RE: Amendment to Employment Agreement Dear Michael:
Exhibit 10.6
Xxxxxxx Xxxxxxx | January 12, 2012 | |
PO Box 5000 PMB 000 | ||
Xxxxxx Xxxxx Xx, XX 00000 |
RE: Amendment to Employment Agreement
Dear Xxxxxxx:
Reference is made to that certain Employment Agreement (the “Employment Agreement”), dated November 9, 2011, by and between you and Ambit Biosciences Corporation (“Ambit”). This letter agreement shall serve as an amendment to the Employment Agreement. Capitalized terms used but not defined in this letter agreement shall have the meanings set forth in the Employment Agreement.
By your execution of this letter agreement in the space provided below, you hereby acknowledge and agree that, notwithstanding anything to the contrary in the Employment Agreement, (a) 5,684,706 of the shares subject to the Option referred to in Section 3.3 of the Employment Agreement shall be Time Vesting Shares and (b) none of the shares subject to the Option shall be Performance Vesting Shares.
Except for the matters set forth in this letter agreement, all other terms of the Employment Agreement shall remain unchanged and in full force and effect.
If the foregoing correctly conforms to your understanding of the agreement between you and Ambit, please sign and date the enclosed copy of this letter agreement and return it to us.
Very truly yours, |
AMBIT BIOSCIENCES, INC. |
/s/ Xxxx Xxxxxxx |
Xxxx Xxxxxxx |
Chief Financial Officer |
Accepted and agreed: |
/s/ Xxxxxxx Xxxxxxx |
Xxxxxxx Xxxxxxx |
Ambit Biosciences Corporation
0000 Xxxxxxxx Xxxxxx Xxxxxxxxx
Xxx Xxxxx, XX 00000
tel 000-000-0000 fax 000-000-0000
xxx.xxxxxxxx.xxx