of the date of Executive’s
death or Disability, as determined by the Board of Directors or its Compensation Committee based on the specific corporate and individual performance targets established for such fiscal year. 
 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: 
 (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 the Executive’s duties. 
 3.4. Definition of Disability. For purposes of
this Agreement “Disability” shall mean that Executive has been unable to perform his duties hereunder as the result of Executive’s incapacity due to physical or mental illness, and such inability, which continues for at least
one hundred twenty (120) consecutive calendar days or one hundred fifty (150) calendar days during any consecutive twelve-month period, if shorter, after its commencement, is determined to be total and permanent by a physician selected by
the Company and its insurers and acceptable to Executive or to Executive’s legal representative (with such agreement on acceptability not to be unreasonably withheld). 
 IV. STOCK ACCELERATION 
 4.1 Accelerated Vesting. In addition to any other right of
acceleration that may be provided pursuant to any stock option plan or agreement pursuant to which Executive has been granted options to purchase shares of Common Stock of the Company, if Executive’s employment is terminated due to an
Involuntary Termination, the vesting of any unvested stock 

  

 -4- 

 
options and the lapsing of the Company’s repurchase right with respect to any shares of restricted stock held by Executive as of the date of
Executive’s Involuntary Termination shall accelerate such that the options shall become vested and the repurchase right shall lapse as to an additional twelve (12) months; provided that if such Involuntary Termination occurs within
twelve (12) months after a Change of Control (as defined below), then the vesting of all stock options and the lapse of the Company’s repurchase right with respect to all shares of restricted stock of the Company held by Executive shall be
accelerated completely so that one hundred percent (100%) of the shares of common stock covered by the stock options are fully vested and exercisable and the Company’s repurchase right has lapsed with respect to all shares of restricted
stock held by Executive. 
 4.2 Definition of Change of Control. For purposes of this Agreement, “Change of Control”
shall mean the occurrence of any of the following events: (i) an acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or
consolidation but excluding any merger effected exclusively for the purpose of changing the domicile of the Company), or (ii) a sale of all or substantially all of the assets of the Company (collectively, a “Merger”), so long
as in either case the Company’s stockholders of record immediately prior to such Merger will, immediately after such Merger, hold less than fifty percent (50%) of the voting power of the surviving or acquiring entity. 
 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”) substantially in the form attached hereto as
Exhibit A. Executive hereby represents and warrants to the Company that he 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 Severance Benefits. In the event that any severance benefits provided for in this Agreement to Executive (i) constitute “parachute payments” 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 Executive’s severance benefits under Section 3.2 shall be
payable either: 
 (a) in full, or 
 (b) as to such lesser amount which would result in no portion of such benefits being subject to excise tax under Section 4999 of the
Code, 
  

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 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 benefits under Section 3.2 notwithstanding that all or some portion of such benefits may be taxable under
Section 4999 of the Code. Unless the Company or Executive otherwise agree in writing, any determination required under this Section 6.1 shall be made in writing by independent public accountants appointed by Executive and reasonably
acceptable to the Company (the “Accountants”), whose determination shall be 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. 
 6.2 Indemnification. The Company hereby agrees to indemnify and hold
the 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 the Executive is made, or threatened to be made, a party by reason of the fact the Executive is or was a director or officer of the
Company. 
 6.3 Entire Agreement. This Agreement, the Confidentiality Agreement and any agreement pertaining to Executive’s stock
options or shares of restricted stock 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. This Agreement may only be amended or modified by a written instrument executed by Executive and the Chief Executive Officer of the Company pursuant to authorization by the Compensation Committee.

 6.4 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 6.4: 
  

			
	If to the Company:	  	Seattle Genetics, Inc.
		  	21823 30th Drive SE
		  	Bothell, WA 98021
		  	Attn: General Counsel
		
	If to Executive:	  	Eric Dobmeier

  

 -6- 

 6.5 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. 
 6.6 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, that any such invalid provisions shall, to the extent possible, be reformed so as to implement insofar as
practicable the intentions of the parties. 
 6.7 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.

 6.8 Law. This Agreement shall be interpreted in accordance with the laws of the State of Washington. 
 6.9 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. 
 6.10 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. 
 6.11 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. 
  

 -7- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

			
	COMPANY:
	
	SEATTLE GENETICS, INC.
		
	By:	 	/s/ Clay B. Siegall
		
	Name:	 	Clay B. Siegall
		
	Title:	 	President and CEO

  

			
	
	EXECUTIVE
	
	/s/ Eric Dobmeier
	Eric Dobmeier

  

 -8-

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