0000886163-24-000045.txt : 20240617 0000886163-24-000045.hdr.sgml : 20240617 20240617160251 ACCESSION NUMBER: 0000886163-24-000045 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240614 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Submission of Matters to a Vote of Security Holders FILED AS OF DATE: 20240617 DATE AS OF CHANGE: 20240617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIGAND PHARMACEUTICALS INC CENTRAL INDEX KEY: 0000886163 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] ORGANIZATION NAME: 03 Life Sciences IRS NUMBER: 770160744 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33093 FILM NUMBER: 241048153 BUSINESS ADDRESS: STREET 1: 3911 SORRENTO VALLEY BLVD STREET 2: SUITE 110 CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 858-550-7500 MAIL ADDRESS: STREET 1: 3911 SORRENTO VALLEY BLVD STREET 2: SUITE 110 CITY: SAN DIEGO STATE: CA ZIP: 92121 8-K 1 lgnd-20240614.htm 8-K lgnd-20240614
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 14, 2024
LIGAND PHARMACEUTICALS INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Delaware001-3309377-0160744
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)
555 Heritage Drive, Suite 200
Jupiter
Florida33458
(Address of principal executive offices)(Zip Code)
(858) 550-7500
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:


Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareLGNDThe Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 



Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The 2024 Annual Meeting of the Stockholders of Ligand Pharmaceuticals Incorporated (the “Company”) was held on June 14, 2024 (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders approved an amendment and restatement of the Company’s 2002 Stock Incentive Plan (the “2002 Plan”). The amended and restated 2002 Plan is referred to herein as the “Restated Plan.” The Restated Plan authorizes the issuance of an aggregate of 9,713,754 shares of the Company’s common stock (the “Share Reserve”), 8,413,754 of which were previously reserved for issuance under the 2002 Plan. Pursuant to the terms of the Restated Plan, the Share Reserve shall be reduced by (a) one share of the Company’s common stock for each share subject to any stock option or stock appreciation right outstanding under the Restated Plan, and (b) 1.5 shares of the Company’s common stock for each share subject to any outstanding award that is a Full Value Award (as defined in the Restated Plan) under the Restated Plan. Notwithstanding the foregoing, the number of shares of the Company’s common stock that may be issued or transferred pursuant to incentive stock option awards under the Restated Plan may not exceed an aggregate of 9,713,754 shares. The Restated Plan became effective on the date of the Annual Meeting. In addition, the Company will not grant any additional awards under the 2022 Employment Inducement Plan after June 14, 2024, the Annual Meeting date.

•Administration. The Restated Plan is administered by the Human Capital Management and Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”). The Committee has complete discretion, subject to the provisions of the Restated Plan, to authorize awards under the Restated Plan to all eligible persons other than non-employee members of the Board. However, the Board may also appoint a secondary committee of one or more members of the Board to have separate but concurrent authority to make awards under those programs to all eligible individuals other than the Company’s executive officers and non-employee members of the Board. The full Board will administer the Restated Plan with respect to awards to the non-employee members of the Board.

•Awards. The Restated Plan authorizes the Committee (or any secondary committee) to grant stock options, stock awards, stock appreciation rights, restricted stock units and dividends equivalents. The Restated Plan also authorizes the Committee to grant performance awards payable in the form of the Company’s common stock. The Restated Plan authorizes the grant of awards to employees, consultants and independent contractors of the Company and to the Company’s non-employee directors. In addition, the following annual limitations apply: (i) no one person participating in the Restated Plan may receive awards for more than 1,000,000 shares of the Company’s common stock in the aggregate per calendar year; and (ii) the sum of any cash compensation, or other compensation, and the grant date fair value of awards granted to a non-employee director as compensation for services as a non-employee director during any calendar year generally may not exceed $550,000, which limit will be increased to $850,000 in the calendar year of his or her initial service as a non-employee director.

•Other Provisions. The Restated Plan also contains provisions with respect to payment of exercise or purchase prices, vesting and expiration of awards, adjustments and treatment of awards upon certain corporate transactions, including stock splits, recapitalizations and mergers, transferability of awards and tax withholding requirements. The Restated Plan may be amended or terminated by the Board at any time, subject to certain limitations requiring stockholder approval or the consent of the participant. Unless sooner terminated by the Board, the Restated Plan will terminate on April 17, 2034.


A summary of the material terms of the Restated Plan is set forth in the Company’s definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on April 25, 2024 (the “Proxy Statement”). The summary of the Restated Plan in the Proxy Statement and the description of the Restated Plan contained herein are qualified in their entirety by reference to the full text of the Restated Plan, which was filed as Appendix A to the Proxy Statement.

Item 5.07 Submission of Matters to a Vote of Security Holders.

Set forth below are the final voting results for the actions taken by the stockholders at the Annual Meeting.

Proposal 1. The election of eight members of the Board for terms expiring at the 2025 annual meeting of stockholders. In accordance with the results below, each nominee was elected to serve as a director of the Company.
Votes For
Votes Withheld
Broker Non-Votes
Jason M. Aryeh
12,265,786
3,259,850
1,154,516
Todd C. Davis
15,244,447
281,189
1,154,516
Nancy R. Gray, Ph.D.
14,876,443
649,193
1,154,516
Jason Haas
15,284,373
241,263
1,154,516
John W. Kozarich, Ph.D.
14,024,170
1,501,466
1,154,516
John L. LaMattina, Ph.D.
14,981,023
544,613
1,154,516
Stephen L. Sabba, M.D.
14,839,776
685,860
1,154,516
Martine Zimmermann, Pharm.D.
15,067,611
458,025
1,154,516


Proposal 2. The ratification of the selection of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. In accordance with the results below, the selection of Ernst & Young LLP was ratified.
Votes For
Votes Against
Abstentions
Broker Non-Votes
15,908,245
754,285
17,622
-


Proposal 3. The approval of a non-binding advisory resolution regarding the compensation of the Company’s named executive officers. In accordance with the results below, the proposal was approved.
Votes For
Votes Against
Abstentions
Broker Non-Votes
14,264,205
1,253,085
8,346
1,154,516


Proposal 4. The approval of the Restated Plan. In accordance with the results below, the proposal was approved.
Votes For
Votes Against
Abstentions
Broker Non-Votes
9,926,628
5,577,590
21,418
1,154,516



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LIGAND PHARMACEUTICALS INCORPORATED
Date: July 17, 2024
By: /s/ Andrew Reardon
Name: Andrew Reardon
Title: Chief Legal Officer and Secretary



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