Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 46

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 46
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 for which the executives are responsible as well

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as align with stockholders’ interests, thereby creating the clearest link between executive actions, corporate results and our continued long-term success.

Projected 2028 Revenue from Acquired Assets Component . The performance-based vesting requirement for the projected 2028 revenue component of the 2024 PSUs is based on the level of Ligand’s revenue generated from newly acquired assets between January 1, 2024 and December 31, 2025 (“Revenue Performance Period”).

| Projected 2028 Revenue from Acquired Assets 
 During Revenue Performance Period           |     | % OF TARGET PAID |
| $65 million                                 |     | 200%             |
| $55 million                                 |     | 150%             |
| $45 million                                 |     | 100%             |
| $35 million                                 |     | 50%              |
| < $35 million                               |     | —%               |

Performance between achievement levels will be determined by linear interpolation. Except as described below, to receive the earned shares, an executive officer must generally remain employed with us through the last day of the applicable performance period.

Adjusted EPS CAGR Component . The performance-based vesting requirement for the Adjusted EPS CAGR component of the 2024 PSUs is based on the compound annual growth rate of Adjusted EPS over a three-year period, ending December 31, 2026.

| Adjusted EPS |     |        |     | Adjusted EPS CAGR  
 for Adjusted EPS   
 Performance Period |     | Adjusted EPS CAGR      
 Performance Multiplier |
| 2023         |     |   2026 |     |                    |     |                        |
| $4.06        |     |  $7.93 |     | 25%                |     | 200%                   |
| $4.06        |     |  $7.02 |     | 20%                |     | 150%                   |
| $4.06        |     |  $6.17 |     | 15%                |     | 100%                   |
| $4.06        |     |  $5.40 |     | 10%                |     | 50%                    |
| $4.06        |     | <$5.40 |     | <10%               |     | —%                     |

Performance between achievement levels will be determined by linear interpolation. Except as described below, to receive