On January 22, 2007, the Compensation Committee of the Board of Directors of Seattle Genetics, Inc. (the “Company”) approved the 2007 Senior Executive Annual Bonus Plan (the “Plan”), an incentive compensation program, which is designed to motivate, retain and reward the Company’s executive officers based on the achievement of specified Company and individual goals. The Compensation Committee shall administer the Plan. Participants eligible under the Plan are those executives at the Vice President level or higher (each a “Participant”), including the following executive officers: Clay B. Siegall, Todd E. Simpson, Pamela A. Trail, Eric L. Dobmeier and Morris Z. Rosenberg. The amount of a Participant’s bonus is based on a target percentage of such Participant’s annual base pay as of the date of payment of the bonus, which target percentage shall be determined by the Compensation Committee. This target percentage is then adjusted based 50% on the Company’s performance and 50% on the individual Participant’s performance as determined by the Compensation Committee, except for members of the Company’s Executive Committee, in which case the percentage adjustment is based 60% on the Company’s performance and 40% on the individual Participant’s performance, and the Chief Executive Officer for whom the Compensation Committee has full discretion to determine the bonus up to the target percentage for the Chief Executive Officer. The Plan has a term of one year and expires on December 31, 2007. This description is only a summary and is qualified in its entirety by reference to the Plan which is filed as Exhibit 10.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX