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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"></FONT><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>_______________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Pursuant
to Section 13 or 15(d) of the </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Securities
Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Date of
Report (Date of earliest event reported): February 16, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>THRESHOLD
PHARMACEUTICALS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>(Exact
name of registrant as specified in its charter)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">Delaware</TD>
    <TD STYLE="width: 34%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">001&#45;32979</TD>
    <TD STYLE="width: 33%; padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">94&#45;3409596</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>(State
        or other jurisdiction</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>of incorporation)</B></FONT></P></TD>
    <TD STYLE="padding: 0; font-size: 10pt; font-weight: bold; text-align: center; text-indent: 0">(Commission File Number)</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>(IRS
        Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>170
Harbor Way, Suite 300<BR>
South San Francisco, California 94080</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>(Address
of principal executive offices)(Zip Code)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>(650)
474-8200</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>(Registrant&rsquo;s
telephone number, including area code)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Item&nbsp;5.02</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; padding: 0; text-indent: 0">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">(c)&#9;On
February 16, 2012, Tillman Pearce, M.D., joined Threshold Pharmaceuticals, Inc. (the Company) as Chief Medical Officer. Dr. Pearce
will receive an annual salary of $350,000 and was also granted a stock option to purchase 250,000 shares of the Company&rsquo;s
common stock under the Company&rsquo;s 2004 Amended and Restated Equity Incentive Plan, at an exercise price of $3.46 per share,
which was the closing price of the Company&rsquo;s common stock on the Nasdaq Stock Market on February 16, 2012, the starting
date of his employment. The option will vest with respect to 25% of the shares on the first anniversary of Dr.&nbsp;Pearce&rsquo;s
starting date with the Company, and with respect to 1/48<FONT STYLE="font-size: 10pt; line-height: 95%"><SUP>th</SUP></FONT> of
the shares on each subsequent month. Additionally, Dr.&nbsp;Pearce will be eligible to receive an annual performance-based bonus
of up to 35% of his base salary. Dr. Pearce will also be eligible to receive certain change of control and severance benefits
pursuant to a separate change of control agreement that will be entered separately. Starting one-year after his starting date,
Dr.&nbsp;Pearce will also be eligible to receive additional severance benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">Dr.&nbsp;Pearce,
age 54, served as Chief Medical Officer of KaloBios Pharmaceuticals, Inc., from 2007 through 2011, and since 2011 has been an
oncology consultant. Prior to KaloBios, Dr. Pearce was a Senior Director at PDL BioPharma from 2002 to 2007 and a Medical Director
in the Oncology Business Unit at Sanofi-Synthelabo from 1997 to 2002. He has also held research positions in oncology at Sandoz
and Novartis. Dr.&nbsp;Pearce holds a B.A. in philosophy from Tulane University and an M.D. from the Medical College of Georgia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">The
foregoing description of the terms of Dr.&nbsp;Pearce&rsquo;s employment with the Company is qualified in its entirety by reference
to the Offer Letter dated February 16, 2012 by and between the Company and Dr.&nbsp;Pearce, a copy of which is attached hereto
as Exhibit 10.27 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">On
February 17, 2012, the Company issued a press release regarding Dr.&nbsp;Pearce&rsquo;s appointment as described above. A copy
of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">(e)&#9;The
information set forth in the first paragraph above is incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.25pt 0 0; text-indent: 24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">(d)
Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 1in; padding: 0; text-indent: 0">Exhibit 10.27</TD><TD STYLE="padding: 0; text-indent: 0">Offer Letter dated February 16, 2012 by and between Threshold Pharmaceuticals, Inc. and Tillman Pearce, M.D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 1in; text-align: left; padding: 0; text-indent: 0">Exhibit&nbsp;99.1</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Press release dated February 17, 2012.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">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 thereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; font-weight: bold; text-indent: 0">THRESHOLD PHARMACEUTICALS, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 48%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 33%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">By:</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="letter-spacing: -0.15pt"><U STYLE="text-decoration: none">/s/ <FONT STYLE="font-variant: small-caps">Joel A. Fernandes</FONT></U></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Joel A. Fernandes</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Vice President, Finance and Controller</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Date: February 21, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-decoration: none; text-align: left; width: 15%; border-bottom: Black 1pt solid">Exhibit No.</TD>
    <TD STYLE="width: 4%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-decoration: none; text-align: left; border-bottom: Black 1pt solid; width: 81%">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Exhibit 10.27</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Offer Letter dated February 16, 2012 by and between Threshold Pharmaceuticals, Inc. and Tillman Pearce, M.D.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">Exhibit 99.1</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Press release dated February 17, 2012.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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{"company-data": {"conformed-name": "THRESHOLD PHARMACEUTICALS INC", "cik": "0001183765", "assigned-sic": "2834", "irs-number": "943409596", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32979", "film-number": "12624764"}, "business-address": {"street1": "170 HARBOR WAY", "street2": "SUITE 300", "city": "SOUTH SAN FRANCISCO", "state": "CA", "zip": "94080", "phone": "650 474 8200"}, "mail-address": {"street1": "170 HARBOR WAY", "street2": "SUITE 300", "city": "SOUTH SAN FRANCISCO", "state": "CA", "zip": "94080"}}
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 16, 2012
THRESHOLD
PHARMACEUTICALS, INC.
(Exact
name of registrant as specified in its charter)
Delaware
001-32979
94-3409596
(State
        or other jurisdiction
of incorporation)
(Commission File Number)
(IRS
        Employer
Identification
        No.)
170
Harbor Way, Suite 300
South San Francisco, California 94080
(Address
of principal executive offices)(Zip Code)
(650)
474-8200
(Registrant's
telephone number, including area code)
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:
o
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c)	On
February 16, 2012, Tillman Pearce, M.D., joined Threshold Pharmaceuticals, Inc. (the Company) as Chief Medical Officer. Dr. Pearce
will receive an annual salary of $350,000 and was also granted a stock option to purchase 250,000 shares of the Company's
common stock under the Company's 2004 Amended and Restated Equity Incentive Plan, at an exercise price of $3.46 per share,
which was the closing price of the Company's common stock on the Nasdaq Stock Market on February 16, 2012, the starting
date of his employment. The option will vest with respect to 25% of the shares on the first anniversary of Dr. Pearce's
starting date with the Company, and with respect to 1/48
th
of
the shares on each subsequent month. Additionally, Dr. Pearce will be eligible to receive an annual performance-based bonus
of up to 35% of his base salary. Dr. Pearce will also be eligible to receive certain change of control and severance benefits
pursuant to a separate change of control agreement that will be entered separately. Starting one-year after his starting date,
Dr. Pearce will also be eligible to receive additional severance benefits.
Dr. Pearce,
age 54, served as Chief Medical Officer of KaloBios Pharmaceuticals, Inc., from 2007 through 2011, and since 2011 has been an
oncology consultant. Prior to KaloBios, Dr. Pearce was a Senior Director at PDL BioPharma from 2002 to 2007 and a Medical Director
in the Oncology Business Unit at Sanofi-Synthelabo from 1997 to 2002. He has also held research positions in oncology at Sandoz
and Novartis. Dr. Pearce holds a B.A. in philosophy from Tulane University and an M.D. from the Medical College of Georgia.
The
foregoing description of the terms of Dr. Pearce's employment with the Company is qualified in its entirety by reference
to the Offer Letter dated February 16, 2012 by and between the Company and Dr. Pearce, a copy of which is attached hereto
as Exhibit 10.27 to this Current Report on Form 8-K and is incorporated herein by reference.
On
February 17, 2012, the Company issued a press release regarding Dr. Pearce's appointment as described above. A copy
of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
(e)	The
information set forth in the first paragraph above is incorporated by reference.
Item 9.01	Financial Statements and Exhibits.
(d)
Exhibits
Exhibit 10.27
Offer Letter dated February 16, 2012 by and between Threshold Pharmaceuticals, Inc. and Tillman Pearce, M.D.
Exhibit 99.1
Press release dated February 17, 2012.
SIGNATURES
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 thereunto duly authorized.
THRESHOLD PHARMACEUTICALS, INC.
By:
/s/
Joel A. Fernandes
Joel A. Fernandes
Vice President, Finance and Controller
Date: February 21, 2012
Exhibit Index
Exhibit No.
Description
Exhibit 10.27
Offer Letter dated February 16, 2012 by and between Threshold Pharmaceuticals, Inc. and Tillman Pearce, M.D.
Exhibit 99.1
Press release dated February 17, 2012.