Amendment 2021-1 to Employment Letter Agreement between MEI Pharma, Inc. and Richard G. Ghalie
This amendment updates the employment terms for Richard G. Ghalie following his promotion to Chief Medical Officer at MEI Pharma, Inc. Effective May 3, 2021, his base salary increases to $463,000 per year, his target annual bonus rises to 40% of his salary, and he receives a stock option grant for 75,000 shares with a specified vesting schedule. If terminated without cause or for good reason, he will receive 12 months' salary and accelerated stock option vesting. All other terms of his original employment letter remain unchanged.
Exhibit 10.6
April 29, 2021
Richard G. Ghalie, MD, MBA
4755 Natalie Drive
San Diego, CA 92115
Dear Richard,
In connection with your promotion to Chief Medical Officer, this Amendment 2021-1 to your February 17, 2016 employment letter agreement between MEI Pharm, Inc. (the "MEI") and you (the "Employment Letter") hereby amends certain of the terms of the Employment Letter, effective May 3, 2021, unless otherwise noted below, as follows:
All other terms of the Employment letter not amended as set forth above shall remain in full force and effect.
Sincerely,
/s/ Daniel P. Gold
Daniel P. Gold, Ph.D.
President & CEO
MEI Pharma, Inc.
Agreed and accepted: |
| /s/ Richard G. Ghalie |
| Date: |
| April 29, 2021 |
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| Richard G. Ghalie, MD, MBA |
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11455 El Camino Real, Suite 250, San Diego, CA 92130
Tel: 858 ###-###-#### Fax: 858 ###-###-#### Website: www.meipharma.com