Amendment to Restricted Stock Agreement between Ligand Pharmaceuticals Incorporated and John L. Higgins

Contract Categories: Business Finance › Modification Agreements
Summary

Ligand Pharmaceuticals Incorporated and John L. Higgins have agreed to amend their original Restricted Stock Award Agreement dated February 1, 2007. The amendment changes the vesting schedule for the restricted stock: half of the shares will vest three days after the company publicly releases its audited financial statements for 2007, and the other half will vest on February 15, 2009, provided Mr. Higgins remains with the company through those dates. All other terms of the original agreement remain unchanged.

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EX-10.320 4 dex10320.htm AMENDMENT TO RESTRICTED STOCK AGREEMENT Amendment to Restricted Stock Agreement

Exhibit 10.320

AMENDMENT TO RESTRICTED STOCK AGREEMENT

THIS AMENDMENT TO RESTRICTED STOCK AGREEMENT (this “Amendment”) is made as of January 31, 2008, by and between LIGAND PHARMACEUTICALS INCORPORATED, a Delaware corporation (the “Company”), and John L. Higgins (“Participant”).

WHEREAS, the Company and Participant are parties to that certain Restricted Stock Award Grant Notice and Restricted Stock Award Agreement dated as of February 1, 2007 (the “Original Agreement”); and

WHEREAS, the Company and Participant desire to amend the Original Agreement as set forth herein; and

WHEREAS, the Board of Directors of the Company has approved the adoption of this Amendment.

NOW, THEREFORE, BE IT RESOLVED, that the Original Agreement is hereby amended as follows:

1. The Vesting Schedule set forth in the Restricted Stock Award Grant Notice set forth in the Original Agreement is hereby amended to read as follows:

 

  Vesting Schedule: Fifty percent (50%) of the Shares shall vest on the date that is three days following the Company’s public release of its audited financial statements for the fiscal year ending December 31, 2007, and fifty percent (50%) of the Shares shall vest on February 15, 2009, subject to Participant’s continuous service with the Company through each such date.

2. Except as expressly provided for in this Amendment, no other term or provision of the Original Agreement is amended or modified in any respect.

IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the date first set forth above.

 

COMPANY:     PARTICIPANT:
LIGAND PHARMACEUTICALS INCORPORATED a Delaware corporation    
By:   /s/    CHARLES BERKMAN               /s/    JOHN L. HIGGINS        
Name:   Charles Berkman       John L. Higgins
Title:   Vice, President, General Counsel and Secretary