SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
HIGGINS JOHN L

(Last) (First) (Middle)
3911 SORRENTO VALLEY BOULEVARD, STE 110

(Street)
SAN DIEGO CA 92121

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [ LGND ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
01/25/2021
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/25/2021 M 50,000(1) A $14.47 285,310 D
Common Stock 01/25/2021 S 50,000(1) D $159(2) 235,310 D
Common Stock 01/25/2021 A 5,946(3) A $0.0 241,256 D
Common Stock 01/25/2021 F 2,845(4) D $156.01 238,411 D
Common Stock 01/25/2021 A 9,607(5) A $0.0 248,018 D
Common Stock 01/25/2021 F 4,596(4) D $156.01 243,422 D
Common Stock 01/27/2021 M 40,000(1) A $14.47 283,422 D
Common Stock 01/27/2021 S 40,000(1) D $182 243,422 D
Common Stock 01/27/2021 M 30,000 A $21.92 273,422 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $14.47 01/25/2021 01/25/2021 M 50,000(1) (6) 02/09/2022 Common Stock 50,000 $0.0 109,000 D
Non-Qualified Stock Option (right to buy) $14.47 01/27/2021 01/27/2021 M 40,000(1) (6) 02/09/2022 Common Stock 40,000 $0.0 69,000 D
Non-Qualified Stock Option (right to buy) $21.92 01/27/2021 01/27/2021 M 30,000 (7) 02/15/2023 Common Stock 30,000 $0.0 65,616 D
Explanation of Responses:
1. 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.
2. 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.
3. 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.
4. Represents shares withheld by the Issuer in payment of the tax liability arising in connection with the settlement of the PSUs.
5. 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.
6. 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.
7. 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.
By: Charles S. Berkman For: John L. Higgins 01/27/2021
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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