SIGA TECHNOLOGIES INC — Director's Dealing 2009

Sep 21, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SIGA TECHNOLOGIES INC (SIGA)
CIK: 0001010086
Period of Report: 2009-09-17

Reporting Person: MacAndrews & Forbes Holdings Inc. (10% Owner)
Reporting Person: PERELMAN RONALD O (10% Owner)
Reporting Person: MacAndrews & Forbes LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-09-17	Common Stock, par value $.0001 per share	X	326797	$3.06	Acquired	5962032	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-09-17	Equity Line	$	X	0	Disposed	2010-06-19	Common Stock and Warrants ()	Indirect
2009-09-17	Warrant (Right to Buy)	$3.519	X	130719	Acquired	2013-09-17	Common Stock (130719)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.0001 per share	2472222	Indirect

Footnotes

F1: The shares were acquired by MacAndrews & Forbes LLC ("MacAndrews & Forbes"), a joint filer hereunder, pursuant to an exercise of the equity line agreement between SIGA Technologies, Inc. (the "Company") and MacAndrews & Forbes (the "Equity Line").

F2: The Equity Line provides that through June 19, 2010, (i) MacAndrews & Forbes commits to invest, at the Company's option, up to an aggregate of $8,000,000 in up to six tranches (such commitment, the "Investment Commitment") and (ii) MacAndrews & Forbes may, at MacAndrews & Forbes' option, elect to invest up to $8,000,000 in the Company in up to six tranches on the terms of the Investment Commitment (such option, the "Investment Option"); provided that in no event could the aggregate amount of the investments pursuant to the Investment Commitment and the Investment Option exceed $8,000,000. After giving effect to the present exercise, $5,500,000 of the Investment Commitment / Investment Option remains outstanding.

F3: Upon either of the Company's election to effect an investment pursuant to the Investment Commitment or MacAndrews & Forbes' election to effect an investment pursuant to the Investment Option (each, an "Investment") the Company shall issue to MacAndrews & Forbes: (i) such number of shares of Common Stock, with a value equal to the Investment, at a per share valuation ("Per Share Price") equal to the lesser of (A) $3.06 and (B) the average of the volume-weighted average price per share for the 5 trading days immediately preceding each funding date and (ii) warrants (the "Consideration Warrants"), for no additional consideration, to purchase a number of shares of Common Stock of the Company equal to 40% of the shares issued on such funding date, at an exercise price per share equal to 115% of the Per Share Price on such funding date, payable in cash or by cashless exercise, exercisable for a period of four years commencing on the date of issuance of such Consideration Warrants.

F4: The warrants were issued as Consideration Warrants in connection with the exercise of the Equity Line.