Champions Oncology, Inc. and Joel Ackerman Employment Compensation Amendment Agreement (March 16, 2015)
Champions Oncology, Inc. and Joel Ackerman have agreed to modify the terms of Mr. Ackerman's employment compensation for the year beginning November 2014. Instead of receiving a portion of his $325,000 annual salary in cash and the remainder in stock options, Mr. Ackerman will now receive his entire salary in the form of stock options. The number of options will be determined by the company using the Black-Scholes pricing model. This agreement is effective for the current employment year and is confirmed by both parties' signatures.
Exhibit 10.5
Champions Oncology, Inc.
March 16, 2015
Joel Ackerman
Dear Mr. Ackerman:
This letter refers to our letter agreement dated November 5, 2013 regarding your employment compensations. The letter states that, for your employment year beginning November 2014 your annual salary of $325,000 will be paid in the form of cash to the extent of $216,000, and the balance will be paid in stock options.
We have agreed that for this current employment year your entire annual salary will be paid in options. As stated in the November 5 letter, the Company will determine in good faith the number of shares that will be subject to the options using the Black-Scholes pricing model.
Please countersign this letter below to acknowledge our mutual agreement.
| CHAMPIONS ONCOLOGY, INC. | ||||
| By: | /s/ Abba David Poliakoff | |||
Abba David Poliakoff, Chairman | ||||
of the Compensation Committee | ||||
| Agreed and Accepted: | ||||
| /s/ Joel Ackerman | ||||
| Joel Ackerman | ||||
