John L. Higgins - May 9, 2022 Form 4 Insider Report for LIGAND PHARMACEUTICALS INC (LGND)

Role: Chief Executive Officer, Director
Signature: By: Charles S. Berkman For: John L. Higgins
Stock symbol: LGND
Transactions as of: May 9, 2022
Transactions value $: -$274,640
Form type: 4
Date filed: 5/10/2022, 05:33 PM
Previous filing: May 9, 2022
Next filing: Jun 9, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LGND	Common Stock	Options Exercise	$175K	+8K	+2.35%	$21.92	349K	May 9, 2022	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LGND	0.75% Convertible Senior Notes due 2023	Sale	-$450K				$725K	May 10, 2022	Common Stock	$1.81K	$248.48	Direct	F1
transaction	LGND	Non-Qualified Stock Option (right to buy)	Options Exercise	$0	-8K	-12.19%	$0.00	57.6K	May 9, 2022	Common Stock	8K	$21.92	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The notes are convertible at any time prior to the close of business on November 14, 2022 (1) during any fiscal quarter (and only during such fiscal quarter) commencing after September 30, 2018, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of the Issuer?s common stock on such trading day is greater than 130% of the conversion price on such trading day; (2) during the five business day period immediately following any 10 consecutive trading day period, in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the last reported sale price of our common stock on such trading day and the conversion rate on each such trading day; or (3) upon the occurrence of certain specified corporate events as specified in the indenture governing the notes.
F2	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.

Content

The notes are convertible at any time prior to the close of business on November 14, 2022 (1) during any fiscal quarter (and only during such fiscal quarter) commencing after September 30, 2018, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding fiscal quarter, the last reported sale price of the Issuer?s common stock on such trading day is greater than 130% of the conversion price on such trading day; (2) during the five business day period immediately following any 10 consecutive trading day period, in which the trading price per $1,000 principal amount of notes was less than 98% of the product of the last reported sale price of our common stock on such trading day and the conversion rate on each such trading day; or (3) upon the occurrence of certain specified corporate events as specified in the indenture governing the notes.

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.