Company: LGNZZ
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0000886163-25-000025
Chunk: 40

Company: LIGAND PHARMACEUTICALS INC
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 40
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|:----|:---------------------|----:|:--|
| Todd C. Davis        |     | $                | 700,000 |     |                      | 7.7 | % |
| Tavo Espinoza        |     |                  | 472,600 |     |                      | 8.4 | % |
| Andrew Reardon       |     |                  | 453,400 |     |                      | 4.0 | % |
| Matthew Korenberg(1) |     |                  | 572,800 |     |                      | 4.0 | % |

(1) Mr. Korenberg resigned from his position as President and Chief Operating Officer effective October 15, 2024.

#### Annual Performance-Based Cash Compensation
It is the Human Capital Management and Compensation Committee’s objective to have a substantial portion of each named executive officer’s compensation contingent upon company performance. Our annual performance-based bonus program provides for cash bonus payments tied to achievement of key annual corporate performance objectives established by the Board for such purpose. Our annual performance-based bonus program is intended to complement our long-term equity program, which more directly aligns realized executive compensation with longer-term share price and corporate objectives.

#### Target Annual Bonus Opportunities
The target incentive opportunities for our named executive officers for 2024 are set forth in the table below. Each executive’s annual bonus is tied 100% to corporate performance. The target incentive opportunity for Mr. Davis as a percentage of base salary increased by 16.7% in 2024 compared to 2023 and is within our pay positioning philosophy, as described above. The target incentive opportunities for the remaining named executive officers remained unchanged from 2023.

| Name              |     | 2024 Target Bonus       
 (as a % of Base Salary) |    |   |
| Todd C. Davis     |     |                         | 70 | % |
| Tavo Espinoza     |     |                         | 40 | % |
| Andrew Reardon    |     |                         | 40 | % |
| Matthew Korenberg |     |                         | 50 | % |

2024 Corporate Performance Objectives and Achievements

36

At the beginning of each year, the Board sets corporate objectives for the year in a number of areas after considering management input and our overall strategic objectives. Following the conclusion of each year, the Human Capital Management and Compensation Committee assesses the level of achievement relative to these corporate objectives. This achievement level is then applied to each