Exhibit 10.14

 

LOAN MODIFICATION AGREEMENT

 

This Loan Modification Agreement is entered into as of May 26, 2005 by and
between Pharsight Corporation (the “Borrower”) and Silicon Valley Bank (“Bank”).

 

1. DESCRIPTION OF EXISTING OBLIGATIONS: Among other Obligations which may be
owing by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other
documents, an Amended and Restated Loan and Security Agreement, dated May 24,
2004 (as may be amended, restated, or otherwise modified from time to time, the
“Loan Agreement”). The Loan Agreement provides for, among other things, a
Committed Revolving Line in the original principal amount of Three Million
Dollars ($3,000,000). Defined terms used but not otherwise defined herein shall
have the same meanings as set forth in the Loan Agreement.

 

Hereinafter, all indebtedness owing by Borrower to Bank shall be referred to as
the “Obligations.”

 

2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations is secured by the
Collateral as described in the Loan Agreement.

 

Hereinafter, the above-described security documents and guaranties, together
with all other documents securing repayment of the Obligations shall be referred
to as the “Security Documents”. Hereinafter, the Security Documents, together
with all other documents evidencing or securing the Obligations shall be
referred to as the “Existing Loan Documents”.

 

3. DESCRIPTION OF CHANGE IN TERMS.

 

  A. Modification(s) to Loan Agreement.

 

  1. Sub letter (b) under Section 2.4 entitled “Interest Rate, Payment” is
hereby amended in part to provide that interest due on the Committed Revolving
Line is payable on the 10th of each month.

 

  2. The following defined term under Section 13.1 entitled “Definitions” is
hereby amended to read as follows:

 

“Revolving Maturity Date” is July 10, 2005.

 

4. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever
necessary to reflect the changes described above.

 

5. NO DEFENSES OF BORROWER. Borrower (and each guarantor and pledgor signing
below) agrees that, as of the date hereof, it has no defenses against paying any
of the Obligations.

 

6. CONTINUING VALIDITY. Borrower (and each guarantor and pledgor signing below)
understands and agrees that in modifying the existing Indebtedness, Bank is
relying upon Borrower’s representations, warranties, and agreements, as set
forth in the Existing Loan Documents. Except as expressly modified pursuant to
this Loan Modification Agreement, the terms of the Existing Loan Documents
remain unchanged and in full force and effect. Bank’s agreement to modifications
to the existing Obligations pursuant to this Loan Modification Agreement in no
way shall obligate Bank to make any future modifications to the Obligations.
Nothing in this Loan Modification Agreement shall constitute a satisfaction of
the Obligations. It is the intention of Bank and Borrower to retain as liable
parties all makers and endorsers of Existing Loan Documents, unless the party is
expressly released by Bank in writing. Unless expressly released herein, no
maker, endorser, or guarantor will be released by virtue of this Loan
Modification Agreement. The terms of this paragraph apply not only to this Loan
Modification Agreement, but also to all subsequent loan modification agreements.

 

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This Loan Modification Agreement is executed as of the date first written above.

 

BORROWER:       BANK: PHARSIGHT CORPORATION       SILICON VALLEY BANK By:   /s/
Cynthia Stephens       By:   /s/ Liam Fairbairn Name:   Cynthia Stephens      
Name:   Liam Fairbairn Title:   Senior Vice President & Chief Financial Officer
      Title:   Relationship Manager

 

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LOGO [g29554img001.jpg]

 

SILICON VALLEY BANK

 

PRO FORMA INVOICE FOR LOAN CHARGES

 

BORROWER:

  

PHARSIGHT CORPORATION

      

LOAN OFFICER:

  

Liam Fairbairn

      

DATE:

  

May 26, 2005

           

Documentation Fee

   $ 250.00     

TOTAL FEE DUE

   $ 250.00          

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Please indicate the method of payment:

 

  {    } A check for the total amount is attached.

 

  {    } Debit DDA #                  for the total amount.

 

  {    } Loan proceeds

 

/s/ Cynthia Stephens   May 25, 2005 Borrower   (Date) /s/ Liam Fairbairn  
May 26, 2005

Silicon Valley Bank

Account Officer’s Signature

  (Date)