PHARSIGHT CORP 8-K 2005
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 2005
(Exact name of registrant as specified in its charter)
800 W. El Camino Real
Mountain View, CA 94040
(Address and zip code of principal executive offices)
(Registrants telephone number, including area code)
Item 1.01. Entry into a Material Definitive Agreement
On April 26, 2005, Mark Hovde executed an offer letter to serve as Senior Vice President, Marketing of Pharsight Corporation (the Company). Pursuant to the offer letter, Mr. Hovde will receive an annual base salary of $240,000 and, subject to the approval of the Companys Board of Directors, an option to purchase 250,000 shares of the Companys Common Stock at the then current fair market value, to be vested over a four-year period. In the event of a change of control of the Company, the vesting schedule of Mr. Hovdes options will accelerate by one (1) year. In addition, Mr. Hovde will be eligible to receive an annual performance bonus targeted at 35% of his annual base salary, with the actual amount of such bonus, if any, to be determined by the Compensation Committee of the Board of Directors in its sole discretion. In the event that Mr. Hovdes employment is terminated by the Company without cause or, if within six (6) months of a change of control of the Company Mr. Hovde resigns for good reason, the Company will continue to pay Mr. Hovdes base salary for six (6) months following the date of such termination or resignation.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 27, 2005