UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): March 6, 2007
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PharmaNet Development Group, Inc.
(Exact Name of Registrant as Specified in Charter)
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Delaware | 001-16119 | 59-2407464 |
(State or Other Jurisdiction
of Incorporation) | Commission
File Number) | (IRS Employer
Identification No.) |
504 Carnegie Center, Princeton, NJ 08540
(Address of Principal Executive Offices) (Zip Code)
(609) 951-6800
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On March 6, 2007, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of PharmaNet Development Group, Inc. (the “Company”) awarded the following compensation to the Company’s executive officers based upon the Company’s 2006 performance and the individual executive officer’s performance for 2006.
| | | | | | |
Executive Officer | | Title | | 2007
Base Salary(1) | | 2006
Cash Bonus |
Jeffrey P. McMullen | | President and Chief
Executive Officer | | $695,000 | | $975,000 |
John P. Hamill | | Executive Vice President,
Chief Financial Officer,
Secretary and Treasurer | | $390,000 | | $210,047 |
Johane Boucher-Champagne | | Executive Vice President
Early Clinical
Development | | $351,000 | | $113,663 |
Mark Di Ianni | | Executive Vice President,
Strategic Initiatives and
President, Early Stage
Development | | $400,000 | | $ 98,925 |
David Natan | | Executive Vice President
Reporting and Analysis | | $360,984 | | $192,837 |
Dr. Thomas J. Newman | | Executive Vice President
Late Stage Development | | $494,000 | | $241,965 |
Marc LeBel(2) | | Executive Vice President
Bioanalytical Laboratories | | N/A | | $105,322 |
———————
(1)
Does not include any perquisites and related tax gross up, if any. Additional details regarding the complete compensation package for each executive officer will be disclosed in the Company’s 2007 proxy statement.
(2)
Effective March 18, 2007, Marc LeBel will no longer be an employee of the Company.
The foregoing salary increases and cash awards were made pursuant to the executive officer’s current employment agreements, as applicable, and no amendments to such agreements were made at the current time. The Company expects to amend each of Mr. Di Ianni and Ms. Boucher-Champagne employment agreements in the first half of 2007 in order to reflect, as previously disclosed, their appointment to new positions at the Company.
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SIGNATURE
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.
March 9, 2007
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| PHARMANET DEVELOPMENT GROUP, INC. |
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| By: | /s/ JOHN P. HAMILL |
| Name: | John P. Hamill |
| Title: | EVP and Chief Financial Officer |
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