Amendment No. 1 to Employment Letter between MEI Pharma, Inc. and David Urso
This amendment updates the employment terms for David Urso following his promotion to Chief Operating Officer & General Counsel at MEI Pharma, Inc. Effective July 12, 2018, his annual base salary increases to $426,000, with a target bonus of 40% of his salary. If terminated without cause or if he resigns for good reason, he will receive 12 months' salary and accelerated stock option vesting as if employed for an additional year. All other terms of his original employment letter remain unchanged.
EXHIBIT 10.1
July 12, 2018
David Urso
3611 Valley Centre Drive
San Diego CA 92130
Dear David,
In connection with your promotion to Chief Operating Officer, this Amendment 1 to your March 6, 2014 Employment Letter (the “Employment Letter”) hereby amends certain of the terms of the Employment Letter, effective July 12, 2018, as follows:
| 1. | Your title is Chief Operating Officer & General Counsel. |
| 2. | Your annual base salary will increase to $426,000 to be paid at the rate of $35,500 per month. |
| 3. | Your bonus under MEI’s discretionary annual bonus plan will be targeted at 40% of your base salary. |
| 4. | The provisions of the Employment Letter entitled “Termination by MEI Other than for Cause” and “Your Termination for Good Reason” are hereby amended to provide that you shall receive a payment in an amount of 12 months of your annual base salary (in effect at the time of termination) and accelerate the vesting of your stock options so that you will be vested in the same number of shares subject to the stock options as if you had continued to be employed by MEI for an additional 12 months. |
All other terms of the Employment Letter are unchanged and remain in effect.
Sincerely,
/s/ Daniel P. Gold
Daniel P. Gold, Ph.D.
President & CEO
MEI Pharma, Inc.
3611 Valley Centre Drive, Suite 500, San Diego, CA 92130
Tel: 858 ###-###-#### Fax: 858 ###-###-#### Website: www.meipharma.com
