secwatch.observer — SEC 8-K summary
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Issuer:     LIGAND PHARMACEUTICALS INC (LGND)
CIK:        0000886163
Form:       8-K
Filed at:   2022-12-05T23:59:59+00:00
Accession:  0000886163-22-000137
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Ligand Pharmaceuticals CEO John Higgins retires; Todd Davis appointed CEO effective Dec 5, 2022
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- John L. Higgins retired as CEO effective Dec 5, 2022; will resign from board Dec 31; receives 18 months salary, full equity vesting at target, and 2-year option extension.
- Todd C. Davis, a board member, appointed CEO; base salary $650k, target bonus 60% of salary, and 132k stock options vesting over 4 years.
- Davis severance: 18 months salary if terminated without cause pre-change-of-control; 2x salary + 2x max target bonus plus 24 months health if within 24 months post-change-of-control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/886163/000088616322000137/0000886163-22-000137-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/886163/000088616322000137/lgnd-20221205.htm
  HTML page:      https://secwatch.observer/filing/0000886163-22-000137

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer