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 15, 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)
On April 18, 2005, James Hayden joined Pharsight Corporation (the Company) as Senior Vice President, Global Sales. Pursuant to the offer letter dated April 15, 2005 entered into between the Company and Mr. Hayden, Mr. Hayden will receive an annual base salary of $180,000 and, subject to the approval of the Companys Board of Directors, an option to purchase 200,000 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. Haydens options will accelerate by one (1) year. In addition, Mr. Hayden will be eligible to receive a variable performance bonus targeted at $140,000, 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. Haydens employment is terminated by the Company without cause or, if within six (6) months of a change of control Mr. Hayden resigns for good reason, the Company will continue to pay Mr. Haydens 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 21, 2005