LIGAND PHARMACEUTICALS INC — Director's Dealing 2021

Jan 28, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LIGAND PHARMACEUTICALS INC (LGND)
CIK: 0000886163
Period of Report: 2021-01-25

Reporting Person: HIGGINS JOHN L (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-01-25	Common Stock	M	50000	$14.47	Acquired	285310	Direct
2021-01-25	Common Stock	S	50000	$159.0	Disposed	235310	Direct
2021-01-25	Common Stock	A	5946	$0.0	Acquired	241256	Direct
2021-01-25	Common Stock	F	2845	$156.01	Disposed	238411	Direct
2021-01-25	Common Stock	A	9607	$0.0	Acquired	248018	Direct
2021-01-25	Common Stock	F	4596	$156.01	Disposed	243422	Direct
2021-01-27	Common Stock	M	40000	$14.47	Acquired	283422	Direct
2021-01-27	Common Stock	S	40000	$182.0	Disposed	243422	Direct
2021-01-27	Common Stock	M	30000	$21.92	Acquired	273422	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-01-25	Non-Qualified Stock Option (right to buy)	$14.47	M	50000	Disposed	2022-02-09	Common Stock (50000)	Direct
2021-01-27	Non-Qualified Stock Option (right to buy)	$14.47	M	40000	Disposed	2022-02-09	Common Stock (40000)	Direct
2021-01-27	Non-Qualified Stock Option (right to buy)	$21.92	M	30000	Disposed	2023-02-15	Common Stock (30000)	Direct

Footnotes

F1: The sale reported on this Form 4 was made pursuant to a written trading plan adopted by the Reporting Person on December 10, 2020, in accordance with Rule 10b5-1.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $150.00 to $165.00, inclusive. The reporting person undertakes to provide, upon request to the Securities Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

F3: Represents the number of shares of common stock issued upon the vesting of performance stock units (PSUs). Each PSU represented a contingent right to receive one share of the Issuer common stock. The PSUs were originally granted on 05/30/2018 and were eligible to vest based on the Issuer achievement of certain performance objectives during the three-year performance period ending December 31, 2020. On January 25, 2021, the Compensation Committee of the Board of Directors of the Issuer certified the Issuer achievement relative to the applicable performance objectives and approved the vesting of the PSUs with respect to these shares.

F4: Represents shares withheld by the Issuer in payment of the tax liability arising in connection with the settlement of the PSUs.

F5: Represents the number of shares of common stock issued upon the vesting of performance stock units (PSUs). Each PSU represented a contingent right to receive one share of the Issuer common stock. The PSUs were originally granted on 05/29/2019 and were eligible to vest based on the Issuer achievement of certain performance objectives during the two-year performance period ending December 31, 2020. On January 25, 2021, the Compensation Committee of the Board of Directors of the Issuer certified the Issuer achievement relative to the applicable performance objectives and approved the vesting of the PSUs with respect to these shares.

F6: Grant to reporting person of options, exercisable over a 4-year period measured from the date of grant, 12-1/2% after six months, then 1/48th of the Option Shares per month thereafter. The date of grant was 02/09/12.

F7: Grant to reporting person of options, exercisable over a 4-year period measured from the date of grant, 12-1/2% after six months, then 1/48th of the Option Shares per month thereafter. The date of grant was 02/15/13.