EX-10.4



 Exhibit 10.4 

AMBRX, INC. 

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY 

Non-employee members of the board of directors (the “Board”) of Ambrx, Inc. (the
“Company”) shall be eligible to receive cash and equity compensation commencing on the date immediately following the first date upon which the Company is subject to the reporting requirements of Section 13 or 15(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Public Trading Date”), as set forth in this Non-Employee Director Compensation Policy (this “Policy”). The cash and equity compensation
described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a
“Non-Employee Director”) who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This
Policy shall remain in effect until it is revised or rescinded by further action of the Board. The terms and conditions of this Policy shall supersede any prior cash or equity compensation arrangements between the Company and its Non-Employee
Directors. 
 1.       Cash Compensation. 

(a)        Annual Retainers. Each Non-Employee Director shall be eligible to
receive an annual retainer of $35,000 for service on the Board. In addition, a Non-Employee Director shall receive the following additional annual retainers, as applicable: 

(i)       Chairperson of the Board. A Non-Employee Director serving as Chairperson of
the Board shall receive an additional annual retainer of $25,000 for such service. 

(ii)       Chairperson of the Audit Committee. A Non-Employee Director serving as
Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 for such service. 

(iii)       Member of the Audit Committee. A Non-Employee Director serving as a member
of the Audit Committee (other than the Chairperson) shall receive an additional annual retainer of $7,500 for such service. 

(iv)       Chairperson of the Compensation Committee. A Non-Employee Director serving as
Chairperson of the Compensation Committee shall receive an additional annual retainer of $10,000 for such service. 

(v)       Member of the Compensation Committee. A Non-Employee Director serving as a
member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service. 

(vi)       Chairperson of the Nominating and Corporate Governance Committee. A
Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $7,000 for such service. 

(vii)       Member of the Nominating and Corporate Governance Committee. A Non-Employee
Director serving as a member of the Nominating and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $3,500 for such service. 







 (b)        Payment of Retainers.
The annual retainers described in Section 1(a) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifth business day following the end of each calendar quarter. In the
event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(a), for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion
of such calendar quarter actually served as a Non-Employee Director, or in such positions, as applicable. 

2.      Equity Compensation. Non-Employee Directors shall be granted the equity awards
described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the 2013 Equity Incentive Plan (the “Equity Plan”) and shall be granted subject to the execution and
delivery of award agreements, including attached exhibits, in substantially the same forms previously approved by the Board, setting forth the vesting schedule applicable to such awards and such other terms as may be required by the Equity Plan.

 (a)        Initial Awards. A person who is initially elected or appointed
to the Board following the Public Trading Date, as a Non-Employee Director shall be automatically granted an option to purchase 150,0001 shares of the Company’s common stock on the date
of such initial election or appointment. The awards described in this Section 2(a) shall be referred to as “Initial Awards.” No Non-Employee Director shall be granted more than one Initial Award. 

(b)        Subsequent Awards. A person who is a Non-Employee Director as of
the date of each annual meeting of the Company’s stockholders after the Public Trading Date and who will continue to serve as a Non-Employee Director immediately following such annual meeting shall be automatically granted an option to purchase
90,0001 shares of the Company’s common stock on the date of each such annual meeting. The awards described in this Section 2(b) shall be referred to as “Subsequent
Awards.” For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company’s stockholders shall only receive an Initial Award in connection with such election, and shall
not receive any Subsequent Award on the date of such meeting as well. 

(c)        Termination of Employment of Employee Directors. Members of the
Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award
pursuant to Section 2(a) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in
Section 2(b) above. 
 (d)        Terms of Awards Granted to Non-Employee
Directors. 
 (i)       Purchase Price. The per share exercise price of each
option granted to a Non-Employee Director shall equal 100% of the Fair Market Value (as defined in the Equity Plan) of a share of common stock on the date the option is granted. 

 
  

1 This number does not reflect the reverse stock split which will be
implemented by the Company in connection with the IPO. 







 (ii)       Vesting. Each Initial Award
shall vest and become exercisable in three equal annual installments on each of the first three anniversaries of the date of grant, subject to the Non-Employee Director continuing in service on the Board through each such vesting date. Each
Subsequent Award shall vest and/or become exercisable on the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through such vesting date. All of a Non-Employee Director’s Initial
Awards and Subsequent Awards shall vest in full upon the occurrence of a Change in Control (as defined in the Equity Plan). 

(iii)       Term. The term of each stock option granted to a Non-Employee Director shall
be ten years from the date the option is granted.