LIGAND PHARMACEUTICALS INCORPORATED (NASDAQ:LGND) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Base Salary Increases and Payment of Bonuses to Named Executive Officers
On January 24, 2018, the Compensation Committee (the “Committee”) of the Board of Directors of Ligand Pharmaceuticals Incorporated (the “Company”) approved base salary increases for 2018 and cash bonus payments for the 2017 fiscal year to be paid to the Company’s named executive officers. Bonus payments were based on the Committee’s evaluation of performance goals for 2017. Such goals related to the achievement of certain corporate organizational and infrastructure objectives and the advancement of the Company’s business and clinical development programs.
The 2018 base salaries and 2017 bonuses to be paid to each named executive officer are as follows:
|
Name and title |
2018 Base Salary |
2017 Bonus |
|
John L. Higgins, Chief Executive Officer |
$628,300 |
$580,491 |
|
Matthew W. Foehr, President and Chief Operating Officer |
$460,000 |
$295,256 |
|
Matthew Korenberg, Executive Vice President, Finance and Chief Financial Officer |
$430,000 |
$272,063 |
|
Charles S. Berkman, Senior Vice President, General Counsel and Secretary |
$405,000 |
$174,150 |
The Committee also approved a promotion for Mr. Korenberg to “Executive Vice President, Finance and Chief Financial Officer” and for Mr. Berkman to “Senior Vice President, General Counsel and Secretary.”
About LIGAND PHARMACEUTICALS INCORPORATED (NASDAQ:LGND)
Ligand Pharmaceuticals Incorporated (Ligand) is a biopharmaceutical company that focuses on developing and acquiring technologies that help pharmaceutical companies discover and develop medicines. The Company employs research technologies, such as nuclear receptor assays, high throughput computer screening, formulation science, liver targeted pro-drug technologies and antibody discovery technologies to assist companies in their work toward obtaining prescription drug approvals. It has have partnerships and license agreements with over 85 pharmaceutical and biotechnology companies, and over 140 different programs under license with it are in various stages of commercialization and development. Its partners have programs in clinical development targeting seizure, coma, cancer, diabetes, cardiovascular disease, muscle wasting, liver disease and kidney disease, among others. It is developing a small molecule glucagon receptor antagonist for the treatment of Type II diabetes mellitus.