Amendment to Employment Agreement between Ambit Biosciences Corporation and Michael Martino (January 12, 2012)
This amendment updates the employment agreement between Michael Martino and Ambit Biosciences Corporation. It specifies that 5,684,706 shares under Martino's stock option will vest over time, and none will be subject to performance-based vesting. All other terms of the original employment agreement remain unchanged. The amendment is effective upon both parties signing the letter.
Exhibit 10.6
| Michael Martino | January 12, 2012 | |
| PO Box 5000 PMB 190 | ||
| Rancho Santa Fe, CA 92067 |
RE: Amendment to Employment Agreement
Dear Michael:
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/ Alan Fuhrman |
| Alan Fuhrman |
| Chief Financial Officer |
| Accepted and agreed: |
| /s/ Michael Martino |
| Michael Martino |
Ambit Biosciences Corporation
4215 Sorrento Valley Boulevard
San Diego, CA 92121
tel ###-###-#### fax ###-###-####
www.ambitbro.com
