UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) February 13, 2008
Pharmion
Corporation
(Exact name of registrant as specified in its charter)
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| Delaware
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000-50447
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84-1521333 |
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(IRS Employer
Identification No.) |
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| 2525 28th Street, Boulder, Colorado
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80301 |
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| (Address of principal executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code
720-564-9100
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
On February 13, 2008, the Compensation Committee of the
Board of Directors of Pharmion Corporation (the “Company”)
met and determined annual incentive bonus awards for 2007
to be paid to the Company’s chief executive officer, chief
financial officer and the other named executive officers
and adjustments to those named executive officers’ annual
base salary effective March 1, 2008.
At the beginning of each year, the Compensation Committee
looks back to the immediately preceding year and evaluates
the performance of the named executive officers against
annual bonus targets — both on a corporate and individual
level — that were established at the commencement of that
year. Bonuses are awarded based upon this determination.
In addition, the Compensation Committee annually reviews
compensation data to make determinations regarding the
authorized range of salary increases within the Company,
generally, and specifically evaluates and establishes the
salary levels for the named executive officers.
Set forth below are the 2007 annual incentive bonus awards
and the 2008 base salaries for each of the Company’s named
executive officers as determined by the Compensation
Committee:
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2007 |
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2008 |
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Incentive |
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Base |
| Name |
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Bonus |
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Salary |
Patrick J.
Mahaffy, President, Chief Executive Officer and Director |
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$ |
570,000 |
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$ |
595,000 |
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Michael Cosgrave, Chief Commercial Officer * |
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$ |
355,520 |
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$ |
460,000 |
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Andrew Allen, Executive Vice President and Chief
Medical Officer |
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$ |
292,000 |
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$ |
380,000 |
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Gillian Ivers-Read, Executive Vice President -
Development Operations |
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$ |
280,000 |
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$ |
365,000 |
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Erle T. Mast, Executive Vice President and Chief
Financial Officer |
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$ |
280,000 |
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$ |
365,000 |
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| * |
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Actual 2008 base salary paid will be £235,481 and actual
2007 incentive bonus paid will be £181,996, converted into U.S.
dollars at an exchange rate of 1.953. |
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